Life Insurance
Who will take care of my family tomorrow if something unfortunate happens to me? If this question bothers you, then Life Insurance is the answer. Of course, under any circumstances, the loss of a loved one is a traumatic experience. But, if your family is also left without sufficient money to meet basic living needs or prepare for future goals, they will have to cope with a financial crisis at the same time. A Life Insurance plan ensures that your family is financially secure even if tomorrow you are no longer around to care for them
Term Life Insurance
Term insurance provides life insurance coverage for a specified term. The policy does not accumulate cash value. Term is generally considered “pure” insurance, where the premium buys protection in the event of death and nothing else.
There are three key factors to be considered in term insurance:
- Face amount (protection or death benefit),
- Premium to be paid (cost to the insured), and
- Length of coverage (term).
Whole Life Insurance
Whole life insurance provides lifetime death benefit coverage for a level premium in most cases. Premiums are much higher than term insurance at younger ages, but as term insurance premiums rise with age at each renewal, the cumulative value of all premiums paid across a lifetime are roughly equal if policies are maintained until average life expectancy. Part of the insurance contract stipulates that the policyholder is entitled to a cash value reserve, which is part of the policy and guaranteed by the company. This cash value can be accessed at any time through policy loans and are received income tax free. Policy loans are available until the insured’s death. If there are any unpaid loans upon death, the insurer subtracts the loan amount from the death benefit and pays the remainder to the beneficiary named in the policy.
Universal Life Insurance
Universal life insurance (UL) is a relatively new insurance product, intended to combine permanent insurance coverage with greater flexibility in premium payment, along with the potential for greater growth of cash values. There are several types of universal life insurance policies which include interest sensitive (also known as “traditional fixed universal life insurance”), variable universal life (VUL), guaranteed death benefit, and equity indexed universal life insurance.
Health Insurance
We specialize in educating seniors about their rights and entitlement to Medicare.
Medicare Advantage
A Medicare Advantage Plan is a type of Medicare health plan offered by a private company that contracts with Medicare to provide you with all your Part A and Part B benefits. Medicare Advantage Plans include Health Maintenance Organizations, Preferred Provider Organizations, Private Fee-for-Service Plans, Special Needs Plans, and Medicare Medical Savings Account Plans. If you’re enrolled in a Medicare Advantage Plan, Medicare services are covered through the plan and aren’t paid for under Original Medicare. Most Medicare Advantage Plans offer prescription drug coverage.
Medigap Plans
A Medigap policy, or Medicare Supplement Insurance, is a private health insurance that’s designed to supplement your Medicare policy. These Medigap polices will help to cover costs that Medicare doesn’t cover, such as co-payments and deductibles. These out-of-pocket expenses can add up quickly. It is important to understand what your Medicare Policy does not cover. There is a 6 month period when Federal law allows you to buy any Medigap policy you want. This time frame begins the first month that you are covered by Medicare Part B, and you are older than 65. During this window, Medigap companies must sell you a policy regardless of your health status. It is important to keep track of when your open-enrollment is to avoid having to pay higher prices, or possibly missing the opportunity to buy coverage at all.