The Hanna Agency specializes in providing information about three (3) types of insurances: life insurance, long term care insurance, and disability income insurance.
Which of these three insurances you need for you and your family depends entirely on your situation. That's why recommend that - after you read about the basics of each insurance - you reach out to one of our agents to set a time to discuss.
Let's start with life insurance.
What is life insurance?
Life insurance is a simple answer to a difficult question: "How will my loved ones manage financially if I were to die?" If anyone depends on your income or the unpaid work you do, they would most likely struggle if you were to pass away.
Life insurance pays cash—also known as a death benefit—to your loved ones when you die. It replaces your income and the many non-paid ways you support your household. Your family can use this cash to help pay for immediate and ongoing expenses like funeral costs, daily expenses, a mortgage or rent, and keep a business afloat. It can also be used for future expenses like college tuition, retirement and more.
There are two types of life insurance, generally speaking:
What is long term care insurance?
Long Term Care Insurance does precisely what it sounds like. It is insurance you purchase now, when you are young and healthy, to cover the costs of long term care services as you age.
Why would someone need this? Well, chances are most of us will need help at some point in our lives. In fact, those turning 65 today have an almost 70% chance of needing some type of long-term care services as they age, and 20% will need it for longer than five years.
Below we've collected some great starting places for someone, like yourself, who is looking into how to best obtain long-term care insurance for yourself or a loved one.
What is disability income insurance?
Disability Income Insurance pays you a portion of your salary if an illness or injury prevents you from working. But as a high-income earner, coverage offered through work is typically not enough. It’s important to consider the following:
Disability insurance typically covers between 50% and 70% of your income. However, coverage at work generally wouldn’t include things like bonuses and would cap the amount of income covered. Do you know what that cap is, and is it enough to maintain your lifestyle?
Know what you have at work. Do you have short- term or long-term disability insurance coverage, or both? How long does it take before the benefits start? Is there a limit on the benefit period, such as three or five years? Make an appointment with your HR representative to find out.
Join the Accountability Club. Get a gentle bi-weekly reminder - from us - that you wanted to purchase insurance.
