Shielding loved ones from financial stress is about doing your best to try and ensure that they’re provided for, even when something unexpected happens to you. Lost income, treatment costs, and recovery time can have a severe impact on your finances – with many expenses falling outside standard medical insurance or government disability payments. On the bright side, forms of coverage are available that can help provide protection for you and your family.
There are a few things you should look into while figuring out the types of insurance you might need:
With the right protection, life’s challenges can be overcome
Disability, accident, cancer, critical illness, or business insurance policies have all been designed with one goal: to prepare you and your loved ones for potential health difficulties that can arise, and the financial consequences. Many of the costs and lost income these policies cover will not be picked up by standard health plans or by basic disability.
Hopefully, you’ll never need to make a disability claim. When in doubt about your coverage, speak to a financial professional who understands insurance. You’ll feel much more secure knowing that you’ve thought about the possibilities ahead of time and created a plan that doesn’t depend upon good luck.
1, 2 Kimberly Palmer, “Why You Probably Need More Disability Insurance,” U.S. News & World Report, Oct. 9, 2013