Women short-changed when it comes to life insurance
September is Life Insurance Awareness Month (LIAM), and here is an example of the reasons which that consumer awareness campaign 
Working women with life insurance are also nearly twice as likely as men (21% against 12%) acknowledge that they do not know how much coverage they have and are also more likely to underestimate how much coverage they need. The study indicates that a good starting point for a life insurance coverage is generally the outstanding debt plus five years of salary. However, 54% of women and 47% of men believe coverage equal to their debt as well as three years' salary or less will suffice. While only one in four men or women considered debt when calculating their life insurance needs, 52% want their death benefit to cover these obligations.
I think the good life insurance number should be a minimum of 10 times income and could be much higher based on the family and economic conditions. Calculators, the LIFE Foundation Life Insurance Needs Calculator and Calculator-value human life can help you determine the exact amount of your situation and lifestyle.
The study also pointed out that men and women have different desires for what they want their insurance policies to cover. Almost three quarters (73%) of married men say their # 1 waiting for their coverage of life insurance is to pay for future living expenses for their spouse, compared with 47% of married women. For married women, the # 1 is waiting to cover their final expenses (69% against 55% of married men). However, men and married women express nearly identical levels of interest in protecting the financial future of their children.
"It is so important to be an educated consumer regarding the development of a sound financial plan. Not only women should consider life insurance coverage on themselves to protect loved ones but also encourage spouses or partners to have coverage as well. otherwise, the sudden loss of vital income may have a negative long-term impact for the survivor and retired, "says Cindy Hounsell, President of the women's Institute for a secure retirement.
Over a quarter of respondents to the study were unfamiliar with the basic features of their own life insurance policies. for example, 24% of employees who say they have term life insurance believe that this coverage provides financial protection for an unlimited period. in fact, term insurance provides financial protection for a defined period of time, such as 10, 15 or 20 years, or if provided through an employer group policy maintained for the duration of employment. At the end of these periods, the long-term coverage can be continued, but usually with much higher premiums. In addition, 28% of employees with permanent life insurance are unaware that permanent life insurance can create the cash value as they pay their premiums. the permanent life insurance policies can be used to accumulate, protect and transfer wealth.
Employees may also not be leveraging life insurance as effectively as they could to meet their needs. About a third of employees with coverage do not realize that life insurance, in addition to providing a death benefit, can be a strategic method to supplement retirement benefits and assistance in estate planning.
Consumer education is that the LIFE Foundation is all about. Use our resources to help you make informed decisions about life insurance to protect you and your family.
Why I am grateful for the early detection and assurance
"Are you sitting down?" It was my mother on the other end of the phone. It is, I sit, something I do a lot of, given the fact that I am in the second trimester of my second pregnancy. "Yeah mom, what's up?" I use that precipitated the tone impatient with it, the very one that I hear (and hate) from my own children. That's when she dropped the bomb. "I have breast cancer."
These words have stolen my breath. My mother? By no means! It was healthy, vibrant and strong. Besides, she had no family history . Certainly, it was a mistake made My mother was one of the 0,000 women diagnosed with breast cancer in this country every year I am thankful that she was intelligent and vigilant;... her cancer was found on a mammogram and it was very small. she chose a lumpectomy and radiation and has been cancer for nearly 14 years.
His fight with breast cancer came years after my father fought against the disease, too. Yes, men can and breast cancer, but not in the numbers women do. He underwent a modified radical mastectomy since his cancer was more aggressive.
after the diagnosis of my mother, I began a heavy routine screening because the breast surgeon twice a year, a mammogram and ultrasound once a year and conscientiously do the self-examination chest. But in 03, my mammograms started to show suspicious white spots, and because of my family history, every new development should be biopsied. Four biopsies in four years (all on the same breast, in the same place) and my chest were tired and sort of collapsed. I too began to speak to my breast surgeon to take a more proactive position instead of waiting until I cancer, trying to completely avoid and possibly correct some of the damage caused by all biopsies. We decided the best option for me would be a double preventive mastectomy.
