First Quarter Financial Plan: Protection through Insurance

posted 2/24/2014 in Insurance

A common theme throughout Lincoln Savings Bank’s First Quarter Financial Plan has been managing your finances better so that you can have more money, whether it’s in your checking, savings or retirement account. This last week of February we want to touch on protecting the things and people in your life that mean the most to you.
There are seemingly endless options when it comes to insurance, but there are three main forms we want to focus on today: homeowners/renters, health & medical and disability. Let’s take a look at the benefits of each of these critical forms of insurance (please keep in mind these are generalities, check with your insurance provider for your individual policy).
Homeowners/Renters Insurance
  • Covers damage to the physical structure of your home in most cases (flood, hurricane and earthquakes are often separate policies).
  • Your policy can help replace items that are stolen from your home.
  • Damage to your home covered in your policy can be quickly looked at and repaired by a local vendor or contractor to prevent further damage to your home.
  • Personal possessions that are damaged or destroyed can be replaced with the exact item or the closest match available.
Health & Medical
  • Gives you peace of mind in the event of a severe injury or illness.
  • Provides financial assistance for trips to the emergency room.
  • Most outpatient care is covered or partially covered.
  • Helps you pay for prescription medications to treat medical conditions.
  • If you have persistent health problems through the year and meet your deductible, most healthcare costs will be covered.
Disability
  • Provides you peace of mind knowing you and your family are taken care of if you are unable to work.
  • Available in short-term or long-term options.
  • Offers funds to help you continue paying bills and making necessary purchases until you are able to work again or throughout your permanent disability.
Yes, insurance does cost money. However, the protection it offers covers costs that most often far exceed your monthly or yearly rate. The professionals at LSB Financial can help you choose the best types of coverage for you and your family, so contact them today if it’s on your to-do list!
Lincoln Savings Bank, member FDIC
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