Each day, we experience different kinds of risks, and you likely have peace of mind knowing you're covered for them - homeowners insurance protects your house and your belongings; auto coverage protects your car; and health insurance protects your well-being. However, have you taken any steps to protect your family?
Fortunately, there are certain types of insurance policies that enable you to protect both yourself and your loved ones now and when you no longer can take care of them yourself.
To help you prepare for and secure your family's future, we've gathered our top five insurance policies you should consider:
Life Insurance
Taking out a Life Insurance policy is a great way to provide extra security for your family or loved ones to meet any financial obligations after you're gone. The policy can be used to pay any final expenses, fulfill any unresolved debts and cover any additional expenses. However, the type of coverage that is right for you may depend on the benefits you're looking for or the protection you're seeking:
- Permanent Life Insurance provides coverage for your entire lifetime (provided required premiums are paid). Certain policies may include the ability to invest and accrue cash value.
- Term Life Insurance guarantees a stated death benefit if you die within a certain specified term.
You may be worried about the cost of a life insurance policy. Almost 80% of consumers think life insurance is more expensive than it really is, making affordability the number one reason that some individuals don't purchase a policy. In reality, it is actually more expensive to not have life insurance when your family depends on your income to support them after you've passed.
Calculate your life insurance needs with our free Life Insurance Calculator and get in touch with us to either secure a new policy or add extra coverage.
Long-Term Care Insurance
Long-Term Care Insurance is ideal for healthy individuals who are planning for retirement and are concerned about spending down their assets to pay for the cost of long-term care. This type of policy typically covers services that are outside of regular health coverage, such as nursing homes or assisted living facility costs.
Attributes of a long-term care policy include:
- Income to pay for long-term care, should you need it
- Asset protection for your spouse or beneficiaries
- Peace of mind knowing you have the means to pay for care
Long-Term Care / Life Insurance Hybrid Policy
If you have a need for both long term care and life insurance, you're in luck. Consider purchasing a life insurance policy with a long-term care rider. The advantage of this type of hybrid policy is that you can secure coverage with the benefits of life insurance, but have the ability to use death benefits for long-term care expenses that can strain finances.
If you're interested in long-term care insurance or a hybrid policy, contact us today or request a quote and we'll build a plan that makes sense for you.
Umbrella Insurance
Umbrella Insurance provides extra limits of liability above the what is found in home, auto, and other personal insurance policies. It is ideal for when you find yourself responsible for a claim larger than what the existing policies would cover. The good news is that it protects both you and anyone in your household who is defined as an insured. This scenario actually happens more likely than you think.
For example, the new trampoline you bought your kids for Christmas? If a friend came over and hurt themself, you could be sued - and found liable - for injuries that occur on your property. If someone is injured in a car accident and you are found at fault, monetary damages can add up quickly.
You should consider securing an umbrella policy if:
- You own a home, vacation home, car, business, boat, RV, ATV, or motorcycle
- You have significant income or future earnings potential
- You have exposure to extra risks such as children, animals, a swimming pool, trampoline, or engage in hunting, sports, and other hobbies.
Disability Insurance
If you were unable to work, do you know how you'd pay for your bills? This is where disability insurance comes into play - providing financial security to you and your family who depend on your income. Disability Insurance can replace a portion of your income for any injuries or illness that impact your ability to work.
If you don't think you need some sort of disability coverage, consider this statistic: three in 10 workers entering the workforce today will become disabled before retiring.
To help protect you and your family, your employer may offer a type of disability insurance as a part of your regular benefits. This type of policy can include short-term coverage, long-term coverage, or both, and supplements your income directly after an accident and if there is an ongoing disability. You could also take out disability insurance to provide extra financial protection for more than just physical incidents, such as back pain, depression, arthritis, diabetes, and more.
Are you self-employed? Then disability insurance is a must-have policy for your family's protection.
If your family relies on your income, get in touch with our insurance specialists today about disability insurance or request a quote right now.
We're Here to Help
We may experience risks every day, but there are many types of insurance policies that cover everything from small accidents to long-term care. If you have any questions about your existing coverage or would like to learn more about using your policies to protect your family, contact Keller-Brown Insurance Services today by visiting www.keller-brown.com/contactus or calling (717) 235-6891.