In January 07, I was on the table at Memorial Sloan Kettering have my breasts removed in a five and half hour procedure which was filmed by Oprah Winfrey. I returned two months later for a day procedure to exchange the temporary implants for my permanent.
I think back to that time as a crash course on the life lessons for me. I learned a lot about breast cancer; Did you know the family history is not the biggest risk factor? True, only about 10% of cases have a genetic link. Remember, there was no history in my family before my parents were diagnosed. The biggest risk factor for breast cancer is being a woman aging. Period.
A battle with a serious illness can take as much of a toll on your family finances as it can on your health. When you are 
A serious illness can also rethink your financial future. My husband and I always made sure that we have achieved adequate coverage of life insurance. Life insurance is one of those things that you can deal with "the line." You really need to think of her as a shield. A critical about it.
Thus, since October is awareness month for breast cancer, as well as thinking about your health, how about taking a moment for a life insurance check-up? Do you have enough coverage? What does your family need if something happened to you? What should you do now, while you're healthy, to preserve the future? Check out this post by breast cancer survivor and Vlasta Duffy insurance agent, which has tips on what you should consider. It could save you a lifetime of worry. I can not think of a reason not to do it, can you?
What to do now to be ready for tomorrow's reality there
generations, it was recognized that older parents would be supported by their adult children, women (aka "housewives") handle most of the physical and emotional burden. It was also a time when the siblings and members of the extended family lived nearby, ready to intervene if necessary.
But times have changed, and families are rarely in the same state, let alone the same ZIP code. and women, although stil 
Add to that the rising cost of assistance provided by professionals (estimated at $ 43,000 to 70,000 $ annually for eight hours a day for health care alone) and it is no surprise that the cost of providing care can keep both neat and caregiver to sleep at night.
According to an AARP study, about 42 million people in the US have provided care for an adult family member at some point. But this unpaid support is a cost - physical, emotional and financial. For example:
- Studies show that caregivers females are more likely than men to suffer from high stress due to caregiving (35% against 25%)
- 70% of working caregivers. suffer from difficulties at work because of their dual role of caregiving.
- 23% of caregivers have been providing care for five years or more say their health is fair or poor.
- 12% percent of caregivers reduce work hours or took a less demanding job, while 9% gave up work altogether, compared to 3% who took early retirement.
If you plan to provide care of a parent in the course of the future or if you want to avoid being a burden on other family members, there are steps you can take.
Learn the facts about long-term care. LTC fall into three categories: men, middle and caretaker. These types of services and procedures are generally not covered by medical insurance of a person, but would be paid under a long-term care insurance policy.
Skilled care (generally provided by nurses or professional therapists) helps you recover from a serious illness or injury with treatments or daily therapy. intermediate care is similar, but not necessary on a daily basis. custodial care, however, does not focus on recovery, but to provide assistance with daily activities: bathing, eating, dressing and other personal and medical care, and can range from home care provided two or three days a week , 24-hour nursing care.
Discuss your financial situation with a counselor. If you can afford the cost of long term care without significant impact on your assets, you can choose to cancel the purchase of coverage. And for those with assets (excluding your home) of less than $ 80,000 if you are married or $ 30,000 if you are single, you may not be able to pay the premiums.
If you fall somewhere in between, the assurance of long-term care could be money well spent, protecting your economic health while covering the cost of treatment for your wellbeing physical.
Consider long-term care insurance purchase. Here are two numbers to note: 70% and 40%. According to statistics, there are 70% chances that you will need some type of long-term care after 65 years: at home or in a nursing home. And if you think something you only need to worry about once you hit your "golden years," that 40 percent of patients receiving long term care are age 65 or at the following an accident or because of a debilitating disease.
for example, property management Barry Shore was diagnosed with Guillain-Barre syndrome at age 55, and after a year, was still unable to walk or work. Fortunately, her care insurance long term more than covered its home care, and the other not covered by their medical insurance treatment. Here you can see its history.
Keep in mind that the premiums of the policy are the younger you are when you purchase coverage, and generally do not increase with age, unless an insurance company raises for a guaranteed class.
