lmilhan
Headphoneus Supremus
- Joined
- Oct 28, 2004
- Posts
- 4,880
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- 17
For the OP:
Good advice, please allow me to continue with some good advice (directed at whomever is wise enough to learn from my suggestions):
1) If you don't have a Will, go and get one done... NOW.
If you are 18 or older, you need a Will. If you care at all about the loved ones you will leave behind upon your death, you need a Will. 70% of all Americans die without a Will - this is STUPID, irresponsible, and a huge (unnecessary) burden to leave with loved ones.
2) If you are married and a bread winner, and would leave behind loved ones if you died that are dependent upon your income (primarily spouse and or children), you need level Term life insurance (a 20 to 25 year term should suffice). If you do not have Term life insurance, go and get some... NOW. Your policy should be at least 10 times your annual income. Term is the best, most affordable type of life insurance - whole life, universal life and other types of life insurance policies that combine investing with life insurance are garbage, do NOT let your insurance agent talk you into these types of life insurance products - they are complete crap and a rip off (I wouldn't be surprised if a Life insurance agent swoops in here and tries to defend universal and whole life policies, because they get a really nice commission on selling these garbage policies).
3) Make sure you have sufficient Car insurance - liability, under insured/un-insured motorist coverage, and in most cases, personal injury protection (PIP) are the most important of the coverages. IF you already have great medical benefits from your employer, you MAY be able to drop (or dramatically reduce) the PIP premium - in this case, check with your insurance agent, and health care provider to determine if it is a wise and appropriate idea to drop or reduce PIP.
4) If you are a bread winner and do not have STD and LTD (short term and long term disability insurance), go and get some... NOW. People below the age of 30 are 10 times more likely to become disabled than die. The loss of income due to becoming disabled long term can ruin your life, and bankrupt you pretty quickly. Any decent employer should be offering some type of long and short term group plan disability coverage - make sure to take advantage of this!
We are all going to die one day, and we are all more than likely going to be involved in at least one car related accident in our lifetime. You never know when your number is up. Please, I implore you, follow my advice and be prepared for these life changing events.
I rest a lot easier at night knowing that I have all of my affairs in order, and will not leave my loved ones holding the bag when I die, and that I will not go bankrupt trying to pay for hospital bills due to car accident related injuries, or have to fear going bankrupt by getting sued by the "other person" that I am involved in a car accident with. I also don't have to worry about becoming disabled and losing all of my income, because I have sufficient LTD and STD coverage, and 6 months of an emergency fund saved up to cover all of my bills during the LTD and STD "elimination" periods.
Sorry to hear about your accident - I hope you are feeling better soon.
Good advice, please allow me to continue with some good advice (directed at whomever is wise enough to learn from my suggestions):
1) If you don't have a Will, go and get one done... NOW.
If you are 18 or older, you need a Will. If you care at all about the loved ones you will leave behind upon your death, you need a Will. 70% of all Americans die without a Will - this is STUPID, irresponsible, and a huge (unnecessary) burden to leave with loved ones.
2) If you are married and a bread winner, and would leave behind loved ones if you died that are dependent upon your income (primarily spouse and or children), you need level Term life insurance (a 20 to 25 year term should suffice). If you do not have Term life insurance, go and get some... NOW. Your policy should be at least 10 times your annual income. Term is the best, most affordable type of life insurance - whole life, universal life and other types of life insurance policies that combine investing with life insurance are garbage, do NOT let your insurance agent talk you into these types of life insurance products - they are complete crap and a rip off (I wouldn't be surprised if a Life insurance agent swoops in here and tries to defend universal and whole life policies, because they get a really nice commission on selling these garbage policies).
3) Make sure you have sufficient Car insurance - liability, under insured/un-insured motorist coverage, and in most cases, personal injury protection (PIP) are the most important of the coverages. IF you already have great medical benefits from your employer, you MAY be able to drop (or dramatically reduce) the PIP premium - in this case, check with your insurance agent, and health care provider to determine if it is a wise and appropriate idea to drop or reduce PIP.
4) If you are a bread winner and do not have STD and LTD (short term and long term disability insurance), go and get some... NOW. People below the age of 30 are 10 times more likely to become disabled than die. The loss of income due to becoming disabled long term can ruin your life, and bankrupt you pretty quickly. Any decent employer should be offering some type of long and short term group plan disability coverage - make sure to take advantage of this!
We are all going to die one day, and we are all more than likely going to be involved in at least one car related accident in our lifetime. You never know when your number is up. Please, I implore you, follow my advice and be prepared for these life changing events.
I rest a lot easier at night knowing that I have all of my affairs in order, and will not leave my loved ones holding the bag when I die, and that I will not go bankrupt trying to pay for hospital bills due to car accident related injuries, or have to fear going bankrupt by getting sued by the "other person" that I am involved in a car accident with. I also don't have to worry about becoming disabled and losing all of my income, because I have sufficient LTD and STD coverage, and 6 months of an emergency fund saved up to cover all of my bills during the LTD and STD "elimination" periods.
Sorry to hear about your accident - I hope you are feeling better soon.
