Re-Evaluate Your Insurance Coverage Once A Year

ONTARIO, Calif., Jan. 8 /PRNewswire/ -- We should all make time, sit down and re-evaluate our insurance coverage. Having too much coverage is sometimes as dangerous as having too little, says Frank N. Darras, the nation's top disability and long-term care insurance lawyer.

Schedule a meeting with your financial planner, evaluate all of your insurance coverage needs and policies and determine what may need changing, amending or eliminating. See http://www.darrasnews.com.

"Policies you purchased in your twenties, or when your children were young, may not be the best financial choice for your family today," says Darras. "The policy you bought 20 years ago may be enough or you may need some zeroes tacked onto the death benefit now that you have accumulated personal wealth."

If you are approaching 60, you may want to consider converting your life insurance into a long-term care policy, especially if you are single.

"Pay close attention to the fine print. Have any legalese translated into simple English so you're sure you are getting what you are promised. Make sure the representations in the sales brochures match the language in your policy," says Darras.

    Darras offers these tips:

    --  Consider purchasing an individual disability policy, for added
        consumer rights and real protection.

    --  Determine how long the benefit period is that protects you in your
        "own occupation".

    --  If no one depends on you for income or financial support and you have
        enough money for burial and funeral expenses, you may elect to go
        without life insurance.

    --  If your personal wealth has increased you may need more life insurance
        to protect your family from estate taxes.

    --  If your accumulated wealth cannot pay the bills after you are gone,
        leaving your loved ones financially secure should make paying the
        premiums worthwhile.

    --  Make sure the second party listed on your policy still available,
        reliable, and their contact information is current.

    --  Get the waiver of premium.  Should you become disabled, your life
        insurance premiums will be waived.

    --  If you are approaching 60 think about the long-term care option.  Find
        out if your life insurance is transferable into a long-term care
        policy.

"Get a sound second opinion and don't be afraid to ask for a free consultation from an attorney so your policies and your family are richly protected," says Darras.

Available Topic Expert(s): For information on the listed expert(s), click appropriate link. Frank N. Darras http://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=39767