Most women worry more about being sure their kids have health insurance, their husbands have life insurance and a decent retirement plan, and their families are covered with auto insurance, but few actually look at the insurance needs of themselves.

Women are characterized most often by caring about those around them before focusing on the needs of their own. Unfortunately, this leaves them at a higher risk than any other demographic.

It is crucial for women to ask questions and be involved in large and small financial decisions that affect the family now and into the future. The reality is that women live longer than men. They need to extend their retirement income far longer and have an increased probability of needing long-term care assistance. In 2010, some 40% of women over 65 were widows and nearly half of women 75 or older lived alone with just over $15,000 annual income. With inflation and other economic pressures, women who are relying on Social Security income find themselves struggling to make ends meet in their later years. Many are forced to decide between food or medicine or rent, because they simply can’t afford all three.

To be sure you, or the women in your life are taken care of in their golden years, here’s a few things to keep in mind:

Disability insurance should not be overlooked for female workers. This can provide financial protection if you are unable to work because of an accident or an illness.

Life insurance should be purchased regardless of if the mother works outside the home. Even if the woman does not bring home a paycheck, her loss will require additional funding in the home for housekeeping, child care, possible therapy or counseling costs, college funds, etc. A life insurance policy on any mother will help provide some financial security upon death by providing funds that can be used to care for the children in her absence.

Retirement Benefits are available for women the same as they are for men, but women spend on average 12 years out of the workforce due to care-giving responsibilities which means they have fewer years when they are putting money into their retirement funds. Also, women are more reluctant to negotiate a better salary, and are often underpaid. Be sure you’re getting paid what you deserve to be paid, and never touch your retirement account until you reach retirement age.

Marriage is not an insurance plan. A rich spouse does not give you a guaranteed retirement plan. Statistics show that odds are you don’t know where that spouse and that money might end up someday. Preparing for a sound retirement takes some research, dedication and patience, but it’s important to set yourself up for success so the golden years can truly be golden.

When times get tough, a downward economy can play havoc with the typical American household budget. In recent years, incomes have gone down, unemployment has gone up and prices are out of control. When the recession affects so many families, everyone begins looking for ways to tighten the belt, decrease the budget and cut out unnecessary spending. Each line item gets scrutinized to try and stretch the dollar a bit further this month than we did last month.

Unfortunately, many families consider life insurance a luxury, something that is first on the chopping block to get cut back when the economy turns. If you have considered canceling your life insurance policy to add a few more dollars to your bank account, consider the fact that insurance only increases with time. If you cancel your life insurance today, the same policy will cost you more next year, even if your health hasn’t changed. If an unexpected illness occurs, insurance coverage may no longer be an option.

Many young people cut out life insurance, considering it an unnecessary expense. If you’re between 25 and 44, and you’re considering cancelling because you might think you have plenty of time to worry about that later remember that the CDC figures approximately 112,178 of those who died in 2010 were in your same age bracket. Thirty-four percent of those were due to accidents, not illness or disease.

If your family is having a hard time putting food on the table and keeping the roof over their heads, they will have an even harder time paying for funeral expenses while fending off creditors.

There are additional options to help your pocketbook and keep your insurance policies. For example, if your economic situation is due to a terminal illness or another equally serious situation, consider an accelerated death benefit. This is one where you can draw some or all of the death benefit to handle current expenses. This can be very useful if you are unable to work because of health circumstances, but doesn’t help those who are laid off.

Other possible solutions, might be borrowing against your policy, taking advantage of flexible premiums, or changing how you pay your premiums from monthly to quarterly rather than on an annual basis, which avoids one big bill due all at once.

In dire circumstances, you can even consider asking for help from your life insurance beneficiaries. Oftentimes, they may be willing to help you in tough years to ensure the policy stays in place.

The key is to make the right choice for not only the immediate future and your current budget but to keep the long term picture in mind. It is always a wise decision to invest in an insurance policy; it is an even smarter decision to do everything you can to keep it in force.

Workers’ compensation fraud can be very costly for employers. Many employers believe that by simply purchasing workers compensation insurance, they have done their due diligence and it is up to the insurance company to handle everything. This attitude is what contributes to increased costs for workers compensation insurance. Employee injuries are expensive and can be detrimental to your business. When it comes to workers’ compensation you should know what your responsibilities are to be sure you’re keeping your costs low, your employees happy, and your productivity high. You have the most to lose, so it’s up to you.

