Products

Disability

What it is

Disability insurance is protection for the thing that matters most—your ability to earn an income. Sometimes referred to as income protection, this insurance can replace a portion of your income if you are unable to work for a few weeks or months because of an illness, injury or childbirth.

What it covers

Disability coverage may replace anywhere from 40%-70% of your income, depending on the plan you select. From maternity leave to a back injury or recovery time from a serious illness, disability benefits protect you through a range of different life events. The length of time the benefit covers will vary by policy, so make sure you get the full details when signing up.

What it costs

The exact price will vary depending on your age, salary and coverage decisions, but it may be more affordable than you think. And, the earlier you purchase insurance, the lower the cost.

What it will pay

The amount you receive will depend on your policy; however, a typical plan will pay you approximately 60% of your monthly salary.

What it may exclude

Your coverage may exclude particular conditions, or exclusions may apply if the definition of disability is not met as noted in your policy. Your policy will specify all exclusions.

ACCIDENT

What it is

Injury prone? Weekend warrior? Accident insurance can pay a benefit directly to you. It can offset the high cost of co-pays, deductibles and other expenses your medical insurance doesn't cover.

What it covers

From an ambulance ride to a fractured arm to a stay in the hospital, the plan you sign up for could cover a multitude of scenarios, such as broken bones, dental work, hospital admission and transportation.

What it costs

The price will vary depending on the plan; however, protecting yourself may cost as little as a couple of cups of coffee a week.

What it will pay

The benefit paid out will be based on the covered injury or related services. Your plan will have a set payment for each injury or related service. For example, if an accident occurred and you needed to take a trip to the hospital, your benefit includes a set lump-sum amount for an ambulance ride, emergency room visit and the hospital stay.

What it may exclude

It will be clear in the policy what is not covered by your benefit. For example, if you are injured as the result of certain dangerous activities, you most likely wouldn't be eligible to receive a benefit.

CANCER

What it is

Cancer insurance pays benefits to help pay for some of the direct medical and indirect non-medical costs related to cancer diagnosis and treatment. It can help pay for expenses that your health plan isn't designed to cover, such as deductibles, coinsurance, and travel to and from cancer treatment centers. Most plans offer family options to help protect your spouse or children, as well.

What it covers

The base plan usually provides coverage for a set group of cancer screening tests, such as Pap smear, mammography, PSA (blood test for prostate cancer) and colonoscopy. It also pays benefits for certain medical procedures, such as radiation/chemotherapy, anti-nausea medication and experimental treatment. Additional coverage may be available to purchase in the form of riders. Benefits can be used to cover a variety of expenses, including things such as rehabilitation costs, wellness insurance co-pays and deductibles, experimental and/or optional medicine, out-of-network expenses, travel and child-care costs, or simply helping to replace a portion of lost income.

What it costs

The exact price will vary depending on your age, salary and coverage decisions, but it may be more affordable than you think. And, the earlier you purchase cancer insurance, the lower the cost.

What it will pay

The benefit amount paid out will be determined by the policy. Your plan will list the payment amount for each condition covered.

What it may exclude

Your policy will specify any exclusions.

CRITICAL ILLNESS

What it is

Critical illness insurance offers you a lump-sum benefit when you are initially diagnosed with a serious condition. It can help pay for expenses that your health plan isn't designed to cover. Most plans offer family options to help protect your spouse or children, as well.

What it covers

The base plan usually provides coverage for a set group of illnesses, such as a heart attack or stroke. Additional coverage for cancer and other illness may be available to purchase. The benefit can be used to cover a variety of expenses, including things such as rehabilitation costs, wellness insurance co-pays and deductibles, experimental and/or optional medicine, out-of-network expenses, child care costs, or simply helping to replace a portion of lost income.

What it costs

The price will vary depending on your age, current health condition, and the amount of insurance you purchase. The earlier you purchase the insurance, the lower it will cost. On average, your weekly cost could be as little as $3.

What it will pay

The lump-sum amount paid out will be determined by the policy. Your plan should list the payment amount for each condition covered.

What it may exclude

Your policy will specify any exclusions. However, an example of when you would be excluded from receiving the benefit would be if the illness was the result of participating in an illegal activity.

LIFE INSURANCE

What it is

Life insurance can help provide financial protection for your family when you or a loved one passes away.

What it covers

The money received from a life insurance policy will help your family with everyday and future expenses. These expenses may include final medical expenses, funeral costs, utilities, college tuition, mortgage payments and much more. Some plans also include "living benefits," which enable you to receive benefits if you face a terminal illness.

What it costs

The cost will vary depending on your age, tobacco use, the type of coverage and amount you need. It is important to assess your current and future financial obligations to help you determine the coverage that's right for you.

What it will pay

The amount you, your family or beneficiary receives will be determined by the amount you purchase.

What it may exclude

Exclusions depend on your policy. However, an example of when life insurance benefits would not be paid out would be if the death was caused by suicide.

Types

Term Life Insurance

Term life provides life insurance coverage for a specified term of years in exchange for a specified premium. The policy does not accumulate cash value. Term is generally considered "pure" insurance, where the premium buys protection in the event of death.

Whole Life Insurance

Whole life Insurance provides for a level premium, and a cash value table included in the policy, guaranteed by the company. The primary advantages of whole life are guaranteed death benefits; guaranteed cash values, fixed and known annual premiums, and mortality and expense charges will not reduce the cash value shown in the policy.

Universal Life Insurance

Universal life Insurance is intended to provide permanent insurance coverage with greater flexibility in premium payment and the potential for greater growth of cash values.

SUPPLEMENTAL MEDICAL

What it is

Supplemental Medical Insurance can help fill the gaps when you have unexpected health care expenses. With medical costs on the rise, you may be faced with having to pay more for things that your health insurance won't cover.

What it covers

This type of insurance can help cover the cost of co-pays, deductibles, and medications. Typically, you can take this coverage with you if you leave your employer, and you can also purchase coverage for your spouse, and your family if necessary.

What it costs

The exact cost will vary based on your age and the benefits you select.

What it will pay

Supplemental medical insurance may provide benefits for medical expenses as the result of hospital stays, surgical procedures, diagnostic procedures, health screenings, doctor visits and emergency room visits.

What it may exclude

Your coverage may exclude pre-existing conditions, specifically named injuries or sicknesses, and conditions that arise from a prohibited act. Check your policy for all of the specific exclusions and limitations.