Many employees fail to take advantage of the insurance work benefits offered by their employers. In addition to the standard health insurance, most employers offer in their workplace benefits package; there are often several other types of insurance that are overlooked when enrolling.
No one likes to consider a catastrophe of any type happening to themselves or their family members, but situations do occur, and suddenly your life can change overnight. If you or your family member is enrolled in long-term care insurance as a work benefits option, a portion of nursing home care will be covered helping to off-set the exorbitant costs of a skilled nursing facility. Often these policies will also cover a specified amount of nursing care or home health aide assistance in the home. With all insurances, it is a good idea to thoroughly review your policies to know the full scope of benefits and payment amounts offered.
If you become sidelined by a short-term illness or injury and cannot work, enrolling in disability insurance will allow you to receive preset payment amounts to help cover those bills that may otherwise fall behind while you recover. Accident insurance is similar, but instead of paying over a period, accident insurance provides a lump sum payment based on the coverage you choose. Critical illness/cancer insurance also offer a lump sum benefit. These policies are for specific life-threatening situations, such as cancer, organ transplants, paralysis, or certain types of heart surgery.
Finally, don’t forget to review your options for universal life insurance. These policies pay a preset amount in the event of death. They also accrue interest and offer options allowing you to take loans against the policy or even access the full cash value of the policy in some situations.
Workplace insurance benefits can add tremendous value to your employment package and often pay for themselves over time.