LIFE INSURANCE
Term Life Insurance
Term insurance provides coverage for a specific length of time and has no cash value. It may have terms of 5 to 30 years.
Whole Life Insurance
Whole life insurance accumulates cash value over time. The death benefit and the premium remain fixed for the duration of the policy.
Other Types of Permanent Insurance Include
- Universal Life
- Limited Pay Life
- Endowment Policy
IRA
An Individual Retirement Account is a retirement plan that provides a tax advantage for retirement savings. There are several types of IRA’s including:
- Traditional (tax deductable)
- SEP (Simplified Employee Pension
Roth IRA
A Roth IRA is a type of IRA that is free from taxes when the money is withdrawn. Contributions are not tax deductible.
Annuity
An annuity is a financial vehicle where one makes a regular contribution or a lump sum contribution. You may begin withdrawals as early as 59-1/2 years of age.
Medicare Supplement
Medicare Supplement provides private health insurance for individuals age 65 and older. Medicare Part D Coverage is available for the prescription drug coverage.
LTC – Long Term Care
Generally, this is a policy for individuals or couples over age 65 who need long term care for basic activities of daily living, i.e. dressing, bathing, eating, toileting, etc. LTC covers home care, assisted living, hospice and nursing homes. The premiums are based on the age of the insured, waiting period, dollar benefits per day and policy duration.
Life insurance is a protection against financial loss that would result from the premature death of an insured. The death benefit is paid by a life insurer in consideration for premium payments made by the insured.
Strategically, it helps those left behind cover the costs of final expenses, outstanding debts and mortgages, planned educational expenses and lost income.
INDIVIDUAL BENEFIT
- Debt – Personal bills, credit card debt, student loans, and personal notes can be covered by life insurance in the event of an individual’s death.
- Mortgage Protection – Proceeds of a life insurance policy can pay the balance of a mortgage or provide an income stream paying monthly mortgage or rent.
- Income Replacement – Life insurance proceeds can provide a supplemental income stream to ensure that the surviving family members are able to continue the same standard of living.
- Donations/Gifts – An individual can use life insurance proceeds to fund a donation to a charity or leave a gift to a family member.
BUSINESS BENEFIT
- Key-Person – Proceeds of a life insurance policy can protect a business from the loss of income and profit caused by the death of a key employee.
- Business Continuation – Life insurance can be used to fund a buy/sell agreement to enable a partner or group of employees to buy the business interest of a deceased partner.
- Business Loans – Life insurance protection on a key employee or business owner can be used to pay off the debts of a business in the event of that individual’s death.
HEALTH INSURANCE
INDIVIDUAL INSURANCE
Individual health insurance can help prevent expenses if you face a medical emergency. Major medical insurance is a type of coverage that provides benefits for a broad range of health-care services. Health insurance can save you money on routine doctor’s visits, prescription drug coverage, preventative care and other medical services.
GROUP INSURANCE
Ensure that your employees have the protection they deserve by purchasing a group health insurance program. With multiple coverage options available, employees will be empowered to successfully manage their own healthcare costs and gain financial security.
You will be better positioned to competitively recruit and retain key employees by offering medical benefits. You will quickly see return on your investment by reducing absenteeism, increasing productivity, improving office morale and even lowering your hiring costs!
Whether you need health insurance for yourself, your business, or your family, we have access to all the major companies. Let our experts’ help you find the health insurance you need.