Comments on: New Year’s Resolution Workshop #4: Protect My Family’s Future http://www.thesimpledollar.com/2008/12/29/new-years-resolution-workshop-4-protect-my-familys-future/ Financial talk for the rest of us Sat, 16 Feb 2013 01:14:45 +0000 hourly 1 http://wordpress.org/?v=3.5.1 By: beth http://www.thesimpledollar.com/2008/12/29/new-years-resolution-workshop-4-protect-my-familys-future/#comment-838767 beth Sun, 03 Jan 2010 13:59:07 +0000 http://www.thesimpledollar.com/?p=2947#comment-838767 plus, does anybody use home warranty insurance and who do you recommend?

]]> By: beth http://www.thesimpledollar.com/2008/12/29/new-years-resolution-workshop-4-protect-my-familys-future/#comment-838765 beth Sun, 03 Jan 2010 13:57:49 +0000 http://www.thesimpledollar.com/?p=2947#comment-838765 Long-term care and disability insurance are 2 different products, and if you want legal insurance Prepaid Legal insurance is about $25 month and mine included a free will that can be updated annually.
Also, any “benefits” you get at a job is usually only good as long as you work there so it’s wise to have your own personal policy.
check out my website primerica.com/bethchavez
I’m also a high school teacher and I have my own personal policies apart from school.

]]> By: Amy http://www.thesimpledollar.com/2008/12/29/new-years-resolution-workshop-4-protect-my-familys-future/#comment-470098 Amy Fri, 09 Jan 2009 20:59:58 +0000 http://www.thesimpledollar.com/?p=2947#comment-470098 I just met with a financial adviser for the second time. He showed me some numbers and I’m not anywhere near ready to decide on how I will invest beyond my 401k, but I did apply for disability insurance. I didn’t think I needed it; my employer provides it and I pay a couple of bucks per month to make it better coverage. However, it appears that it’s very difficult to qualify for even their disability standards, and it is reduced by the amount Social Security would pay EVEN IF I don’t actually qualify for and receive that govt disability (we all know it’s very hard to qualify for that).

I’m single with no kids, but I don’t want to face a future disabled with limited or no income. This plan would pay 80% after 90 days until I’m 65, and at almost 33 years old, will run me about $20 a month for now. Now I just have to see if I actually qualify for it after the underwriters look at health history…

I wish more people knew about this critical insurance. I have an emergency fund, but that won’t do me any good after the first year (if that long) if I cannot work a long enough day to keep my current job, but yet CAN work a lesser job for less pay–which would disqualify me for the employer and gov’t disability.

]]> By: Jennifer http://www.thesimpledollar.com/2008/12/29/new-years-resolution-workshop-4-protect-my-familys-future/#comment-457616 Jennifer Wed, 31 Dec 2008 18:58:21 +0000 http://www.thesimpledollar.com/?p=2947#comment-457616 I’ve seen you post about 529 plans a few times, but I haven’t heard much about ESA’s. What do you know about Education Savings Accounts and why did you choose 529 over ESA?

]]> By: Troy http://www.thesimpledollar.com/2008/12/29/new-years-resolution-workshop-4-protect-my-familys-future/#comment-456178 Troy Tue, 30 Dec 2008 20:00:51 +0000 http://www.thesimpledollar.com/?p=2947#comment-456178 Trent- I believe you should look into some cons of the 529 plans. For example, what if they lose value like so many of them have this year.

The legislation that grants 529s tax-free status expires after 2010. It’s anticipated that the law will eventually become permanent, but Congress is dragging its heels.

You must choose from among the mutual fund-type investments offered within the plan. Further, you can only change your investment choices once every 12 months.

Perhaps, people shuold search for ways to prepay tomorrow’s college tuition at today’s prices.

]]> By: Chris http://www.thesimpledollar.com/2008/12/29/new-years-resolution-workshop-4-protect-my-familys-future/#comment-455883 Chris Tue, 30 Dec 2008 14:34:08 +0000 http://www.thesimpledollar.com/?p=2947#comment-455883 Good call on not doing your own will. This really isn’t as daunting of a task as people make it out to be. It takes a little thought, and a little actual effort to meet with a lawyer and get things taken care of, but the peace of mind that it gives you will be priceless.

