There are three main types of personal insurance everyone should consider life insurance, long-term care insurance, and long-term disabilities insurance. Life’s unexpected problems can quickly derail long-term financial goals. Find an agent that can discuss types of insurance near Ridgewood.
If you have a family, you need life insurance. It can help to replace your income and funeral costs. There are two main types: term and permanent life insurance. Term life insurance is for a set period where permanent life insurance lasts your entire life. The latter is, not surprisingly, more expensive.
Long-term Care Insurance
The price of long-term care is hiring than most would expect. As the price of care continues to rise, investing in insurance early can pay off. Many individuals over the age of 65 find themselves in need of such care and sadly watch their retirement funds quickly melt away. There are two types: traditional and hybrid. Traditional policies are similar to term life insurance. You don’t get premiums back if you never need to use the insurance. Hybrid policies have a type of cash back provision.
Long-Term Disability Insurance
As many as one in four of individuals that are in their twenty’s currently will become disabled before they retire. Few are actually insured. Most policies will pay between 40 and 60 percent of your base salary should you become disabled.
Insurance can be confusing at times. It is hard to put money towards all those what-ifs. Consider seeking advice from an agent of insurance in Ridgewood.