Health and life insurance are often provided as part as an employee benefits package. But those who are self-employed or whose employers do not offer it often go without, despite the fact that individual health and life insurance are vital to protecting you and your family from financial devastation caused by unexpected health events, and even death.
Health Insurance
Health insurance protects you and your family from future financial losses associated with health care. If you are not convinced that health care can be a financial hardship, consider the following statistics from the Blue Cross and Blue Shield Association:
- A hip replacement can cost up to $32,000
- The average cost of a trip to the emergency room for an adult is about $700, and that does not include diagnostic tests or being admitted to the hospital.
- A broken leg can cost up to $7,500.
- Pregnancy and childbirth can cost up to $8,800 for natural delivery and $10,000 for a C-section.
And these are just the tip of the iceberg. The right health insurance plan can help protect you from most of these costs, and it can help you pay for preventive care that can keep you from getting a more serious illness later on. It can also help those with chronic conditions get the care they need to keep their condition under control.
Life Insurance
It is unpleasant to think about, but your financial obligations do not necessarily go away after you die. Whether you have debts to pay or you simply want to provide for your own burial services, life insurance is the best way to provide some financial support to your family should the worst happen.
Life insurance pays a lump-sum death benefit to your beneficiaries in the event of your death. This death benefit makes cash available to your family almost immediately after your death, and it can be used to pay your debts, final expenses and estate taxes. If you plan wisely, you can even use life insurance as a source of inheritance for your heirs.
Life insurance should be part of your long-term financial plan. There are two types of life insurance: term life and permanent life.
Term life insurance provides protection for a certain period of time, such as 10, 20, or 30 years. It is the simplest form of life insurance that allows you to provide for some final expenses and income replacement for your remaining spouse and dependents.
Permanent life insurance is a very complex financial vehicle. These policies offer a long-term savings or investment component along with the death benefit.
We can provide expert advice on individual health and life insurance in New Hampshire and Maine. We will get to know you and your needs, and then find the right policy at the right price.
Do you need individual health or life insurance? What type of coverage do you have now?
