Life is full of surprises, and unfortunately, they are not always good ones. While you can never fully prepare for the unexpected, we identified four steps that you can take to help safeguard your family against the financial impact from these negative events.
Experts recommend saving enough to cover three to six months of expenses in case of job loss, illness or other unexpected event. One way to start saving is setting up automatic deposits of a small amount from each paycheck into a separate account. That way you won’t have to think about it, and your savings will accumulate over time.
When a family member receives a serious medical diagnosis, protecting your family with a financial safety net can provide peace of mind during such a difficult time. Boston Mutual’s Critical Illness insurance, also known as Specified Disease insurance, protects you and your family should you receive a major medical diagnosis. Your insurance pays a lump sum benefit for a range of medical diagnoses such as heart attacks, cancer, diabetes and stroke, as well as many other health conditions. You select the amount of insurance you need and can afford. The cost does not increase as you get older, and there are also coverage options available for your spouse and children under age 26.
Accident insurance provides financial protection for the unexpected, helping to protect you and your family when an injury occurs. While many health insurance plans will cover most major medical expenses, you can still be left with out-of-pocket expenses such as copayments, deductibles and other costs related to an accident.
Boston Mutual’s Group Accident Coverage or Employee Accident Option Plus Coverage can pay you cash when an accident happens, complementing your medical coverage by paying for covered medical services. When you file a claim, cash is paid directly to you, giving you easy access to the funds you need. Coverage is portable, so if you change jobs or retire, you don’t lose your policy — you can take your coverage with you at the same rate. In addition, you can also choose accident coverage for your spouse and children under age 26.
With Boston Mutual’s accident insurance, benefits are paid directly to you when you have a covered accident that causes a trip to urgent care or the emergency room, stitches, broken bones, hospitalization, physical therapy and much more.
