Most of us in Connecticut buy insurance for our home, car or business. We know that life insurance is part of any good financial plan, and health insurance can protect us from catastrophic medical expenses. However, we have some other plans to reach out to us-we don’t usually treat these plans as insurance, but in fact they are.

Social Security
Social security is a form of social insurance that began with Franklin D. Roosevelt as president. The aim is to increase the poverty rate of the elderly, which exceeded 50% during the Great Depression of the 1930s. Today, social security benefits people of all ages. In 2010, it played a role in lifting more than 20 million people out of poverty. These include: more than one million children; more than 5 million non-elderly people; and more than 13 million adults over 65 years of age. That year, the poverty rate of the elderly dropped from 44% to only 9%. If you have not benefited from Social Security, you may benefit at the age of 65.

Workers’ compensation
Workers’ compensation is another type of social insurance that protects workers from losing money due to work-related injuries, which may result in absenteeism and sometimes even long-term unemployment. If a construction worker who relies on work to support his family is injured while building a house, the worker’s compensation will keep his salary rising and pay his medical expenses, so he and his loved ones will not suffer inappropriate pain. In 2010, worker compensation helped 128,000 people escape poverty.

Unemployment compensation
Unemployment compensation insurance is designed to help the unemployed and actively look for new jobs. This form of social insurance, often due to the fact that many companies are downsizing in order to cut costs, has a significant impact on the lives of those who are accidentally fired. Unemployment insurance makes it possible for those who are unemployed to continue to eat, pay rent and other living expenses while trying to return to work. You may be a great employee who does everything well, but if your employer can no longer afford your salary and you let go, you will be relieved that until you find a new position, You will still have some money coming in elsewhere.