Did you know that one-third of Americans making $75,000 and up annually are living paycheck to paycheck? And that the average family has less than $1,000 in their savings? Are you one of these statistics?
If you answered yes, have you considered how you would care for your family in the event that you are disabled or fall too ill to work?
Even with health insurance coverage, critical illnesses, such as cancer, stroke, or heart attack can greatly reduce your family’s income. And even if you have long-term disability through your employer, you will only receive about 60% of your salary, leaving a huge gap in your income.
There is a solution, however. There are a two different insurance programs that can help protect you and your family, preparing you for a critical illness or a disability:
Critical Illness Insurance
In the even that you have suffered a major covered health event, such as cancer, kidney failure, or a heart attack, a critical illness insurance plan will supplement your typical health insurance coverage, providing a lump-sum payment to defray out-of-pocket costs and lost income.
Disability Income Insurance
In the even that you have suffered on the more common causes of disability such as, illnesses and serious accidents, disability income insurance will pay a monthly benefit, which will cover part of your salary, any bonuses, as well as commissions that you will be missing.
Regardless of your age, a disability or critical illness can financially devastate your family. It is critical to ensure that you plan ahead and are prepared to handle these illnesses or injuries in the event that they do occur.
For more information, or to see your options when it comes to your insurance policy, contact Brazelton Insurance Group today.