Home » Video Marketing Guide

Category Archives: Video Marketing Guide

Average Life Insurance Rates in 2020

If you’re looking to purchase a life insurance policy, start here by taking a look at average rates. Also learn more about what factors affect your rate.

Source: goodfinancialcents.com

What Are the Consequences of Not Having Life Insurance?

Before I started writing in the personal finance space, I spent nearly 8 years working alongside my husband in a funeral home. My husband Greg worked as a mortician, and I was the Director of Family Services. I learned so much about living and dying during my years in the mortuary business, but there’s one that stuck with me — the real-life consequences of not having life insurance. 

I clearly remember speaking with dumbfounded families who couldn’t believe their husband or father (or wife or mother) never had life insurance in place. Some didn’t have enough money to cover final expenses like the funeral bill, and others confided in me they had no idea how they would pay their bills.

This saddened me greatly since I know first-hand how inexpensive life insurance can be — especially if you’re young and healthy. After all, I’m a 40-year-old woman and I currently have two term policies worth $1 million dollars that set me back a grand total of $53 per month. 

Why People Don’t Buy Life Insurance

The main reason consumers don’t buy this important coverage is simple — they get busy and forget. Most of us know we need life insurance in place during our working years, and that’s especially true for those of us with kids. But it’s easy to let life get in the way, and for the purchase of life insurance to wind up on a list of other to-dos that we never get to. 

Not only that, but people don’t want to think about dying. I specifically remember a family I met in the funeral home who just lost a husband and father who wasn’t even 40-years-old. In tears, his wife explained that he had told her he was going to buy life insurance dozens of times, but that he hated even dealing with death. He had a $20,000 life insurance policy through work, and he knew he needed more, but he didn’t want to face his mortality in his free time. Unfortunately, his family paid dearly for that decision.

A final reason people don’t buy life insurance is cost. The thing is, term coverage is so cheap that almost anyone can afford it. People just think it’s expensive, so they shy away from taking the next steps. Life insurance is also just another bill to pay, and many can barely keep up with the bills they have.

That’s probably why so few people have enough coverage. Here are some statistics that should scare you:

  • Only around 60 percent of Americans had life insurance in 2018, according to LIMRA’s 2018 Insurance Barometer Study
  • Among those with life insurance, 1 in 5 people know they do not have enough
  • Consumers surveyed tend to overprice life insurance; millennials in particular believe that life insurance costs 5x the actual amount for a policy

Consequences of Not Having Life Insurance

Based on those statistics, not enough people have life insurance and those who do may not have enough coverage to last. But, what can this mean for your family? Here are the main downsides you’ll face when you don’t buy life insurance now, before it’s too late:

Your Income Disappears

Income replacement is one of the most compelling reasons to buy life insurance, and that’s especially true if you have kids. You don’t want your income to suddenly disappear, leaving your family in the lurch. However, this is exactly what happens when you die without life insurance. All of a sudden, your family is left trying to cover regular bills and living expenses without your income.

That’s why many experts suggest buying at least 10x your income in term life insurance coverage. This way, your family will have some cash they can use to replace your income while they mourn and get back on their feet.

Your Debts Don’t 

Your income may disappear when you die, but your debts certainly don’t. With that in mind, you should buy life insurance coverage that will cover major debts you have like your home mortgage, your family car loans, and any credit card debt you have.

If you don’t buy life insurance and you die before your time, your family will be left trying to cover all your debts without your help. It’s shameful to leave them in this position — especially when term life insurance coverage can easily be purchased for the price of a dinner out per month. 

Your Family Could Need a GoFundMe to Pay for Your Funeral

During my final years in the funeral industry, GoFundMe came about. I cannot tell you how many families came in to plan their services without any money only to find that, no, the funeral home wouldn’t let them make payments. After that, they’d set up a GoFundMe and solicit donations from family and friends to pay for a service. 

This always made me sad, mostly because families shouldn’t have to struggle or fundraise to pay for final expenses. I always thought that, if only their loved one had a small term life insurance policy, they would have been able to grieve without the added stress.

You Will Not Leave a Legacy

Finally, life insurance offers you the chance to leave a legacy behind. This could mean leaving enough money to pay for college tuition for your children, or having a broad enough policy so your spouse or partner never needs to work again, paving the way for them to stay home and nurture your kids. When you have enough life insurance so your family is taken care of, they will never forget it.

The opposite is also true. Many whose loved ones die without life insurance wind up angry and resentful at their partner for leaving them in such a position. I know because I saw it with my own eyes, and I felt their exasperation as they tried to figure out what to do.

Purchase Life Insurance the Painless Way

Here’s the thing: Buying life insurance doesn’t have to be complicated or stressful. I know because I have purchased $1 million in life insurance coverage, and because the second policy I bought online didn’t even require a medical exam. 

The purchase of life insurance can be painless and fast if you plan to buy basic term coverage, and it can also be significantly cheaper than you think it would be. These tips can help you get the coverage you need without any added hassle or stress.

1. Shop Around and Compare Quotes Online

First, you should absolutely shop around and compare life insurance quotes online, mostly because this is such an easy task. A range of online life insurance providers including Haven Life and Bestow make it easy to price out a policy in a matter of minutes online. 

