If your kids (or you!) are accident prone, you have a family history of heart disease or you're worried about being without a paycheck if you're unable to work, consider one or more of these affordable income protection programs. Each coverage meets a different need, so read on to learn which type might be best for you and your family.
An accident can happen at any time – a fall off a bike, a trip down the stairs or something even more serious. An injury that results from something like this could range anywhere from a small cut to a broken bone – or worse. Accident insurance pays a lump-sum benefit, to be used however you choose.
Critical Illness Insurance
Critical Illness insurance can pay you a lump sum benefit at the first diagnosis of certain covered illnesses, including heart attack, stroke, major organ transplant, permanent paralysis, end-stage renal failure, coronary artery bypass surgery (pays a 25% benefit) and cancer (optional rider). Members up to age 69 who are currently working are eligible. The health screening benefit, which is automatically included with the policy, pays $50 per calendar year per insured individual if a covered health-screening test is performed.
Disability insurance can help you avoid the disastrous economic impact of being without earned income. The competitively-priced MTA Disability Plan, designed specifically for MTA members, provides tax-free income either on a short-term or long-term basis and may be available through your local education association. To find out if your local participates, contact your local president.