Feb 26
Recession Proof Your Insurance Needs
The unemployment rate is at a two-year high. The housing market in a slump. There’s talk of a recession. You depend on your employer for your health, life and disability insurance. If you lost your job, you’d lose your health/life insurance coverage. If the worst happens and a recession costs them their job, what would they do?
Here are some tips to make sure your insurance coverage is recession proof:
· Switch to term life insurance policy – If you have a group life insurance policy, you most likely will lose your coverage if you lose your job. Look into getting an individual term life insurance policy. Not only is the coverage portable, but it’s usually less expensive then group and if you’re in good health, you can usually get more coverage for less money. You can get free life insurance quotes online.
· Compare individual health insurance policies – Start comparing individual health insurance polices before you run into a situation where you are forced into getting something right away. Don’t be fooled, you could lose your COBRA rights up front and be left without health. If you lose your job and you can exercise COBRA rights to retain your current employer’s health insurance policy, do so.
· Take care of important medical care – If you need significant medical care, do it now, while you’re still employed and insured. Don’t put off to tomorrow what you should do anyway today, while you still have a job.
(No Ratings Yet)
Loading ...
Print This Post
March 21st, 2008 at 12:46 pm
Term life insurance also offers a more affordable option (usually 25-40% cheaper) when compared to permanent life insurance for most consumers.
Not only do you have flexibility of choosing how long your life insurance policy stays in effect, you pay only for the term of coverage you need. In addition, since term life is cheaper than permanent life insurance, you may be able to afford more protection for your family.