To get a quote from Bestow or Haven Life, for example, all you need to supply is your birth date, your height, your weight, and your zip code. You don’t even need to enter your contact information or your email to get a free quote with either company.

You can also check out our guide to the Best Life Insurance Companies of 2021, which lets you read reviews of all the top providers and compare rates from multiple providers in one place. 

Whatever you do, don’t go with the first life insurance company you come across. Make sure you compare policies in terms of their monthly cost, the amount of coverage, and how long it lasts. Then, and only then, can you know you’re getting the best deal.

2. Play Around with Coverage Amounts

You also need to have a general idea of how much coverage you want and need. We mentioned that most experts suggest buying at least 10x your income in life insurance coverage, but it may be prudent to buy more term coverage than you need. After all, there’s no such thing as having too much life insurance in place, but you can definitely not have enough.

You’ll also want to decide how long you want your policy to last. Most term life insurance policies last for 10, 15, 20, or 30 years, letting you tailor your policy to your needs.

If you’re young and you have young kids, you may want a 30-year policy that will provide income replacement for your entire working life. If you’re in your 40’s and you plan to retire at 55, on the other hand, you may feel comfortable with a policy that lasts for 15 or 20 years. There is no “right” or “wrong” answer, but these are factors you should consider.

3. Look for Providers that Don’t Require a Medical Exam

According to LIMRA’s 2018 Insurance Barometer Study, half of all consumers say they are “more likely to purchase life insurance if priced without a physical examination.” And, can you blame them? Medical exams require a blood draw, and you have to set aside time in your schedule for them to boot. It’s easy to procrastinate and never buy a policy when a medical exam is required.

Fortunately, many life insurance providers don’t require a medical exam. Instead, they rely on algorithms to determine who is the greatest risk, and who can purchase coverage that begins right away. The second policy I purchased for myself came from Haven Life, and it did not require a medical exam. 

#ap23421-ww{padding-top:20px;position:relative;text-align:center;font-size:12px;font-family:Lato,Arial,sans-serif}#ap23421-ww #ap23421-ww-indicator{text-align:right}#ap23421-ww #ap23421-ww-indicator-wrapper{display:inline-flex;align-items:center;justify-content:flex-end}#ap23421-ww #ap23421-ww-indicator-wrapper:hover #ap23421-ww-text{display:block}#ap23421-ww #ap23421-ww-indicator-wrapper:hover #ap23421-ww-label{display:none}#ap23421-ww #ap23421-ww-text{margin:auto 3px auto auto}#ap23421-ww #ap23421-ww-label{margin-left:4px;margin-right:3px}#ap23421-ww #ap23421-ww-icon{margin:auto;padding:1px;display:inline-block;width:15px;cursor:pointer}#ap23421-ww #ap23421-ww-icon img{vertical-align:middle;width:15px}#ap23421-ww #ap23421-ww-text-bottom{margin:5px}#ap23421-ww #ap23421-ww-text{display:none}

Ads by Money. We may be compensated if you click this ad.Ad

#ap23421-w-map{max-width:600px;margin:20px auto;text-align:center;font-family:”Lato”, Arial, Roboto, sans-serif}#ap23421-w-map #ap23421-w-map-title{color:#212529;font-size:18px;font-weight:700;line-height:27px}#ap23421-w-map #ap23421-w-map-subtitle{color:#9b9b9b;font-size:16px;font-style:italic;line-height:24px}#ap23421-w-map #ap23421-w-map-map{max-width:98%;width:100%;height:0;padding-bottom:65%;margin-bottom:20px;position:relative}#ap23421-w-map #ap23421-w-map-map svg{position:absolute;left:0;top:0}#ap23421-w-map #ap23421-w-map-map svg path{fill:#e3efff;stroke:#9b9b9b;pointer-events:all;transition:fill 0.6s ease-in, stroke 0.6s ease-in, stroke-width 0.6s ease-in}#ap23421-w-map #ap23421-w-map-map svg path:hover{stroke:#1261C9;stroke-width:2px;stroke-linejoin:round;fill:#1261C9;cursor:pointer}#ap23421-w-map #ap23421-w-map-map svg g rect{fill:#e3efff;stroke:#9b9b9b;pointer-events:all;transition:fill 0.6s ease-in, stroke 0.6s ease-in, stroke-width 0.6s ease-in}#ap23421-w-map #ap23421-w-map-map svg g text{fill:#000;text-anchor:middle;font:10px Arial;transition:fill 0.6s ease-in}#ap23421-w-map #ap23421-w-map-map svg g .ap00646-w-map-state{display:none}#ap23421-w-map #ap23421-w-map-map svg g .ap00646-w-map-state rect{stroke:#1261C9;stroke-width:2px;stroke-linejoin:round;fill:#1261C9}#ap23421-w-map #ap23421-w-map-map svg g .ap00646-w-map-state text{fill:#fff;font:19px Arial;font-weight:bold}#ap23421-w-map #ap23421-w-map-map svg g:hover{cursor:pointer}#ap23421-w-map #ap23421-w-map-map svg g:hover rect{stroke:#1261C9;stroke-width:2px;stroke-linejoin:round;fill:#1261C9}#ap23421-w-map #ap23421-w-map-map svg g:hover text{fill:#fff}#ap23421-w-map #ap23421-w-map-map svg g:hover .ap00646-w-map-state{display:initial}#ap23421-w-map #ap23421-w-map-btn{padding:9px 41px;display:inline-block;color:#fff;font-size:16px;line-height:1.25;text-decoration:none;background-color:#1261c9;border-radius:2px}#ap23421-w-map #ap23421-w-map-btn:hover{color:#fff;background-color:#508fc9}

