“Insuring your insurance” – This may sound redundant at first glance, but did you think how will you pay your health insurance premiums if you get sick and can’t work? And that’s exactly when you’ll need your health insurance the most!
Waiver of Premium (WOP)
Some life insurance policies come with a waiver of premium (WOP) clause which costs an additional amount of premium, but will guarantee to keep your policy in force if you can’t pay your policy due to an illness. If you got the WOP rider on your policy, than you’re already familiar with “insuring your insurance”. Health insurance however, does not have a waiver of premium available. If you stop paying your health insurance premiums when you’re not working because of an illness and don’t have an income, then your health coverage will stop exactly when you need it more than ever! How about waiving your bills and living expenses as well, when you’re sick? You can!
So, what’s the solution? Insure your insurance, by making sure you have money coming in during a period of income loss due to illness, to pay your bills and even other insurance premiums. Income loss insurance, or disability insurance is the solution that will help pay for your expenses (including keeping up with your health insurance payments) when you get sick and lose your income, even if you only have a partial loss of wages, or if you can only work part time due to your ailment.
Income Loss Insurance, or Paycheck Protection/Disability Insurance
If you get sick for an extended period of time, you probably expect to lose your job. If you’re self employed and get ill, you won’t be able to service your clients or find new ones, therefore your income loss can be significant, or maybe total. Instead of dropping your health insurance and finding ways to cut expenses, you can start receiving a monthly check to replace your lost income. You can choose what you want to spend the money on, unlike other medical insurance that only covers medical bills, medications and hospital expenses.
Ask us how to add income loss protection and insure your insurance if you get sick or in an accident and can’t work for a long period of time. Call 239-LIFE-GUY or email IncomeInsurance@LifeGuy.com