Have you considered the financial impact on your family if something happened to a breadwinner in your household? Could the mortgage be paid? Could the college tuition payments be made? Could food be put on your table? Unfortunately, life can take a turn when we least expect it, and we want to help you make sure you are prepared.
Two of the most important forms of financial protection that you should consider are Life Insurance and Disability Insurance.
Life insurance is meant to provide your dependents with income to maintain living expenses should something happen to you.
Have you ever wondered how much life insurance you really need? Have you been confused by the differences between term, universal, and whole life insurance? There are so many options and differences that it is often difficult to make the right decision about what and how much you need.
Making the right decision for your situation requires some understanding of the basic types of life insurance. At HealthPlan Headquarters (HPHQ), we will educate you about the different types of life insurance products that are available and help you make the right choices that fit your needs and budget.
Disability insurance is meant to provide enough income to cover your living expenses in the unfortunate event you become disabled and are unable to work.
What would you do if you could not go to work tomorrow because of an illness or accident? Seven out of ten people will be disabled for at least 90 days sometime in their lifetime. If you lost your ability to earn an income how long could you live on your savings? 30 days? 90 days? 1 year?
There are two types of disability insurance that you can purchase:
- Short Term Disability (STD) – Short term disability benefits usually cover a temporary period of disability lasting from 1 week to 3 months.
- Long Term Disability (LTD) - Long term disability benefits cover a longer period of disability, generally starting 90 days after a disability occurs and lasting for two years or up until Age 65, depending on the plan you choose.
Additionally, disability insurance can cover what social security and workers compensation does not. Did you know that every application for social security disability gets rejected the first time? It can take years for a disabled person to start to receive Social Security benefits. During this time when you are out of work, without an income and without an alternative disability insurance benefit, it can be financially and emotionally devastating to you and your family.
So, be prepared. Don’t lose everything you’ve worked so hard for because you didn’t have the proper life and disability coverage in place. At HealthPlan Headquarters (HPHQ) we will help you find the policy you need with the price you can afford!
Click here for our FAQ section on Disability Income Insurance.
Come in to our HPHQ store today, contact us by phone, or complete our Individuals & Families Quote Request Form and an HPHQ Guru will contact you to discuss your situation and provide you with a quote.
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