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Which financial planning insurance plans are the most important in Kansas?
September 20, 2022 at 7:00 AM
Which financial planning insurance plans are the most important in Kansas?

Your life and those of your family members can be changed in an instant after a car accident, catastrophic injury, or a medical diagnosis. It’s essential that your financial future is protected by insurance policies that will ease some of the burdens of the costs associated with getting your life back on track. At OWLFI, we can help you identify the best financial planning insurance in Kansas for you, your family, and your future.

Health insurance

Paying for medical treatment is incredibly expensive. Anybody who’s ever had to pay out-of-pocket to be seen at a medical clinic of any kind can vouch for the prohibitive costs associated with getting medical care. Keep in mind that those who reach retirement age are going to need medical attention more frequently as their body ages. What’s more, paying for long-term care for a chronic illness or something major like cancer treatment could bankrupt most people. Yes, you’re still going to have to pay premiums, co-pays, co-insurance, deductibles, and so forth, but you still won’t be paying the cost of medical care. You can protect your financial future by paying for a health insurance policy that will mitigate some of the costs associated with getting the care you need.

Long-term disability insurance

Health insurance is great to have to pay for medical expenses that come from imaging, hospitalizations, medication, and more, but it won’t pay the bills when you’re injured and miss work. It’s good to have savings account for emergencies like this, but it’s not realistic to be able to live for several months on savings and maintain your dream of retirement. Your long-term disability insurance will kick in by paying between 40% and 70% of your income, so you’re not caught completely without money coming in. You’ll also be saved from having to drain your savings to continue to pay your bills.

Auto insurance

The state of Kansas requires that every driver have a minimum of $25,000 in bodily injury liability per person, $50,000 in bodily injury liability per accident, and $25,000 in property damage liability per accident. While minimum coverage is better than nothing, being liable for a car accident can eat up that coverage in a hurry. Even if you get into a car accident that’s not your fault and the other driver doesn’t have any insurance, you want to ensure that you have the coverage you need to take care of yourself. Having auto insurance coverage that protects yourself in addition to the other driver and their passengers is an easy way to protect your wealth.

Life insurance

It’s not uncommon to consciously cover yourself with health insurance and auto insurance but entirely forget about getting life insurance. After all, end-of-life costs aren’t something we often think about. However, funeral and burial costs, in addition to losing the home’s primary income, can leave your family in a difficult situation. Consider whether whole or term life insurance is right for you, and be sure to get a policy.

The difference between whole and term life insurance is how the policy matures and the access you have to the fund. A whole life insurance policy contains both a death benefit and cash value. The funds are accessible as the value of the policy grows. Should you need the money, you can cash it out and take its full value. A term life insurance policy is usually the cheaper option and matures after 10, 20, or 30 years. Your term policy ensures that your family is covered during your working years.

Get in touch to learn more

You can learn more about financial planning insurance in Kansas by reaching out to us at OWLFI. Schedule an appointment with our team in Lenexa by calling 913-441-8380. You can also talk with us using the chat tool on our website.