Life insurance provides your beneficiaries a death benefit in the event of your death. With a life insurance policy, you can protect your family financially if you die.
However, other things can happen to you and prevent you from working. This could jeopardize your family’s financial security. There are insurance policies that complement life insurance policies. These extra policies can protect your family when facing other life-altering conditions.
In many instances, people who develop cancer can’t work. This might jeopardize their ability to afford treatment. A cancer patient may have to quit work and forfeit his or her employer's coverage.
With a cancer insurance policy, you can get financial assistance with your medical expenses.
Beyond cancer, Americans battle with many types of critical illnesses. Some of these illnesses force them to have serious surgeries. Critical illness coverage typically covers medical emergencies like angioplasty, paralysis, or major organ transplants.
If you meet the conditions of the policy, you usually get a lump sum payment. A critical illness policy can provide for your family and help you receive the treatment you need. It will also likely prevent you from using the living benefit of your life insurance policy.
Short- and Long-Term Disability Insurance
People experience work-related or other types of injuries all the time. In some instances, they are not able to return to work due to a permanent disability.
In situations like this, family members often must make ends meet financially. This can lead to a financial disaster either with or without a savings account. One way to protect your accounts from the effects of disabilities is by purchasing both a short-term and long-term disability policy.
Both policies work to ensure your family has at least a portion of your income for a certain number of weeks. These policies generally help you meet your monthly obligations without spending your savings.
Accidental Death and Dismemberment
Accidental death and dismemberment (ADD) is another policy you must consider. The policy pays you if you accidentally die or something dismembers you. The coverage is evidenced by its name.
An ADD policy will financially secure your family if you die an accidental death. It might add an extra layer of protection to life insurance.
We offer a suite of insurance products to meet your needs. Are you interested in getting additional insurance services? Or do you simply want to review your life insurance policy? We encourage you to give Lakenan Insurance a call today at 314-721-1500. You can also explore our website for more information.