· Universal life insurance – provides financial assistance to cover funeral costs or pay off debts when an employee dies unexpectedly. This type of policy is often offered as part of a group plan through work and has few exclusions for pre-existing conditions that would prevent employees from being covered. It can also be purchased on its own by small businesses that don’t have access to group plans through their employer. Workplace benefits life insurance policies are usually very affordable because they’re provided in bulk with other protection options to all participating employees. However, this means there may not be any additional choices available under these plans if your needs change later on.
· Long-term care insurance – This type of policy provides coverage for any medical care that is needed by an insured person who has a chronic illness or disability, and whose condition requires daily assistance with tasks like bathing, dressing, toileting, and preparing meals. The cost of long-term healthcare is supported through two separate plans: one to pay out monthly benefits when the patient needs help in their home, and another that reimburses the insured for expenses incurred in an assisted living facility or nursing home.
· Critical Illness/Cancer insurance – This type of plan offers financial protection when an insured person is diagnosed with a critical condition, such as cancer or heart disease. The benefit amount can be set according to the age and salary of the patient, but it typically pays out between $25K-$100K when you are diagnosed if your insurance policy includes this coverage.
· Accident insurance – This type of coverage provides financial assistance to employees who are injured on the job, regardless of how it happened. A lot of companies have workers’ compensation insurance that covers this kind of accident, but you can also get stand-alone plans for accidents that occur outside work hours or away from your normal place of business.
· Disability insurance – This type of policy provides financial assistance to pay off debts or cover living expenses if an employee is unable to work due to illness, injury, or other medical reasons that prevent them from working for at least 90 days. Coverage can be purchased in increments of six months up to several years, and premiums can vary depending on the insured person’s age and salary.
· Critical illness insurance – This type of policy provides financial assistance to pay off debts or cover living expenses when an insured person is diagnosed with a critical condition, such as cancer or heart disease. Coverage can be purchased in increments of one year up to several years, and premiums can vary depending on the insured person’s age and salary
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