Welcome To Insurance 101

Basic Overview Of Our Policies

Insurance 101 2017-09-30T23:22:12+00:00

Variety Of Insurance Policies For You

Life and Health Insurance

 

LIFE INSURANCE

Life insurance protects against loss due to the death of a particular person or insured upon whose death the insurance company agrees to pay a stated sum or income to the beneficiary named in the insurance policy. There are many different uses for life insurance.

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WHOLE LIFE INSURANCE

Whole life insurance is a permanent level insurance protection for the whole of life from policy issue to the death of the insured. There are many different uses for whole life insurance. It offers level premiums, level benefits, and cash values with different benefits.

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TERM LIFE INSURANCE

Term Life Insurance ​provides insurance protection for a specified period or term and pays a benefit only if the insured dies during that period.It only provides protection for a temporary period of time.It offers values. It’s like renting life insurance for limited time.

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UNIVERSAL LIFE INSURANCE

Universal life insurance is premium two part contract renewable insurance and cash value account that generally earns interest at higher rate than other policies.Premiums are deposited into the cash value account.Fee and monthly cost are deducted for term coverage.

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Annuity:

Annuity is a contract that provides a stipulated sum payment at certain regular intervals during the lifetime of one or more persons,or payable for a specified period only. The amount of an annuity payment depends on the starting principal, interest, and income period. Can be used to provide income for retirement.

Medicare

Medicare is federal health insurance and medical program for persons age 65 or older. It does not pay for everything.

Part A is compulsory hospitalization insurance that provides specified in hospital benefits and related benefits.

Part C (Medicare Advantage) offers a variety of managed care plans, a private fee for service plan, and Medicare specialty plans purchased from private insurance companies. To be eligible for Medicare Advantage, a beneficiary must be enrolled in both parts A and B.

Part B is a voluntary program designed to provide supplementary medical insurance to cover physician services, medical services, and supplies not covered under Part A.

Part D offers a prescription drug benefit to help Medicare beneficiaries pay for the drugs they need. The drug benefit is optional and available to anyone who is entitled to Part A or enrolled in Part B. It is available through private prescription drug plans (PDPs) or Medicare Advantage plans.

A Medicare Supplement or Medigap policy is health insurance that provides coverage to fill the gaps in Medicare coverage. These plans are letters A B C D F G K L M N.

Other Policies

Long term care refers to the broad range of medical and personal services for individuals who need assistance with daily activities for an extended period of time. Long Term Care Policy pay the insured a fixed dollar amount for each day the insured receives the kind of care the policy covers, regardless of what the are costs

Disability income insurance is health insurance that provides for the payment of regular, periodic income if the insured becomes disabled from illness or injury. Disability Income rider is a rider to a life insurance policy that provides benefits in the form of income in the event the insured becomes totally disabled. Accidental Death and Dismemberment insurance provides payment if the insured’s death results from an accident. . Accidental death benefit rider is a life insurance policy rider providing for payment when death occurs by accidental means.

Life insurance is also used to provide Mortgage Protection. If one or both persons providing income to a family dies, what will happen to those who survive? How will the mortgage be paid with the loss of one or both income providers? Life insurance can be the answer to providing that income to surviving family members if you die.The family can use the proceeds of the policy to pay off the mortgage outright or continue to make payments if desired.The beneficiary gets the money not the bank or mortgage company.

Final Expense policies are usually smaller whole life policies ranging from $5000-$30000 normally used by the elderly to pay for Final Expenses. Many of these policies are known as simplified issue and only require the applicant to answer some medical questions and authorize a review of prescription drug and medical history with no medical examination. The beneficiaries of the policies can use the proceeds for the insured funeral expenses, attorney’s fees, or anything else they would like such as a vacation. Some applicants use these policies to leave a small gift for their children or other family members as well as take care of final expenses.

These are just some basic explanations of terms used in insurance to educate visitors to my website. There are too many uses of life insurance and annuities to discuss here. This is one reason I don’t provide quotes on life and health insurance. This is different from property and casualty insurance where you ask for a quote. You’re buying insurance to protect your family not an object like a car or boat. You may want to call me for a quote on a term life policy but I won’t give it to you because it might not be the right product for you. I like to meet my clients personally and go over their individual financial situation and protection needs to best determine what they need and what they an afford. Based on this meeting, I’ll determine the most appropriate and affordable insurance product for your specific situation. The best suggestion I can give you is to setup an appointment with me to discuss your specific situation and insurance needs. Everyone is different and no two situations are alike. The notion that you should buy a $50,000 or $1,000,000 policy because that is what your neighbor did is not smart. Set up an appointment with me to discuss your personal situation in the privacy of your own home if you like. It costs you nothing but time and is time well spent to protect your loved ones and give you peace of mind. If you die tomorrow, will you have the peace of mind to know that you left your family taken care of. Watch the You Tube video at the bottom of this page.  I urge you to contact me and schedule a free no obligation appointment to protect you and your loved ones before it is too late.