]]> By: Frugal Dad http://www.thesimpledollar.com/2008/12/29/new-years-resolution-workshop-4-protect-my-familys-future/#comment-455864 Frugal Dad Tue, 30 Dec 2008 14:05:52 +0000 http://www.thesimpledollar.com/?p=2947#comment-455864 I second the call for disability insurance. I’ve seen first hand through my mother’s stroke that disabilities can be more financially devastating than death. Typically, when people die there is at least some life insurance, either held privately or through an employer. However, when a disability strikes income stops, but life needs continue on.

Best approach is to find a strong disability plan offering to cover 60-70% of your full-time income at time of disability with a short waiting period (3-6 months). Have a strong emergency fund in place to cover this waiting period.

]]> By: Jill http://www.thesimpledollar.com/2008/12/29/new-years-resolution-workshop-4-protect-my-familys-future/#comment-455280 Jill Tue, 30 Dec 2008 02:50:04 +0000 http://www.thesimpledollar.com/?p=2947#comment-455280 Don’t forget to mention how important a will is for single parents, in regards to the guardian of the children.

]]> By: Henie http://www.thesimpledollar.com/2008/12/29/new-years-resolution-workshop-4-protect-my-familys-future/#comment-455234 Henie Tue, 30 Dec 2008 01:08:15 +0000 http://www.thesimpledollar.com/?p=2947#comment-455234 Great post Trent! While I have all points covered as a single parent, I just wish that I had known about the 529 College Savings Plan…I will be checking into this now.

Question: With the grave economic downturn, I am curious to find out if you and your family have “cut-back and trimmed down” or are you taking advantage of the “great deals” out there and in doing so, sort of helping stimulate the economy…your thoughts?

Thanks,
Henie
http://www.HennArtOnline.com

]]> By: Sheila http://www.thesimpledollar.com/2008/12/29/new-years-resolution-workshop-4-protect-my-familys-future/#comment-455144 Sheila Mon, 29 Dec 2008 22:35:30 +0000 http://www.thesimpledollar.com/?p=2947#comment-455144 Two things I didn’t see on your list were a revocable living trust and a living will. The trust might not be for everyone, especially young families just starting out who have no assets, but a living will is applicable to everyone. As people saw in the Terry Shivo (sp?) case, living wills are important.

]]> By: Anastasia http://www.thesimpledollar.com/2008/12/29/new-years-resolution-workshop-4-protect-my-familys-future/#comment-455142 Anastasia Mon, 29 Dec 2008 22:33:00 +0000 http://www.thesimpledollar.com/?p=2947#comment-455142 It seems to me that long term disability insurance is very important whether a person is single, married no kids, married with kids, etc.

My husband and I fall into the married with no kids category. If anything happened to me, the last thing I’d want my husband dealing with is the entire financial responsibility of the household. I think we’d have bigger things to think about, that are not so easily taken care of.

]]> By: Trevor - 14 Year Old Money Blogger http://www.thesimpledollar.com/2008/12/29/new-years-resolution-workshop-4-protect-my-familys-future/#comment-455123 Trevor - 14 Year Old Money Blogger Mon, 29 Dec 2008 22:03:25 +0000 http://www.thesimpledollar.com/?p=2947#comment-455123 Great post.

Emergencies can happen at any time and it sure pays off to be prepared for the future!

]]> By: Bekki http://www.thesimpledollar.com/2008/12/29/new-years-resolution-workshop-4-protect-my-familys-future/#comment-455122 Bekki Mon, 29 Dec 2008 22:03:01 +0000 http://www.thesimpledollar.com/?p=2947#comment-455122 Life Insurance – this is a big one for us. We looked into it a couple years ago, but whole idea of one of us passing away was too much for my husband to handle, so we dropped it.

At that point, it wasn’t too bad, because either one of us would be able to move on financially without the other.

Now, we’re expecting a baby girl in a few weeks – everything is completely different.

Life insurance is #1 on our list.

]]> By: Movingonup! http://www.thesimpledollar.com/2008/12/29/new-years-resolution-workshop-4-protect-my-familys-future/#comment-455119 Movingonup! Mon, 29 Dec 2008 22:01:44 +0000 http://www.thesimpledollar.com/?p=2947#comment-455119 Great time of the year to sign up for insurance policies throught work. Also it’s a good time of the year to check up on all investments and all things financial. Great Post!

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