Income Protection
Sometimes life throws you curveballs that you simply can’t predict. Luckily though, you can prepare for accidents and illness with insurance for your income. But with so many different insurance options, it can be really difficult to get your head around what’s available to you. Or more importantly, which type of insurance is the best fit for your unique living situation.
.png)
Many of us would struggle to keep on top of our essential outgoings, such as mortgage and rent, if we lost an income due to illness or an accident.
Critical Illness Benefits
No one is exempt from experiencing a serious or sudden illness. According to the Centers for Disease Control and Prevention, more than 795,000 people in the United States have a stroke every year. The diagnosis of a critical illness such as stroke, heart attack, or cancer can cause an immediate financial strain on any family.
Health insurance doesn’t always cover 100% of the expenses associated with critical illnesses, leaving individuals with the responsibility to pay the difference or entire cost. Critical illness insurance are insurance policies that help to reduce the weight of the financial burdens resulting from the diagnosis of a serious illness by providing a cash payout to help cover medical and other expenses after diagnosis.
Critical illness insurance policies provide benefits in addition to any existing major medical coverage you already have. In the event of a heart attack, stroke, cancer, or other serious illness the insured can receive a lump-sum cash or specified payment amount to help manage expenses. The choice on how you’d like to use this assistance is yours.
Benefit can assist with covering costs such as:
-
Out-of-pocket medical expenses such as co-pays and deductibles that medical insurance may not cover
-
Experimental procedures
-
Daily living expenses including mortgage or rent payments while you’re recovering
-
Transportation expenses, such as traveling to and from treatment facilities, installing in-home ramps, or retrofitting vehicles to carry wheelchairs or scooters
-
Other non-medical costs related to the illness
Disability Coverage
Disability insurance replaces a portion of your income when you can no longer work due to a disabling illness or injury. A short-term disability policy covers temporary disabilities. Long-term disability (LTD) policies cover disabilities that are expected to be permanent. LTD policies have many options such as cost of living increases (COLA), partial disability riders, “own occ” definitions of disability, and premium waivers. Let us help you explore the type of policy that protects your income. Disability insurance protects you from the financial risk of losing your income when you become disabled and can’t work.
-
Choose a policy that pays for temporary or permanent disability
-
Select a policy that pays if you become disabled for your own occupation or any occupation
-
Add a COLA to your policy to sustain your standard of living
-
Add a partial disability rider to continue benefits if you can return to work part-time
Short-Term Disability insurance provides income replacement if an illness or injury prevents you from working for a period, typically for a few months, while long-term disability insurance is designed for longer-term disabilities.
Long-Term Disability insurance provides income replacement if an illness or injury prevents you from working for an extended period, often for more than 90 days, and can continue for years.
Accident Protection
The truth is, accidents happen — often when you least expect them. 87% of emergency department visits are due to an injury. Most Americans do not have emergency funds set aside to cover the your health insurance deductible or additional out-of-pocket responsibilities. In fact, according to Bankrate's annual emergency savings survey, 22% of U.S. adults claim they have no emergency savings and 57% aren't comfortable with what they have for emergency savings.
When those extra expenses start adding up, they can lead to financial strain. With accident insurance, the cash benefit payout can help you pay for these expenses. Accident insurance is a supplemental insurance policy that helps cover out-of-pocket costs after an accident. It's usually purchased in addition to a primary health insurance plan.
What does accident insurance cover? Hospital stays, medical exams, emergency treatments, transportation, lodging, ambulance care, physical therapy, lost wages, and much more.
How does accident insurance work? Accident insurance pays out cash benefits to help cover expenses.
It can help fill the gap between what your health insurance covers and what it doesn't. It can help provide peace of mind when unexpected injury costs arise.
Is income protection right for you?
If you and your family would struggle to pay the bills if you were off work due to a serious accident or illness, could you manage financially? If the answer is “no”, income protection could provide the peace of mind knowing that if the unexpected was to happen, your family could maintain their current lifestyle.
Getting the right level of insurance cover allows you to protect what you value most - lifestyle, family, health and more, no matter what. are here to make it simple for you, so there’s no guesswork involved. Getting the right insurance advice will give you the confidence that your insurance policy is tailored to you and what matters most to you.