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PLANNING YOUR FUTURE

My Life's Protection
By Melanie Lasoff Levs
Sponsored by AXA

What if you – or your spouse or business partner – died tonight? It happens. How would your family and/or your business fare financially? What if you – or your spouse or business partner – had a stroke? Fell and hurt your back? Ended up in a coma? You have to plan for the things no one ever plans to have happen and doesn't even want to think about. It's not morbid. It's smart.

In this section, learn:

• How much insurance – life, long-term care and disability – you need
  
• The "rule of thumb" for insurance
  
• Disability income insurance policy characteristics
  
• The biggest threat to your retirement savings

Consider the facts*:

• For the past two decades, life insurance ownership in U.S. households has declined while the amount of coverage has increased. 61 percent of adult Americans have life insurance protection, down from 70 percent in 1984.
  
• A 35-year-old has a 50 percent chance of becoming disabled for a 90-day period or longer before age 65.
  
• About 30 percent of Americans ages 35 to 65 will suffer a disability lasting at least 90 days during their working career.
  
• About one in seven people between ages 35 and 65 can expect to become disabled for five years or longer.
  
• This year, an estimated 9 million men and women over the age of 65 will need long-term care.

You can't predict. You can't prevent. But you can plan. You can provide protection – for yourself, your family, your business and your employees.

How Much Insurance Do You Need?

A well-designed and customized protection plan often includes the death benefit protection of life insurance, as well as the living benefit protection provided by disability income insurance and long-term care (LTC) insurance.

The following situations – personal and business – could create the need for those types of coverage:

• Family member(s) or a significant other who depends on you for financial support to any degree
  
• A mortgage or other large liability is held alone or jointly with another, and the loan repayments could not be handled in the event of the loss of your or your co-owner's earnings
  
• You provide personal services (caregiving, a helping hand to a parent or another with special needs) for which, were it not for you, the recipient would need to hire help s/he could not readily afford.
  
• Your business is owned by more than one person and the business is to continue if one of the owners dies or becomes disabled (buy-sell insurance disability buyout).

 

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