Accidents and disasters can and do happen and if you aren’t adequately insured, it could leave you in financial ruin. From mortgage life insurance to critical illness coverage, here are 3 types of insurance you simply can’t do without.
Insurance is a way of managing risks. When you buy insurance, you transfer the cost of a potential loss to the insurance company in exchange for a fee, known as a premium. These companies then invest the funds securely so it can pay out when you have a claim.
Insurance can help you:
- own a home, because mortgage lenders need to know your home is protected.
- drive vehicles, because it helps you afford the repairs, health care costs, and legal expenses associated with injuries and collisions without coverage.
- maintain your current standard of living if you become injured or have a critical illness.
- cover certain health care costs such as dental care, vision care, and other health-related services.
- provide for your family in the event of your death.
Flexible Mortgage Life Insurance
At 20/20, we offer comprehensive coverage for all of life’s unexpected moments, from mortgage life insurance to critical care and disability coverage to ensure you and your family remain financially stable, no matter what hardships you may face.
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3 Types of Insurance You Cannot Do Without
You’ve worked hard to build a solid financial footing for you and your family, so you want to be sure that everything is protected. Accidents and disasters can happen and if you aren’t adequately insured, it could ruin your financial stability.
You need insurance to protect your life, your ability to earn income, and keep a roof over your head. Here are 3 types of insurance you should make sure you have:
1. Mortgage Life Insurance
If you own a house, your mortgage is likely to be one of your largest monthly expenses. Have you ever thought about how your loved ones would keep up with the repayments in the event something were to happen to you?
A mortgage life insurance policy is designed specifically to repay your outstanding mortgage if something were to happen to you. It ensures your family NEVER loses the roof over their head and will allow them to:
- continue to live in a mortgage-free house for as long as they want
- cope financially in the event of your death
- have peace of mind knowing they’ll never lose their home
- spend your insurance funds in a responsible and beneficial manner
Few things can give you the happiness and peace of mind from knowing that your family is taken care of at the time of your death and a mortgage insurance policy will ensure just that.
2. Critical Illness Coverage
Critical illness coverage is a type of insurance that pays out a lump sum if you’re diagnosed with a specific medical condition or illness listed on your policy. It’s designed to support you and your family financially while you deal with your diagnosis - so you can focus completely on your recovery without worrying about paying the bills.
A critical illness coverage will:
- act as an income replacement
- give you peace of mind so you can concentrate fully on your recovery
- protect your family from any financial hardships or setbacks that arise from your diagnosis and high treatment costs.
If you don’t have an emergency fund to fall back on in case you become seriously ill and your family depends heavily on your salary for their livelihood, then critical illness is absolutely crucial to ensuring your financial stability.
3. Disability Insurance
Disability insurance covers you from loss of income when an accident or injury occurs and is designed specifically to help you cover your expenses when you are unable to work and earn an income.
Here are three reasons why you need disability insurance:
- Your dependents (spouse, children, elderly parents) need your income to ensure their quality of life.
- It removes any stress or discomfort you may face during your recovery, allowing you to focus on truly healing as quickly as possible.
- It protects your family from debt and/or financial ruin.
Whatever your job, the risk of injury is always there, which is why it’s so important to purchase disability insurance to make sure that, no matter what life throws your way, your loved ones will always be protected.
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To find out more about our mortgage life insurance, critical care coverage, and disability insurance policies, and how we help protect your home and family, contact one of our licensed agents at 1-844-974-2020 or fill in our online contact form.
