Basically, if you have a job, you need disability insurance.
When you’re single and have no one else to rely on financially, an injury or illness that keeps you out of work for a period of time can lead to financial ruin. Rent or mortgage, car payments, credit card or other debt, groceries and necessities—these are all expenses that need to be paid month in, month out. Would you be able to keep up with these financial obligations if you were physically unable to work and earn a paycheck? According to a LIFE survey, half of working Americans couldn’t make it a month before financial difficulties would set in. That’s where disability insurance comes in. Find out how it can protect your paycheck.
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Life insurance isn’t something single people with no children typically think about, but there are several reasons that make it worth considering.
If you provide financial support for siblings or aging parents, life insurance can continue to provide for them if you’re no longer around. Life insurance can also pay off any debt you have so it’s not passed on to surviving family members.
If you’re a single parent, you’re the caregiver, breadwinner, cook, chauffeur and so much more. With so much responsibility resting on your shoulders, you need to ensure you have enough life insurance to safeguard your children’s future.
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There are few moments more thrilling than when your first child is born, but your life is changed from that day forward. Now you have a family to think about as well.
Although unsettling to think about, it’s important to have financial safeguards established in the case of your untimely death. Read more about the importance of life insurance and how it can help provide your family with the financial resources they will need in the short and long term, after you’re gone.
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You understand firsthand just how costly it is to raise children. Plus, you may have kids nearing college or who are already enrolled in it.
And like many, you may also be caring for your aging parents. If you were to die, would your family be able to maintain their standard of living—continue to live in your home, keep college dreams alive? Would your spouse or partner be OK into retirement? If you’re a single parent, this issue becomes even more critical, as you are your children’s one and only. Learn more about the vital role life insurance plays in mid-life financial planning.
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It’s critical to think about disability insurance when you have a family or are planning to soon.
If a sudden injury or illness leaves you unable to work for an extended period of time, how long would you be able to make ends meet? In addition to monthly expenses such as mortgage or rent, car and credit card payments, you now also have a family to support. Find out how disability insurance can help protect your paycheck and bring you and your loved ones peace of mind.
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Even if your kids are grown, your house is paid off, and you’ve managed to set some money aside, it’s still no time to coast.
If retirement is on the horizon, your last few years of income are especially important. In the event that you’re suddenly unable to work because of injury or illness, years of sound financial planning can be undone as you scramble to pay the bills and make ends meet. Find out how disability insurance can help protect your earning power after a lifetime of hard work.
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Although most people associate long-term care with old age and infirmity, the reality is that about 40% of those receiving these types of services—from home health care to nursing home care—are under age 65.
Long-term care insurance can help cover the often high costs that accompany these services, protecting your personal savings and loved ones in the process. What’s more, the earlier you buy, the lower your premiums, so considering coverage now is a smart financial move.
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People are living longer than ever before. But as you age, the chance that you’ll need help to manage a chronic illness or disability also increases.
In fact, according to the U.S. government, almost 70% of those 65 and over will require some type of long-term care. While private health insurance and Medicare will help pay hospital and doctor bills, they won’t typically cover the costs associated with extended in-home or nursing facility care, which, at $40,000-$80,000 per year, can quickly run through your personal savings. See how long-term care insurance can help protect your nest egg and save you from becoming a burden on loved ones.
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As an empty-nester, you may think you can do away with your life insurance coverage now that your kids are on their own.
However, if you were to die, would your spouse or partner be able to maintain his or her standard of living, keep up with the mortgage and continue to save for retirement?
If you’ve already entered retirement, the years ahead can be some of the most rewarding and relaxing of your life. Even if you’ve been able to put together a nest egg, there is always more you can do. In the event of your death, life insurance can provide for your spouse or partner, create a legacy for your children and grandchildren, pay for funeral expenses and ensure that your estate is passed on to your family tax-free.
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