Repair: The moment an incident occurs, the primary goal of every employer should be to repair the injured worker. The employer has the responsibility to ensure that each injured employee receives proper treatment to facilitate a speedy recovery. The employee should feel cared about and taken care of.

Report: It is crucial that all injuries are immediately investigated by the employer and reported to their insurance agent. An investigation should launch as soon as the incident occurs. Investigations should include photos, interviews, and any information that adds to your knowledge. When your employees understand that even minor incidents will be investigated immediately they are less likely to attempt fraudulent claims.

Retrain. Employers have the responsibility to train their managers or immediate supervisors to be able to handle most types of injuries. These are the individuals on the front line who are usually the first to know when an incident occurs. If medical attention is necessary, the supervisor should accompany the worker to the medical facility.

Recover: Fraud often occurs because an injured worker feels their employer is not giving them the assistance they deserve during recovery. If an employee continues to have ongoing pain from their injuries and feels that their employer doesn’t care, it becomes a breeding ground for fraud. Employers should follow-up with injured employees to be sure they are recovering and returning to work as soon as possible.

Reiterate: Employers should teach all employees about workers compensation so they understand your rights and responsibilities. Knowledge is key; when employees understand what workers compensation is, and more importantly, what it isn’t, they are less likely to try to file fraudulently.

Record Check: Most employers want to avoid hiring a workers’ compensation claim waiting to happen, so it is crucial to complete a background research in the hiring process. Include the applicant’s workers compensation injury record, credit records, educational records, driving records, criminal records.

These are just six of the many things you, as an employer, are responsible for when it comes to protecting yourself against workers compensation issues. Worker’s compensation claims cost time, money, and can decrease productivity. Doing your part can reduce the number of incidents and eliminate fraudulent claims.

If you’re thinking about purchasing long term care coverage, you’ve already waited too long. Each year you wait, every time you say “I’m thinking about it,” every day that you don’t have it, the cost is increasing. Premiums are based on age because as you age, your risks of needing long term care are increasing. So the cost of long term care insurance automatically increases as you get older.  While you can’t control the amount of time you’ll need long term care, you have full control on when you buy coverage for it.

Companies typically come out with new plans that have higher rates every few years. Today, if you’re 55 years old, a long term care insurance plan might cost around $2,000/year. In five years, when you’re 60, that yearly cost just doubled. When you add up your premium cost over 20 years or until the age of 80, those 5 years of waiting will cost you more than $30,000. New applicants for each new generation of long term care policies pay about 5% more each year than they would have if they had been able to buy the discontinued policy. So, the longer you wait, the more you are likely to pay for equivalent coverage.

Long term care insurance is never going to get any cheaper than it is today. If you’re thinking about whether or not to get a long term care policy, you probably need one. For many, this is a daunting thought. Most healthy adults are already paying a mortgage, car payment, health insurance, auto insurance and life insurance. The problem is none of those matters when you’re faced with needing long term care. Most healthy adults also consider the time when they need long term care to be far off, or not until they are “old.” But keep in mind that 43% of those receiving long term care are under age 65. The time to think about long term care is not the day after you have a disabling stroke that leaves you dependent on others.

Life insurance premiums have been going down in recent years because people are living longer, but health insurance and long term care premiums have been going up for the same reason. While we may be living longer, we may require more care in our old age. Your longer life may result in your need for long term care.

In order to be eligible to purchase long term care insurance you will be need to answer questions about your health. When you’re young, these questions might be relatively easy and your eligibility is unquestionable. The longer you wait to purchase long term care insurance, the greater the likelihood you will develop health conditions that will increase your premiums or even prevent you from getting coverage at all.

Purchasing long term care insurance now rather than waiting to buy will actually cost you less. The 20 year total cost of buying now will be less than the 19 year total cost of waiting to buy next year, or the 18 year total cost of the next year and so on.

Given the odds that you will someday need some form of long term care, you should be proactive now to find the coverage plan that is right for you. Some people wait, and some wait too long.

At its most basic definition, an annuity is an investment sold by insurance companies. Like every investments, annuities are a vehicle in which you put money in and hope to get more money out. There are several different types of annuities but each one has two basic components: payouts and returns.

