Long Term Care Insurance and Suze Orman - The Ongoing Controversy
Copyright 2006 Clay Cotton
Long term care insurance is an obvious "must-have' for Americans with assets and families to protect and with discretionary income to afford the premiums.
While Suze Orman publicly promotes this coverage as the foundation of your financial plan, we wonder if she ought to put even MORE emphasis on LTCi protection
People all-too-often assume that long term care is just for the elderly, and
it's shocking to learn that over 40% of nursing home residents are currently under age 65.
In fact, because of my advanced Multiple Sclerosis, I would be in a nursing home right now if I had LTCi coverage to pay for it, and if my beloved wife, Kimberly, would agree to let me out of her sight.
In any case, while Suze Orman is clearly America's most popular financial advisor, she is also America's most visible proponent of long term care insurance.
This is a good thing for all of us since, of every 20 folks who need long term care insurance, only 1 of us owns it - A sad state of affairs to be sure.
And we had better learn more about it fast...
But now the question is this: Should Suze Orman be even more forceful in her insistence that long term care insurance be the bedrock upon which everybody's financial planning must be anchored?
And why all the fuss over long term care insurance, anyway?
Well, just ask Suze Orman: It's because she knows as well as I do why Americans have no other common sense choice than to embrace this family financial tool if they want a mature, secure retirement. I, myself, was stricken with Multiple Sclerosis at age 50 - WITHOUT long term care insurance.
Now I can never get long term care insurance coverage because of this pre-existing condition. Rats!
Suze Orman is bringing America's baby boomers into awareness on retirement planning and the need for long term care insurance, and for this she should be commended, but is she saying enough?
You be the judge.
Here are few words from Ms. Orman: "Considering how hard people work for the majority of their lives with an eye towards retiring, it's surprising to find that many give little thought to actually funding (and protecting) their retirement."
In You've Earned It, Don't Lose It: Mistakes You Can't Afford to Make When You Retire, Suze addresses this sad fact and "goes beyond the usual financial primer to describe how to safeguard your financial future with smart long term care insurance."
"No well-planned retirement should be without long term care insurance. It is the very cornerstone of retirement security." - Suze Orman
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What is Life Insurance?
Life Insurance is an insurance policy that provides an agreed amount of cover over an agreed term, so that should you die during the policy term, a lump sum is paid out. Life insurance is considered as the cornerstone of financial planning. It is a cost effective way to provide for your family after you are gone. Many of us will at some stage in our lives have the need for life insurance. Life insurance is an agreement between you and an insurer and under the terms of a life insurance contract, the insurer promises to pay a certain sum to a designated beneficiary when you die, in exchange for your premium payments.
This may give you peace of mind that, should you die during the policy term, your family would have some financial security.The most common reason for buying life insurance is to replace the income lost when you die. For example, say that you work, and that your income is used to support yourself and your family. When you die and your income stops the life insurance...
What is Life Insurance?
Term life insurance > What is Life Insurance?
Estate Planning - What About Life Insurance?
Copyright 2006 Ronald Hudkins
Not too many years ago life insurance was considered to be the indispensable platform upon which all other estate planning efforts should be based.
In fact, for those in the median and lower income ranges, it was often the only recognized method
for protecting one's heirs, particularly in the event of untimely death.
However, over the past twenty or so years, the concept of financial planning has changed considerably. The proliferation of varied retirement plans available through work (IRAs, SEPs, SARSEPs, mutual funds, etc) has changed people's perspectives about the need for life large life insurance policies.
Does that mean that you don't need life insurance?
No.
Most people, perhaps with the exception of the very wealthy, do need some sort of life insurance, although even the very wealthy may opt for a life insurance policy (generally whole life) to defray the costs of burial and...
Term life insurance > Estate Planning - What About Life Insurance?
Term Life And Whole Life Insurance
Which type of policy is best for you, term or whole life? The answer depends on several factors, including:Your Needs. If you need coverage only until your children graduate from college, for example, you might be better off with a term life policy.Cash-value insurance is better suited for long term needs, such as planning estate taxes and providing lifetime security for your spouse. Some term policies cannot be renewed past age 70 or 80 and can become costly to renew as you approach that age.The Cost. If term life insurance is more suited to your budget and you want life time coverage, consider a term life policy which can be converted into a whole life policy. Then you can convert the policy whenever your cash flow or needs dictate.