For more information, see the long-term care insurance section on the LIFE website. Then discuss your options with your insurance advisor.
8 tips to save money and your sanity During Open Enrollment
according to a recent survey by LIFE and LIMRA, among the top financial concerns of Americans today
- having enough money for a comfortable retirement
- to pay for medical expenses
- be able to take over in case of disability and unable to work
Open enrollment gives you the perfect opportunity to review your financial plans and insurance to ensure that you have a base in place to help prepare these types of potential expenditures. These eight tips will give you a hand:
1. Choose your options carefully. Unless a major life change, such as marriage, divorce or birth of a child, most benefit plans do not allow to make changes to your coverage of elections more once a year during open enrollment season. Be sure to consider your options carefully plan so that the choices you make to meet your current needs.
2. Do not assume that doing nothing to maintain your status quo. Allow your benefit options just roll from one year to another may seem like an easy decision when you are faced with many choices open enrollment. But do not take the initiative to evaluate new or changing options could mean missed on plans that could save you money and could leave you in a program that no longer meets your needs.
3. Consider a high deductible health plan. Review your health plan options to see if your employer offers a high deductible health plan. These plans can be cheaper if you do not plan to use your coverage often. However, you'll want to take money from your lower premiums and save. If you incur medical expenses, you may need the money to pay for them because you have to pay a larger deductible front. If you do not have high medical expenses, you will have saved money.
4. Find cost effective ways to enhance your life and / or disability insurance. Many companies offer their employees group life and disability insurance. Sometimes employers will provide a basic benefit life insurance or disability, at no cost to their employees. They can also offer an option for complete coverage through voluntary payroll deduction. It is important to consider the options available to maximize the opportunities where you might be able to increase the coverage of a cost effective manner.
5. Re-evaluate the amount of insurance coverage you need. If you have recently had a child or been married or divorced, it is important to update your insurance policies to reflect the changes of life. When the number of people who depend on you changes, it is likely that your health insurance coverage, life and disability will also change. The LIFE website offers several calculators, including a life insurance needs calculator and disability insurance needs calculator to help you determine how much coverage you should have.
6. Make sure your beneficiary information is up to date. Marriages, divorces, births or adoptions can often be overlooked when people review their policies and designated beneficiaries for things like life insurance or (k) account 401. You want to be sure your information beneficiary is updated based on your current life situation to avoid any confusion or potential problems during the claims process.
7. Calculate your medical expenses out of pocket. As the costs of health care continue to rise, it is important to consider taking advantage of a flexible spending account (FSA) or health account the backup (HSA). These types of accounts allow you to set aside a portion of your earnings before taxes to pay for eligible expenses such as co-pays doctor, prescriptions, daycare centers or even public transport and parking, depending on the type of offered account. If you currently contribute to an FSA or HSA, you can increase or decrease your premium based on your current needs.
8. Ask for help. Talk to your Human Resources representative or benefits counselor of your company about your benefit options during open enrollment. You will also need to consider your options with your spouse the benefit programs are better than others, so you may consider to be added to the plan of your spouse as a dependent or vice versa.
Extreme Makeover: Choice or Chance
You've probably seen the before-ABC show "Extreme Makeover Home Edition :." Host Ty Pennington and his crew choose a family whose homes deteriorated, often as a result of a job loss, medical problems or death. The future of the chosen family is dark, and emotions run high with the description of lost dreams.
Extreme Makeover Home Edition by Patrishe on Flickr
with great flourish the owners, who have often been on a trip to Disneyland or another station for the week that their house had been transformed back to their farm, which is hidden behind the bus "Extreme Makeover ".
Ty With the command to "move that bus," the bus lurches forward revealing transformed the house, and with tears and gasps family races through their new corridors, discover the treasures their new home.
such was the scene a recent show featured the story of Tricia Urban, a young mother who lost her husband to heart problems, the day of their first child was born. they had an old farm in Pennsylvania and they fix their fairytale included some miniature horses, sheep, pigs and a peacock.
