I recently appeared on Steve Savant’s Money, The Name of the Game. This is episode 2 of a 5 part series regarding Voluntary Benefits. Below are excerpts from the press release announcing this episode. You can listen to the audio as a podcast or watch the video that appears at the bottom of this page.
Once the consumer is ready to sit down with a Voluntary Benefits agent, they need to understand the types of policies that may be available and how they might fit their needs.
Disability – This is the easiest Voluntary Benefits policy for most people to understand. Disability pays the policyholder if they are unable to work due to an accident or illness. Most financial planners recommend that their clients protect their most important asset; their ability to earn an income.
Accident – The most popular Voluntary Benefits policy for many insurance companies is their accident plan. These programs usually cover everything from cuts that need stitches to major accidents needing an air ambulance, and everything in between. The benefits are tied directly to the seriousness of the accident.
Critical Illness – These policies are very customizable based on the client’s needs. The customer can purchase a policy that covers just one type of critical illness such as cancer. There are also critical illness policies that cover multiple serious issues such as cancer, heart attack, stroke, parallelization and other conditions.
Life Insurance – LIMRA, which is a worldwide research organization, that for 102 years has kept a pulse on the Life Insurance market, published a study in 2016 that found 56% of American households don’t have life insurance. More alarmingly over 50% of those that had life insurance recognize the need for more. Overall, 7 in 10 of all households said they would have trouble covering everyday living expenses after just a few months if the primary wage earner died.
As a consumer, you need to make sure that you protect your family from the devastating financial realities that often ensue after a serious accident or illness. To make sure your family is protected you must choose the right policies for your family.