Insurance is designed to provide financial protection when the unexpected occurs. With so many types of insurance products currently available, it can be difficult to determine which products are necessary and which are not. Before you take out a policy, meeting with a financial planner is a great way to effectively establish your insurance needs.
Health Insurance
Health insurance provides financial assistance or coverage in the face of medical costs. Research found that 62% of US bankruptcies in 2007 were due to medical bills alone. However, even individuals with health insurance can face extreme medical bills, often due to gaps in coverage or high out-of-pocket requirements; thus, it’s important to evaluate your health insurance options to choose the coverage that will best fit your likely future needs.
Disability Insurance
When it comes to your personal finances, long-term disability can have a devastating effect if you are not prepared. Disability insurance can replace a portion of the income you were making before you became disabled and unable to work after a serious injury or illness.
Life Insurance
Life insurance is designed to provide financial stability and support for your family after you pass away. This type of insurance is most important for individuals who are still of working age and support a spouse or family dependent on their income. Life insurance can take over not only to ensure your family has the living expenses they need, but also to pay for funeral costs and any other immediate expenses at the time of your death.
At Financial Directions, LLC, our financial planners can help you with every aspect of your portfolio, including providing professional insurance evaluations in Tucson. We are happy to ensure you understand your insurance product options so you can make the choice that is right for your needs. You can reach our financial planning service today via our web contact form or by calling (520) 408-7777.
