If there is someone in your life that depends on your income, they would most likely struggle if you were to pass away. That's why life insurance is so important to have.  

There are different types of life insurance policies, but the main purpose is to pay cash to your loved ones when you die. 

Money from life insurance can be used to cover daily living expenses, a mortgage or rent payment, outstanding loans, college tuition and other essential expenses. Life insurance is the best way to ensure that your loved ones would be in a good financial place if you and your income were no longer in the picture.

MYTH: Life insurance is too expensive. How will I ever be able to afford it?

FACT: Most people overestimate the cost of life insurance by 3x or more. It’s probably more affordable than you think!

What Type of Life Coverage is Right for you

Your ability to earn a living is your most important and largest asset, but what would happen if suddenly, due to illness or injury, you were unable to work?  

One of the best ways to protect it is with disability insurance. Think of it as insurance for your paycheck. 

Disability insurance provides you with a percentage of your income if an illness or injury prevents you from working and earning a living. Most people don't think twice about insuring the home, car and phone, so why wouldn't you also protect what pays for all those things - your paycheck.

MYTH: My insurance at work covers me, should something happen to me.

FACT: It depends on what protection is in place. If your employer has workers’ compensation (a form of workplace insurance), you’ll be offered that if you’re injured on the job. But the chances of getting disabled at work are typically lower than outside of work—your employer wants to minimize the chances of you being disabled. Some sources indicate that as many as 90% of disability cases originate from outside of the workplace. If your employer also has a group disability policy, it likely covers you outside of work, but this

Coverage ends if you leave your employer

Help protect your ability to earn an income

If you develop a chronic illness or become disabled and can no longer care for yourself for an extended period of time, you will need long-term care services. Long-Term care services could mean home health care, nursing home care or personal or adult day care. Many believe that Medicare or Medicaid would cover their care expenses, but most times they do not.  

Long Term Care insurance is so valuable because it helps cover the long-term care costs up to the benefit amount.

Without long-term care insurance in place, you may burn through your life savings or have no choice but to rely on a family member for care. 

 Long Term Care insurance protects your assets, spares your family from financial and emotional stress and puts you in control of your health decisions.

MYTH: Medicare will cover my long-term care expenses.

FACT: A rule of thumb is Medicare will cover short-term care expenses.

THINK ABOUT THIS: According to Genworth Financial, the average cost of care nationwide in 2021 was $7,908 per month for a semi-private room in a nursing home. $5,148 for In-home Care. In Connecticut the average cost of care in 2021 was $13,764 per month for a semi-private room in a nursing home. $5,339 for In-home Care. That number will continue to grow each year.

Calculate the Cost of Care in your area