Life Insurance
Life insurance is a simple answer to a very difficult question: How will my family manage financially when I die? It’s a subject no one really wants to think about. But if someone depends on you financially, it’s one you cannot avoid. In the event of a tragedy, life insurance proceeds can:
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Disability Insurance
Think about it. What would happen if suddenly, due to an illness or injury, you were unable to work? Without your paycheck, how long would you be able to make your mortgage or rent payment, buy groceries or pay your credit card bills without feeling the pinch? If you’re like most, it wouldn’t be long at all: Half of working Americans couldn’t make it a month before financial difficulties would set in, and almost one in four would have problems immediately, according to a recent household survey. That’s where disability insurance comes in. Think of it as insurance for your paycheck. It ensures that if you are unable to work because of illness or injury, you will continue to receive an income and make ends meet until you’re able to return to work. |
Long-Term Care Insurance
Did you know that neither your health insurance nor Medicare would pay for extended long-term care services in the event that you needed them in the future? According to the 2018 Medicare and Medicaid Sourcebook, 7 out of 10 Americans will need LTC coverage in their lifetime - and only 1 out of 10 have any form of LTC coverage. So, if you develop a chronic illness or become disabled and can no longer care for yourself for an extended period of time, you’ll need long-term care services. And they aren’t cheap. The median cost for a home-health aide for an eight-hour day is more than $50,000 a year, while nursing care in a facility with a private room has a median cost of almost $100,000 a year. As life expectancies increase, so does the duration of long-term care needs, and the financial burden may end up falling on your loved ones after you’ve run through your own life savings. |