Life, Health & Disability Insurance
Insurance can protect you and your loved ones against financial catastrophe. While no price can be put on your life and health, insurance can make things easier during difficult passages in life.
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Life Insurance
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Life insurance pays out when you die. Life insurance can be term or whole. Kiplinger's explains that term life insurance is good for a specified period, after which you have no coverage. Whole life insurance is more expensive, but it has value as an investment because you can borrow against it.
Disability Insurance
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Disability insurance pays out if you are unable to work if you become disabled. Kiplinger's notes that while many employers provide disability insurance, getting a private policy can be very helpful because the proceeds of the policy are not taxable.
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Health Insurance
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Health insurance pays some portion of your medical bills when you get sick. These policies can be purchased privately, or coverage may be provided by an employer. As of 2014, new laws will be going into effect so that no one can be excluded because of preexisting conditions.
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References
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