Easy Change

Wealthtrack remains one of the most fascinating and enjoyable shows out there for financial topics. Consuelo Mack continues to host this show with a variety of guests ranging from the practical experts on retirement like Erin Botsford and Mary Beth Franklin to more bookish and technical guests like Donald Yacktman and Cliff Asness who have 'been there, done that' with respect to investing large sums of money for their clients. This week was interesting because for one of the few times I've seen on the show Consuelo took a personal turn with her guest, Erin Botsford. She described a scenario when Erin was young where she was involved in an accident and was subsequently involved in a lawsuit as a result of a death in the accident. Being very young at the time, this sounded like a terribly challenging event for Erin (it was made clear that she was not at fault during the episode). This tragic story turned to news you can use: get umbrella insurance for your house and your...

So, now that I have joined a credit union, I realize that it may be time to once again take a stab at increasing the life insurance coverage. Currently, I have a group term policy through work that is decent and would allow the payoff of a large portion of debt and make things manageable, but I certainly wonder if having a little bit extra might make some difference. The other thing that you never know is what the situation will be with jobs in the future. So, for that reason alone it is tempting to look at more insurance. This was a pleasant surprise but the thing that I thought which was rather interesting is that this policy is considered group term life and yet there is an application and a lot of medical questions. I am not sure if this is a soft thing or if this is something that really will pan out. Of course, I will need to call them to find out more information on it, but so far, I've gotten a large amount of offers from this Credit Union -- even more than my regular bank....

I've taken the first big steps this past memorial day weekend with regard to estate planning. I've drawn up a will and durable power of attorney and went to the bank to get the documents appropriately notorized. Since I am young, I truly do not anticipate needing these documents any time soon. But given that this has been on my list for a long time, it is good to make sure that this is taken care of. The next step is to get my own personal life insurance policy. I have some through work, but I want to be prepared and have that coverage even if I got laid off or something else happened. So, that process is now underway as well. In the end, just taking the steps themselves is extremely empowering. I've faced the fact that I won't live forever and I am ok with that. It makes me really grateful for every day I have and also makes me appreciate all that I have accumulated.

For those of us who own homes and or condos, some extra protection is almost always welcome. For me, this came recently when I went and *finally* got an item crossed off my todo list of financial planning: Homestead Insurance. Without going into excruciating detail as to where the idea came from and all of that (You can read about that stuff <a href="http://www.sec.state.ma.us/rod/rodhom/homidx.htm">here</a>. Since I live in Massachusetts and I have this available, I finally took advantage of it. Clearly if you live in a different state, the laws are going to be different, but it might be worth checking to see if you have something similar. As for me, now that this is taken care of, I can rest a little easier. Of course, depending on your situation, the way you handle this is different. I would be certain that you understand your situation quite well before making any kinds of decisions about doing this; and when in doubt always consult a lawyer. But for me, I fou...

I just have to share this article I read this afternoon. What would you do if you got run over by a car? Perhaps you would just see if you felt ok and walk home? What if you got a bad cut on the job or at a party? Perhaps you might try to stitch it up yourself, apply some iodine and a bandage and you're all set? In the end there is a crisis of lack of health insurance among young adults. Read more stories and learn more about the problem in this article from New York magazine. http://nymag.com/news/features/29723/

One of the major features of the financial landscape right now for me is insurance. While I am lucky enough to have a job that includes some insurance based on salary, I am still concerned that I might not have enough insurance. The immediate issues are that there is for me is the idea of life insurance, and then after that, disability insurance. Interestingly, I was researching these options this weekend and I went to one of the insurance websites, Metlife.com to see if there was anything that I could use to figure out how much I might need to pay for a 30 year term policy. Term Policies Best? Many people like to figure out whether or not Term makes sense and to me, I think that it does. Since I get a certain amount of insurance from my job already, it makes sense for me to look at getting a term policy for between 20-30 years. I don't view insurance as an investment for my particular situation. I am investing in my retirement accounts and paying off my debts and building assets. ...