Do you ever sit back and wonder what would happen to your family if you became ill or disabled and couldn’t work to earn a living? Personally, I shudder to think about how terrible that scenario would be. As a working mother, my income is just as important to my family as my husband’s is. We survive on two incomes, as do many American families today. While my husband’s employer provides us with an incredible insurance policy, we will still be faced with outrageous out of pocket expenses that will not be covered, including our everyday expenses. It is important for us to consider supplemental insurance policies that will allow our family to continue our lifestyle, living as close to normal as possible, in the event of an accident or illness.
6 Supplemental Insurance Policies You Should Know About:
- Critical Illness Insurance: No one is immune to life-altering illnesses. Critical illness insurance helps to protect your pocket from initial diagnosis through treatment for all covered health events. Baby boomers and Gen-xers who have a family history of heart disease, stroke or heart attack should consider carrying this insurance.
- Accident Insurance: This insurance helps to provide financial protection in the event of a covered accident. Benefits will be paid for treatments such as x-rays, physical therapy, emergency room visits and more. Parents with accident prone children, athletes and adventure-seekers should considering this type of insurance.
- Cancer Insurance: Scary statistics say that the lifetime risk for developing cancer is slightly less than 1 in 2 for men and a little more than 1 in 3 for women. Having a cancer insurance policy can help protect you from the high costs associated from being diagnosed, including treatment and extra child care, transportation and even everyday expenses such as mortgage payments and groceries. Millennials and parents of dependent children should consider policies such as this.
- Hospital Indemnity Insurance: Between co-payments, out-of-pocket maximums and other hospital related costs, the average hospital stay runs a steep $10,400.60! Hospital insurance policies pay for hospital stays with optional benefits that cover diagnostics, surgery, ambulance transport and more. Those who should consider this plan are those with high deductible health policies, parents and millennials.
- Life Insurance: It’s the one type of insurance we hope we will never need, but the reality is it exists for a reason. Life insurance policies will allow your families to have money to cover burial expenses, pay off debts and continue to pay the mortgage. It may also help to ensure a child’s college fund or money for retirement. Those who should consider life insurance include parents with young children, baby boomers, Generation Y, Generation Z and millennials.
- Disability Insurance: Should you become disabled, it is a mistake to believe that Social Security will pay out. If they do pay out, it will most likely not cover the standard of living that you are used it. Short-term disability insurance pays a percentage of your income if you are unable to work due to covered illness or injury. Benefits are paid directly to you, and you can use these to supplement any Social Security or worker’s compensation benefits you may be receiving. Those with young children should especially consider this type of policy.
Having supplemental insurance policies are a huge relief, knowing that we are well covered and do not need to worry about expenses in the event of a catastrophic health issue. We always hope that this is insurance that we will never need to use, but I can assure you that we will be thankful if the day comes where we actually need to use it. With Aflac supplemental insurance policies, you can find great insurance coverage for yourself and your family. It is up to you to provide adequate coverage in order to meet the needs of your family. Those who don’t set aside time to research their insurance options often end up with inadequate health care protection. Take the time during this open enrollment season in order to make the best insurance decision for your family, and consider any supplemental insurance policies your employer may offer. You never know, it could end up saving you a fortune in the long run.
I was selected for this opportunity as a member of Clever Girls and the content and opinions expressed here are all my own.