Find the Best Life Insurance Company for You
Click your state to get matched
HawaiiAlaskaFloridaSouth CarolinaGeorgiaAlabamaNorth CarolinaTennesseeRIRhode IslandCTConnecticutMAMassachusettsMaineNHNew HampshireVTVermontNew YorkNJNew JerseyDEDelawareMDMarylandWest VirginiaOhioMichiganArizonaNevadaUtahColoradoNew MexicoSouth DakotaIowaIndianaIllinoisMinnesotaWisconsinMissouriLouisianaVirginiaDCWashington DCIdahoCaliforniaNorth DakotaWashingtonOregonMontanaWyomingNebraskaKansasOklahomaPennsylvaniaKentuckyMississippiArkansasTexas

Get Started

I was in my late 30’s when I purchased this policy for $750,000, and I only pay around $27 per month. I applied for this policy online and had coverage the next day, and all without seeing a nurse or facing the dreaded needle prick.

The Bottom Line

Since you took the time to read this piece, you are probably on the verge of buying life insurance. You already know you need it, so don’t let another day go buy without coverage. You may not think something could happen to you in the next week or the next few months, but life doesn’t always go as planned. If you’re unlucky, your untimely death may be no exception.

Take the time to get a quote for life insurance, and you’ll never have to wonder what your family would do if you died. Life insurance lets you continue providing for them even after you’ve left this Earth, and there’s nothing more thoughtful and loving than that. 

The post What Are the Consequences of Not Having Life Insurance? appeared first on Good Financial Cents®.

Source: goodfinancialcents.com

How to Insure Jewelry and Expensive Valentine's Day Gifts

Whether you’re giving your sweetheart a gorgeous diamond ring for Valentine’s Day or you’re the one who gets to wear the bling, don’t forget about protecting it with insurance. I know looping in your insurance agent may not seem romantic, but it can prevent a lot of heartaches if that expensive piece of jewelry gets damaged, lost, or stolen.

How to insure your valuables

Today, you’ll learn how to keep your Valentine’s Day gift or any valuables safe.

1. Get insured before you buy it

Anytime you’re thinking about making a big purchase, such as expensive jewelry, watches, or electronics, make sure you have a plan to insure it. Think about how devastated you’d be if you bought diamond earrings for your sweetie, and they got stolen or lost. I’m sweating just thinking about it!

Anytime you’re thinking about making a big purchase, make sure you have a plan to insure it.

Before you buy something valuable, communicate with your existing home or renters insurance representative or company. Find out if you need additional coverage—it’s likely that you do! In just a moment, I’ll give you some recommendations if you don’t already have a home or renters policy.

Let your insurer know what you’re planning to buy and how much it costs. If you’re still negotiating on price or you’re buying a second-hand item with an unknown value, start with your best estimate.

2. Get a certified appraisal

If the value of your Valentine’s Day jewelry is over a certain amount, your insurer will ask you to submit an appraisal. It must come from a gemologist who uses a variety of tools and their expertise to identify and value gems. It includes photos of your item and an estimated value.

Your insurer needs an appraisal to know precisely what they’re insuring. The document also protects you in case you need to make a claim.

The retailer who sells you a new piece of jewelry should provide you with an appraisal. However, an insurer may want an independent appraisal to verify the value. If you purchase heirloom or estate jewelry, it may not come with an appraisal.  

You can find an appraiser by getting recommendations or doing some research online. The cost varies depending on how intricate the item is and how long the work may take.

For instance, an antique ring with many stones and old-fashioned gem cuts will take longer to analyze than a brand-new diamond solitaire. For a relatively simple piece, the appraisal may cost in the range of $150 to $250. But I’ve had heirloom pieces that cost nearly $500 to appraise.

While your great-grandmother’s wedding ring or a necklace from your valentine might be priceless to you, insurers will only pay you its appraised or actual value.

It could take a gemologist several weeks to complete your appraisal, and they need to have the item in their possession the entire time. So, don’t wait until the last minute to find out what’s required to get a Valentine’s Day gift insured.

Also, note that you can’t insure the sentimental value of any item. While your great-grandmother’s wedding ring or a necklace from your valentine might be priceless to you, insurers will only pay you its appraised or actual value.

3. Don’t assume you already have coverage

If you assume you have coverage for a lavish Valentine’s Day gift simply because you have homeowners insurance, that could be a big mistake. The amount of insurance on your home is different than the amount of coverage for your personal belongings.

