life insurance

Sep

2023

What If I Get Diagnosed With A Chronic, Critical or Terminal Illness?

Chronic illness coverage is insurance that provides financial assistance to people who are diagnosed with a chronic illness. Chronic illnesses are long-term health conditions that can significantly impact a person’s daily life. Some examples of chronic illnesses include heart disease, cancer, diabetes, and Alzheimer’s disease.

Terminal illness coverage is insurance that provides financial assistance to people who are diagnosed with a terminal illness. Terminal illnesses are illnesses that are expected to result in death within a relatively short period of time, typically 6 to 12 months. Some examples of terminal illnesses include cancer, ALS, and Lou Gehrig’s disease.

Critical illness coverage is insurance that provides financial assistance to people who are diagnosed with a serious illness, regardless of whether the illness is terminal or chronic. Some examples of critical illnesses covered by critical illness insurance include heart attack, stroke, cancer, organ transplant, and blindness.

All three types of coverage can be valuable financial tools for people who are facing serious health challenges. Chronic illness coverage can help people pay for the high cost of treatment and care associated with chronic illnesses. Terminal illness coverage can help people pay for end-of-life care and other expenses. Critical illness coverage can help people pay for the unexpected costs associated with a serious illness, such as medical bills, travel expenses, and lost income.

Here are some specific examples of how chronic, terminal, and critical illness coverage can help people:

A person with heart disease can use chronic illness coverage to pay for the cost of medications, doctor’s visits, and rehabilitation.

A person with cancer can use terminal illness coverage to pay for experimental treatments or to make sure that their loved ones are financially taken care of after they pass away.

A person who has a stroke can use critical illness coverage to pay for the cost of rehabilitation and to help them make necessary modifications to their home.

If you are concerned about the financial impact of a serious illness, you may want to consider purchasing chronic, terminal, or critical illness coverage. These types of coverage can provide much-needed financial assistance during a difficult time.

Jan

2023

3 Types Of Insurance To Buy In 2023

With 2023 just starting, now is a natural time for introspection, putting a bow on the old year and evaluating your goals for the future.

Consider using this time to review your finances and set long-term goals. It’s also wise to re-evaluate your financial protections, including insurance, to ensure your coverage suits your needs.
3 insurance types to have in 2023

Let’s dive into three popular insurance types to have in 2023 and how to optimize them.

LIFE INSURANCE
It’s essential to have sufficient life insurance to protect your family (or anyone that depends on you) from significant financial losses if you pass away.

Life insurance pays out a death benefit when you pass, which could benefit your beneficiaries in numerous ways. If you already have life insurance, now is an excellent time to review your policy options and coverage amounts to ensure your designations still address your needs.

“Ask a trusted advisor to review your insurance coverage because, depending on your policies, you may have decisions that you need to make,” advises Brian K Bruggeman, CFP, CTFA, director of financial planning at asset management bank Baker Boyer.

“For example, you may need to decide whether to renew or not, whether it’s worth it to pay an increasing premium, or even how the policy is owned depending on your overall financial plan.”

You can also benefit from revising the frequency of your payments. “Many life insurance carriers will offer a discount for paying annually,” says Herman (Tommy) Thompson, Jr., CFP, a financial planner at Innovative Financial Group. “This could lead to an 8% savings per year.”

If you’re in the market for life insurance – or want to adjust your existing policy – start by getting a free online price estimate now so you know exactly what to expect.

PET INSURANCE
Pet insurance may allow you to choose treatments for your ill or injured pet based on what your pet needs, not what your budget can afford. Veterinary bills can be costly, but most pet insurance policies can reimburse you for up to 80% of the vet bill minus your deductible.

Generally, pet insurance is affordable, ranging from $15 to $40 per month to insure your cat and $30 to $70 for a dog. That’s a reasonable price considering the peace of mind you’ll have, knowing a pricey vet bill won’t wipe out your finances.

If you currently own pet insurance, consider adjusting your coverage to meet your changing needs. For example, if your plan is too expensive for your budget, some providers like Lemonade offer a baseline package for as low as $10 per month. If you like your coverage plan, you can still potentially lower your payment by 10% or 15% by changing your deductible, annual benefit amount or reimbursement percentage.

Most pet insurance companies make it easy to manage your policy online and devise a coverage plan that’s perfect for your pet without breaking your budget.

You can request a free pet insurance quote now.

TRAVEL INSURANCE
You might consider getting travel insurance for many reasons, but the main benefit is to protect your wallet and give you financial relief if something impacts your trip. Depending on your policy, your policy may cover a wide array of travel situations, such as:
• If something happens that prevents you from taking a booked trip
• If something happens during your trip that costs you financially
• If your luggage is lost or damaged
• If you suffer an illness or injury that needs medical treatment

When purchasing travel insurance, time is of the essence. Buy travel insurance soon after booking your flight or lodging to make sure you’re protected against an event that delays your trip or causes you to cancel it altogether.

Also, remember that travel insurance isn’t only for international travelers, as is often claimed. Given the prices in the current travel environment, travel insurance can also be a valuable addition to your domestic trips, especially if you’ve already paid for flights, lodging and activities.
Reach out to us online or give us a call or text at (760) 271-6651 to get more information on Travel Insurance.

THE BOTTOM LINE
As you set financial goals for the future, don’t forget to review your insurance needs. Whether you need to purchase a new policy or adjust an existing one, recognize that your coverage needs to keep up with the changes in your life. When searching for insurance, we can help you shop and compare different insurers and policy options to ensure you have the coverage you need at an affordable price.