Generally the majority of America knows about the main popular insurance items. That can include life, auto and health insurance. From working over 5 years in the industry I know there are much more policies to help protect your assets and pockets when the inevitable “uh oh” occurs. Protecting your future is worth paying the monthly bill and it’s critical to be properly covered. Now the problem most people have is lack of knowledge of vast insurance policies can help protect them.
After researching I did come to four insurance policies that most people don’t know about but need to know.
The top reason why homes go into foreclosure is not from falling behind on payments or the house burning down. The reason is that illness falls upon the main breadwinner. When people come down with an illness they are no longer able to work that leads to no income coming in the house. From there you can gather that without income you will lose the home, after all, the bank isn’t in the business of not collecting bills.
That now brings us to disability insurance. Believe me when I say “everyone needs disability insurance.” Essentially this policy replaces lost income if you are unable to work. The policy usually pays 80% of the income and is relatively cheap. You will have the option of a short-term disability that replaces lost income from ranges of 60 to 180 days. The other option is long-term disability and it pays 60% of the lost income. While it is more expensive the policy will replace lost income for years. A main distinction between the two is the long-term option which requires the policyholder to be out of work for 180 days before collecting.
Death is coming for all us no matter how much we ignore the fact. It’s definitely not a great conversation starter at the dinner table nonetheless it is the reality. Help your family financially not only with life insurance but by taking out a burial policy. Additionally, the policy gives you the comfort of knowing family will have the money to bury you according to your wishes. This is a topic that needs to be talked about more with parents as well. Obviously the conversation will be awkward as hell but the time to have it is before. Ideally parents will pass before children, unfortunately if no funds are available from the deceased parent the financially responsibility falls on the children.
The policy will cover all burial procedures until the money is exhausted. A wise option to consider is announce the funeral home as the beneficiary. This provision will protect your money on the off chance a family member beneficiary decides to put the money in their pocket. Act now for this policy as the healthier you are the less expensive it is. Regrettably, the majority of purchasers are in poor health or older, which results in high rates.
People love their pets to the point they have a seat for them at the dinner table. I get it; pets are adorable, funny personalities and become a staple in the family. Just like any family member when they become ill you want to see them get better, right? Pet owners have a tough decision to make when a pet needs surgery. It comes down to are you willing to pay for the operation and do you have the money to pay with. For average pet surgeries they can cost in the range of $900 – $3,000. You have probably heard where pet owners had the animal put down and others who went into debt for the surgery. Save yourself the trouble and look into a pet insurance policy.
The insurance covers accidents and illnesses that happen to the animal. That includes broken bones, toxic exposures, cancer, urinary issues, burns, swallowed objects, ear infections and more. Under a policy it can also cover:
- Preventive Care
- Hereditary & Cognial Conditions
- Alternative Therapies
- Behavioral Issues
The main pet insurance provider is ASPCA, click here to learn more about what the policy covers.
Long-Term Care Insurance
In America it has been projected that 69% of people over the age of 65 will need long-term care at some point in their lives. The longer humans keep living the likelihood of needing the care will increase. As of 2015, long-term care prices can range from $44,000 to $91,250 depending on the type of care needed. That can really bite into your retirement nest egg.
Long-Term Care will reimburse expenses on a daily amount. Expenses include daily activities of living such as: dressing, bathing or eating. As far as policy premium, the policy bases it on the age, max daily amount, max number of days the policy will pay and any additional benefits. Resembling most policies the best rate to lockdown is when you don’t need the insurance. If you are in poor health there is a possibility that your application may get declined. Typically for Millennials you will not consider this policy since the younger you are the healthier you are. However, keep in mind this is a great policy for parents. If you know you will be the main caretaker get ahead of the curve and thank yourself in the future.
This post covers just four policies that can help protect you. There are more insurance policies for additional situations. Talk to a professional in your area to ask questions for any situation that worries you. As I continue working with insurance I have seen it all. Take this information to heart and make a plan to take the first step to properly protecting your livelihood.
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