Despite all of the emphasis recently on major-medical health coverage, let’s not forget three other forms of policies which can provide valuable protection for you, your employees and respective families within the event of harm or illness.
1. Disability Insurance
Only 31 percent of american citizens are protected by disability insurance and half those believe they wish more coverage, a 2012 LIMRA and LIFE Foundation Insurance Barometer Study found . Disability insurance helps protect employees’ most useful asset: their income and skill to make money.
Without steady paychecks, many would find it difficult — and even impossible — to pay the monthly mortgage or rent, car and bank card payments, utility and food bills, education costs, etc. In actual fact, half all U.S. households examined would struggle to come back up with $2,000 within a month, a study 2013 from the National Bureau of financial Research determined (PDF).
Disability insurance could help alleviate a number of the financial stress when disabling accidents bring about tightened purse strings.
2. Cancer or Specified Disease Insurance
An estimated 1.6 million Americans were expected to be diagnosed with cancer by the tip of 2013. Cancer or specified-disease insurance can go some distance toward helping families concentrate on recovery, in preference to on financial concerns.
A supplemental policy may also help protect a patient’s savings from expenses that aren’t covered by major medical health insurance. These include deductibles, out-of-network specialists, experimental cancer treatment, travel and lodging when treatment is way from home, child care and household help, and normal living expenses.
3. Life Insurance
Finally, life insurance isn’t fun to consider, but is essential to a family’s health should a household suddenly lose an income to death. Without it, a family’s entire way of life could change drastically.
Life policies that pay cash benefits may be used to pay remaining medical costs, cover funeral expenses, or pay monthly household bills. They could also be used to make certain a kid can do something so simple as continue dance lessons or as momentous as attend college.
Women, Too, Want to Pay Attention
When providing benefit plans and making benefit choices, it will be self-evident that female employees and feminine business owners today have concerns just as do males in terms of continuing the family lifestyle or taking care of dependent children on the subject of an emergency.
Consider these points in terms of women business owners and girls employees:
- The variety of women ages 25 to 64 currently inside the labor force with a faculty degree roughly tripled from 1970 to 2011, according (PDF) to the U.S. Bureau of work Statistics.
- The earnings of those women have also increased in proportion to men’s through the years, the Pew Research Center finds , and
- Mothers are the only or primary providers for kids in four out of 10 homes, the U.S. Department of work has determined .
So don’t forget to evaluate the purposes of the feminine segment of the workforce.
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