As the economy continues to struggle to recover, many companies are just trying to get by, and for some, that means dropping extras like great insurance coverage for their employees. If your company is one of the thousands cutting back, the best bet is to search for coverage on your own. So, which products do you need to add? Here are a few you may want to consider.
Life insurance is one absolute must-have. If something should happen to you, how would your family cope with your lost income? How would your children pay for upcoming college expenses? Life insurance can help you deal with issues like these, but right off the bat, you have to make a decision about the type of policy you want. Whole life insurance is one option, but the best term life insurance is usually a better investment. Policies can be had for a fraction of the cost of whole life insurance, and the entire face value of the policy can be paid should something happen to you.
Disability insurance is another product you want to consider. It can help pay expenses should you suffer an injury or serious condition that can put you out of work for some time. While many simply rely on Social Security’s disability payment program, it’s important to note that your benefits there can’t even begin until you’ve been disabled for at least five months, and you will have to be disabled for more than twelve months to even qualify. can usually build a policy that will replace up to eighty percent of your income, which can help you cover your expenses should something serious happen.
Long term care insurance may be another product you want to invest in. It can help pay for home health care, nursing homes, or even rehabilitation expenses should something happen to you. Fairly affordable coverage, even typical health insurance won’t cover many of these aspects, which is one of the biggest reasons it’s an important addition to your insurance portfolio.
Long term care insurance companies offer policies that can help keep you from draining your savings as you pay for ongoing medical care that your health insurance just won’t cover. Premiums tend to be about seven percent of your total income, and you should make certain you have enough coverage to pay for the cost of care within your geographical area, as costs can vary quite widely throughout the US.
Critical illness insurance is one final component you may want to add. It can help you pay for many expenses should you be diagnosed with a serious condition. Whether you want the treatment your health insurance won’t pay for or you need a bit of extra money to take time off to recuperate, you get a lump sum of cash to do with as you wish.
If you’re one of the millions losing coverage at work, building your own insurance portfolio is a good idea to help protect yourself and your family.
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