But when her husband died, the money to pay things off. the house went unfinished and fell into disrepair and new baby's future Cora fell into doubt
Now I love the emotion, drama and a good story as much as anyone, but the Tricia story made me think :. "I wonder how much life insurance of her husband? "I do not want to judge because maybe his heart problems prevented him from qualifying, but I thought," Gee, age, about $ 70 a month would have bought $ 1 million life insurance to help her wife and daughter still have a chance for their fairy tale. I bet it costs a lot just to feed the animals. "
And $ 1 million tax free income immediately delivered without probate, legal or accounting fees appeared to be much better bet than the hope that Ty and his crew makeover pull up in their bus and save the family when they are in trouble.
during a typical season, perhaps 13 families receive a unique gift in a life of the program. during a typical year the United States, 500,000 people die, leaving shattered lives, hospital bills, companies have failed, a lack of succession planning, illiquid investments, finished college dreams meager savings, incomplete retirement planning and a host of other financial problems those they love.
Applying the benefits of being on a TV show is taking a chance that someone will like your story. Application for insurance life to protect your family is a choice-a choice to make their fairytale continues, no matter what happens.
It's time to change your luck thought process of choice. Start here.
New 65 is 80?
The real question is whether 80 is the new 65 by choice or by circumstance. Wells Fargo Bank has surveyed a group of Americans 20 to 70 years 
Three quarters of those surveyed said they expect to work into their retirement years. A quarter said they will work until at least 80 years to live comfortably in retirement, and you can be assured that this is not by choice. Given the choice, they would withdraw as soon as possible.
Nearly half (47%) of respondents said they plan to continue in the same job or a similar job responsibility. This, of course, assumes that they have the ability to continue in their same or similar jobs, the economy justifies their continued employment and their employer is willing to extend employment. And what happens if none of these options are available?
The survey found that three-quarters of Americans said it is more important to have a specific amount saved before retirement, regardless of age, while only 20% said that it is more important to retire at a given age, regardless of savings.
In terms of saving for retirement, 53% of respondents said they need to significantly cut spending now to save for retirement. Notice the word considerably. How likely are you to initiate a major change in lifestyle to achieve a target of 20 years or more in the future?
According to Wells Fargo, on average, Americans saved just 7% of their desired retirement nest egg, with a median of $ 25,000 recorded compared to a median retirement goal of $ 350,000. Americans have been saving less than what is needed for retirement and the majority do not trust the stock market as a place to invest for retirement.
On the issue of social security, there was an age gap. Those in their 60s expect Social Security to provide 46% of their retirement funding. But over 25% of people in their 20s and 30s expect no income from Social Security during their retirement.
This sounds like a very good reason to start planning now by going to an agent or adviser help navigate the options available to achieve their goals and reduce their dependence on government programs.
Fair and balanced
We can spend a lot of ink in this blog correct misinformation that appears in the popular press about life insurance, why it is important and in need . So it is refreshing to be able to link to an article that provides high information load for navigation on a topic that may indeed be complex.
Christine Dugas and Sandra Block of USA Today wrote the article "To have life insurance? Is this enough or maybe too? "In which they highlight some of the common mistakes that people make when buying life insurance. The first mistake they make up is not bold, but can be one of the most important ". Too often, parents take a quick decision, ignoring important considerations "
Taking the time to learn about your life insurance needs is important and a good place to begin your search for information seeking is the non-profit site is the foundation of life. Browse the information as needed (but not too quiet!). Also take into account the errors that this article USA Today highlights such as not buying enough life insurance, no insurance for a parent at home and relying only on life insurance you get through work.
There is . one area of the article could have been exposed to a source quoted said: "Some people buy life insurance for babies, which is useless, unless the baby is a child model which supports family." There are other reasons to buy life insurance on a child that is not based on "gain an income." The blog "Gifts of a Lifetime" gives a very simple look why you might want to consider ensure a child.
that said, this article is to get people to think about their life insurance needs and take a measured approach to get it, which is a-OK in my book.
Are you an ostrich with your head in the sand?
