Guardian Teams Up With Mental Health America To Educate Public About ... PR Newswire (press release)
07.05.10
, Vice President of Product Strategy for Berkshire Life Insurance Company of America, the Guardian company that issues individual disability income insurance. "But disability often means having back problems, being temporarily sidelined as you recover from a heart attack or cancer—or battling depression or other mental illnesses."
Indeed, according to the Council for Disability Awareness (CDA)'s 2008 Long-Term Disability Claims Review, mental illnesses accounted for nearly 6.5% of new disability claims, not far behind the 10% caused by injuries and accidents.
Regardless of the cause, a disability can drastically impact a family's ability to cover basic living expenses. Seven in 10 employees say they could not cover expenses for more than six months if they missed work due to injury or illness, found the CDA's 2008 Worker Disability Planning and Preparedness Study.
"In this economy, protecting your ability to earn an income with disability insurance—obtained through your employer's group plan or on your own as an individual policy—is more important than ever," Hazzard said. "Knowing that your family's well-being can be protected even if a serious illness like depression forces you to leave the work force temporarily is critical."
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What You Need To Know About Life And Critical Illness Cover Insurance
It happens so fast. No one expects to be seriously hurt or worse, die in the course of daily living. Yet, it happens and all too frequently. As populations grow, so does the risk of unintentional injury or death. Added to this, is the ever increasing chance of contracting potentially life threatening physical conditions such as cardiovascular and cancer related diseases. Thankfully life and critical illness cover insurance is available to help prepare you and your family for the potential financial hit one you may face during a life time.
The peace of mind experienced by knowing, in case of the unexpected you have at minimum, prepared you and your family financially. Alleviating the stress that comes from overwhelming medical bills is half the battle of getting back to health. The burden of living without you is partially eased in case of fatal disaster.
However, before you run off to purchase life and/or critical illness cover it’s important to know just what these two programs offer, how they differ and what package will best suit you and your families needs.
Let’s start by looking at Life Insurance cover first.
Historically, Life cover has been around since the period of the Roman Empire. Termed “burial clubs”, this antiquated form of Life cover would supplement the cost of the deceased funeral expenses and provide some monetary assistance to the survivors family.
A more modern version was introduced in the 1600’sby a the now famous Lloyds of London Company, but was more specifically designed to service the shipping and trading industry with it’s many related risks.
Though policies have become a bit more complicated today, Life cover has spanned the globe and has become an important addition to every civilized society.
What exactly is Life cover?
In its purest definition - Life Insurance cover is a legal contractual agreement made between Insurer and a Policy owner. The Insurer agrees to pay according to the agreed upon terms a lump sum (benefit) to the policy holders designated parties (beneficiaries) at the time of his death in exchange for the Policy owner paying the required monetary amount (premium) determined at time of entering contract. These premium payments are usually set to be paid monthly, some policies will allow a lump sum payment.
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![Life insurance and critical illness cover quicker from Legal & General Money High Street]("http://nt3.ggpht.com/news/tbn/nx8JdTBpGau_KM/6.jpg")
Money High StreetLife insurance and critical illness cover quicker from Legal & GeneralMoney High StreetLegal & General have changed their underwriting criteria for taking out life insurance and critical illness cover, making it quicker and easier to take out and more »
![Recession forces people to reassess thier life priorities Money High Street]("http://nt3.ggpht.com/news/tbn/B52LuUrutc1zhM/6.jpg")
Money High StreetRecession forces people to reassess thier life prioritiesMoney High StreetGetting critical illness insurance is well worth considering as is income protection cover. LV= group chief executive, Mike Rogers, commented 'It's a and more »