Couples should consider mutual responsibility for and knowledge of:

Retirement plans: Take time to fully acquaint each other with employer retirement benefits. Both partners should have current knowledge of pension plans, 401(k) accounts and IRAs. For a complete picture of expected retirement benefits, become familiar with each other\’s Social Security benefits, as well. Understanding retirement benefit information will bring clarify and facilitate retirement planning.

Credit card documents: This one can be scary. Some may prefer to not know how much credit card debt their spouse has accumulated. But it\’s wise to know where to find account numbers in case one loses his or her wallet and needs the other to help cancel the card. Also, mutual awareness of credit card debt amounts will help with developing a family\’s overall financial plan.

Power of attorney: It is generally a good idea to have power of attorney on any individually owned assets, just in case one becomes ill or otherwise unavailable. Power of attorney can be limited to specific functions for a certain period, such as selling stocks or withdrawing money while traveling. A broad document that authorizes each partner to handle almost any situation in the other\’s absence is also a consideration.

Wills, trusts and life insurance: It\’s especially important to share information about wills, trusts and life insurance if either has been married before. There could be restrictions on how some assets may be used and beneficiaries left unchanged by mistake. Most important, make sure each partner knows where to find wills and will be able to easily access it if something were to happen.

Health insurance policies: Most insurance companies will cover care administered in the first 24 to 48 hours of a medical emergency, even if the coverage details have not been sorted out. But the situation isn\’t as clear with hospital visits that are less urgent. If each partner is covered under a different insurance plan, both should be familiarized with the requirement \”hoops\” they may have to jump through.

If one spouse had a sudden illness, would the other know which doctor to call first to get an okay for treatment? If not, they risk running up big bills at an out-of-network doctor.

Business loans: If one spouse owns a business or is a partner in a professional firm, both should know about any personally guaranteed loans. It is critical to be aware of liabilities since household assets can be hit if the business can\’t repay the loan.

While many don\’t necessarily need to know everything about their spouse\’s finances, maintaining a working knowledge of the above points can help maintain proper, balanced control over a family\’s financial affairs.

Robert A. Dienelt is a Financial Advisor in Jackson, Mississippi. He is an Accredited Asset Management Specialist (AAMS) and is passionate about helping people become and remain financially secure through his work as a financial advisor with Raymond James Financial Services, Inc. in Jackson MS.

Term insurance got its name from the simple fact that the insurance is purchased for a specific period of time, or a term. The term usually runs anywhere from ten to forty years and they go up in five year increments in between.

Premiums are lower for young, healthy individuals. Occasionally you might be required to undergo some simple tests like blood work or a urinalysis. Some carriers insist on what they call a cheek swab as well; this checks for some diseases as well as for drugs and tobacco.

The results of these tests will help determine your premiums. Even someone who does have some health issues can still be insured. Things like diabetes or high cholesterol might make your premiums go up, or depending on how bad the problem is, you might be ‘rated’. This is a category that is literally a red flag, but even with high premiums you’re still covered.

Unfortunately, mistakes can be made and some people are rated who should never have been. If you are rated, you do have the right to have the information corrected. Your doctor can submit documentation showing that you do not have the disease or condition that has caused this rating. It could take a while to have the problem solved, but it’s in your best interests to indeed get it corrected.

One of the many benefits of term insurance is that one policy covers an entire family ‘ parents and children. Cash value policies cover only one person, making coverage for families very expensive. As an example, a young husband and wife who want coverage of $200,000 for each, and perhaps even a $15,000 child rider (which covers all the children, not just one), can expect to pay less than $100 a month for this level of protection.

With term insurance you are buying only a death benefit. There are no savings or investment plans attached to your life insurance, and that’s the way it should be. There is no reason to mix the two! Should you die during the time the policy is in effect, your beneficiaries will be paid the face value of the policy immediately.

Parents are sometimes hesitant to have their children covered, however, unexpected deaths happen all too often, and many families find themselves in financial despair when they can’t even pay for their child’s funeral. This is exactly what the child rider is there for.

Investing in life insurance can be frustrating if you’re not 100 percent sure what you are looking for or if you have no idea how to find it. If you’re in the market for insurance, you’re undoubtedly thinking, “How does term life insurance work?”. Whole life vs term life insurance info!