Article : Importance of Life, Health and Long Term Care Insurance

source : selfgrowth.com

by Matt Marksbury

Many of us do not have any or not enough Life, Health and LTC Insurance and we should really take a deeper look at all three to protect our families’ future.

Let us start off with Life Insurance. Most people especially the younger generation do not see the need for Life insurance. People believe that if they cannot actually use something after they are dead it is of no use to them but they are wrong. All Life policies do build cash value over time and it is generally very cheap to buy. Whole life products are the most expensive but will build into a very important investment tool for your future years of retirement or if you ever need to cash it in for you can. Term Life and Universal Life also build cash value over time and can be surrendered at a future point for its current cash value, it can also be sold to a third party in a vaticle agreement if you are ever diagnosed with a life threatening disease.

Health Insurance is one of our country’s biggest obstacles just for the plain fact that it is really expensive and for some hard to obtain if they have an illness. Without health insurance one can lose everything they own if they were to get ill. For example let’s say you get diagnosed with cancer you’re looking at least 6-12 months of no work, which would decimate most people’s savings account if they even have one and without insurance to pay the bills the courts can take your assets including your home to pay the balance. Over 50% of bankruptcies are caused by a sickness. Once you are diagnosed with a life threatening sickness and you don't have coverage in place obtaining a traditional policy is very difficult and in most cases impossible, and then your only option is to obtain a guaranteed issue product which does give you some level of protection but not nearly as much as major medical plan or a catastrophic policy. ...

read all...