Life Insurance options
Life Insurance is not a one size fits all. Various options are available and should be considered to fit your specific needs. Coverage should be review throughout your lifetime and career, updating your plan and coverage as life changes. Common life changing events requiring plan changes are: marriage, birth of children, purchase a home, retirement, etc..
Term Life Insurance
Years: 10, 15, 20, or 30 Years
(Lasts for a specific time period)
Death Benefit Amount: $50,000 - $10,000,000
Living Benefits: Chronic Illness & Critical Illness Rider
Whole Life Insurance (WL)
Years: to Age 121 (Often called "Permanent" Insurance)
Death Benefit Amount: $50,000 - $10,000,000
Living Benefits: Cash Value Growth from dividends or fixed interest
Universal Life Insurance (UL)
Years: to Age 121 (Often called "Permanent" Insurance)
Death Benefit Amount: $50,000 - $10,000,000
Living Benefits: Cash Value Growth from investment in an index like S&P500
Juvenile Life Insurance
Eligibility at 6 months thru 18 years old
Protect the future insurability of children should their health be a factor
"Permanent" Coverage common options: WL or UL
Determining the right type of Life Insurance that firs your needs, your family, or business takes both short and long term planning. Life insurance is not a one size fits all.
Other Insurance(s)
If you become sick or hurt it is important to have the right insurance coverages in place to care for yourself and your family's medical and financial needs. Planning Concept: (1) Determine what options are available to you through your employer (2) Identify what planning you should have outside of your employer and (3) Understand how it all works together in a Financial Plan that is customized to your current and future needs.
Disability Insurance (DI)
What is the plan if you become sick or hurt & can't work?
Your biggest asset is your ability to work & earn income
DI Replaces: Up to 60% of your gross income
Terms(Length): 5, 10, or 20 Years OR To Age 65
Amount Allowed: based on a % of your reported income
Underwriting Factors (that determine your rate): Age, Gender, Smoker, State, & Occupation
Long Term Care Insurance (LTC)
Heath Insurance DOES NOT cover these expenses
Nearly 70% of 65-year-old people will need long-term care services or support
Covers Options: In-home care, adult day care. assisted living, nursing home
Median Cost of Care: in US for a semiprivate nursing home room is $93,072 / year
Rates Based on: Age, Health, Sex, Marital Status, Amount of Coverage & Carrier
Critical Illness Insurance (CI)
Covers: Cancer, Heart Attack, Stroke (and more)
Plans: Individual, Single Parent, or Family
Term(Length): 10, 15, 20, 30 Years OR Lifetime
Amounts: $10,000 - $100,000
Payout: Lump sum upon diagnosis
Uses: Pay deductibles, travel, or unexpected costs
Return of Premium: Upon Death (Common Benefit)
Health Insurance & Medicare/medsupp
Coverage for: Preventative Care, Prescriptions, Specialists, and Emergency Hospital Visits
Costs to Understand: Monthly Premium, Deductible, Co-Insurance, Co-Pay, Max Out of Pocket
Assistance: on Premium & expenses, based on income
Plans Varies by State & County of residence
Pre-Existing Conditions: will NOT effect eligibility
Important Factors: Provider Network, Drug Coverage
MED Eligibility: Over 65
MED Early Eligibility: disability, End-Stage Renal Disease (ESRD), or ALS (also Lou Gehrig’s disease)
Health Insurance coverage is important to understand and utilize for the long term preventative health benefits it provides & for the care it provides at times when you are sick or hurt. Plan costs and coverages vary so speaking to a licensed health insurance representative is a huge benefit in selecting the right plan. OTHER INSURANCES, such as Disability, Critical Illness, and Long Term care help cover substantial expenses that are not covered by Health Insurance plans.
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