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MMI Helps Dad With Their Greatest Duty
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For more information contact:
Kelly Rote (713) 394-3201 |
Release Date: June 13, 2005 |
MMI HELPS DADS WITH THEIR GREATEST DUTY
HOUSTON (June 13, 2005)— Being a father is an awesome responsibility. In addition to providing your children with the basic necessities of life, you may feel responsible for the overall well being of your children’s financial future.
“One of the best ways to care for your children is to be sure that you are financially prepared if something were to happen to you or a member of your family,” said Kelly Rote, communications manager for MMI.
This Father’s Day, Money Management International (MMI) gives fathers the following checklist to perform to ensure that your family is on firm financial footing:
Perform a health insurance check-up. Find out exactly what services are covered and learn what preventive services are offered. Ask if there are any limits on medical tests, out-of-hospital care, mental health care and prescription drugs. Research your premiums and co-payments. Explore the difference in cost between using doctors in the network and those outside it. Find out if there a limit to the maximum you would pay out-of-pocket. If you do not have health insurance, seek assistance from Medicaid or your local state-sponsored plan.
Obtain adequate life insurance. The life insurance coverage offered by your employer may not be enough. Realistically determine how much life insurance you need and find out which provider offers the best value. Term insurance is the most affordable type of life insurance, just be sure that the term lasts until your children are financially self-sufficient.
Don’t skimp on disability insurance. At any given age, your chances of becoming disabled are higher than your chances of dying. According to MSN Money, 12 percent of the adult U.S. population suffers a long-term disability every year. If your employer does not offer group disability insurance, seek an individual policy.
Protect your assets. You do not have to have a significant amount of assets to require a will. Most importantly, a will allows you to name guardians for your children, should something unexpected happen to you and/or your spouse. Without a will, state law determines how your assets will be distributed. Keep your will in a secure location, such as a fireproof filing cabinet or safety deposit box.
Expect the unexpected. Commit yourself to establishing an emergency savings plan. You should aim to have at least three month’s living expenses in an accessible account. If this goal seems challenging, start by having a small amount automatically withdrawn from your paycheck directly into a separate account.
This Father’s Day, make it a priority to address these important precautions to ensure your family’s finances are protected in the future. The resulting peace of mind could be the best gift you ever gave yourself for years to come.
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Money Management International, is a non-profit community service organization that provides confidential financial guidance, counseling and debt management assistance to consumers. MMI helps consumers trim their expenses, develop a workable budget, lower their debt payments and repay debts. Services are available by phone. To visit with an MMI counselor, call toll-free 1-800-762-2271- 24 hours a day, 7 days a week. Spanish speaking counselors are available. Consumers can also learn more by visiting the MMI home page at www.moneymanagement.org.
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