Are you Head of your Household?| Jan132011
Head of household, that term holds two important implications in life—specific tax liability and vital financial station within your family. The head of household is also known as being the primary wage earner. Whether you are single; a single parent; or a married primary wage earner, it is imperative that you do everything in your power to secure yourself and your family against anything else life may throw at you, including loss of income. Critical illness is a significant risk factor for loss of income. How would you cope if the primary wage earner in your home were critically ill and unable to continue working? Would your savings provide the safety net you need?
Are you willing to risk your family’s financial well-being? Critical illness comes in many forms—motor vehicle accidents, work-related injuries, heart conditions, Alzheimer’s disease, certain kidney disorders, cancer, etc. It is possible that you or a loved one has a family history of certain medical problems that result in critical care at some point. No one can foretell the future. That is why we have insurance. Insurance is there to provide relief for the problems it insures you against. Health insurance protects you in times of medical and psychological distress. Disability insurance is there for your family should you become disabled. Life insurance is there to protect your family in the event of your passing.
All of these forms of insurance are very important and have their place in protecting your family. Yet, there’s one other form of insurance that complements those other forms perfectly—critical illness insurance. Critical illness insurance pays out a lump sum shortly after a diagnosis of a critical illness is made by your doctor. This type of insurance fills in the gaps that the previously mentioned leave behind. It can be used to pay your deductibles and/or co-insurance, cover medical treatments standard health insurance will not, and most importantly, lost income. Disability insurance may have long wait periods before you receive payment. Life insurance may not be useful in life unless you borrow against it and you may have to pay into it for years before you can do that. A lump sum payment can be used in whatever way your family needs.
As a primary wage earner, you have the responsibility to keep you and your family financially secure. A critical illness can strike unexpectedly. Critical care is quite costly and can keep you out of work indefinitely. Critical illness insurance is a wise investment in your family’s financial security and your health, especially if you are at risk for a critical medical condition. In our country’s time of economic uncertainty, you must strive to shield your family from financial collapse. No one needs the added stress of worrying about how the mortgage, energy bill, and the rest of the monthly household bills will be paid. You have the power to protect them, protect yourself, and do it today.