Insurance is a smart way to manage risk, and the right insurance plan can help protect you from financial hardship in the event of an accident or illness. But what types of insurance should you get? And how much do they cost? We’ll help you find out.
Health Insurance
While health insurance is the obvious first choice, it’s important to add to the list. Health Insurance is a form of insurance coverage in which an insurer promises to pay for certain medical expenses. Health insurance is a broad industry and there are several types of policies and coverage available:
- PPO/HMO/EPO plans
- Catastrophic and Short-Term Plans
- Private and Marketplace Plans
- High Deductible and Co-Pay plans
What type of health insurance you need and can afford depends on various factors. Your health insurance broker can guide you through a series of questions to determine which policy is best for you and your family.
Short-Term Disability Insurance
Short-term disability insurance provides income replacement in the event that you are unable to work due to sickness or injury. It’s a type of insurance that you can purchase through your employer, but if you’re self-employed, you can purchase it through an insurance broker.
Short-term disability coverage is typically available for up to one year and pays a portion of your usual salary (typically 60%). Longer term plans generally offer higher payouts; however, they also have higher premiums and deductibles than shorter duration policies do.
Long-Term Disability Insurance
Long-term disability insurance is one of the most important types of insurance that you should consider purchasing. If you become disabled and are unable to work, it can be very difficult to pay your bills or support yourself financially. Long-term disability insurance provides a monthly benefit for a specified period when you cannot work due to injury or illness.
Life Insurance
Life insurance is a contract between you and an insurance company. It pays out a death benefit to your beneficiaries if you die before the policy expires. The death benefit can be paid in one lump sum or over time, depending on what type of life insurance policy you have. The two most common types are term life insurance and whole life insurance policies. Whole life insurance policies tend to be pricier because they offer more financial benefits.
In addition to standard life insurance, you can also purchase life insurance riders to add coverage.
Critical Illness Insurance
Critical illness insurance is a form of life insurance that pays you a lump sum when you’re diagnosed with a specified list of illnesses, such as cancer or heart disease.
The benefits of critical illness insurance are:
- You’ll have money to pay for treatment and other expenses when they arise. You might also be able to use the money to supplement your income if it becomes difficult to work due to your condition (for example, if you need time off work).
- It can help protect your family’s financial security in case something happens to you.
Cancer Insurance
Cancer insurance is a type of supplemental insurance that can be used to cover the costs of cancer treatment.
Cancer insurance may also pay for treatments not covered by your health insurance and/or travel expenses associated with cancer treatment. For example, if you have a medical condition that requires you to use an ambulance or helicopter to get to a hospital (which may be far away), then your cancer insurance might help pay for those costs.
In addition, some types of cancer policies offer benefits like coverage for experimental therapies and clinical trials as well as hospice care at home or in a nursing home after surgery has been completed.
Insuraway Can Help You Bundle The Right Amount of Coverage
With so many insurance options, it can be difficult to determine which policies are needed to protect you and your family. Insuraway can help you review your budget and lifestyle and find the perfect bundle of coverage to help you feel at ease in the case of an emergency. Give us a call to speak with our knowledgeable agents and get insured today!
