Saving You Money For Life

The main reason to own insurance is to replace the income that your dependents are counting on and would lose if you died. Most people don’t need this income-replacement protection their entire lives. However, there are instances in which we may want to keep life insurance for our entire lives.

For instance, parents who have a disabled child who will never be able to support himself even as an adult may want to assure that there are some assets for that child after they die.

This is where permanent life insurance can play an important role because it would assure the assets would still be there.

More after the jump…

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This is one of those stories you pick up in bits and pieces – hearing about a program in one state, wondering if there are similar programs in others. It turns out that, for qualifying families, every state in the Union has a health insurance program for children eighteen and under. It’s a new form of safety net for working families who have too much income to qualify for Medicaid but cannot afford private health insurance.

The program is federally mandated and while the rules change somewhat from state to state, generally speaking a family of four that has an income of under $35,000 or so can obtain free health coverage for their minor children. There may be some monthly cost for coverage, but it is miniscule compared to private insurance prices. Coverage is fairly comprehensive and includes doctor visits, hospitalization, emergency care and prescription medicine. This opportunity is available to all families with a health care predicament for their kids, including families with uncertain immigration status.

More after the jump…

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