Mother And Daughter
Representation. Pixabay-Edsavi30

Women are living longer, and younger women are taking the helm all across corporate America. As successful grownups, we boomers discovered that success changes your life — including your financial needs. As women get accustomed to the accoutrements of success, being in charge of one’s own finances often becomes necessary.

The first thing to do when you land a great job is to consider disability insurance. This is not just for what you might consider conventionally physical jobs. Dentists often have repetitive stress injuries from that unnatural posture they use to fix us. Dentists — and everyone else — can benefit from long-term care insurance (LTC). LTC works to cover expenses that are not covered by traditional health insurance, Medicare or Medicaid.

LTC kicks in when the policyholder can no longer perform two or more items in a standard of self-care known as the Seven Daily Activities of Life, which are: bathing and hygiene; dressing and undressing; meal preparation and clean up; functional transfers; safe restroom use and maintaining continence; ambulation; and cognitive issues.

It doesn’t matter how old you are in order to get LTC, but this is a product that is dependent on your health at the time you sign up. It’s the kind of thing to do sooner rather than later.

While doing all the shopping for policies, it’s a great time to learn — even if by osmosis — at a broker’s office. It will pay dividends. Not only is it easier to get help comparing policies, but professionals can teach you a lot of other things, too.

Many people do not know the difference between a broker or an agent. Visiting an agency, you’ll notice that only one company’s products are being sold, while a broker sells policies from a wide variety of companies.

When you think about it, there’s no point in women breaking ground and building financial foundations if you don’t have a will. Dying without a will is called dying intestate, and it means many years will pass before the estate is settled — and the beneficiaries may not be who you think they will be.

Advanced directives can usually be done at the same time as the will. Healthcare proxies and living wills are pre-written documents that tell your doctor if you want extraordinary measures to save your life, like life support, and for how long. A living will can specify much more on top of that, including religious practices like not using blood transfusions.

The takeaway is that insurance prevents you from suffering, and taking care of your estate prevents your family from suffering. Young women earning more than their partner in particular should take this to heart. Step into the role of head of household knowing that all your bases are covered.

Judy Heft is the CEO/founder of Judith Heft & Associates, a financial and lifestyle concierge celebrating 26 years in business helping people stay financially organized. She is a certified money coach and the author of “How To Be Smart, Successful And Organized With Your Money” and the co-author of “Mastering Your Financial LifeCycles.” She is the host of the podcast “Mastering Your Financial Life.” For more information visit www.judithheft.com.