Do you know the 3 types of insurance policies you need to have?
Last month we talked about Life Insurance and how the stay-at-home parent needs it just as much as the working parent. Today we’re going to reiterate that again and talk about 2 more that are just as important.
Thinking about all the types of insurance isn’t fun and usually is not on the front of my mind. But, my kids and my family ARE. Therefore, I want to make sure they have the least difficulty dealing with my disability or death should it come up.
The #1 policy you need to make sure you have – whether you work or not – is Life Insurance.
You can get life insurance by paying a monthly premium just like normal health insurance. The good thing is that upon your death, your beneficiary – your husband, kids, mom, dog – get’s a payout to help with funeral costs, replace your income for a time, pay off a mortgage or even to help with day to day expenses that would put your family in a hardship. In my mind – this is very, very important. You don’t want anyone to go through a hardship when dealing with the grief from loss.
#2 Disability Insurance
Disability Insurance is a policy that you need to have EVEN if you think you have a policy through your work that will cover you. The truth is that most work policies cover a very small portion of your income. It’s hard to believe that 25% of 20 year olds will become disabled and not be able to work before they retire. That’s crazy to think about but a reality. How horrible would it be if you couldn’t work and ended up losing your family car or even your home? That’s definitely something I don’t want to happen should something disable me or my husband.
#3 Long Term Health Insurance
Long term health insurance covers things such as: Home health care, assisted living, hospice, nursing homes and Alzheimer’s facilities – for when you can’t take care of yourself or perform normal activities. You probably think that this one that can be put off until later and isn’t important right now. But, it is important to think about now and to get a policy in place because as you get older, the premium goes up. So, getting a policy while you’re younger is much more affordable and makes more sense.
There’s a lot to think about and it can be hard to figure it all out on your own and that’s where there’s people at Genworth to help!
You can also check out this helpful video that has a lot of the info I just covered and more.
Have you moved beyond normal health insurance and have policies in place to help in the event you are disabled or even die? Or have you put it off like me and are ready to get your ducks in a row?
Share with me in the comments below!