Insurance

Life insurance is a product that provides crucial income for daily living expenses and other debts at a time when your loved ones will need it most. It's important to to re-evaluate your current life insurance policy from time to time to determine if you need more of it.

What you purchased last year, five years ago, or 10 years ago may not be enough to replace your income and all that you currently provide for your family. And if you don't have any life insurance at all, you could be putting your family at great financial risk.

NYSUT Member Benefits endorses competitive life insurance programs that are available to NYSUT members and their spouses/certified domestic partners. Many of these insurance programs can be purchased through payroll or pension deduction for greater convenience and savings opportunities.

Approximately 70% of Americans age 65 and older will require long-term care at some point in their lives, according to the U.S. Department of Health and Human Services. Long-term care insurance helps to pay for services that aren’t covered by Medicare or traditional health insurance but are important when you can’t fully take care of yourself.

This type of insurance can assist with the high cost of custodial care and other long-term care expenses that a long-term illness or injury can bring. Before making any decisions about long-term care insurance, ask yourself the following questions:

1. Do you lead a healthy lifestyle?
2. What does your family's health history look like?
3. Are you willing to spend your own assets down or depend on your family if you need care?

When shopping for an auto insurance policy, consider the following tips:

Tip #1: Choose a safe vehicle -- Safety ratings can dramatically influence the cost of auto insurance, so make sure to thoroughly research the vehicle that you’re considering. You can search vehicle safety ratings and a variety of other information by visiting the National Highway Traffic Safety Administration's website at nhtsa.gov.

Tip #2: Increase your deductible -- If you know you can handle the out-of-pocket expense in the event of an accident, it is a good idea to increase your deductible. Increasing the deductible from the standard $250 to $500 can help to reduce the cost of your auto policy.

Tip #3: Consider dropping collision coverage (if your vehicle is paid off) -- There comes a point when an aged vehicle's book value is less than the cost of repairing it; at that point, the most that your insurer would pay would be the book value of the vehicle.

Disability insurance offers valuable income replacement benefits to help meet your living expenses if you become partially or totally disabled and are unable to work.

Having the right disability insurance can mean the difference between remaining financially secure or going into bankruptcy. While most people don't like to think about getting sick or injured, consider what you would do if something were to happen to you or a loved one? Chances are that you or someone you love may suffer some type of disabling injury at some point during your life.

It is a smart idea to consider protecting your income with a disability insurance plan that’s right for you. You don't want to automatically assume that an injury won’t happen to you or that you can’t afford a disability insurance plan.