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Welcome to this session of grand rounds, a collection of posts I have discovered in the blogosphere and have found of interest and hope you do too.
This offering of Grand Rounds looks at articles from around the web that deal with insuring yourself against the unexpected.
The reality show Big Brother has a catchphrase, “Expect the Unexpected.”
That phrase certainly can apply to all facets of life because life does not always go as planned.
One of the first things you need to assess in any situation is the potential financial threats you may face and then take appropriate steps to defend yourself against these threats.
White Coat Investor asks this very topic in, “What is Your Biggest Financial Risk?”
One such risk you may face is something that effects the health of you or your family.
With rising healthcare costs you may find yourself bankrupt if a devastating illness occurs.
Health insurance can help reduce some of the financial sting, but having healthcare, especially if you do not have subsidies from work, can be an expensive proposition.
Financial Samurai gives some tips to reduce that cost in, “How To Compare Health Insurance Plans And Save Money.”
Life Insurance is another important policy that you need to consider purchasing, especially if you have people depending on you.
However there is a definitely asymmetric need in terms the amount of life insurance required.
Early in your working career you need to have the highest coverage available because you have not developed a large enough portfolio to support your heirs if you prematurely die.
As the years go by hopefully your investment portfolio can replenish the majority of your lost wages if you die and your life insurance policy would only need to be large enough to make up the difference.
If only there was a way to have a policy that reflects a decreasing need for it that would be less expensive than having the same coverage throughout.
Well there is a DIY way to create such a policy yourself using the concept of laddering.
White Coat Investor explains in, “Avoid Being Overinsured or Underinsured by Layering Life Insurance Policies.”
Growing old is no fun.
Body parts start aching.
You no longer are able to perform at peak physical activity.
If you are lucky enough to live a very long life you may find yourself unable to even care for yourself or perform basic functions.
A long-term care facility can solve your problem but they can be incredibly expensive and often not covered by Medicare.
There are long-term care insurance policies out there, but is that the right way to go?
Giving his take on whether Long-Term Care Insurance is worth it or not is Financial Success MD in, “Should You Buy Long-Term Care Insurance?”
If you indeed decide that you do not need Long-Term Care Insurance there are still other ways to protect yourself from financial ruin in your later years.
Having some contingency plan to address the financial burden of long term care can truly make your rest home restful.
FI Physician discusses what is available in, “Long-Term Care Insurance: Alternatives and Pitfalls.”
Hope you enjoyed the reading material.
Have a great rest of the week.
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