Umbrella (or Personal Liability) insurance is a term that is brought up often in the financial planning world. But what is it, exactly? And why is umbrella protection an important piece of someone’s financial puzzle?
While both men and women should have a plan in place for aging, the statistics particularly demand a female’s attention. According to the American Association for Long Term Care Insurance, more than 70% of nursing home residents are women. Add to that the 4.7 million women who used an in-home nurse aid just last year.
Life insurance is one tool which we often see not being used in the most appropriate manner, especially for women. If you’re a married woman, mimicking the insurance coverage your husband has may not be the best strategy. If you’re single, you may have skipped over it altogether thinking you don’t need any coverage. As you’ll see, there is no “one size fits all” solution for women.
As the 70 million+ baby boomers approach retirement (10,000 actually turn age 65 every day), they are thinking about two very important retirement benefits – Medicare and Social Security. However, those in domestic partnerships (same-sex as well as opposite-sex) may not be eligible for the same benefits as legally married folks.
So, bottom line, if a bird, a plane, or even a meteor damages your home, you’re covered. But, should the sewer back-up or the contents of your freezer spoil due to a brown-out, absent a rider that specifically covers this, you’re on your own.