Health, Life, Disability & Long-term Care
Health Insurance
As medical care advances and treatments increase, healthcare costs also increase. The purpose of health insurance is to help you pay for care. It protects you and your family financially in the event of an unexpected serious illness or injury that could be very expensive.
In addition, you are more likely to get routine and preventive care if you have health insurance. Health insurance includes coverage for Medical, Dental and Vision.
Life Insurance
Life insurance is a crucial step in planning for your future and the future of your loved ones. You may already have life insurance coverage through your employer. Even so, it’s usually a good idea to consider purchasing independent coverage to continue after you leave your job.
It’s also important to review your life insurance whenever a major life event occurs, such as marriage and birth of a child.
If you own a business, you may want to purchase life insurance to protect the company you built. With life insurance, you can fund a buy-sell agreement that would ensure your remaining business partners are in a position to buy your ownership stake upon your death.
Disability Insurance
Disability insurance allows workers who are unable to work for an extended period of time to receive a percentage of their income so they can support themselves. Depending on the disability, individuals may opt for short-term or long-term disability.
Short-Term Disability pays out benefits for reasons including:
- Lengthy illness
- Disabling injury
- Birth of a child
Long-Term Disability pays out benefits for reasons including:
- Musculoskeletal/connective tissue disorders (back pain, osteoarthritis)
- Cancer
- Injuries/poisoning
- Cardiovascular/circulatory disorders (heart attack, coronary artery disease)
- Mental disorder
Long-Term Care Insurance
Long-term care insurance is a type of insurance developed specifically to cover the costs of nursing homes, assisted living, home health care and other long-term care services.
For example, long-term care insurance policies reimburse policyholders a daily amount (up to a pre-selected limit) for services to assist them with activities of daily living such as bathing, dressing, or eating.
Buying a long-term-care insurance policy can be a way of making sure your future physical needs will be met. This is especially important as nursing homes are incredibly expensive, and if you don’t have insurance you will have to pay out of pocket.
