Specialty Insurance Coverage
Most of our visitors are looking for Michigan insurance quotes on one or more of the four essential types of coverage: property, life, auto, and health insurance. However, dozens of additional specialty insurance policies are available, and the fear of the future has made some of these specialty policies big sellers. On this page, we'll review some of the most popular types of Michigan specialty insurance to help you decide if the coverage is necessary for you.
Michigan Disability Insurance
Disability insurance replaces a certain percentage of your income in the event that you can no longer work due to an injury or illness. Considering that you're more likely to become disabled than to die prematurely, getting Michigan insurance quotes on a disability policy may not be a bad idea. Only 29% of American workers have disability insurance through their employers, and those who do may not have enough. Typically, Michigan disability insurance only pays a portion of your original salary for a limited period of time. For slightly more expensive premiums, you can increase the benefits and the period of time you would receive those benefits.
Michigan Cancer Insurance
You might wonder why you would bother with Michigan insurance quotes on a cancer insurance policy if you already have health insurance coverage. In reality, you probably don't need cancer insurance if you have a good health insurance policy. Your standard Michigan health insurance coverage should pay for all or most of the expenses you would incur if you got cancer. Most cancer insurance policies also contain exclusions for skin cancer, which is the most common type of cancer in the United States. If the type of cancer you develop is not covered by your cancer insurance policy, your premiums would have basically gone to waste.
Michigan Long-Term Care Insurance
Michigan long term care insurance is an increasingly necessary form of coverage for two reasons. First, Americans are living longer than ever. With longer life expectancies, it's much more likely that the average person will need some form of long-term care in his/her final years. Secondly, as with most medical expenses, the cost of long-term care is rising faster than inflation. Currently, the average annual cost for a private room in a nursing home is $66,000 per year. Long-term care insurance would help pay for these expenses, whether for a nursing home, in-home care, or assisted living facilities. You might consider getting Michigan insurance quotes on a long term care plan if you do not have other resources saved for these expenses.