Workplace Insurance Benefits

5 Common Workplace Insurance Benefits and How They Protect You

Insurance is one of the most valuable workplace benefits available. There are a number of different types of insurance that are frequently offered as part of your work benefits package, and these work together to provide comprehensive coverage for illness, injuries, and even death.

Long Term Care Insurance

This coverage provides assistance should you ever face a long term or chronic illness requiring continuous care, as well as for care as you age. It protects you from the high cost of long-term care services. Among the items covered are at-home care from a nurse or therapist, nursing home care, and personal care services.

Disability Insurance

Disability insurance provides financial assistance for anyone who is unable to work as a result of an injury or illness, paying a percentage of your regular income. Disability comes in two forms. Short-term disability is designed to provide income assistance during a short period of time, usually in less than one year, while long-term disability insurance provides coverage for periods longer than a year, kicking in when short-term benefits have been exhausted.

Accident Insurance

Accident insurance provides cash benefits to defray expenses directly related to an accidental injury. The benefits can be used for a wide variety of expenses, including medical bills, prescriptions, and other out-of-pocket expenses. These benefits can be helpful if you need to take time off work for treatment as a result of the accident.

Critical Illness Insurance

Critical illness insurance provides a quick payment of a lump sum in the even that you are diagnosed with a critical illness. Cancer is one of the most common illnesses for which this type of policy provides coverage; other commonly covered illnesses include Alzheimer’s, Parkinson’s and paralysis. The money can be used to cover any immediate and necessary expenses that result from the diagnosis.

Universal Life Insurance

One of the most common work benefits, a Universal life insurance policy – also often called whole life insurance – provides a death benefit to the beneficiary of your choice. This coverage stays in place for the duration of your lifetime as long as the policy is in force.

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