Payouts are either immediate or deferred. Immediate payouts means you begin paying for the investment immediately, deferred means your payments are delayed until a later date. Returns are either fixed (guaranteed) or variable. A fixed return offers a guaranteed return where a variable return offers results that vary with the performance of the funds. Variable returns carry an opportunity for more profit, but transfer a much greater risk. Fixed returns will be less-profitable, but have a lower risk.

Fixed Annuities

When you purchase a fixed annuity, you’ll give a certain amount of money to the insurance company. In exchange, the insurance company promised to pay you a fixed monthly amount for a certain period of time. For example, you can purchase an annuity today, and opt to wait until you retire to receive payments. This type of investment can provide you a monthly income when you decide to retire without using social security or your personal savings.

These types of investments are appealing to some people because it’s a way to take a lump sum of money and stretch it out into an income stream that can support you over time. However, fixed-annuity payments never change or account for inflation. So what might be a satisfactory monthly income today, but might pennies in ten years.

When you begin taking monthly payments from your annuity, you will receive a combination of principal and interest that has been earned in the annuity over time. When you begin payments, you can choose a fixed period, for example 10 years, meaning that payments will be made for 10 years to you (or your heirs). Or, you can annuitize, meaning you’ll get payments until death, but anything “left over” is lost to the insurance company and does not go to your heirs or estate.

A fixed annuity is often described as a reverse life insurance policy. Where a life insurance protects against premature death, the annuity protects against longevity if you outlive your money.

Variable Annuities

The main difference between a fixed and variable annuity is the opportunity for your investment to grow tax-deferred, as in an IRA and when you retire, you can choose to have the annuity pay you an income, much like the fixed annuity. However, in a variable annuity, that income might be much higher based on how well the underlying investment performed over the years.

A variable annuity is especially attractive to an older person who is making a lot of money and is trying to save aggressively for retirement whereas a slower-growing IRA or 401(k) plan is more reasonable for young people.

If you have questions about the options and/or whether an annuity is right for you, talk with your insurance agent. They can help you make a knowledgeable decision about whether or not investing in an annuity is the best choice for your situation.

A home inventory is one of the easiest and most valuable additions you can make to your home insurance policy. The U.S. Department of Homeland Security’s Federal Emergency Management Agency (FEMA) recommends that every homeowner complete an inventory of personal property that can help provide proof of personal property loss after a disaster.

For some who have lived in their home for many years and may have rooms piled high with belongings, the task might seem daunting. But we’ve compiled a list of the easiest and most effective methods for home inventory that can be completed in an afternoon. It is much easier to document possessions before suffering a loss from disaster than it is to try and remember what you’ve lost after it’s all gone.

Photo Album: Begin with a simple digital camera and take pictures of the outside of your home first, then the inside. Take pictures of all angles, close-up pictures of all large-ticket items such as televisions, furniture, appliances and electronics. When possible, take pictures of the model number, etc. Once you’ve taken all your photos, you can decide whether to store your inventory in an album or digitally, on a disk. If you choose to store your photos in an album, write a detailed description near each picture describing the item including serial number, model number and the approximate cost. If you choose to store them digitally, copy each photo to a disk and create an accompanying document with all the detailed information.

Videographer: A video is a great way to do a home inventory because you can include the description and the image at the same time. Videos are great for getting different angles of the same item. Start with one room and detail everything in that room including clothing, jewelry, furniture, etc. Describe each item as much as possible, don’t forget to open drawers, cupboards and closets, and record what’s inside. Clearly label the tape or DVD as “home inventory” with the year.

Written Records: Written records can easily be done if you don’t have access to a camera or video recorder, but are the most time consuming. There are computer software programs designed to help you with a written record as well, or you can choose to do it yourself in a simple notebook. Begin by making columns on the page for the name and description of each item, the quantity, model and serial number, purchase date, where you bought it, original cost and estimated current value.

Tape recording: You can use a tape recording in addition to one of the above methods, but if you choose this method, you should have either photos or a video to back it up. For example, you might have someone take pictures for you, and you can record yourself describing each item on tape to avoid having to write down the description in an album or electronic document.

Once you’ve completed your inventory, make multiple copies of everything including lists, appraisals, receipts, videotapes, disks and computer printouts, and have an extra set of photos developed. Store one inventory packet on your property in a safe or other fire-proof box and one off premises. You may choose to keep it in a safety deposit box, a vacation home or ask a friend or relative to keep a copy. Home inventories should be updated at least once a year and be sure to save all receipts for big ticket purchases. A complete home inventory may be one of the most valuable investments for peace of mind anyone can make for themselves.

