The old story is that women are so busy taking care of others, they forget or don’t have time to take care of themselves.  I came across an interesting press release from insurance lawyer Frank N. Darras on the different types of insurance and what women should know.  I thought it was a great little piece because it was simple, informative and had some good advice.  Even though the release was written as "What Women Need to Know," it would be beneficial for men to read as well. 

There was only one line that I would take contention with though.  He writes that "If you are under 59, you are too young to shop for long-term care."   So many factors go into whether or not you will need Long Term Care that the decision to "shop" for it really needs to be on a case by case basis.  It never hurts to be informed in your 40’s or 30’s for that matter…especially if your family history indicates you may need Long Term Care earlier than your 60’s.

But with that said, Darras breaks down different types of insurance nicely (directly from his press release):

LIFE INSURANCE

• Leaves our loved ones financially secure, in the event of a tragedy
• May not be necessary if no one depends on you for income, financial support and you have enough money for burial and funeral expenses
• Have a reliable second party listed on your policy so they can be notified if you miss paying a premium
• Make sure you have ‘waiver of premium’

DISABILITY INSURANCE

• Get disability coverage when you’re young
• Consider "own occupation" policies
• Beware clauses limiting coverage to 24 months, after that, requirements change and you could be denied coverage
• Understand the ‘limitation on benefits’
• Group disability coverage from work does not protect you and it’s taxable

LONG-TERM CARE

• If you are under 59, you are too young to shop for long-term care
• If you are older, understand what services long-term care policies cover and who provides the care
• Make sure the policy allows for care: in your home, by a family member or friend, in the home of a family member, in an adult care service facility, in an assisted living facility, a hospice facility or in a nursing home
• Understand the terms: custodial, intermediate and skilled care