Life and Accident Scenarios
I NEED TO COVER MY SALARY IF I BECOME DISABLED
Short-term disability insurance provides monthly payments to help cover expenses if you are unable to work because of the disability. The monthly benefit amounts vary and are usually tagged to your current income. Benefits begin about a month after the disability is determined and continue for up to 12 months. This benefit can help you cover living expenses and other costs during this difficult time. Short-Term Disability insurance is available to individuals or as a group benefit offered b to employees.
I NEED TO PROVIDE MONEY FOR MY FAMILY IF I DIE OR BECOME SERIOUSLY ILL
A death or critical illness in the family can sap savings and make day-to-day life more difficult and expensive. “Life insurance” is more a category of products than a single one. The many kinds of life insurance products available give consumers the ability to tailor a plan to their needs and situation. Whatever your story, there is likely to be a package of products and benefits that will suit you best.
Here are some examples:
Larry is a 64-year-old construction worker who gets up every day to go the job site. He is ready to take it a little easier and wants to start his own handyman business. His house is paid for and his children are all doing well. Larry may choose a small term life policy to cover the costs of settling his affairs should he pass away. He also might add a whole life policy to build a legacy for his children or grandchildren.
Mariah is a 24-year-old jewelry designer. She recently opened a retail jewelry shop with her business partner. Money is tight, but the business seems to be gaining momentum. Mariah may want a basic term policy that would help pay the costs to keep her shop running if she died or contracted some critical illness.
Lucy and Greg are raising their grandchild. They have decided that Lucy will take a leave from work until the child is older. Lucy and Greg are looking for an inexpensive way to be sure money is available if anything happens to either parent. They may choose to buy term life insurance on both grandparents, and a whole life policy to create savings for future use in addition to the death benefit.
Angela has a family history of developing serious illnesses later in life. She wants to have money available should she be unable to take care of herself during a period of illness. Angela purchases a Critical Illness policy that will pay her $50,000 upon the diagnosis of one of the covered illnesses.
Critical Illness Insurance
Pays a fixed amount of money upon diagnosis of any of the listed critical illnesses. This money can be spent for any kind of expense—not just medical expenses. Policies are for specified dollar amounts.
Term Life Insurance
Provides payment of a fixed amount upon the death of the insured person. Some policies also pay a partial benefit upon diagnosis of a critical illness. Amount of the policy premium is based on the dollar amount of the benefit, length of the term, and the person’s age and health. For example a 10-year term life policy for $250,000 would pay that amount if the insured person dies during the 10-year period. After ten years, you must either renew or find a new term policy
I WANT TO BE PROTECTED FROM MEDICAL COSTS IF I WERE TO GET IN AN ACCIDENT
Covers medical costs incurred as a result of a covered accident, which are not covered by your health insurance. In case of a serious accident, this kind of plan would compensate you for amounts you pay against the deductible amount, copays and the like up to the dollar limit of the plan you purchase.