One of the main benefits of any job is the provision of workplace benefits. These work benefits include things such as retirement, healthcare, and most importantly, insurance. There are several major forms of insurance that you should be aware that may be offered as a benefit:
1. Long term care insurance
This insurance is for individuals who aren’t ‘sick,’ but can’t take care of themselves on a day to day basis and require long term care. The benefits of this insurance include payment of things such as home care, assisted living, hospice care, and even live-in caregivers. There are typically no age requirements; when the person has been deemed medically unfit to care for themselves, the physicians can provide proof to the insurance company so that payment can be provided. There tends to be an elimination period to prove the person is incapable of caring for themselves before benefits are applied, after which time benefit will be given retroactively to cover the cost of that period.
2. Disability insurance
Disability insurance covers someone’s income in the event that they become disabled and are no longer able to work, or to complete the base tasks of their job. Many people rely on disability to help them meet their needs, as events on the job or in life have taken away their ability to fend for themselves. There are several forms of disability insurance, from individual disability, key-person disability, and business overhead expensive disability insurance.
3. Accident Insurance
Accident insurance, or accidental death and dismemberment insurance, is a form of life insurance that is paid upon the event of death in a job or otherwise related accident. The dismemberment section comes into play in the event that the individual is dismembered, taking away their ability to live as fully as they could before due to the lack of an arm or leg. Different policies provide different payout amounts. Check with your policy provider to find out the specific details of your accident policy.
4. Critical Illness Insurance
Critical illness is a form of insurance that works in addition to health insurance, providing for an individual or their family in the event of a critical illness such as heart attack, stroke, or cancer. This insurance helps to cover the medical bills, lessen the loss of income from time taken off of work, and support the family through their day to day needs as the person recovers.
5. Universal Life Insurance
This is a form of permanent life insurance that grows each month due to interest. This means that, even with a low initial cash value, the policy can grow to be quite substantial the longer a person holds it. The benefits will be paid out upon the death of the individual, although an accelerated rider clause can be attached that will give half of the payout six months prior to death under specific circumstances. This policy is most commonly used to cover the cost of burial, as well as any remaining debt an individual might have.