Tag: Financial Advisor
Financial Literacy Resources to Prepare for the Unexpected (Ep. 15)

Financial Literacy Resources to Prepare for the Unexpected (Ep. 15)

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Do you have a plan in place for your loved ones if an unexpected event left you incapacitated?

Join us for this unmissable episode of ‘Between Life and Money: Finding Balance,’ as host Jeff Panik explores the critical importance of having the right documents in place for financial and medical planning when life throws sudden and unexpected changes your way. Through compelling real-life examples, Jeff emphasizes how comprehensive planning can prevent significant legal and financial complications for yourself and your family.

This episode is full of insightful explanations, real-world examples, and proactive resources for you to get your emergency plan started today!

Key Highlights:

  • Essential Documents: Learn the crucial differences between a living will and an estate will. Ensure you have a HIPAA form and durable powers of attorney for healthcare and finances
  • Planning Pitfalls: Avoid fragmented planning. Make sure all documents are signed, updated, and accessible to trusted individuals
  • Real-Life Examples: Real stories highlight the importance of proper documentation—like missing HIPAA forms and inadequate legal preparations leading to financial turmoil
  • Practical Advice: Use online resources for simple needs, consult professionals for complex situations, regularly review documents, and manage your digital footprint
  • Conclusion: Don’t leave your family’s future to chance. Comprehensive planning with the right documents safeguards your financial and legal well-being
  • Plus, so much more!

 

Resources:

Connect with Jeff Panik:

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Financial Literacy: Safeguarding Your Income with Disability Insurance (Ep. 14)

Financial Literacy: Safeguarding Your Income with Disability Insurance (Ep. 14)

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What would happen if you suddenly couldn’t work due to an accident or illness?

In this insightful episode of ‘Between Life and Money: Finding Balance,’ host Jeff Panik discusses the importance of disability insurance. He breaks down the necessity of both short-term and long-term disability coverage, highlighting how these insurance types can shield you from financial distress if you’re unable to work. From understanding different policies to managing coverage during job loss, this episode equips you with the knowledge to plan for your financial future.

Key Highlights:

  • Statistics on Disability: 43% of men and 54% of women are likely to become disabled during their working years. Having a safety net is crucial.
  • Financial Implications: It’s essential to have a plan to cover living expenses if disabled. Many people lack adequate savings or debt alternatives.
  • Types of Disability Insurance:
    • Short-Term Disability: Covers serious illness/injury for up to six months. Coordination with long-term disability is essential to avoid gaps.
    • Long-Term Disability: Provides income replacement (40-70%) for extended periods, typically until age 65.
  • Coverage Considerations: Self-employed individuals must seek and compare their own disability insurance options. Review employer-provided plans during open enrollment. Some policies can continue after job loss but may cost more with age.
  • Elimination Period: Waiting period before benefits start, usually 30-180 days. Longer periods lower costs but require an emergency fund.
  • Income Coverage: Balance premium costs with the level of income replacement needed to maintain your lifestyle.

Practical Advice:

  • Regularly review and adjust disability coverage.
  • Use resources like PolicyGenius.com to compare insurance options.
  • Work with an advisor to understand complex insurance documents.

 

Resources:

Connect with Jeff Panik:

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