Life, Health, Disability, and Long-term Care Insurance

Life, Health, Disability, and Long-term Care Insurance

Young people rarely think about things like life, health, disability, and long-term care insurance. But the truth is, a huge percentage of the population suffers a disability that prevents them from working at some point in their life, and the majority of aging people will require some form of long-term care before death. What’s more, all people require medical services throughout life, regardless of age, and eventually, everyone’s life does come to an end. Which is why waiting until it’s too late to purchase certain insurance types doesn’t make a lot of sense.

At Harvest Financial Planning, LLC, our team of experienced financial professionals are here to explain insurance options to you, and help you discover how insurance fits into your future.

Why Purchase Insurance?

You wouldn’t drive your car without insurance – doing so would be way too risky (not to mention against the law). Similarly, it’s unlikely that you would live in your house without homeowners’ or renters’ insurance, as you want to protect your property as much as possible.

So why wouldn’t you get insurance to protect your life and financial wellbeing as you navigate the future, too?

While not all types of insurance are always necessary, there are some insurance types that can truly provide big benefits to policyholders. Our team can help you to understand the types of insurance available, and which type of policy may be smart for you to purchase.

Understanding the Different Types of Insurance Available

  • Life insurance. As you plan for your future and the future of your loved ones, whether or not you should purchase life insurance will be a very important question. More than that, because there are many different types of life insurance available, you may not know which one is the best option for you. Essentially, life insurance is an agreement between you and an insurance company that if you (the insured) is to die, a sum of money will be paid to your beneficiaries. That being said, there are about 10 different types of life insurance policies available on the market today.
  • Health insurance. Whether or not you should have health insurance isn’t a question; health insurance is a must. The issue, however, is where you should obtain health insurance, whether or not you should use Medicare when you become eligible of age, and what type of policy you should purchase. We comprehensively review your situation to advise you in regards to picking a plan that’s right for you.
  • Disability insurance. Disability insurance can be a very important type of insurance for some people. Indeed, disability insurance provides compensation to help pay for a person’s monthly expenses in the event that they are disabled and unable to work. Common disability insurance policies include long-term disability insurance, short-term disability insurance, mortgage disability insurance, and individual credit disability insurance.
  • Long-term care insurance. Long-term care, such as nursing home care, hospice care, and assisting living can be very expensive, costing hundreds of thousands of dollars. Long-term care insurance is a type of insurance that helps to pay for these costs. There are many things that affect the cost of a long-term care insurance policy, including how old you are when you buy the policy, how much coverage you want, and more.

Connect With Us Today

Insurance makes sense. To learn more about which insurance option is right for you and the myriad other financial planning services we offer, get in touch with us today at 219-864-5050. We look forward to working with you.

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