While most people seek employment in order ato earn money to support themselves and their families, many people also find advantages in the extra perks, or benefits, offered by their employer. Perhaps one of the most valuable workplace benefits offered by employers is insurance. However, selecting the best insurance product to meet your needs can sometimes prove to be a daunting task.
Here are a few things to consider about the various work benefits that may be offered by your organization:
Long-Term Care Insurance
There may come a time when your health care needs demand more than what a traditional medical health insurance plan covers. As a result of aging and/or certain medical conditions, some people may find it difficult to perform basic activities of daily living such as bathing, walking, dressing and eating, among others. Depending on the extent of the circumstances, patients may need a private duty nurse, nursing home care, hospice care, or another type of specialized care. This is where Long-Term Care Insurance comes in handy, as it’s designed to provide a specified amount of coverage for these types of services.
There are often two options when it comes to disability insurance: Short-Term and Long-Term. In both cases, this insurance provides benefits for those who may be unable to work for a period of time as a result of an accident or injury. These types of plans normally compensate with a certain percentage of your pay while you are unable to work.
Accident insurance helps with unexpected events that are a result of an accident or injury. These plans often provide a specified amount of coverage for all treatment that may be incurred following the covered event, such as emergency room, hospital charges, radiology expenses, doctor office visits, therapies, etc.
Critical Illness/Cancer Insurance
Critical illness provides coverage for those major events in life for which one often doesn’t have much time to prepare. Illness such as heart attack, cancer and stroke are events that we don’t plan for in life, but unfortunately may occur, often without warning. As a result, the expenses for treatment can be extremely high. Critical illness normally pays a tax-free, lump sum payment in the event of a covered diagnosis.
Universal Life Insurance
This is a permanent life insurance product that normally offers guaranteed death benefit protection and a growing cash value option.