Have you heard about Critical Illness Insurance and Accident Coverage?
- Critical illness insurance is an insurance product, where the insurer is contracted to typically make a lump sum cash payment if the policyholder is diagnosed with one of the critical illnesses listed in the insurance policy (usually cancer, heart attack, or stroke).
- Accident Coverage is an insurance product, where the insurer is contracted to typically make a lump sum cash payment if the policyholder is involved in an accident at work or play (examples include: broken bones, stitches, sports related injuries and general clumsiness).
Since preventative services come standard with ALL plans you are more likely to use your deductible due to a critical illness or injury. The purpose of these plans are to use the funds towards your deductible.
Rates depend upon age and amount of coverage but can start as low as $2.75 per month with $10,000 in coverage.
Those are probably the two questions I get asked the most on this topic. Many people don’t want to plan for that unfortunate loss of a family member, but avoiding the hard realities of life may leave your family with negative financial consequences in the future.
Life insurance is there as a “safety net” for your family so that they would not suffer financially if you were to die. Anyone that relies on someone financially should have a life insurance policy. Life insurance is the one policy that is guaranteed to pay out one day. According to MSN, “40% of households with children under 18 say that they would have trouble paying their living expenses immediately if the primary breadwinner passed away.” Yet 30% of Americans don’t have life insurance, according to MSN!
In order to know how much you need there are a few ways that you can go about finding that out.
*CNN Money says that one rule of thumb is to purchase enough coverage to replace 5-7 years of your salary or 10 years if you have children. That’s not always the case with everyone.
*Evaluate all of your family’s needs while taking into consideration all of your debts (i.e. house, auto loans, credit cards, etc.). Add up your total debts and take out an insurance policy for that amount at a minimum. That way your family at least has peace of mind knowing that the bills will be covered. Either way is a great idea, but it all depends on what each family can afford financially.
If you have more questions about life insurance or would like a no obligation review, please feel free to contact me so we can discuss how to protect your family’s future.
Life Insurance Awareness Month is coming to an end. This is the time to review your life insurance situations…What will your family do if the primary wage earner dies? What assets are you willing to give up to make ends meet? These are questions that many people don’t think about until it is too late.
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The last few months have been pretty interesting to say the least. I have spent a lot of time updating my “internet presence”. You can now see Kelly Burke Insurance on LinkedIn, Facebook, my own website (kellyburkeinsurance.com). My next venture is to start posting informational videos on You Tube. Contact me to be added to my email list.
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