In order to help you navigate the two most complex forms of personal insurance, I’ve created two “apps”–in the form of Excel spreadsheets–that you can use to create a plan, analyze any policies you have and obtain apples-to-apples quotes for new policies, if needed. You can find the backdrop for the disability income exercise HERE and the long-term care exercise HERE, or just jump right in with the instructions given below:
These exercises are each a three-step process. Step One is to determine what you need. This is accomplished by writing out a Disability Plan if you are in your 30s, 40s or 50s. If in your 50s, 60s, or beyond, you need to articulate your Long-Term Care Plan. Not everyone needs insurance, but everyone needs a plan. Start the process by writing out a paragraph beginning with the following sentence: “If I became disabled [suffered a long-term health care incident], here’s how I would handle that financially…”
Step Two is to understand any coverage that you already have. The online exercise includes a template with spaces to fill in for the primary features mentioned in this two-part blog series. Once you have completed the template, you’ll better understand the coverage you have. Step Three is to determine what you actually need and want in a policy and create a template to retrieve quotes and find the best coverage. You’ll be better prepared for the engagement with the insurance agents because your template will ensure you’re comparing apples-to-apples, a very difficult thing to do with long-term disability income insurance and long-term care insurance.