We all take risks in life, whether we are crossing a road or taking a trip. While we can take measures to reduce these risks to a minimum, we can never remove risk completely. Personal insurance is there to take care of us and our financial affairs when things go wrong in life. From hospital treatment to income replacement, society relies on insurers to carry the burden of risk in exchange for a monthly premium. Here are two types of personal insurance that play an integral role in society.
Perhaps the most critical insurance of all in America is health insurance. A health insurance policy will help cover the cost of a range of healthcare services. From emergency services to long-term treatments and surgery, there simply is no substitute for good health insurance. However, millions of people are still without any coverage at all. Starting in 2014, individuals and small group employers will be able to purchase coverage through health insurance exchanges run either by their state or by the federal government. Depending on an individual’s household income, subsidies for coverage may be available to help reduce the monthly cost. Beginning in 2015, employers with more than 50 full-time staff will be required by law to provide health insurance for their full time workforce, and that could increase the number of those with coverage.
There is nothing more precious than life itself, but insuring a life against premature death can give someone the peace of mind that comes with knowing that loved ones will be taken care of if the worst happens. The most common type of policy is term life insurance, which delivers a fixed payment for a predetermined number of years. Whole life insurance, however, offers coverage for as long as the policyholder is alive, although it is more expensive. When a higher level of control is required, with the flexibility to adapt the policy in accordance with changing circumstances, a variable universal life insurance policy is the best option.
Life is full of surprises, and not all of them are nice ones. However, by preparing yourself and your family for the bad times, you don’t have to worry about them in the meantime. If you want to discuss your own San Francisco personal insurance coverage with an expert, give Sweet & Baker Insurance Brokers a call at 415-512-2100, and one of our experienced insurance agents will be happy to discuss your requirements in detail. We provide insurance for individuals and businesses in the Bay Area and Silicon Valley.