Supplemental Plans

Life insurance is important because it provides financial security and protection for your loved ones, helps cover immediate expenses, and can play a crucial role in long-term financial planning. It offers peace of mind and ensures that your family’s financial well-being is safeguarded in case of an unexpected tragedy.

Life insurance can be used to pay off outstanding debts, such as mortgages, car loans, credit card balances, and personal loans. This can prevent your family from inheriting your debts and facing financial hardship.

The cost of a funeral and burial or cremation can be substantial. Life insurance can cover these expenses, relieving your family of the financial burden during an already difficult time.

Some reasons why you may need travel insurance.

• Last minute cancelled flights, flight delays and missed connections due to late arrivals create additional expenses for you as you cope with the problem.
• Because accidents can — and do — happen while traveling creating an unexpected medical emergency.
• Because your health insurance probably won’t work overseas.
• Because medical evacuations can be really expensive.
• Because you risk losing all your money if a trip has to be cancelled.
• Because your missing bag has all the stuff you need for your stay and you need to quickly buy some things until your bag is hopefully found. If the bag is not found you need insurance to pay for what you lost.

Pets provide us with companionship, entertainment, feelings of security as they seek to alert us to danger and even comfort when they sense we are ill. They enrich our daily lives.

As a pet owner you are well-acquainted with providing for the ongoing needs of your pet including routine visits to the vet. But what would happen if your pet were badly injured or became seriously ill? Would you be able to handle the cost of expensive surgery, hospitalization or the cost of treatment for cancer from a specialist. Being forced to euthanize pets because you cannot afford the teatment to save them is very hard for those of us who genuinely feel a pet is a member of the family like this handsome guy in the picture.

Pet insurance can be moderately expensive but it will give you the peace of mind of knowing you can cover expensive life-saving treatments should they be required.

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Cancer continues to be the second leading cause of death in the United States. The good news is that the death rate from cancer has been going down so that only about a quarter of deaths are now from cancer. Soon cancer treatments may be able to be custom-designed based on a patient’s DNA. Your existing plan likely includes coverage for cancer. Cancer treatments like surgery, chemotherapy, cancer drugs, radiation and emerging biologically-based innovations are expensive however. If you have a policy with a high deductible amount, your initial challenge may be to pay enough so that future charges are totally covered. The percentage of the copay on some policies may be as high as 20% of the cost each treatment or medication. This percentage can be a considerable amount of money in the case of cancer. If you are retired on a fixed income and are on a Medicare Advantage Plan, these amounts may quickly exceed your budget and wipe out any savings you may have. Adding cancer insurance to your health care can give you the peace of mind.

When it comes to the health of you and your family, unexpected or long-term hospitalizations should not be a time to worry about medical costs. Hospital indemnity insurance helps by putting recovery first over hospital bills.

Hospital indemnity insurance supplements your existing health insurance coverage by helping pay expenses for hospital stays. Depending on the plan, hospital indemnity insurance gives you cash payments to help you pay for the added expenses that may come while you recover. Typically plans pay based on the number of days of hospitalization.

Even if your medical insurance covers most of your hospitalization, you can still receive payments from your hospital indemnity insurance plan for extra expenses while recovering.

Accident insurance provides you with a one-time, lump-sum payment to use at your discretion for designated accidents like concussions or broken bones. It’s meant to be a supplemental plan,used in conjunction with, but not a replacement for, a regular health insurance plan.

Accident insurance helps you cover medical and other out-of-pocket costs that you may incur after an accidental injury. This includes emergency treatment, hospital stays, medical exams, as well as other expenses you may face such as transportation and lodging needs. Some policies pay a death benefit to beneficiaries in the case of a fatal accident for a slightly higher premium.

Accident insurance may be a valuable form of insurance if you are accident prone or live in an environment where falls are likely cold winter environments. You may find it is surprisingly affordable.