Most standard home and renters policies include coverage for personal items like jewelry. However, specific categories of belongings come with coverage limits or caps. Jewelry, watches, and furs typically have a low insurance cap, such as $1,000 or $2,000. If you’re a big spender, that could be a fraction of the cost of your gift.

For example, if you buy an engagement ring worth $4,000, and your homeowners or renters policy only covers $1,000, you’d come up $3,000 short of replacing it. Plus, the cap applies to an entire claim, not individual items. If you had multiple pieces of jewelry stolen, you’d only receive up to the policy limit.

Jewelry, watches, and furs typically have a low insurance cap, such as $1,000 or $2,000. If you’re a big spender, that could be a fraction of the cost of your gift.

Other types of personal belongings that have insurance caps include silverware, computers, firearms, musical instruments, collectibles, and antiques. Keep reading to learn how to make sure your expensive items are adequately insured.

4. Get an insurance rider

If your existing homeowners or renters insurance doesn’t have a jewelry limit high enough to cover your posh purchase, one solution is to “schedule it.” You’ll also hear this called a rider, floater, or an endorsement to your policy. Scheduling an item means that you add more detail about it to your existing insurance policy.

One benefit of scheduling an item, such as jewelry, is that you’re covered for all types of losses. For instance, if you accidentally lose a wedding ring swimming in the Caribbean ocean on your honeymoon, you’re covered up to your limit. When your valuables are covered by a standard home or renters policy, without being scheduled, you typically only have coverage for specific events, such as loss from a fire or theft.

One benefit of scheduling an item, such as jewelry, is that you’re covered for all types of losses.

Also, don’t forget that you must pay a deductible when you make a claim. So, if you have a $500 deductible and a jewelry limit of $1,000, the most you’d receive from a claim is $500.

But a scheduled item doesn’t require a deductible. That means you wouldn’t have to pay any amount out-of-pocket to replace a Valentine’s Day gift that gets lost or disappears mysteriously.  

Having a rider increases your premium, but it’s usually worth it. The cost might be $5 to $15 per $1,000 of insured value. So, an engagement ring that’s worth $6,000 could mean paying an additional $30 to $90 per year on your homeowners or renters insurance premium.

5. Get a stand-alone policy

Another option for insuring a precious gift is to get a stand-alone policy. This policy is separate insurance just for the item, not an add-on to an existing home or renters policy. Most insurers offer a valuable articles policy for specific items like jewelry, watches, furs, collectibles, and antiques.

Whether you own or rent your home, you’ll pay less for an insurance rider than for valuable articles insurance. The only exception would be if you have many expensive items to insure—so, shop and compare both options if you have a collection of valuables.

Most homeowners have insurance, but many renters avoid getting a renters policy because they mistakenly overestimate the cost. It’s surprisingly inexpensive; the average price is $185 per year. So, if you rent, get renters insurance first and then schedule an expensive item.

All the coverages I’ve mentioned protect your valuables at home or when they’re away from your home. Off-premise coverage kicks in when an item is stolen from your car or damaged while you’re traveling.

Additionally, home and renters insurance gives you liability coverage worldwide. It also pays living expenses, such as a hotel and meals, if you can't live in your home while repairs are made after a covered event, such as a natural disaster.

The bottom line is that if you rent and don’t have insurance, you’re putting your finances at risk. Take a few minutes to shop and compare quotes at sites such as Bankrate.com or Policygenius.com. But no matter your situation, you can always opt to insure a Valentine’s Day gift with a stand-alone policy.

6. Gift recipients are responsible for insurance

Many people are confused about who needs to buy insurance for a gift, the giver or the recipient? Well, it depends on who has the item. If you buy a gift to give, you need to have it insured while it’s in your possession.

If you have a receipt and appraisal, pass them along so the new owner has what they need to get proper insurance.

Once you give a gift away, the lucky recipient owns it and must insure it. If you have a receipt and appraisal, pass them along so the new owner has what they need to get proper insurance.

If you’re married or live together and have the same home or renters insurance policy, you don’t have to take any extra steps. But if you and your valentine have different households, the person who wears and enjoys the gift must make sure that it’s insured.

7. Keep an up-to-date home inventory

If you have home or renters insurance, but don't have a list of your personal belongings, it could be challenging to claim a loss. Imagine that your home or apartment got destroyed in a fire. Would you remember every item?

If you don’t have a home inventory, create one and add your Valentine’s Day gift to the list. At the least, have pictures or video of your belongings that you store in the cloud. While losing precious items can be devastating, the more documentation you have, the easier it will be to provide proof that you owned them and make an insurance claim.

If you got a cherished gift for Valentine’s Day or got engaged, congrats! Now make it a priority to protect it.

Source: quickanddirtytips.com

5 Things to Consider When Changing Car Insurance

Changing car insurance

Insurance is defined as a form of protection against loss. But in today’s insurance industry, insurance can be purchased to mitigate against all forms of loss. It is a type of risk management used by people to protect against uncertain loss or the risk of failure. Insurance companies or carriers or underwriters sell premiums to those who wish to purchase premiums. Premiums can be defined as the number of money carriers charge to customers in exchange for the coverage set in the agreement also known as the insurance policy.

