Discover What Kind of Insurance Will Protect You as A Single Person

Discover What Kind of Insurance Will Protect You as A Single Person

You’re on your own. You need to protect yourself and your financial future. Insurance offers the security of knowing your savings won’t be used up in a crisis.

An accident could prevent you from working for a few months, or even years. How will you support yourself? Another potential threat is a serious health issue. The probability of either happening to you at some point in your career is greater than you might think. Private disability and critical illness insurance can provide income and other supports if you ever need them. The probability of not being able to work due to injury or illness is three times more likely than dying before the age of 65.

Okay, but you’re working; isn’t this provided through workplace insurance? Workplace policies tend to offer only basic coverage and benefits. Take a good look at what you are getting with that set menu of options in the policy you signed. Ask the HR department to give you the details.

Then ask your Financial Advisor for help to calculate if it’s enough to meet your needs. Typically, you will find it sensible to have extra insurance. So that you are properly protected.

Today’s working world is turbulent and often uncertain. Many younger workers know they will switch employers often as part of their career. You lose your workplace insurance each time you change jobs, and a new employer may not offer the same coverages. Today’s gig economy also sees people working in multiple roles with no benefits. Which leaves you vulnerable if anything should happen.

Your own insurance ensures you will never drop through the cracks, even if you become self-employed. It offers the comfort of knowing that you have diligently protected yourself from unexpected threats to your health and security.

Here are two types of private insurance to consider.

Depending on the policy, disability insurance provides a stream of replacement income. Critical illness insurance pays a one-time lump sum amount for your use, in whatever way you choose.

A short or long-term disability can result from an injury, a serious illness, or a mental health issue. Disability insurance can cover a portion of your income. It provides support if you find yourself unable to work.

Critical illness insurance offers a financial resource at the time you need it most. It gives you flexibility to fund healthcare expenses, seek the best medical care possible, and replace lost income. The type of health issues covered will depend on the policy.

Protect your financial security with disability and critical illness insurance. Ask your Financial Advisor to help you determine the optimal coverage for your needs.

29 thoughts on “Discover What Kind of Insurance Will Protect You as A Single Person

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