Life throws many unexpected things at all of us. While we usually can’t stop these things from occurring, we can opt to give our lives a bit of protection. Insurance is meant to give us some measure of protection, at least financially, should a disaster happen. There are numerous insurance options available and many financial experts tell us that we need to have these insurance policies in place. Yet, with so many options, it can be difficult to determine what insurance you really need. Purchasing the right insurance is always determined by your specific situation. Factors such as children, age, lifestyle and employment benefits are all points to consider when planning your insurance portfolio.
There are however, three insurances that most financial experts recommend that all of us have: life, health and long-term disability. Each one of these covers a specific aspect of your life and each one is very important to your financial future.
Life Insurance
The greatest factor in having life insurance is providing for those you leave behind. This is extremely important if you have a family that is dependent on your salary to pay the bills. Industry experts suggest a life insurance policy should cover “ten times your yearly income.” This sum would provide enough money to cover existing expenses, funeral expenses and give your family a financial cushion. That cushion will help them re-group after your death.
When estimating the amount of life insurance coverage you need, remember to factor in not only funeral expenses, but also mortgage payments and living expenses such as loans, credit cards and taxes, but also child care and future college costs.
Dental Insurance
Oral health is closely linked to your overall health. Dental disease can contribute to cardiovascular disease, respiratory illness, diabetes and other health issues. With regular exams and cleanings, your dentist can help identify warning signs and symptoms of these diseases, before they become larger problems.
Most benefit programs, emphasize prevention and include incentives for receiving regular preventive care. It often costs less to prevent dental disease than to perform major restorative work later. Typically, individuals with a dental plan are more likely to visit their dentists more often, resulting in better oral health and lower treatment costs down the road.
A Dental plan works very similar to a medical insurance plan. You pay a specific monthly Premium, and are therefore entitled to certain benefits, including regular checkups, cleanings, x-rays, and certain services required to promote general dental health.
Health Insurance
A recent Harvard study noted that statistically, “your family is just one serious illness away from bankruptcy.” They also concluded that, “62% of all personal bankruptcies in the U.S. in 2007 were caused by health problems and 78% of those filers had medical insurance at the start of their illness.”
Those numbers alone should urge you to obtain health insurance, or increase your current coverage. The key to finding adequate coverage is shopping around. While the best option and the least expensive is participating in your employer’s insurance program, many smaller businesses do not offer this benefit.
Vision Insurance
Even if you have perfect vision, proper preventative eye care is an essential practice towards ensuring the health of your vision in the years to come. The most important step is receiving routine examinations from a qualified eye care professional. Individuals between the ages of 20 to 40 are recommended an exam every 5 years or so, provided no visual changes or injury has occurred. Individuals over the age of 40 should have an exam every 2 years or so. Plan features and benefits will vary depending on the provider.
Cosmo Insurance Agency is a full-service independent insurance agency based in Hackensack (Bergen County) and Lakewood (Ocean County), New Jersey that offers an all-encompassing range of insurance options for both individuals and businesses. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating our knowledge of the insurance guidelines for healthcare, employee benefits, life insurance, self-insurance, dental, disability, and long term care insurance, we keep our clients up-to-date with affordable plans that cover all their specific insurance needs.
