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I can appreciate the readers support of the great work done by Fete Lifestyle Magazine to bring you a great online publication, events for connecting and an outlet for professionals to share great ideas. In November I shared 5 of my 10 tips to have a successful 2020 when it comes to your financial lifestyle. This month I want to share tips 6 through 10 that I hope you find useful.
6. Review Your Life Insurance Policies and Discuss Future Health Care Costs with Your Parents or Elders
Make sure you and your loved ones are well protected if something happens to you. Now is a good time to consider whether any major life changes, like the birth of a child in the past year, might require the need for additional insurance. If you do have enough coverage it is also a good time to simply review your policy And while it might seem like a bad time to do so this is actually the best time of the year to delicately review with your parents or elders their own coverage. Long-term care coverage for older parents is one area often overlooked, even by financial advisers. Also, many retiring boomers fail to consider how much out-of-pocket healthcare costs they will have post-retirement. So, it’s always a good time to check on these items.
7. Review Your Homeowners Insurance Policies and Purchase Renters Insurance
If you own your own home, chances are good you have homeowner’s insurance, in fact some states and most lenders require it if you take out a mortgage. The opposite tends to be true for renters —nearly 60% of those who rent, lack proper renter’s insurance, if any at all. The consequences and costs of not having renter’s insurance can be pretty high. Average losses are almost $15,000 in an apartment fire (a total made more dramatic considering the average policy tends to be around $200 per year, that’s 1 month of daily coffee from your favorite popular coffee place). Get it now if you don’t have it.
Richard Chew