And in 2017, the U.S. insurance industry sold premiums reaching a total of $1.2 trillion with the health insurances accounting for a large chunk of that amount. Coming in at second place was P/C (property/casualty) premiums accounting for $558.2 billion in 2017.

Some may argue that the reason for this is due to the hike in prices of premiums over the years, but the truth is for the millions of people who have experienced softer blows because of the payouts from insurance companies, paying a premium is a small price to pay.

There are currently several types of insurance policies. From health insurance to life insurance, automobile insurance and so on.

These days, choosing a new car insurance policy that works for you is usually time-consuming, expensive or even both. And because policies are not usually permanent, you can easily switch insurance providers if you are not happy with your current provider.

And for those who think they can afford to drive around during the period they are in between a comprehensive insurance policy, the bad news is that in all but a few states, an insurance policy is needed alongside a license in order to drive.

But the good news is changing your policy provider should not be so difficult, this article outlines five of the most important things to consider when shopping for a new insurance carrier:

  1. Cost:

Like every other thing on the market, the cost of an insurance policy is not equal. It is almost impossible to get the same coverage from 10 different companies at the same price. Odds are you would get the same coverage you are getting at a fraction of the same price from another company. This is because various companies factor in different things when putting together the price for their insurance policies. Some of these costs could include the cost of running the company, the cost of offering more benefits and other hidden charges.

It is essential to factor in elements other than your out-of-pocket expenses before you decide to make the switch between car insurance companies. You can also try to take control of the factors you can control like improving your driving record or looking at additional types of auto protection plans. All these are considered by the insurance company and could eventually save you money.

  1. Your Choice:

Another important reason why several bare minimum automobile insurance policies are cheap is that they offer limited options regarding maintenance and repairs. Like a health maintenance organization (HMO), car insurance companies can ask you to take your car for approval at one of their approved dealerships for appraisals. Sticking with a top-shelf insurance company could possibly mean higher premiums but it also means better care should you need it.

The better the insurance company, the higher the premiums you would have to pay.

  1. The Benefits:

Odds are, if you cannot list the distinguishable advantages offered to you by your insurance policy, you are not gaining a lot in return. An amazing advantage you could watch out for is the reduction of rates if you go a few months without any accidents and accident forgiveness. Some companies also choose to pay for your rental car if you need to leave your car at the mechanic regardless of how long it might take.

Other companies offer reduced rates for purchases of bulk policies. i.e. The purchase of car insurance with possibly fire insurance and so on. Instead of you letting your insurance company ask what you can do for them, ask what they can do for you.

  1. The Circumstances:

Sometimes things that we do not plan for happen and when such things happen, the first thing to be done is to start searching for a new car insurance policy. For example, most new cars often need complete coverage until they are fully bought, and some local insurance companies do not offer continued coverage if you change cities.

Also, rates could also go up if a new driver is added to the policy. This is, of course, dependent on the driver’s age, gender, and driving history. Understanding your unique situation will allow you to properly assess what is needed and what is a mere frivolity.

  1. Your Company:

Because of the internet, finding out pertinent information about a prospective insurance company is very easy. You can figure out everything there is to know about them. What kind of customer service do they offer their clients? Do their representatives listen? Do they treat their customers with respect?

Find out how the claim adjusters and representatives of the company treat those who work with the cars. Knowing these things is essential because a company that treats its employees terribly will possibly skim around the edges when it comes to their customers.

Also, try doing a bit of research into the company’s ethics. It is advisable to do business with a company that believes in the same things you do and do not engage in behavior that you find personally distasteful. Your money will be used to pay for several things to ensure they are all used for things that you support.

It’s an added bonus for you if you know who your insurance agent is, and you have a great relationship with them. Usually, these people are the ones who will go the extra distance for you should you need to file a claim and they can also help with the filing of the claims or give you a recommendation on local companies that could be of help to you.

Finally, you’ll want to check your credit score. Credit.com offers a free credit score updated every 14 days. Usually when getting a new insurance quote, insurance companies will run your credit. A higher credit score usually means a lower monthly premium, although other factors like your driving record and marital impact how much you’ll be paying. Remember to consider these five factors when considering a new insurance company.

Get Started Now
Privacy Policy

The post 5 Things to Consider When Changing Car Insurance appeared first on Credit.com.

Source: credit.com

What Long-Term Care Insurance Covers

what does long term care insurance cover
While Medicare and Medicaid both help aging adults afford some of their medical expenses, they may not cover the cost of an extended illness or disability. That’s where long-term care insurance comes into play. Long-term care insurance helps policyholders pay for their long-term care needs such as nursing home care. We’ll explain what long-term care insurance covers and whether or not such coverage is something you or your loved ones should consider.

Long-Term Care Insurance Explained

Long-term care insurance helps individuals pay for a variety of services. Most of these services do not include medical care. Coverage may include the cost of staying in a nursing home or assisted living facility, adult day care or in-home care. This includes nursing care, physical, occupational or speech therapy and help with day to day activities.

