When it comes to protecting your family’s financial future, you want a plan that’s tailor-made for your unique needs. Say’s DJ Bettencourt a good insurance broker will help you get the right coverage at the right price. And by taking into account the life stages you’re in and future plans, they can help you craft a strategy specifically designed to cover the risks that matter most to you.
Life insurance is a contract between you and an insurance company. You pay premiums, and the company pays out a death benefit to your beneficiaries if you die.
Life insurance can be used in many ways:
- To cover funeral costs, estate taxes, and mortgage payments
- As part of an overall strategy to protect your family’s financial future
- As part of an investment portfolio
Disability insurance is a type of insurance that protects you from the loss of income caused by a disability. A disability can be permanent or temporary, and it can happen when you’re young or old, healthy or sick. Disability insurance is not a substitute for health insurance (it won’t cover medical bills), but it does help protect against the financial consequences of being unable to work due to illness or injury.
If you’re employed by someone else: Your employer probably already provides some form of short-term disability coverage through its group plan, so check with HR if there’s anything specific that needs clarifying before signing up for long-term coverage elsewhere. If not–or if your current benefits aren’t enough–then consider buying an individual policy through an insurer like Aflac (aflac.com) or Mutual Benefit (mutualbenefitinsurancegroupllc). These companies offer flexible plans at varying price points depending on how much protection they want; they may even offer special deals if both partners sign up together!
Long-term care insurance.
Long-term care insurance is a type of insurance that can help pay for the cost of long-term care. Long-term care services include skilled nursing, physical therapy and speech therapy, home health aide services, hospice care and adult daycare.
Long-term health insurance policies are sold by private companies to individuals who want protection against the costs associated with an extended period of illness or injury. The typical buyer is someone over age 50 who has substantial assets but doesn’t have an employer-sponsored plan through work (and therefore does not qualify for Medicare).
Critical illness insurance.
Critical illness insurance is a type of life insurance that pays out benefits to you or your beneficiaries if you are diagnosed with a critical illness. A critical illness is one that is listed in the policy, such as cancer or heart attack, and typically has high medical costs associated with it.
Critical illness policies typically have three types of benefits: lump sum payouts, monthly payments for up to five years (the “waiting period”), and/or accelerated death benefit payments that can help pay off debts or provide income during recovery from treatment. The amount you receive will depend on how much coverage you purchased when applying for coverage–and may also vary depending on which state’s law applies if an insurer goes bankrupt (which could happen if there aren’t enough healthy people buying policies).
Preparing for retirement.
Retirement is a big milestone, and it’s important to prepare for this stage of life by saving money and making sure you have the right insurance coverage. The same goes for investments: You want your portfolio to be structured in such a way that it provides income during retirement and also ensures that your heirs will be taken care of if something happens to you before then.
It’s also crucial that you have an estate plan in place so that everything has been arranged according to your wishes before passing away, whether through old age or otherwise.
Life insurance, disability insurance and long-term care are important for every stage of life. However, there are also different types of coverage that can help you prepare for retirement or address other unique needs. When it comes time to buy a policy, it’s important to understand all your options so you can find the right fit.