Life & Health Insurance
Life & Health Insurance Quote Forms
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Life & Health Insurance Information
Life insurance is designed to protect and insure your family’s financial future in the event that you die prematurely. While most of us don’t want to think about that possibility, it is important to plan ahead. Life insurance will allow your family to pay the bills and not be saddled with financial worry in your absence.
What life insurance product is right for me?
There are many different types of life insurance policies, but they generally fall into two categories: term insurance and permanent insurance. . Finding the right one for you depends on your goals and coverage needs.
Term insurance 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.
In contrast, permanent insurance provides lifelong protection. As long as you pay the premiums, and no loans, withdrawals or surrenders are taken, the full face amount will be paid. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced for you to keep over a long period of time.
It's impossible to say which type of life insurance is better because the kind of coverage that's right for you depends on your unique circumstances and financial goals.
How much life insurance do I need?
For most people, life insurance coverage is determined by the following categories:
- Income Replacement –Your spouse and family are probably accustomed to living with your full income. How much will your family need each month to continue without changing its standard of living?
- Mortgages and Other Debts – Mortgages, car loans, student loans, medical bills – these will be a burden on your loved ones. Life insurance proceeds may cover these outstanding debts and relieve your loved ones of the financial obligations.
- Education Expenses – Depending on the age of your children, you may consider adding the cost of college tuition to the face amount of your life insurance policy. This will ensure that your children can pursue a college education without the accompanying financial burden.
- Final Expenses – Funerals and final expenses can cost $10,000 to $20,000. Life insurance provides tax-free proceeds to your beneficiaries to cover these expenses – and usually faster than can be provide from your estate.
- Other things to consider: Does your spouse work? Do you have a pension? Does someone in your family have a medical history? Do you want to leave money to a charitable organization?
But remember, the best way to figure out the amount and type of life insurance that makes sense for your particular situation is to meet with a qualified life insurance professional.
Long-term care and Disability Insurance
What is 'long-term care'?
Because of old age, mental or physical illness, or injury, some people find themselves in need of help with eating, bathing, dressing, toileting or continence, and/or transferring (e.g., getting out of a chair or out of bed). These six actions are called Activities of Daily Living–sometimes referred to as ADLs. In general, if you can’t do two or more of these activities, or if you have a cognitive impairment, you are said to need “long-term care.”
Long-term care isn’t a very helpful name for this type of situation because, for one thing, it might not last for a long time. Some people who need ADL services might need them only for a few months or less,
Many people think that long-term care is provided exclusively in a nursing home. It can be, but it can also be provided in an adult day care center, an assisted living facility, or at home.
Assistance with ADLs, called “custodial care,” may be provided in the same place as (and therefore is sometimes confused with) “skilled care.” Skilled care means medical, nursing, or rehabilitative services, including help taking medicine, undergoing testing (e.g. blood pressure), or other similar services. This distinction is important because generally Medicare and most private health insurance pays only for skilled care–not custodial care.
What are the types of disability insurance?
There are two types of disability policies: Short-Term Disability (STD) and Long-Term Disability (LTD):
- Short-Term Disability policies (STD) have a waiting period of 0 to 14 days with a maximum benefit period of no longer than two years.
- Long-Term Disability policies (LTD) have a waiting period of several weeks to several months with a maximum benefit period ranging from a few years to the rest of your life.
Disability policies have two different protection features that are important to understand.
- Non-cancelable means the policy cannot be canceled by the insurance company, except for nonpayment of premiums. This gives you the right to renew the policy every year without an increase in the premium or a reduction in benefits.
- Guaranteed renewable gives you the right to renew the policy with the same benefits and not have the policy canceled by the company. However, your insurer has the right to increase your premiums as long as it does so for all other policyholders in the same rating class as you.
In addition to the traditional disability policies, there are several options you should consider when purchasing a policy:
- Additional purchase options
Your insurance company gives you the right to buy additional insurance at a later time for an additional cost.
- Coordination of benefits
The amount of benefits you receive from your insurance company is dependent on other benefits you receive because of your disability. Your policy specifies a target amount you will receive from all the policies combined, so this policy will make up the difference not paid by other policies.
- Cost of living adjustment (COLA)
The COLA increases your disability benefits over time based on the increased cost of living measured by the Consumer Price Index. You will pay a higher premium if you select the COLA.
- Residual or partial disability rider
This provision allows you to return to work part-time, collect part of your salary and receive a partial disability payment if you are still partially disabled.
- Return of Premium
This provision requires the insurance company to refund part of your premium if no claims are made for a specific period of time declared in the policy.
- Waiver of premium
This clause means that you do not have to pay premiums on the policy after you're disabled for 90 days.