Life Insurance

Life insurance may be one of the most important purchases you'll ever make. The purpose of life insurance is protection. In the event of a tragedy, life insurance proceeds can help pay the bills, continue a family business, finance future needs like your children's education, protect your spouse's retirement plans, and much more. If you're considering securing you and your family’s financial future, we would be happy to review your current situation and offer a few ideas on how you can protect it!.

Types of Life Insurance:

Term Insurance is the most affordable type of insurance when initially purchased, is designed to meet temporary needs. It provides protection for a specific period of time (the "term") and generally pays a benefit only if you die during the term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.

Final Expense Insurance is an insurance policy used to pay for funeral services and a burial when the named insured dies. Such a policy helps ease the financial burden placed on a family when a loved one dies.

Universal Life Insurance was created to provide more flexibility than whole life insurance by allowing the policy owner to shift money between the insurance and savings components of the policy. Premiums, which are variable, are broken down by the insurance company into insurance and savings, allowing the policy owner to make adjustments based on their individual circumstances. For example, if the savings portion is earning a low return, it can be used instead of external funds to pay the premiums. Unlike whole life insurance, universal life allows the cash value of investments to grow at a variable rate that is adjusted monthly.

Whole Life Insurance is a life insurance contract with level premiums that has both an insurance and an investment component. The insurance component pays a stated amount upon death of the insured. The investment component accumulates a cash value that the policyholder can withdraw or borrow against. As the most basic form of cash-value life insurance, whole life insurance is a way to accumulate wealth as regular premiums pay insurance costs and contribute to equity growth in a savings account where dividends or interest is allowed to build-up tax-deferred.

Why should I get life insurance?

What would happen to your family's financial health if something unexpected were to happen to you? Could they maintain their standard of living? Pay for college tuition? Pay for household bills? What about monthly mortgage or rent?

 

Health Insurance - Which plan is right for me?

What is an HMO?

An HMO, or Health Maintenance Organization, is a type of health plan that offers a local network of doctors and hospitals for you to choose from. It usually has lower monthly premiums than a PPO or an EPO health plan. An HMO may be right for you if you’re comfortable choosing a primary care provider (PCP) to coordinate your health care and are willing to pay a higher deductible to get a lower monthly health insurance premium.

What is a PPO?

A PPO, or Preferred Provider Organization, is a type of health plan that offers a larger network so you have more doctors and hospitals to choose from. Your out-of-pocket costs are usually higher with a PPO than with an HMO or EPO plan. If you're willing to pay a higher monthly premium to get more choice and flexibility in choosing your physician and health care options, you may want to choose a PPO health plan.

What is an EPO?

An EPO, or Exclusive Provider Organization, is a type of health plan that offers a local network of doctors and hospitals for you to choose from. An EPO is usually more pocket-friendly than a PPO plan. However, if you choose to get care outside of your plan’s network, it usually will not be covered (except in an emergency). If you’re looking for lower monthly premiums and are willing to pay a higher deductible when you need health care, you may want to consider an EPO plan.

What is Final Expense Insurance?

Loans, credit card debt, estate costs, the funeral... most people leave behind unpaid expenses when they die, feeling that those expenses will end with them. But, those expenses, if left unattended, burden their families tremendously. Final expense coverage is life insurance that pays off these debts, making sure that everything will be taken care of if you pass.

Final expense needs are usually covered with a whole life insurance policy. The benefits of whole life insurance include a guaranteed level premium that can never be increased, guaranteed cash value and a guaranteed death benefit that can never be decreased. The cost of final expense coverage is very affordable, even if you have some health problems. The application process is quick and easy. You can apply for final expense insurance coverage without having to undergo any medical examination - you simply answer the questions on the application.

Why is Final Expense Insurance so important? The average funeral costs between $10,000 and $30,000. That, in addition to existing personal debts, legal and medical bills, can quickly break the bank. Ask yourself, "If I died tomorrow, could my family afford my expenses?"

If the answer is no, then final expense insurance is essential. With a final expense policy in place, you can rest assured, knowing that your debts will never add to your family's grief. Everything, from the cost of burial to hospital bills and probate attorney fees, will be paid for. It's not just the responsible thing to do, but it's a final gift to your loved ones in their time of need.

 

Living Benefits

What Are Accelerated Benefits?
Accelerated benefits, also known as "living benefits," are life insurance policy proceeds paid to the policyholder before he or she dies. The benefits may be provided in the policies themselves, but more often they are added by riders or attachments to new or existing policies.

Accelerated benefit options are usually offered when you purchase a new life insurance policy, but some insurers will also add them to existing policies.

How Many Insurance Companies Offer Accelerated Benefits?
Currently, more than 150 companies offer some type of accelerated benefits. Only a few, however, are currently providing the full range of living benefits for critical illness, chronic illness and terminal illness. More than 3 million Americans are now protected by accelerated benefits.

Under What Circumstances Could A Policyholder Collect These Early Payments?
The situations vary, but they usually fall into one or more of these categories:
→ Terminal illness, with death expected within a specified period, usually six months to one year.
→ The occurrence of a specified serious illness such as heart attack, major stroke, certain types of cancer, kidney or liver failure.
→ The need for long-term care due to an inability to perform a number of "activities of daily living," such as bathing, dressing, eating etc.
→ Permanent nursing home confinement.

What is Supplemental Insurance?

Supplemental insurance is all the types of insurance beyond health or life insurance, including dental, cancer, hospitalization, disability, accident and critical illness coverage. These insurance benefits can help keep you healthy and help protect your finances, too.

Some types of supplemental insurance plans will pay for the out-of-pocket costs that goes along with your health insurance plan (ie, deductibles, copayments, and coinsurance), or for medical services that your health plan doesn't cover at all, such as dental and vision costs. Other supplemental plans may provide you with a cash benefit paid out over a period of time or given to you in one lump sum. The cash can be used to cover lost wages, transportation related to your health condition, or used to pay for food, medication, and other unexpected expenses you have due to an illness or injury.

We know money may be tight for you these days, but don't be tempted to skimp on one of the most important and cost-effective options you can take to help protect your family's financial health.

 

Supplemental Insurance

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