Most people don’t think about these 4 insurance policies when making their financial decisions. We think about the obvious auto and home/renters but we forget about these important policies. These 4 insurance policies are very important also and can determine your families future.
Long-Term Disability Insurance
Long-term disability insurance protects you from loss of income if you are unable to work for a long period of time due to an illness or injury. Do not think a permanent disability could sideline you and your ability to work? According to the Social Security Administration, just over one in four of today’s 20-year-olds will become disabled before reaching age 67.
If something were to happen to you tomorrow and you would be disabled for the rest of your life how doe that look for you? Do you buy a house? Are you able to send your kids to college? Make sure you are covered. If you are offered this at work great check your options and make sure that you will get enough to live with. As you investigate your options, you will also find short-term disability insurance designed to fill in income gaps caused by an illness or injury that keeps you out of work for three to six months.
Term Life Insurance
The Insurance Information Institute reports that 30% of Americans carry no life insurance. Think about it how many of us take life insurance too lightly. If you were to pass away unexpectedly, how would your spouse pay for monthly expenses without your income? In the dark moments of grief, the last thing your spouse should worry about is surviving financially in your absence.
With a term life insurance policy for 10–12 times your yearly income, your family will not have to worry. They will not have to worry about making ends meet, losing their home or changing their college plans if you’re not there to provide for them. Make this a priority. Talk to Bridge City Brokerage about term life insurance today. It is affordable and will provide priceless security for your family. What about singles with no dependents? If you have a ton of debt and no savings, consider a small term life insurance policy.
A healthy 30-year-old can easily find an affordable policy. Policies that will at least pay off your debt and cover your burial expenses. If you are debt-free and have enough cash to pay for your burial, you can hold off on life insurance, but why would you? The younger you are, the more affordable term life insurance is, so there is no reason to wait until you have a family to get insured. Contact Zander Insurance to get a term life insurance quote now.
Long-Term Care Insurance
Long-term care insurance covers a range of services. It covers nursing home care and in-home help with basic personal tasks like bathing, grooming, and eating. Usually, long-term care refers to any ongoing assistance for those who have a chronic illness or disability. It is expensive, and long-term care costs are not generally covered by Medicare. Medicare also will not kick in if you have assets, so you must spend your retirement and sell your home.
So, who really needs long-term care? To protect your retirement savings and assets from the expenses of long-term care, get long-term care coverage no later than age 60. Remember that while you are not likely to need long-term care before then, many factors like your health and family history go into your decision when to buy long-term care insurance and how much you will pay for it. This also goes with number one if you were to become disabled there could be a lot of medical expenses that come with it and Long-term care will help cover them. That is why it is important to talk to Bridge City Brokerage about long-term care that fits your personal situation. And even if you are not close to this stage of life, your parents might be, so take time to investigate their long-term care options too.
Identity Theft Protection
Cybercrime and identity fraud are real threats even if you are careful about protecting your personal information. National retail stores are under constant attack by industrious hackers who break into their payment systems, leaving millions of people vulnerable to theft. According to a 2019 Identity Fraud Study released by Javelin Strategy and Research 23% of faud victims had unreimbursed personal expenses in 2018. That is 3 times more that 2016! Fraudsters are starting new accounts under their victims names these can be bank accounts, mortgages, students loans, car loans, and credit cards.
Think about it, with a few important bits of information about you, criminals have all they need to ruin your finances. They can take out a mortgage in your name, receive medical care or file a false tax return. They can also go online and get your home title and sell your home! Cleaning up an identity fraud situation could take years to handle on your own. Make sure your insurance includes restoration services that assign a qualified counselor to clean up the mess for you.
One Final Point to Remember
One word of caution stay away from gimmick policies like cancer insurance, accidental death or anything that packages your coverage with investments like whole life or universal life. These types of insurance policies are just a way for the agent and companies to make extra money off you.
You need an agent who is on your side not the side of the insurance company. I am an independent agent and I am not beholden to any one company. That is why choosing Bridge City Brokerage is so important. An industry expert who will work with you to make sure you have the policies that fit your life now. I will help you anticipate the coverage you’ll need for the future. Plus, if you ever must file a claim, you will have an advocate on your side who will guide you through the process with any of these 4 insurance policies and more..