Risks of Being Uninsured

Don’t have life, disability, or long-term care insurance? Know how this affects you!

When it comes to life insurance, disability insurance, and long-term care insurance, a lot of people decide to opt out of coverage on these important matters. You may find that you simply don’t have the budget to afford what can be viewed as a luxury insurance coverage. At the same time, should you face illness, disability, or worse, death, you should know what risks you face by not having any coverage.

Let’s take a look at the real cost of being uninsured.

Life Insurance
It is awful to think about the prospect of dying and the consequences that your loved ones would face after you pass. Your family would be left to pay off your remaining debt, your funeral expenses, and pay bills without your income.
If you are a stay at home parent, you partner would have to afford to pay someone to perform all of the duties you handled at home. Your children may be faced with not being able to afford college, or your spouse may have to delay retirement. Life insurance provides for your family when you are no longer able to. This relieves you and your family of a major worry, should it happen.

Disability Insurance
Around 90% of disabilities are caused by illnesses rather than accidents, while only 5% of disability claims from work-related incidents.
For example, if you are diagnosed with cancer or sustain major injuries in a car accident and unable to work, you are faced with the hard realization that you will have no income. In this situation, over half of working Americans couldn’t make it one month before experiencing financial strains and near one fourth wouldn’t make it one week.

Long-Term Care Insurance
Within the states, it is estimated that two thirds of people will actually need some type of long-term care, either in their homes or at a care residential home. With health insurance only paying for doctor and hospital bills, the cost of part time care or a live-in nursing home can be exorbitant but the care and treatment cannot be sacrificed.
While you may think that long term care is not just for the elderly, it is predicted that around 40% of patients receiving long-term care are under the age of 65.

Fortunately, affordable life, disability, or long-term care insurance are all within reach. Visit DG&M Agency for the life insurance products that we offer, and find out how you can receive a custom policy that is tailored to your unique needs and budget.