We all have risks in our lives. The risk of getting sick and having a big medical bill, or the risk of getting in a car accident. There is the ever present risk of damage to our homes due to weather, or even the potential risk of needing nursing home care when we get older. Another risk in our lives is that we are unable to earn an income due to an illness or injury, or that we pass away prematurely. All these risks present a financial hardship. If we can sustain the hardship with resources we already have… no problem. But if we cannot, then transferring that risk to an insurance company might be appropriate.
Home and Auto insurance. This is insurance that protects our home and our cars from damage that is sustained by weather, fire, theft, accidents, and many other things. This is important coverage to get right, but there is more going on here than meets the eye. Included in these types of insurance is something that goes beyond the damage to YOUR property. Both of these policies include liability coverage, which is when you damage someone else’s property or cause injury to somebody else. This is valuable coverage that is important but is often overlooked in the home and auto insurance decision.
Is someone depending on your income? If the answer is Yes, then disability and life insurance are things you should consider. Disability insurance pays you a monthly amount if you are unable to work due to illness, injury, sickness, or disease. Life insurance provides money to your spouse or children if the owner of the policy dies. Both of these types of insurances are directly related to avoiding the risk of your income going away either temporarily or permanently. There are many different ways to insure against this risk, but having something in place is essential.
We are all familiar with health insurance. This has been a thorn in consumer’s side for many years now, but the pace of change in the health insurance industry has only accelerated. Health insurance has become a major expense today, often rivaling or surpassing mortgage payments. Although the cost can be staggering, going without health insurance can be devastating. Medical costs are one of the leading reasons for bankruptcies today. With the industry changing so quickly, it is important to investigate all your options annually. When selecting someone to help you, you need to look for two things. Independence – which means the agent can shop all the options available in the marketplace. And an expert that only does Health Insurance.
Once you are age 65, Medicare typically becomes your primary Health Insurance. But Medicare does not cover everything so people are usually interested in purchasing a supplemental policy that enhances the coverage. This marketplace is just plain confusing, even for those that understand it well. There is no more important area in which to get expert help selecting the Medicare Supplemental Policy that is right for your own unique situation.
Long term care insurance has been a sleepy little corner of the insurance market for many years… Until now! It is estimated that 70% of people alive today will need some sort of assistance as they age. A whole new industry of senior care has emerged in the last 20 years as we live longer and want to maintain our independence. These costs are typically above and beyond the normal day to day living expenses and folks are finding it challenging to meet the rising costs associated with this help. Long Term Care Insurance can help, however traditional policies are expensive and hard to get. There are new solutions emerging in this marketplace, and have new creative ways to handle this expense. Talk to your Compass Advisor to learn what is available now.