Making the Most of Your Insurance
The next time you review your family finances, it may pay to take your insurance into account. That’s because beyond medical and dental cover-age there are a number of forms of insurance that can help protect some of your family’s assets and lifestyle.
Protect Your Income
Consider: How would your family get by if you were seriously ill or injured and couldn’t work? Disability insurance—sometimes called income protection insurance—can help replace lost in -come if you’re unable to work due to an illness or injury. Many employers offer disability income insurance but, according to the Council for Disability Awareness, approximately 100 million U.S. workers are without it. A disability policy can provide cash benefits to minimize financial risk while you’re recovering from a disabling injury or illness. Coverage is available at different levels, but the best policies will generally cover accidents and illnesses, pay for partial or recurring disabilities and offer an inflation-adjustment feature.
Protect Your Credit
A recent study by Harvard University researchers found 50 percent of all bankruptcy filings were partly due to medical expenses. Supplemental insurance plans can be used to help cover some out-of-pocket medical expenses such as deductibles and co-pays. Supplemental policies generally pay cash benefits directly to the policyholder. Because the benefits are based on a qualifying occurrence—such as an accident or hospitalization—they’re payable regardless of other insurance coverage and can be used as the policyholder chooses.
Protect Your Family
A sudden death can inflict more than emotional grief. Lost income as well as final expenses can add financial distress to an already difficult and painful situation. Life insurance—available in many forms and benefit levels—can help ease the financial burden of an unexpected loss. Not only can life insurance provide a financial cushion to help make up for lost income, a small supplemental life insurance policy (with benefits of $10,000 to $25,000) can be relatively inexpensive and benefits provided can be used to help cover immediate expenses such as funeral costs. Using your insurance to help protect not just your health but also your finances, can help you make the most of your coverage.
Everyone’s situation is different, so it’s important to look at your specific needs. Combined Insurance offers a free, downloadable needs assessment to help you evaluate your situation. Go to combinedinsurance.com/myneeds or call (877) 566-8760 for a free copy of the questionnaire.
About Combined Insurance
Combined Insurance (www.combinedinsurance.com) is a leading provider of supplemental accident, health and life insurance products and is a member of the ACE Group of Companies. With a field sales force and corporate staff in excess of 10,000 people worldwide, Combined Insurance meets the growing coverage needs of policyholders around the globe. For more information, call 1-800-490-1322 or visit combinedinsurance.com.
ACE Group is one of the world’s largest multiline property and casualty insurers. With operations in 54 countries, ACE provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. ACE Limited, the parent company of ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index. Additional information can be found at acegroup.com.
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