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Category: Risk Management

Are You Putting Yourself or Your Family at Unnecessary Risk?

Are You Putting Yourself or Your Family at Unnecessary Risk

Posted By Lineweaver FInancial Group
August 02, 2017 Category: Insurance, Risk Management, Protection

Remember your parents constantly telling you to “be careful?” I’m sure that most of us hear that reminder in our minds all the time. But sometimes, no matter how careful you are, events unfold that can have a devastating effect on you and your family. But, don’t worry – you aren’t totally powerless –  and many risks can be mitigated through insurance! First, start by reviewing your Life Insurance. Unfortunately, none of us are going to live forever. If you or your spouse were to pass away, consider -  what would the ongoing financial impact be on your family? We recommend reviewing the reasons, necessity, and beneficiaries of life insurance policies as circumstances and objectives may have changed since the original purchase. Second, consider Long Term Care Insurance (LTC). Long term care is another topic no one wants to discuss. This alone could be the biggest financial risk you face, and is the most likely to be uninsured. There are several studies on the incidence of nursing home care, and they arrive at similar estimates. For example, a study conducted by the Alliance Of Health Policy and Systems Research estimated that 58% of men and 79% of women aged 65 and older would need long-term care at some point, and those average lengths for care were 2.2 years for men and 3.7 years for women. In Northeast Ohio, what does that care cost? The Genworth 2016 Cost of Care Survey for the Cleveland-area average cost for a

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