If you’re a parent or soon to become one, there’s never a better time than right now to think about what you can do to protect your child. Having the right insurance policies in place can make a difference in your ability to afford necessary services for your child or ensure they’ll have assets to their name should something happen to you.
No one particularly likes thinking about insurance because thoughts often stray into the morbid, but it doesn’t have to be like that. Taking time to consider how you want to protect your children and purchasing the right kinds of insurance policies should be seen as an act of love. Take a look at some of our suggestions below for what parents should consider providing for their children.
1. Health Care Insurance
Whether you already have a private health care insurance policy or one provided by your employer, having a child as a dependent on your policy should change your frame of mind. If you’ve purchased just enough private insurance to cover the basics that you think you’ll need, you must consider how that may limit your child’s access to medical care. A cheaper insurance policy might cover routine office visits and certain medications, but you risk liability for more expensive procedures if your health care insurance coverage is too basic for your child’s needs.
If you have employer-provided insurance, you should consider the risks and implications of losing your job. If that does happen, COBRA guarantees access to continued health care coverage under your former employer’s plan for up to 36 months, but you’ll have to afford the full cost of insurance. COBRA is sometimes an infeasible cost for families, especially those impacted by a sudden loss of income.
A new health care insurance policy at a fair rate that accounts for what your family – especially your children – actually needs may be a more viable and stable alternative to rely upon.
2. Dental Health Care Insurance
Obtaining a dental health care insurance policy can be just as important to your child’s health as a health care insurance policy. When neglected, poor oral health can lead to serious complications such as gum disease, cavities, tooth decay and loss, abscesses, and more. Children who experience any of these conditions may be at risk of far more serious complications later in life.
A dental health care insurance policy, however, can help you afford the preventative care your kids will need to minimize the risk of serious oral health problems. Cavities and gum concerns aren’t uncommon for any age group, but being able to afford a dentist to monitor oral health and intervene with cleaning and other treatments can make a difference for your child.
3. Long-Term Disability Insurance
Nearly one in three people will suffer some form of extended disability during their lifetime. Whether it’s because of an injury or an illness, you might be required to take a leave of absence for a period of time to care for your health. Long-term disability insurance can help you receive all or a portion of the income you would otherwise miss out on during this period, which is extremely important in any situation.
When you have children, however, being able to comfortably afford bills and provide for their needs makes long-term disability insurance policies all the more important. A well-crafted policy can help you ensure the disruption to your child’s life is minimized as much as possible while you recover and become well enough to work again.
4. Student Accident Insurance
If your school is participating in a student accident insurance program, this is one way you can ensure that you’ll be able to afford your child’s medical care costs if an accident happens at school, on a school-sponsored outing, or while traveling to a school-sponsored event. Some policies may even cover student-athletes who can be more susceptible to injury than non-athlete students.
5. Life Insurance
Your children are financially dependent upon you, and so too may even be your spouse. When you’re the main or sole earner in your household, your family’s finances can crumble should you suddenly pass away. Having a life insurance policy in place is one way you can rest assured that your family won’t have to worry about money as much during an already difficult and emotional time.
Life insurance payouts can be significant depending upon how much coverage you purchased, but the good news is that it does not undergo probate. This means any policy disbursements from your insurance policy provider will go directly to your named beneficiaries (your spouse, children, or a trust) without interference from the court handling your estate.
Do You Need Help Finding an Insurance Policy?
If you want to explore these or any other kind of insurance that can help you keep your children safe, reach out to Insurance Specialists Inc. for help. By connecting with one of our brokers today, you’ll be taking the right step toward making sure you won’t have to take on unnecessary debt.
By purchasing the right kind of policy, you’ll be more able to afford your child’s medical or dental treatments, or minimize disruption to your financial life if a qualifying event affects your ability to earn an income.
Learn more about what we can do for you by contacting us online or by calling (888) 451-0883 today.