Chances are, when you started working, you had a meeting in the HR office about all your medical and insurance benefits and something called an “HSA” was blown over and mentioned here and there. This little gem in the insurance world might be your answer to paying for medical expenses without having to empty your savings.

What is an HSA?

An HSA or a health savings account is a tax-free savings account created for the purpose of paying medical expenses. Basically, it’s a way to automatically save money for medical bills. So why use this instead of a traditional savings account? Here are three reasons:

1. An HSA is tax-deductible – just like your IRA.

2. Deposits into your HSA are tax-free (and never taxed); so is the interest earned.

3. HSA money is yours, it doesn’t expire at the end of the year like an FSA.

An FSA or a flexible spending account is similar to an HSA, but remember that the “F” in FSA stands for forfeited, any unused money in your FSA is lost.

An HSA is intended to work in conjunction with high deductible health insurance; it’s a way to save for your deductible, should you need that money in the future. The money you contribute to your HSA can be used for your deductible payments or other qualified medical expenses, including those not covered by the health insurance, like dental and vision care.  You actually can use your HSA funds for non-qualified medical expenses, but at that point your withdrawal is subject to your regular income tax as well as a 10% tax penalty.

HSA vs. Traditional Health Care Plans

There are some definite differences between an HSA plan and a traditional health care plan. Typically, consumers want a low monthly premium, so they exchange a lower payment for a higher deductible. On the other hand, you can pay higher monthly premiums in exchange for a lower deductible? An HSA plan allows you to use the money you saved on your premiums in a tax-advantaged savings account to build interest, whereas with a traditional plan, more money is spent on premiums regardless of how much health care you actually use.

Traditional plans may include: higher monthly premiums, a smaller deductible, as well as copays and/or coinsurance. HSA plans may include: lower monthly premiums and a higher deductible. So depending on your health needs, a high-deductible plan may very well cost less overall than repeatedly paying a traditional plan’s copays and coinsurance.

If you think that an HSA plan might be a good choice for you, talk to your insurance professional about getting started saving today!

With the recent credit crisis, Americans have discovered the harsh reality of the consequences of bad credit. Along with increased insurance rates, decreased loan availability, and creditors on the phone; a bad credit score can also increase your insurance rates, or affect your ability to even get insured. Some insurance companies are now basing the cost of your insurance policy at least partially on your credit score. Missing as little as two payments on credit cards or other financial obligations could lead to your insurance premium perhaps increasing, doubling or even the possible loss of your policy.

What does my credit rating have to do with my insurance policy?

According to his recent statement to CBS, Donald Hanson of the National Association of Independent Insurers said, “Research indicates that people who manage their personal finances responsibly tend to manage other important aspects of their life with that same level of responsibility and that would include being responsible behind the wheel of their car or being responsible in maintaining their home.”

While you may not agree with this judgment call, insurance companies will see your irresponsibility with money as an indicator that you might not be responsible on the road or in your home. This makes you a bigger risk to insure, which will lead to more expensive premiums or a flat out refusal of coverage. According to a recent survey by Conning & Co., a Hartford, Connecticut-based insurance research firm, 92 percent of all insurance companies now use credit information when underwriting new policies.

Is including your credit score when determining rates fair?

Members of the working class, living paycheck to paycheck in Middle America feel that this method of using a credit score for an insurance quote is unfair to a population that is already straining to make ends meet. Others argue that credit scores are a good way to determine premiums because they are based only on objective financial data and not age, gender, location, demographics, where you work, what your job is, how much you make, etc. They consider the use of credit scores is the only fair and non-discriminatory method of determining rates.

The insurance industry has pleased both sides by using credit ratings only in addition to other factors including driving record, age, health, and vehicle details when determining your policy and premium rates. Other demographic information such as race, color, religion, national origin, gender, marital status, sexual orientation, are never used for insurance scoring purposes.

The effects of using credit scores on the insurance industry.

Using credit scores for insurance rates has allowed auto insurance companies to offer more products to more people. Since credit scores have been used, competition in the insurance market has increased, leading to more choices for consumers. This also allows financially responsible consumers to be rewarded with the best rates. Without the use of insurance scores, good drivers and responsible homeowners would pay more for car insurance, subsidizing those who are more likely to have a loss.

