Exit Strategies for Senior Residents-Insurance Considerations (Disability, Life, Umbrella)

Insurance Considerations (Disability, Life, Umbrella)

Video Transcription

Video Summary

The video discusses the importance of disability insurance, short-term and long-term. It highlights statistics that show a significant number of workers will suffer accidents or illnesses that result in them being out of work for over three months. Workers' compensation does not cover these types of claims, so the need for short-term and long-term disability insurance is crucial. The video explains the eligibility, duration, and payment percentages of these insurance types. It also emphasizes the need for umbrella insurance, which provides additional coverage for claims outside of home and car insurance policies. Lastly, the video touches on life insurance and factors to consider when determining the coverage needed, such as debt, income replacement, and future obligations. The option of placing life insurance policies in a trust to protect from creditors is also mentioned. No credits are mentioned or granted in the video transcript.

Asset Subtitle

Presented by Michael A. Chabraja, JD, Esq.

Keywords

disability insurance

workers' compensation

umbrella insurance

life insurance

trust