List of Common Workplace Benefits
Workplace benefits play a huge role when it’s time to accept or reject a job. Understanding the benefits before you make choices ensures you have the coverage you desire. Look below for a list of common work benefits.
Many employers offer short and long-term disability insurance. This type of coverage can protect you if you are unable to work due to an illness or an injury. If have surgery or become ill and miss work for a few weeks, then short term disability pays a portion of your salary. Long-term disability insurance works the same, except it is for people who will miss work for a year or more.
Critical Illness/Cancer Insurance
Some employees have critical illness/cancer insurance. It pays a certain amount when you are critically ill, and hospitalized or no longer able to work. Critical illness policies cover illnesses such as heart attacks and strokes. Cancer policies pay a sum when you are diagnosed with cancer.
Accident insurance offers several options, including options for immediate family. Accident insurance varies, and policies may pay medical expenses other health insurance doesn’t pay. Some accident policies pay a certain amount for each day spent in the hospital. This is basically insurance that is a supplement to existing health insurance.
Universal Life Insurance
Universal life insurance helps you plan for end-of-life expenses. It benefits your family members in the event of your death. You usually choose the duration of the protection and the premiums payment schedule. Some universal life policies build cash value, which turns them into insurance with investment potential.
Long Term Care Insurance
Long term care insurance helps pay the expenses of those with certain conditions or disabilities. It’s not health insurance, but insurance that makes sure you’ll have long term care. If you become disabled or unable to function, then this insurance helps pay for homecare, nursing homes and other care services.
Different long term policies pay for different expenses. It is important to have a flexible policy that is likely to cover whatever you’ll need. Even if you are well without any medical problems, you may want to consider long term care insurance. There is always a possibility that it will come in handy.