Your employer offers an insurance package to you if you work full time. These benefits can include many different policies other than your typical health insurance. Here are a few of the most common types of supplemental insurance offered.
• Disability Insurance
When you are unable to work due to an accident or sickness, disability insurance will pay a portion of your income to you monthly. This includes many on the job accidents, as well as sick leave and even mental disabilities. Short and long term options are available, or you can choose to purchase both to ensure that you will have some type of income coming in even if you are unable to work.
• Long Term Care Insurance
When you need extensive care for a long period of time or even the rest of your life, these costs can quickly add up. Long term care insurance will help cover care for you if you are unable to take care of your basic needs, including bathing, eating, walking, etc. This type of care also includes hospice and assisted living care, which can be a financial drain upon your family.
• Accident Insurance
If you are injured in an accident or killed in an accident, accident insurance can pay out money to your beneficiaries or to you to cover costs that may not be covered by your regular health insurance, such as copays, etc. Anyone can purchase it, but those who work in high-risk occupations should especially consider it, as it can become a lifesaver if you need it.
• Critical Illness Insurance
This type of insurance pays a lump sum to the insured if they are diagnosed with one of the critical illnesses that are listed in the policy. It can really be a help, as you never know when or if you are going to be diagnosed with an illness. Some of the most commonly covered illnesses are Alzheimer’s, Parkinson’s, heart disease, and some terminal illnesses as well, including cancer.
• Cancer Insurance
A diagnosis of cancer can be one of the most frightening things that you can receive. Cancer insurance can help cover those costs that are associated with treatment, including progress scans, copays, and more.
While no one wants to think about needing insurance, if you are in an accident or you need medical care for an illness, you will be glad to have it. That is why you want to carefully consider any supplemental coverage that you may want and need.