Life and Disability Insurance Overview
Your health is your most valuable asset, but how would you replace your income if something happened to you? If your family depends on you financially, protecting your income is a necessity. The Personal Insurance portfolio at the Cordova Insurance Agency provides Life and Disability Protection Insurance for individuals and families.
For example, Term Life Insurance can help pay for your final expenses, giving your family time to grieve when you pass away. Universal Life Insurance has additional benefits that enable you to plan future investments, like your retirement or purchasing a new home. If you have special-needs children, your Life Insurance can also function as a Trust. This way, your child will have access to the funds they need while remaining eligible for government support.
Short- and Long-Term Disability Insurance can help replace lost income if you become disabled due to an illness or injury. These policies can cover living expenses while recovering from a disability such as a back injury, mental illness, or other qualifying diseases. Some Short-Term Disability policies also cover a portion of lost income during pregnancy.
The Importance of Life and Disability Insurance
Personal Insurance coverage offers support to you and your loved ones during unexpected, sudden, and challenging life moments. Depending on your unique situation and protection needs, we can customize a plan suitable to your lifestyle.
Consider the following example: You’re the sole provider for your household, and your partner is a stay-at-home parent. If you’re diagnosed with a debilitating cardiovascular illness and pass away, how would your family survive?
You’d most likely want your family to have time to grieve your loss without worrying about money. Life and Disability Insurance coverage can help your family continue to pay the bills.
During the illness, your Long-Term Disability Insurance could help replace the income lost because you’re unable to work. Your family could continue to purchase groceries, pay the mortgage, and make other essential payments.
Your Life Insurance Policy could help pay for funeral costs and repay your debt if you passed away. Your children, who you name beneficiaries, would inherit the remaining balance, which they could use to pursue their dreams of going to school, starting a business, or buying a home.
Life and Disability Insurance Coverage
Our Personal Insurance coverage options include Life and Disability Insurance policies.
- Life Insurance – Life Insurance offers financial protection in a variety of different circumstances. There are two distinct categories of Life Insurance.
- Term Life Insurance: This type of Life Insurance is effective for a predetermined timeframe (e., 20 years), after which you’re not eligible for benefits. If you pass away while the policy is in effect, your insurer pays a lump sum to your beneficiaries.
- Whole (Permanent Life) Life Insurance: In addition to the death benefit, these Life Insurance policies have the ability to accumulate a cash value in them. You can leverage your policy’s accumulated cash value to make a mortgage down payment or pay college tuition, for example.
Term Life Insurance is usually more affordable than Whole Life Insurance but includes fewer investment options. Within each coverage category is a wide range of additional options. Your insurance agent can help you find a personalized Life Insurance plan that allows you to meet your goals.
- Disability Insurance – An accident can happen any time, which is why Disability Insurance is an essential personal coverage to consider. Short-Term and Long-Term Disability Insurance can help replace the income you lose if a future disability prevents you from working.
- Short-Term Disability: This type of plan typically offers payouts for short-term disabilities lasting from a few weeks to two years.
- Long-Term Disability: This plan can cover the entire duration of a disability until retirement.
Disability Insurance plans typically cover 40% to 70% of your lost income. Short-Term Disability payouts’ waiting period is generally shorter than for Long-Term Disability, which can take between 30 and 90 days.
You can also purchase disability coverage as a supplemental policy to your employer’s plan. If you decide to change jobs down the line, your Personal Disability Insurance stays active.
Another beneficial coverage is Health Insurance in the form of a PPO, HMO, or fee-for-service plan. Health Insurance policies can help pay for the costs of expensive medical bills. Because an individual’s or family’s needs can change with time, we offer an annual or semi-annual review of your coverage to ensure your policy is up to date.
We also offer Individual or Employer-sponsored Dental Insurance through our partners at Delta Dental of Wisconsin. Our transparent plans take the guesswork out of cost estimation and tell you what you’ll need to pay for specific procedures.
Areas We Serve
The Cordova Insurance Agency is available to serve you in Merrill, Central Wisconsin, Wausau, Tomahawk, Minocqua, Woodruff, and surrounding areas.
We’re committed to providing a full range of services to meet a diverse range of needs. Our team of highly-qualified insurance professionals can find you affordable and comprehensive coverage. For example, we work with over 100 notable insurers to find personal lines coverage that supports your life goals and protects your family. You can also count on us to handle every detail, from quoting to billing inquiries and claims.
Our agents at Cordova Insurance Agency are passionate about helping people find the right Personal Insurance coverage. We understand your need for comprehensive policies that fit within your budget. Allow us to design your next Personal Insurance plan backed by our high-quality customer service experience.
Learn more about Personal Lines Insurance from the Cordova Insurance Agency at (715)-536-9576. We’re always happy to answer any questions you may have.