A long-term care insurance policy pays for the cost of care due to a chronic illness, a disability, or injury. It also provides an individual with the assistance they may require as a result of the general effects of aging. Primarily, though, long-term care insurance is designed to help pay for the costs of custodial and personal care, versus strictly medical care.

When You Should Consider Long-Term Care Insurance

During the financial planning process, it’s important to consider long-term care costs. This is important if you are close to retirement age. Unfortunately, if you wait too long to purchase coverage, it may be too late. Many applicants may not qualify if they already have a chronic illness or disability.

According to the U.S. Department of Health and Human Services, an adult turning 65 has a 70% chance of needing some form of long-term care. While only one-third of retirees may never need long-term care coverage, 20% may need it for five years or longer. With a private nursing home room averaging about $7,698 per month, long-term care could end up being a huge financial burden for you and your family.

Most health insurance policies won’t cover long-term care costs. Additionally, if you’re counting on Medicare to assist you with these extra expenses, you may be out of luck. Medicare doesn’t cover long-term care or custodial care. Most nursing homes classify under the custodial care category. This classification of care includes the supervision of your daily tasks.

So, if you don’t have long-term care insurance, you’re on the hook for these expenses. However, it’s possible to get help through Medicaid for low income families. But keep in mind, you may only receive coverage after you deplete your life savings. Just know that Medicare may cover short-term nursing care or hospice care, but little of the long-term care in between.

What Does Long Term Care Insurance Cover

what does long term care insurance coverSo what does long term care insurance cover, Well, since the majority of long-term care policies are comprehensive policies, they may cover at-home care, adult day care, assisted living facilities (resident care or alternative care), and nursing home care. At home, long-term care may cover the cost of professional nursing care, occupational therapy, or rehabilitation. This may also include assistance with daily tasks, including bathing or brushing teeth.

Additionally, long-term care coverage can cover short-term hospice care for individuals who are terminally ill. The objective of hospice care is to help with pain management and provide emotional and physical support for all parties involved. Most policies allow beneficiaries to obtain care at a hospice facility, nursing home, or in the comfort of their own home. However, most hospice care is not considered long-term care and may receive coverage through Medicare.

Also, long-term care insurance can help cover the costs of respite care or temporary care. These policy extensions provide time off to those who care for an individual on a regular basis. Usually, respite care provides compensation to caregivers for 14 to 21 days a year. This care can take place at a nursing home, adult daytime care facility, or at home

What Long-Term Care Doesn’t Cover

If you have a pre-existing medical condition, you may not be eligible for long-term care during the exclusion period. The exclusion period can last for several months after your initial purchase of the policy. Also, if a family member provides in-home care, your policy may not pay them for their services.

Keep in mind, long-term care coverage won’t cover medical care costs. Many of your medical costs will fall under your coverage plan if you’re eligible for Medicare.

Long-Term Care Insurance Costs

Some of the following factors may affect the cost of your long-term care policy:

  • The age of the policyholder.
  • The maximum amount the policy will pay per year.
  • The maximum number of days the policy will pay.
  • The lifetime maximum amount that the policy will pay
  • Any additional options or benefits you choose.

If you’re in poor health or you’re currently receiving long-term care, you may not qualify for a plan. However, it’s possible to qualify for a limited amount of coverage with a higher premium rate. Some group policies don’t even require underwriting.

According to the American Association for Long-Term Care Insurance (AALTCI), a couple in their mid-50s can purchase a new long-term care policy for around $3,000 a year. The combined benefit of this plan would be roughly $770,000. Keep in mind, some policies limit your payout period. These payout limitations may be two to five years, while other policies may offer a lifetime benefit. This is an important consideration when finding the right policy.

Bottom Line

what does long term care insurance coverWhile it’s highly likely that you may need some form of long-term care, it’s wise to consider how you will pay for this additional cost as you age. While a long-term care policy is a viable option, there are alternatives you can consider.

One viable choice would be to boost your retirement savings to help compensate for long-term care costs. Ultimately, it comes down to what level of risk you’re comfortable with and how well a long-term care policy fits into your bigger financial picture.

Retirement Tips

  • If you’re unsure what long-term care might mean to your retirement plans, consider consulting a financial advisor. Finding the right financial advisor that fits your needs doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in 5 minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now.
  • The looming costs of long-term care may have you thinking about how much money you’ll need for retirement. If you aren’t sure how much your 401(k) or Social Security will factor into the equation, SmartAsset’s retirement guide can help you sort out the details.

Photo credit: ©iStock.com/KatarzynaBialasiewicz, ©iStock.com/scyther5, ©iStock.com/PeopleImages

The post What Long-Term Care Insurance Covers appeared first on SmartAsset Blog.

Source: smartasset.com

Things Break. How to Make Sure Your Emergency Fund Can Cover Them

Some of the links in this post are from our sponsors. We provide you with accurate, reliable information. Learn more about how we make money and select our advertising partners.

Your washing machine. Your car. Your front tooth.

If any of those broke right now, would you be able to get it fixed immediately? Or would you have to walk around with a gap in your smile for months until you could get the money together?

