There are several different types of insurance policies that may be available through your workplace benefits. Each type of policy is useful in a different kind of situation, and applicable towards specific cases.
Long-term care insurance is useful for when you have to have medical treatment over an extended period of time. If you have to have a series of procedures performed in sequence rather than all at once, you may want long-term care insurance. This type of insurance is often for medical care that is expected to last for a while, but not indefinitely: if you have to take six months or a year off from work to undergo treatment for your condition, but expect to return to normal life afterward, long-term care insurance may be what you need.
Disability insurance is there for you if you suffer some sort of injury or otherwise lose the ability to work to support yourself. This typically involves having a physician assess your condition to determine whether or not it would be reasonable for you to work under standard conditions. For instance, if your job requires a great deal of standing on a hard floor, then developing severe arthritis in your knees, ankles, or feet could render you unable to perform that job, or most other similar jobs for which you are qualified. Disability insurance would then help you take care of your expenses while being unable to work.
Accident insurance is one of the most familiar types of insurance. It covers costs related to treatment and recovery in case you are injured unexpectedly (although not in a way that permanently leaves you unable to work). Accident insurance is an important part of work benefits offered by jobs that take place involving heavy machinery, hazardous chemicals, or other extreme conditions. It’s good to have accident insurance because you can never expect when an accident is going to happen, or how serious it will be.
If critical illness insurance is part of your workplace benefits, then your policy provides you with support in the event that you contract or are diagnosed with a very serious illness. Many critical illnesses are incapacitating, but even if they are not, the treatment for such illnesses can often be very expensive and stretch over a long period of time – maybe even the rest of your life, if the illness can be chronic or if there is no cure. These policies are only applicable to a specific range of serious illnesses, but their coverage is usually attractive if you have need of it.
Cancer insurance is one well-known specific form of critical illness insurance. Cancer techniques continue to improve, and the likelihood of beating cancer increases year by year, but treatments for cancer are known to be expensive and take time. Having cancer insurance can help you deal with the burden of paying for treatment so that you can beat cancer.
Familiarize yourself with the options available through your work benefits. Think about your situation, what you may need, and what you would feel comfortable adding to your policy.