Parents spend their entire lives planning for their children’s future but, as goes the circle of life, there comes a point when that responsibility starts to shift. Many children take on the role of caretaker for their parents. They do all the things that their parents once did for them: drive them to the store, make them their meals, and so on. Well remember when you were a kid and your parents gave you an allowance, or only let you spend a certain amount of money at the store? They were, in a small way, helping protect your finances and now, one of the most important aspects of becoming involved in your parents’ lives is helping them managing their finances. Of course your parents might not take well to you handling their allowances or expenditures, but it’s important that you get involved early and often in your parents financial planning.
Women have always lagged behind men in life insurance ownership, but those numbers are quickly closing in. According to a study done by LIMRA, almost 6 out of 10 women owned some sort of life insurance in 2010, about the same as men’s ownership. So, what’s the big deal? Life insurance, whether male or female, has always been one of the most cost effective ways for men and women to protect their loved ones in the event that anything should happen to them — as well as provide for their own futures. It protects your family in the event of lost income due to death, provides retirement security, pays off mortgages and can even fund college educations. Life insurance is crucial when it comes to protecting your financial future.
We’ve all heard the horror stories about the investor who did everything right, who had the right job, maxed out their 401k, diversified their portfolio until comfort in retirement was assured, only to have the rug swept out by a debilitating illness. For this exact reason, insurance companies have created a product called long-term-care insurance. Since Medicare doesn’t pay for most nursing home costs, and Medicaid doesn’t ante up until your assets are almost depleted, investors who have wealth that they want to pass on to loved ones need to protect it. Long-term-care policies do just that, In fact, many insurance agents will tell you that as you near retirement age, long-term-care insurance becomes a real priority. That priority was much easier to satisfy before the policies became losers for the insurance companies, leading insurers like Manulife Financial to ask state regulators for average rate increases of 40%, and other insurers like MetLife, to stop selling new policies entirely.