If you can’t afford to pay to fix it today, you’re not alone. Most people don’t have $400 saved in case of an emergency either. So before your car breaks down on the side of the road on your way to an interview, make sure you have a solid emergency fund of at least $500.

Don’t know how to get there? Having a budget (that you actually stick to) can help you get there. Here’s one budgeting strategy we recommend, and four other tips that can help you keep your expenses in line.

1. The 50/30/20 Budgeting Rule

The 50/30/20 rule is one of the simplest budgeting methods out there, which is why you’ve probably heard us talk about it before if you’re a regular TPH reader. There are no fancy spreadsheets or pricy apps to download (unless you want to), and it’s very straightforward.

Here’s how it shakes out: 50% of your monthly take home income goes to your essentials — your rent, your groceries, your minimum debt payments, and other necessities. 30% of your cash goes to the fun stuff, and 20% is dedicated to your financial goals. That could be paying more than the minimum on your debts or adding to your investments. And it definitely includes building up your emergency fund!

If you take a look at your budget and realized you don’t have enough leftover to contribute to your emergency fund, here are a few ways to help balance your budget:

2. Cut More Than $500 From One Of Your Must-Have Bills

You’re probably overpaying the bills you have to pay each month. But you can cut those expenses down, without sacrificing anything. Maybe even enough to cover that window your kid just smashed with a ball. Definitely enough to grow your emergency fund a meaningful amount.

So, when’s the last time you checked car insurance prices?

You should shop your options every six months or so — it could save you some serious money. Let’s be real, though. It’s probably not the first thing you think about when you wake up. But it doesn’t have to be.

A website called Insure.com makes it super easy to compare car insurance prices. All you have to do is enter your ZIP code and your age, and it’ll show you your options.

Using Insure.com, people have saved an average of $540 a year.

Yup. That could be $500 back in your pocket just for taking a few minutes to look at your options.

3. Earn Up to $225 in Easy, Extra Cash

If we told you you could get free money just for watching videos on your computer, you’d probably laugh. It’s too good to be true, right? But we’re serious. You can really add up to a few hundred bucks to your emergency savings with some mindless entertainment.

A website called InboxDollars will pay you to watch short video clips online. One minute you might watch someone bake brownies and the next you might get the latest updates on Kardashian drama.

All you have to do is choose which videos you want to watch and answer a few quick questions about them afterward. Brands pay InboxDollars to get these videos in front of viewers, and it passes a cut onto you.

InboxDollars won’t make you rich, but it’s possible to get up to $225 per month watching these videos. It’s already paid its users more than $56 million.

It takes about one minute to sign up, and you’ll immediately earn a $5 bonus to get you started.

4. Ask This Website to Pay Your Credit Card Bill This Month

Just by paying the minimum amount on your credit cards, you are extending the life of your debt exponentially — not to mention the hundreds (or thousands) of dollars you’re wasting on interest payments. You could be using that money to beef up your emergency savings, instead.

The truth is, your credit card company is happy to let you pay just the minimum every month. It’s getting rich by ripping you off with high interest rates — some up to nearly 30%. But a website called AmOne wants to help.

If you owe your credit card companies $50,000 or less, AmOne will match you with a low-interest loan you can use to pay off every single one of your balances.

The benefit? You’ll be left with one bill to pay each month. And because personal loans have lower interest rates (AmOne rates start at 3.49% APR), you’ll get out of debt that much faster. Plus: No credit card payment this month.

AmOne keeps your information confidential and secure, which is probably why after 20 years in business, it still has an A+ rating with the Better Business Bureau.

It takes two minutes to see if you qualify for up to $50,000 online. You do need to give AmOne a real phone number in order to qualify, but don’t worry — they won’t spam you with phone calls.

5. Get a Side Gig And Make More Money

Let’s face it — if your monthly income is less than what your monthly expenses are (and you’ve run out of things to cut), you need more money.

Well, we all could use more money. And by earning a little bit extra each month, we could make sure we’re never taken by surprise when an ER visit tries to drain our savings.

Luckily, earning money has never been easier with the rise of the “Gig Economy”. Here are 31 simple ways to make money online. Which one could you do to pad your emergency savings?

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

Source: thepennyhoarder.com

Video Editing Free Windows 10

Windows Movie Maker was a simple, free video editor that was last updated in 2012 and officially discontinued last year. windows 8 and 10 launched without a video editing app, but following the Fall …

Best Rated Video Editing Software Should you find the time to master this incredible collection of tools and features, you’ll become the master of video editing in no time at all … you immediately think about the best-rated video … There are more video editing software applications than we can

With the Fall Creators Update, Windows 10 added sophisticated video editing features, only to hide those features inside the Photos app. Here’s how you access them. At some point during its many …

8 Best Free Video Editing Software for Windows 10 2018. I have seen many sites are sharing best professional video editing software but our mission is different.How Tech Hack is providing you video editing software free download full version. Not …

When it comes to getting the best video editing software, you’re looking for a program that will make your life easier in every way. It needs to be straightforward to use without missing out on …

[embedyt]//www.youtube.com/embed/CgqMwiLw8ms[/embedyt]