To determine whether or not your insurance company is using credit scores to determine rates depends largely on where you live. In some states, insurance companies are not allowed to pull your credit score. On the other hand, most states do allow this. Check with your local insurance agent for questions regarding this policy and other ways to decrease your insurance rate.

Spring showers bring May flowers; and insurance claims.

When the weather gets warmer and spring approaches, homeowners need to review their home insurance policy to see what they are covered for in the event of water damage in the home. Spring can bring multiple water problems into the home including melting snow, sewage back-ups and basement floods.

Generally, homeowners’ policies will not cover water damage from a. flood, surface water, waves, tidal water, overflow of a body of water, or spray from any of these, whether or not driven by wind; b. Water which backs up through sewers or drains or which overflows or is discharged from a sump, sump pump or related equipment; or c. Water below the surface of the ground, including water which exerts pressure or seeps or leaks through a building, sidewalks, driveway, foundation, swimming pool or other structure; caused by or resulting from human or animal forces or any act of nature.

It’s important to note that flood insurance and homeowners insurance do not duplicate coverage for water damage. Instead, they complement each other. Usually, if your home is subject to a sewage back-up or flood prone area, you should purchase a separate flood policy. Flood damage to your home can be covered only with a flood insurance policy — no other insurance will cover flood damage. A specific flood insurance policy is available through your insurance agent, insurance company or local Federal Emergency Management Office (FEMA). The average flood claim comes to more than $33,000, according to the National Flood Insurance Program. Most homeowners are not prepared to pay this out of pocket on a moment’s notice, and therefore a basement flood can cause extreme economic devastation.

Water damage is one of the most common reasons people make claims on their home insurance. The types of water damage that are covered by homeowner’s policies causes a lot of confusion.

Regardless of how the water damage occurred and what is covered under your policy, it is crucial to clean up all water damage properly and immediately. Gradual water damage can be a health hazard if the moisture leads to a development of mold. Mold is generally not covered by insurance and must be taken care of by professionals. Attempting to clean up the mold on your own may spread the mold spores, causing greater property damage or health problems.

It is up to you to talk to your insurance agent or insurance company about flood insurance and homeowners insurance, and then decide which insurance coverage you need to protect your home, its contents and your family.

Your blood pressure and your insurance premiums may both rise significantly when your teenager reaches that dreaded 16th birthday. For the teens, the age of 16 means freedom, late nights and fun. For parents, it means sleepless nights, lighter wallets and trouble. While there might not be much you can do for the personal anxiety level caused when watching your own child drive down the highway, there are a few tips to help cut down the insurance increases.

According to the National Highway Traffic Safety Administration, drivers under 25 are four times as likely as older drivers to die in a car accident which is why adding a young driver to your auto insurance policy can come with a hefty price tag.

Increase Your Deductible

First, raise your deductibles. Increasing your deductibles will lower your premium. Begin to save money to pay the deductible if (or when) your new driver has their first accident. It is recommended to raise your deductible to around $1,000. However, if your teen is driving a car that is worth less than $1000, it’s best to drop collision and comprehension coverage completely, but keep liability and personal injury coverage regardless.

Safer Is Better

While it may seem reasonable to get your child a tin can to drive in anticipation of an accident in the first few months, this might not be the best idea. Getting a safe car with modern safety features and a positive highway safety rating will decrease your auto rates more than giving your child an older car without basic safety features.

Check for Discounts

It’s wise to ask your agent about any additional discounts for teenage drivers. Some insurers offer discounts for driver-safety programs, specific drivers test scores, etc.

Be sure to check the report card. Most insurers offer a big discount for young drivers with good grades; generally determined by a 3.0 or a B average in high school or college. If your child is not making the grade, consider taking the keys.

If you haven’t already, consider combining your policies with the same agency, such as home and auto, to get the additional savings of multi-policy discounts.

Never Lower Liability Limits

The last thing to remember is to never, ever skimp on liability coverage for young drivers. It’s impossible to know who or what they will injure, so it’s important to maintain limits of at least $250,000 per person $500,000 per accident and $100,000 for property damage. Lowering your liability limits to save a few extra bucks on your premium could leave you owing tens of thousands of dollars in expenses if (or when) your child hits another car or injures someone.

When your kids start reaching driving age, it’s worth it to start exploring your options to get an idea of what the additional costs might be. Some companies offer deals and policies specifically geared towards teenagers while others insurers refuse to insure anyone under 18. An independent agent can give you the most options and also shop all the companies they represent to help find the best rates.