Most of us feel up to our eyeballs when it comes to insurance. Premium notices from one policy or another are constantly coming due. But the fact is, during our working years the ability to guarantee there will be enough income to fund our retirement portfolios as well as meet normal living expenses is typically guaranteed by an insurance portfolio. So what does a typical insurance portfolio look like?
Basic Elements of Insurance Portfolios:
1. Automobile insurance
If you own a car, most states require that you carry auto insurance providing a wide array of protection in the event of an accident.
2. Families - Life and Health Insurance
Families and particularly breadwinners and spouses have life insurance to provide for the well being and ongoing needs of their loved ones in the event of pre-mature death.
Health insurance provides the coverage needed for health care services in the event of an illness or injury.
3. Home Owners/Renters Insurance
Homeowners similarly carry home owners insurance to protection their property and its content from loss or damage.
4. Disability Insurance - an Essential Need!
Why do people need disability insurance? What role does it play?
Income Protection is another term for disability insurance. Generally it includes both short term disability (STD) for disabilities of up to 6 months, and long term disabilities (LTD) for disabilities exceeding 6 months.
STD and LTD benefits are complimentary. They work together to replace a portion of wage earners' lost income or salary, enabling them to sustain their dignity by providing benefits that replaces the income lost, and maintaining their own and their families' living expenses should a disability or impairment limit or prevent their working on either a temporary, (i.e., short term), long term and possibly permanent basis.
Long Term Disability (LTD) Explained
Statistics show that approximately 40% of the working population under 65 has a long term disability during their lifetime.
For people with long term or permanent disabilities who can no longer work due to a chronic or progressive condition, long term disability benefits replacing lost income has no substitute. These benefits are vital for individuals and families to sustain their established lifestyle and provide a lifeline that enables them to maintain their dignity as well.
Employers usually provide group STD and LTD coverage for employees, but cap the maximum disability benefit regardless of an employee's level of income. Therefore, high income employees, executives, medical and other professionals, including the self-employed need to supplement group benefits and/or purchase individual (LTD) insurance coverage providing adequate coverage to replace lost income, in the event of a long term or permanent disability.
Basic Elements of Insurance Portfolios:
1. Automobile insurance
If you own a car, most states require that you carry auto insurance providing a wide array of protection in the event of an accident.
2. Families - Life and Health Insurance
Families and particularly breadwinners and spouses have life insurance to provide for the well being and ongoing needs of their loved ones in the event of pre-mature death.
Health insurance provides the coverage needed for health care services in the event of an illness or injury.
3. Home Owners/Renters Insurance
Homeowners similarly carry home owners insurance to protection their property and its content from loss or damage.
4. Disability Insurance - an Essential Need!
Why do people need disability insurance? What role does it play?
Income Protection is another term for disability insurance. Generally it includes both short term disability (STD) for disabilities of up to 6 months, and long term disabilities (LTD) for disabilities exceeding 6 months.
STD and LTD benefits are complimentary. They work together to replace a portion of wage earners' lost income or salary, enabling them to sustain their dignity by providing benefits that replaces the income lost, and maintaining their own and their families' living expenses should a disability or impairment limit or prevent their working on either a temporary, (i.e., short term), long term and possibly permanent basis.
Long Term Disability (LTD) Explained
Statistics show that approximately 40% of the working population under 65 has a long term disability during their lifetime.
For people with long term or permanent disabilities who can no longer work due to a chronic or progressive condition, long term disability benefits replacing lost income has no substitute. These benefits are vital for individuals and families to sustain their established lifestyle and provide a lifeline that enables them to maintain their dignity as well.
Employers usually provide group STD and LTD coverage for employees, but cap the maximum disability benefit regardless of an employee's level of income. Therefore, high income employees, executives, medical and other professionals, including the self-employed need to supplement group benefits and/or purchase individual (LTD) insurance coverage providing adequate coverage to replace lost income, in the event of a long term or permanent disability.
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