Top 3 Best Free Video Editing Software (2019) Video Editor UWP for Windows 10 Paid Video Editor UWP is a lightweight video editing software, features include: video segmentation, video synthesis, video dubbing, video coverage, video …

The reason this software featured in the list is that unlike most other “advanced” video editing software products, it’s free of cost. So grab Blender from its website. Another good video editing …

video editor windows 10 free download – Windows 10, Apple Safari, VSDC Free Video Editor, and many more programs

The best part is the app itself is free, being bundled with Windows 10, and will be updated as new releases hit the Microsoft Store. While not as advanced as the more expensive flagship video editor, …

Video On The My Last days premieres wednesday, May 22 on The CW! The CW Network features the hit series Riverdale, as well as Black … kenya youtube video KTN News is a 24-hour news and current affairs channel. It has great content that include sports, ground breaking

Best Rated Video Editing Software

[embedyt]//www.youtube.com/embed/GVs8GQtlpQE[/embedyt]

Should you find the time to master this incredible collection of tools and features, you’ll become the master of video editing in no time at all … you immediately think about the best-rated video …

There are more video editing software applications than we can fit into this roundup of the best options, which includes only software rated three stars and higher. The best known among them is …

Most video editing software for consumers and mainstream users is best used for one or another of these specific … It’s this easy access that makes Adobe Premiere Elements our top-rated consumer …

Check out some of the best-selling, highly rated video editing software courses on Udemy: This overview course of the entire video production process is a great way to get started. You’ll learn how to …

kenya youtube video KTN News is a 24-hour news and current affairs channel. It has great content that include sports, ground breaking documentaries and investigative features. T… Kenyan operator Safaricom has introduced dedicated YouTube data on its lower cost bundle packages. Capped at 5 GB for the subscription
Video On The My Last days premieres wednesday, May 22 on The CW! The CW Network features the hit series Riverdale, as well as Black … kenya youtube video ktn news is a 24-hour news and current affairs channel. It has great content that include sports, ground breaking

Video On The

BEST FAILS VIDEOS 2018??? My Last days premieres wednesday, May 22 on The CW! The CW Network features the hit series Riverdale, as well as Black …

Kenya Youtube Video KTN News is a 24-hour news and current affairs channel. It has great content that include sports, ground breaking documentaries and investigative features. T… kenyan operator safaricom has introduced dedicated YouTube data on its lower cost bundle packages. Capped at 5 GB for the subscription
Best Infographics Video infographics archive covering the best infographics and data visualization on the web. Submit your infographics to our infographics archive. Best Friends’ goal is no-kill via spay/neuter, pet adoption, pit bull support, feral and stray cat & anti-puppy mill programs as part of our advocacy. Video

Nipsey Hussle is gone, but not forgotten. DJ Khaled’s new release “Higher” stars Nipsey and John Legend, and its music video ensures the late hip-hop star remains in fans’ thoughts. Directed by Eif …

Ed Sheeran just dropped his "I Don’t Care" music video featuring justin bieber—and let’s just say fans will definitely care. …

Kenya Youtube Video

KTN News is a 24-hour news and current affairs channel. It has great content that include sports, ground breaking documentaries and investigative features. T…

Kenyan operator Safaricom has introduced dedicated YouTube data on its lower cost bundle packages. Capped at 5 GB for the subscription session, users can watch their favourite videos on the platform …

“Over the past year, we have seen impressive growth in Kenya with an 80 percent increase in mobile usage. This is more people …

Street Food in Kenya - ULTIMATE KENYAN FOOD TOUR in Nairobi | East African Food Tour! Video message from H.E. António Guterres , United Nations Secretary General, on World Press Freedom Day 2019. A free press is essential for peace, justice, sustainable development and …

95 Share Marketing Following the market opening … gaining 0.95 percent to 2,878.06. Walmart Inc (NYSE: WMT) reported better-than-expected earnings in its first-quarter results, while sales missed views. walmart … 95 % percent share marketing Sales Training, Seeing is Believing, It Shall Be Done, Market Share. Today, 95%

On March 9, 2018, president Uhuru Kenyatta and his opposition rival, Raila Odinga, agreed a deal to work together, which deescalated political tensions and ended several months of street protests …

Best Infographics Video Infographics archive covering the best infographics and data visualization on the web. Submit your infographics to our infographics archive. Best Friends’ goal is no-kill via spay/neuter, pet adoption, pit bull support, feral and stray cat & anti-puppy mill programs as part of our advocacy. Video

NEPAD was institutionalized through a presidential executive order in 2002, making way for the establishment of the National steering committee (nsc) to lead Kenya’s involvement in the initiative.

Lesbian, gay, bisexual, and transgender (LGBT) persons in Kenya face legal challenges not experienced by non-LGBT residents. Sodomy is a felony per Section 162 of the Kenyan Penal Code, punishable by 14 years’ imprisonment, and any sexual practices between males (termed "gross indecency") are a felony under section 165 of the same statute, punishable by 5 years’ imprisonment, but these …

Google Country Manager Kenya Charles Murito said the firm has over the past year seen significant growth in Kenya with an 80 percent increase in YouTube … music and videos, playing video games …

DYNEGENT
Home | Contact | Site Map