Choosing the Right Insurance for Your Family
None of us are invincible. And if you have a family to support, it is essential that you have the insurance coverage you need to ensure their financial well-being, no matter what illnesses or accidents come your way until the time of your death.
Protect your family’s financial future with health insurance, workers’ compensation, life insurance and long-term care insurance.
Choose a family health insurance plan that covers routine health needs and provides adequate coverage for emergencies. Without adequate health insurance, your family is at risk for a medical bankruptcy. Beginning in 2014, health insurance became mandatory for all Americans (unless you are very low income or you cannot afford health care coverage), according to the Affordable Care Act.
Workers’compensation, also known as workman’s comp, provides payments for hospital, medical and rehab expenses due to on-the-job injuries and job-related illnesses. Workers’ compensation provides disability payments if you are unable to work; it also pays death benefits to your spouse and dependents. Each state has its own workers’ compensation laws and programs.
Life insurance provides financial benefits to your family upon your death. With a term life insurance policy, you simply purchase the death benefit, which is the face value of the policy. Employers typically offer this type of life insurance policy to their employees. Cash-value life insurance includes a death benefit and a savings component. You can borrow and withdraw the cash value of a life insurance policy as needed.
Long-term care insurance pays for assistance with tasks of daily living, including eating, bathing, dressing, and using the toilet, when you are sick, injured or aged. According to LongTermCare.gov, if you buy long-term care insurance before you develop diseases such as Alzheimer’s disease or any form of cognitive dementia, Parkinson’s Disease or multiple sclerosis, a cancer that spreads beyond its original site, or before you suffer a stroke, your policy will cover the care you need for living with these conditions.