Life & Health Insurance
Where there’s life, there’s hope–and there’s also the risk of illness, injury, and death. An accident or illness could threaten a person’s physical well-being–and his family’s future–at any time.
So how can you protect yourself and your family?
Life Insurance
There are two types of life insurance policies you can purchase: whole life and term life.
Whole Life is permanent life insurance. As long as premiums are paid on a timely basis, your policy can never be cancelled. It’s life insurance you’ll always have. Once set, your policy guarantees that your premiums will never increase.
Whole life insurance policies pay a death benefit when you pass away, no matter what age, and generally covers you for your entire life, hence the name.
There are two types of whole life policies: universal and variable. Universal whole life provides the policyholder with some flexibility in terms of death benefits and premium payments. Variable whole life policies combine your coverage with your investments. This can be a risk, because if your investments do not perform well, the value of your death benefits and your coverage can decline as well.
Term Life is the simplest form of life insurance. It provides affordable protection for a specific period of time at a scheduled premium level. Term life policies pay a death benefit only if death occurs during the policy term, which is usually no longer than 30 years.
There are two types of term life policies: “Level Term” and “Decreasing Term.” Level Term policies require that the death benefit stays the same throughout the existence of the policy, while Decreasing Term policies require that the death benefit drops in set increments throughout the existent of your policy. Level term life policies are the most popular.
If you find yourself wondering why you should purchase life insurance, consider the following reasons:
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To pay final expenses
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To ensure an inheritance for your heirs
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To create a source to savings
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To replace income for your dependents
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To make charitable donations (naming a charity as a beneficiary)
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To cover federal/state death taxes
Health Insurance
Whether your employer does not offer health insurance coverage or you are self-employed, you may find yourself in a position where you need to seek your own health insurance policy—and that’s where we come in.
Health insurance policies most often offer coverage for:
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Doctors visits
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Medical Testing
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Surgical procedures
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Specialized care
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Prescriptions
Although every health insurance policy is different, typically you can work with your health insurance broker or agent to create a policy that best suits your lifestyle and needs. It is important to consider your financial situation, your health and the health of your family members when creating a health insurance policy. Most health insurance brokers can offer you two types of health care coverage:
Indemnity Plans (or fee-for services plans)
• Basic & Essential Health Plans
• Indemnity Health Plans
• High Deductible Health Plans (HDHP)
• Cafeteria/Flexible Spending Plans
• Health Savings Accounts (HSA)
Managed Care Plans
• Preferred Provider Organizations (PPO)
• Health Maintenance Organizations (HMOs)
Your health insurance broker may also provide Medicare supplements, long-term care, income protection, etc.