The greater your income and assets increase the more you risk to loose. Personal Umbrellas are designed to cover excess coverage above the limits placed on your auto, homeowners, and possibly boat insurance coverage. These policies usually cover up to hundreds of thousands of dollars but the way million dollar lawsuits occur in this day and age it might not be enough.Personal Umbrella coverage also goes beyond what they normally cover to include protection against non-business related personal injury liabilities such as slander, libel, wrongful eviction or false arrest. It also provides legal defense for a covered loss. With an average cost of about $380 a policy with limits $1 to $2 million of protection might be what is necessary to give you that extra piece of mind.
Short Term Disability
Could you imagine if you could not work for 1 or 2 years due to an injury or illness. How would that affect your savings? Disability Insurance helps protect your monthly income in case the unexpected happens. A monthly benefit would be available to help pay the mortgage, car payments, groceries, utilities, and possibly much more until you are able to get back on your feet.
Long Term Care
Long-term care insurance policies reimburse a daily amount (up to a pre-selected limit) for services required to assist with activities of daily living such as eating, dressing, or bathing. It may be possible to receive this benefit from the comfort of your own home or at a nursing home care up to the policy limits. The earlier that you lock in the rate the less expensive it will be to secure this coverage at a later time.
What Long Term Care Insurance can accomplish:
Durable medical equipment
Balance the help you receive from you loved ones with professional care giving services
Stay at home as long as possible while getting the care you deserve
Protect a portion of what you accumulated at retirement from the cost of long-term care services
In the past, people used to have to come up with the money to cover expenses arising from the effect of being diagnosed with a critical illness. Products like major medical and disability insurance, while important, aren’t designed to meet needs like these. Critical Illness insurance pays an up-front cash benefit upon diagnosis (as defined by the policy) of a covered critical illness. How you use the money is completely up to you.
Heart Disease, Stroke, and Cancer Statistics:
About 85.6 million Americans are living with some form of cardiovascular disease or the after-effects of stroke.¹
About 795,000 people have a stroke every year.¹
Stroke is a leading cause of disability.¹
The number of people living beyond a cancer diagnosis reached nearly 14.5 million in 2014 and is expected to rise to almost 19 million by 2024.²
Approximately 39.6% of men and women will be diagnosed with cancer at some point during their lifetimes (based on 2010-2012 data).²
In 2014, an estimated 15,780 children and adolescents ages 0 to 19 were diagnosed with cancer and 1,960 died of the disease.²
In 2016, an estimated 1,685,210 new cases of cancer will be diagnosed in the United States and 595,690 people will die from the disease.²
National expenditures for cancer care in the United States totaled nearly $125 billion in 2010 and could reach $156 billion in 2020.²
¹Heart disease and stroke statistics—2016 update: a report from the American Heart Association
²Cancer statistics from the The National Cancer Institute
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