Types of Coverage:

Long-term care insurance – This is an important consideration because this kind of insurance pays for things that health insurance, Medicaid, and Medicare do not pay for. This type of policy pays you a set amount each day to help you pay for the long-term care services that you need.

Disability Insurance – This type of insurance pays you a percentage of your income while you are sick or recovering from an injury. There are 2 types: short-term disability and long-term disability. Short-term typically lasts about 6 months, while long-term disability pays when you have an illness or injury that your doctor surmises will keep you out of work for a year or more. However, you will need to exhaust your short-term disability benefits before the long-term benefits pay.

Accident Insurance – This is another important supplement to your health insurance, as it pays you so much per day when you are out of work due to an accident. While your health insurance would pay a good part of the medical bills, accident insurance helps you to pay your other bills during the time you cannot work.

Critical Insurance/Cancer Insurance – These 2 insurance policies may be bundled together or sold separately. These policies pay you a lump sum when you suffer a heart attack or stroke for the critical insurance, and if you get cancer and have the cancer policy, it will pay you a lump sum.

Universal Life Insurance – This is one of the most important selections you can make, as it will help to take care of your family should you die. Premiums are flexible, but do make sure you understand how this type of life insurance works before you select it.