You can also purchase a combination of term life and whole life insurance and gradually shift into whole life insurance over time.Your Savings and Investment Goals. Whole life insurance can be a good long term investment vehicle, especially because...
Term Life And Whole Life Insurance
Term life insurance > Term Life And Whole Life Insurance
Short-term insurance ? Key to stress-free & healthy life
Health insurance has become a necessity as our life is becoming more open to health related problems with increased pollution levels, increased rate of accidents and injuries. It gives you financial cover to bear our medical expenses with ease. One such affordable form of health insurance is a short term insurance.
Short term health insurancehas become popular in the recent years as it provides you insurance cover with low monthly cost and high coverage limits. Employees working temporarily or part time are the common consumers of a short term health insurance. Also, people who are temporary out of work or in between jobs or are recent college graduates can easily apply for a short term health insurance.
A short term health insurance keeps the consumers insured till they find a job that offers health insurance or they apply for an individual health plan. The term for which such insurance...
Short-term insurance ? Key to stress-free & healthy life
Term life insurance > Short-term insurance ? Key to stress-free & healthy life
UK life insurance, stock markets, and investment value.
Life insurance is often considered a dry topic. However it's a subject that can pry open a number of interesting questions about?you.
The number one consideration, UK or elsewhere, when you are considering your life insurance policy is: what are you really after from your life insurance? Are you after basic, no-frills insurance that covers costs and cashes in should you die within a pre-determined period, or are you looking to benefit yourself with investments tied-in with your life insurance?
As in all financial considerations, you have options. And there's plenty of room to spin a profit from even the most commonplace life-insurance policy. The underlying benefit would come from shopping around for financial providers dealing with UK life insurance. MoneyNet is a great example of how online services which allow you to quickly search for financial products offer specialised sections of their sites for particular...
Term life insurance > UK life insurance, stock markets, and investment value.
Affordable Term Life Insurance
Depending on your age, you may find that term life insurance works best for your situation. Term life insurance is ideal for younger people with families to support. In fact, term life insurance should be the most affordable option for you until you reach the age of 50, at which time you should strongly consider going with a life insurance policy that has no term limits ? such as a whole life policy.
Affordable term life insurance should replace the income that you would have provided had you lived to retirement age, at the very least. With this type of coverage, you can be sure that you meet your family's financial needs after you have passed away, in the event that you die at a younger age. Nobody likes to think that they may not live to be old ? but this does happen, and the most loving thing you can do for your family is to plan for that event in advance, and then try to prevent it from happening.
Term life insurance will help pay mortgages and other household...
Term life insurance > Affordable Term Life Insurance
Choosing the Best Life Insurance Option for You
Life insurance in the UK is becoming more and more popular with many people now realizing the importance and the benefits of a good life insurance policy. There are two main types of popular life insurance, both of which offer a range of invaluable benefits to UK consumers. Level Term Life InsuranceLevel term life insurance is the most popular type of life insurance policy with UK consumers, and this may be because it is also the cheapest form of insurance. With level term insurance, you and your family can enjoy peace of mind at an affordable price. If you die during the term of this insurance policy, your family will receive a lump sum payment, which can help to cover a number of costs as well as provide some degree of financial security at what will inevitably be a difficult time.
The money could assist with costs such as:* Mortgage repayments* Funeral costs* Education costs for the children* Day-to-day livingOne of the reasons that level term life insurance is a fair bit cheaper...
Choosing the Best Life Insurance Option for You
Term life insurance > Choosing the Best Life Insurance Option for You
Choosing the Best Life Insurance Option for You
Life insurance in the UK is becoming more and more popular with many people now realizing the importance and the benefits of a good life insurance policy. There are two main types of popular life insurance, both of which offer a range of invaluable benefits to UK consumers. Level Term Life InsuranceLevel term life insurance is the most popular type of life insurance policy with UK consumers, and this may be because it is also the cheapest form of insurance. With level term insurance, you and your family can enjoy peace of mind at an affordable price. If you die during the term of this insurance policy, your family will receive a lump sum payment, which can help to cover a number of costs as well as provide some degree of financial security at what will inevitably be a difficult time.
The money could assist with costs such as:* Mortgage repayments* Funeral costs* Education costs for the children* Day-to-day livingOne of the reasons that level term life insurance is a fair bit cheaper...
Choosing the Best Life Insurance Option for You
Term life insurance > Choosing the Best Life Insurance Option for You