The Society of Actuaries (SOA) has published a survey showing that nearly half (48%) of Americans aged 45-70 have no financial plans in place to protect against outliving their assets and the rising cost of healthcare should they live longer than expected. Other results show that more than a third are worried about retirement money missing, but the plan only 20% for the purchase of an annuity or some other form of guaranteed income for life to protect their belongings. Many baby boomers find themselves prepared to maintain their retirement lifestyle. They see the potential problem, but take no action. The survey revealed that almost three quarters (71%) of respondents plan to claim Social Security before age 70 years
The SOA said he can not stress enough the importance of having a plan in place that addresses all the specific risks may face in retirement, such as spending available assets too soon, meeting financial care needs, paying for rising costs of healthcare and adjusting financially to the loss of a spouse.
The SOA survey found that 75% of Americans ages 45-70 protect their tangible assets, such as their homes through home or renter's insurance; However, the plan 19% to ensure the extra costs of disability and welfare by purchasing long-term care insurance. These results reinforce my belief in the importance of working with professional agents and financial advisors who can guide people in their decision making. Many people are not aware of these problems until their agent or consultant educates their needs and affordable solutions to problems.
Act now while your health is good and the price tag for solving your planning problems is reasonable.
Get your spouse to the table (and I'm not talking about the dining room kind)
Like many financial professionals, I want couples to be at the table financial planning together. But the reality is one of the spouses is often the driver for financial matters in the relationship. And often, time and timing challenges make it easier to rely on "catch-up conversations," which can not end up happening.
Talking about financial issues and what might happen if a loved one dies is difficult. But even more difficult is what could happen if you do not. A client of mine remembers asking her husband one night what to do if he is dead. "It was just a passing conversation. Like, 'Do I pay the mortgage?" She said. "We never sat down and had a great conversation. I knew we had life insurance, but I do not know what to do with it. "
When her husband died in 08, she was still not sure what to do.
" I realize too late that I am involved in the planning, "my client said." you do not think it will happen when your husband is 49 ".
I see as part of my role to help change that. But couples should not expect a financial advisor to start doing the work. You can:
- Get the conversation takes the road and discuss what you want if the unfortunate were to happen
- Use free tools like Value Calculator life human LIFE Foundation. or their life insurance needs calculator to estimate of your needs.
- Stay cool on financial matters of the family by creating an action plan and meet monthly.
When everyone is informed, it can make a big difference during a very difficult time in anyone's life.
Peter Lewis, CHFC, owns the Lewis Group, a subsidiary of General Agency Life Insurance Company Massachusetts, Sapient Financial. You can contact him at peterlewis@finsvcs.com
Women are not as confident
Wells Fargo recently released their sixth annual retirement survey, and according to this study, women still lag in saving for retirement. The survey focused on women of the middle class in their mid 20s to those who are already retired and in their 60s
- Just 54% of women said they are "confident" they will have enough saved to "live the life they want" in retirement, compared to 62% of men.
- Although both men and women are underfunded for retirement, women have saved less than men. women also set their sights lower than men's. When asked how they thought they would need to sustain for retirement, women said they aimed a median of $ 0,000, whereas men predict they will need retirement savings of $ 400,000.
- Nearly 30% of women between the ages of 40 and 69 are "not sure or can not estimate" how much they will have to withdraw their retirement savings each year while in retirement, and about 32% of women in their 40s and 50s feel they will remove 11% to 30% or more every year, not exactly a realistic number or viable on their life.
- In all age groups, women are much less likely to qualify as a financial decision maker "primary" than men (35% against 55% of men). Among married women, 83% say they are the joint financial decision maker, while 58% of married men say they are a joint decision maker.
- Only 27% of women have confidence in the stock market as a place for investment gains for their savings, against 40% of men. If given $ 5,000 to the instruction that it be "put away for your retirement," 40% of women say they buy bank CDs instead of putting money in the market, against 30% percent men.
According to Wells Fargo, women hold more than half of the high-paying management and professional positions in the US and three women are in college for two men. But when he comes to retirement, they lag in their confidence about how to prepare for this phase in life and are less likely to be in the driver's seat.
and these are only some of the why men and women should consider working with agents and professional advisors. Use the LIFE agent locator to find someone to help you.