Are you underinsured? Do you have the right kinds of coverage? Evaluating your disability, life and health insurance coverage can seem daunting: many factors to consider, totals to tally. But getting it right is vital in providing for your family’s future. Here are some tools to help you get started.
Disability insurance
According to the National Safety Council, a disabling injury happens every second. That's why disability insurance is so important to have. How would you cover housing or put food on the table if you were injured? Disability insurance replaces a percentage of your monthly income to help guard your financial stability. Most American workers can’t afford to become disabled; in fact, 72% of them don’t have enough savings to meet short-term emergencies, according to an A.G. Edwards survey. Use this disability insurance calculator to help determine how much coverage you may need.
Life insurance
Almost half (45%) of widows say their spouse was inadequately insured, according to a LIMRA International study. How much will your family need to maintain the same standard of living after you’re gone? Income replacement is just one consideration; debts, funeral costs, outstanding obligations and future commitments also come into play. Use this life insurance calculator to help you determine an appropriate amount of coverage.
Health insurance
Over $2,000 could flow out of your wallet this year due to out-of-pocket healthcare costs, such as copayments, coinsurance and deductibles, according to a Hewitt study. Do you know how to anticipate those costs and use your current health plan to keep healthcare costs down? You’ve likely chosen a health plan for 2011. Now learn nine ways to find money in your plan – and keep it in your wallet. Equip yourself to get the most of out of your health plan by becoming an empowered healthcare consumer. You’ll save money, time and effort – now that’s something to feel good about.
For more tools to help you make the right insurance decisions for your family, visit our Tools and Education webpage.