Insurance Every Family Should Consider

17 Jun

insuranceThe unexpected is bound to happen when you or a family member least expects it. Having a variety of different insurance policies can offer as a safety net for you and your loved ones. The following are different types of insurance that you should consider for your family:

Life Insurance

After you pass away you want to make sure that your family is taken care of financially. The purchasing of life insurance can provide just that for a family in their time of need. This is of the utmost importance if your family is solely dependent on your salary for survival. Most experts recommend you get a policy that is ten times your yearly salary. When deciding the amount of coverage be sure to factor in costs such as funeral expenses and any mortgage or credit card payments. You want to make sure that you provide your family with a financial cushion rather than just enough to bury you. A whole life policy is paid on until the time of your death while a term life policy is only paid for a set amount of time. Be sure to seek the advice of an insurance professional when making the decision on which policy is a better fit your particular situation.

Health Insurance

A recent study found that 62 percent of all bankruptcies filed are due to medical bills that the filer cannot pay. That finding alone should be enough for you to want to seek a quality health insurance provider. The best and most cost effective option would be to participate in an employer health care plan. However, most small companies do not offer medical insurance therefore seeking out your own policy can be difficult. For those over the age of 50 AARP is an excellent option for medical coverage.

Long Term Disability

Out of all types of insurance this is the one most people think they will never need. But the most recent studies show that every three out of 10 workers will be disabled before reaching the age of retirement. Nearly 10 percent of all American workers are disabled and 50 of those people are working age. Many employers offer short term and long term disability in their benefits packages. Typically an employer provided disability benefit is the most cost effective option for an individual. The best policies offer income replacement but commonly most policies offer 50 to 60 percent of your income. Most employee based plans average a cost of about five dollars a week and that is a small price to pay for such a great benefit.

As a consumer it is your responsibility to shop around and find the best policy that fits your particular needs. There is no price too great to insure your family and yourself peace of mind should a tragedy or accident occur. Talk with a qualified insurance agency in Lansing to determine the best options for you and your family.