You can take steps towards having good health or a long life, but you’re never completely in control. Most people have recognized the value of life insurance. It’s just as important to recognize the value of health insurance.
5% were forced to either remortgage or sell their homes.
If you have disability insurance coverage, what portion of your pre-disability income would be replaced if you were unable to work?
What if you’re self-employed? How would you replace lost income?
How would you pay for necessary care beyond what the government provides?
If you leave your job or retire, what coverage do you have in case you become ill and need care?
More health insurance solutions are now available to complement traditional insurance benefits and protect against a wide variety of risks.
Personal health insurance can fill gaps for individuals who don’t have coverage through their place of employment, or for small business owners. Expenses such as dentistry, prescription drugs, medical equipment and in-home nursing can add up very quickly. That’s where personal health insurance can help.
Critical illness insurance offers help paying costs associated with life-altering illnesses. If you become sick with an illness covered by your policy and survive the waiting period, you receive a tax free, lump-sum cash payment – you decide how to spend the money. The benefit can alleviate financial worries, so you can concentrate on recovery.
Disability insurance can help to protect your pre-disability income over a period of years or decades should you become ill and unable to work. You can protect approximately 70-80% of your income by redirecting 2-3% of it towards this type of coverage.
Risk management is an important part of your overall financial plan. Exploring the various strategies and options that make sense for your unique situation and goals is easier and less time consuming than you may think. For the time commitment comparable to watching a movie, you can have a holistic review. Then you can be assured that your plan is built on a solid foundation of informed decisions.