There are several relatively inexpensive kinds of insurance available. These are “gap fillers” or “umbrella” coverages. Although you can purchase some personally, they are easier to get and more economic when a group purchases them. A consideration, if you choose any, is portability? Can you take them with you when you retire or change jobs? If yes, do the cost of coverage change?

Examples include: Income Protection, Accident Protection, Hospital Indemnity, and Critical Illness. They sound like health insurance, but they are different. They are triggered by an event or diagnosed condition. They also pay you rather than the medical provider. 

Income Replacement (also called Long-term Disability) is triggered by medical conditions such as: Qualifying cancers, autoimmune, chronic illness, long term injury, deafness, blindness, and similar conditions.

a) Replaces between 50% and 80% of salary up to a set maximum.

b) Most often an employer benefit, but individuals can buy more to increase coverage

c) The shared objective is to get the employee back to work productively

d) It can have flexible features, including a family care benefit to replace lost income due to providing care for others.

Accident Protection is triggered by an accident that causes a qualifying injury due to a fall, crash, machine, drowning, etc. A claim is paid directly to the insured to use for deductibles, screenings, rehab, transportation, lodging, and similar expense burdens due to the accident. In the event of death, a payment may be made to the beneficiary.

Hospital Indemnity is triggered by a hospital stay due to childbirth, injury or illness, The claim is paid directly to you and independent of other insurance and the treatment costs. It can cover: copays, deductibles and everyday living expenses. It can be designed to cover other family members.

Critical Illness Insurance is triggered by a predefined set of serious illnesses such as cancer, stroke, organ transplant, Alzheimer’s, paralysis, etc. A claim is paid directly to you to cover any gaps in insurance and other expenses or financial burdens.