Tina Little-Coltrane, Coltrane Insurance: May 2010

So, you already have one or the other at work and really don't think much about it or realize that there is a definite difference between the two. Disability Insurance and Long Term Care coverage serve two completely different purposes. If you don't have either you really need to perk up and pay attention because these are just as important, if not more so, than carrying Life Insurance because they protect you and your family while you are still alive so let's briefly dig into the meat of the matter:

Disability Insurance - (Long or Short Term)

Think about this; If you were suddenly unable to work due to an illness or accident, what would happen to you and your family financially now that the paycheck has stopped? This is a really good question to ask yourself when considering Disability Insurance(DI) coverage. DI provides, in most cases, 50-65% of lost income due to an illness or accident that leaves you unable to work for weeks, months or even years.
Now, unless your employer is going to pay for your rent/mortgage, food, utilities and other living expenses, these will continue. In fact, your bills may increase due to additional medical expenses and/or you may require additional help around the house. Disability Insurance is designed to replace a portion of your earned income to help you maintain your standard of living when you cannot work due to an accident or illness.

Long Term Care Insurance

LTC differs from DI in that it is not meant to replace your lost income but instead protects your accumulated assets from being lost to the expenses of required long term care. If a Doctor declares that you need assistance with daily living activities, your Long Term Care coverage would help protect you and your family from the financial and emotional burden of caring for you.
Although often thought of as the "Nursing Home Insurance", it has been reported that at least 40% of those receiving LTC benefits are between the ages of 18-64, who have been hurt in accidents or suffered Brain Tumors and Strokes. Many of these beneficiaries are receiving assisted care in their own homes because this coverage applies to Nursing Homes, Assisted Living Facilities or In-Home care.

Here's something else to think about, does your family have a history of early Heart Problems, Cancer, Diabetes or another chronic illness? Are you smoking, eating unhealthy foods/drinks or taking other chances that could be detrimental to your health and safety? Does your work involve risk or high stress? The need to invest in Disability and/or Long Term Care coverage may be urgent even if you are completely healthy.
Life Happens and so does Illness and Accidents, most of the time occuring unexpectedly, without warning.

Please consider all of these factors before deciding to wait. If you already have Disability coverage through your employer you may want to consider purchasing an individual policy as well because you cannot take their plan with you when you leave your job -or- your job leaves you.
Another thing to keep in mind is that age and health status can throw you into a higher risk category so waiting could be more costly than the insurance premium itself. If you are Single, Married, with or without children and you depend on your income to pay your bills, carrying Disability Insurance as a financial security blanket is a wise choice because the bills won't stop just because you are not able to work due to an accident or illness.

Long Term Care coverage is just as important. Again, it helps to protect your accumulated assets from the dangers of being depleted by reimbursing you for some of the costs surrounding required assistance with your activities of daily living (Bathing, Feeding, Toileting, Walking, etc.) either in a Nursing Home, Assisted Living Facility or for many who prefer..care in their own home.

You've protected yourself from the high costs of Medical bills by purchasing Health Insurance so don't forget to protect your standard of living-(i.e. food, shelter, utilities), as well as the assets you've accumulated by carrying both Disability Insurance and Long Term Care Insurance.

To find out more information or request a quote for protecting your income with Disability Insurance and/or planning for the costs of Long Term Care, please contact me at Coltrane Insurance. I am an Independent Contracted Sales Representative with Mutual of Omaha and MedAmerica which both offer a few of the best plans on the market today. Plans are available on an Individual or Group/Employer basis and vary by Carrier.

Tina Little-Coltrane
Independent Insurance Broker
Financial Planning Advisor
1-800-755-2896 x 101
TinaColtrane.com

To learn more about Mutual of Omaha's Choice Portfolio, Disability Income plan, click HERE>>>>> then contact me for additional assistance. Coltrane Insurance

To learn more about MedAmerica's Simplicity ii LTCi plan, click HERE>>>>>

then contact me for additional assistance. Coltrane Insurance

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