Life and Health

What Is Life Insurance

At it’s most basic definition, life insurance is a policy that will provide a certain amount of money to a person’s loved ones should you die. The insured will pay a set monthly premium, for a specific death benefit, which will go to your family income tax free.

• Life Insurance can be the foundation of your financial security and can provide comfort and stability for your family. The purpose of life insurance is to help provide your loved ones with financial protection after you are no longer here.

How many types of life insurance policies can I buy?
There are four types of life insurance you can purchase.

• Term Life Insurance provides coverage for a set period of time at a generally lower cost than permanent insurance. Many term insurance products allow you to convert to a permanent policy, such as Whole Life Insurance.

• Permanent Life Insurance provides you with financial protection for your entire life, as long as the policy remains in force. Because of the flexibility permanent life insurance offers, there are several types of policies you can purchase.

• Whole Life Insurance includes benefits of guaranteed fixed premiums, a guaranteed death benefit and guaranteed cash value growth. Borrowing cash from the policy can help in financing life-changing events or emergencies.

• Universal Life Insurance provides lifetime death benefit protection along with flexibility that gives you choices as your needs and finances change. It offers options such as coverage amounts that may be increased or decreased, and premiums that you can vary based on your finances.

• Single Premium Whole Life Insurance policy allows you to safely and economically transfer wealth to your children, grandchildren or a favorite charity. Shifting assets from a taxable investment to the single premium whole life creates instant value-and conserves your legacy for your heirs. You pay one premium at the time of purchase, locking in a guaranteed death benefit. The value provided by the guaranteed death benefit can instantly increase the size of your estate, turning your premium into a significantly larger sum for your beneficiaries. Your heirs pay no federal income tax on the guaranteed death benefit. And single premium whole life policy is designed to avoid probate, eliminating additional costs and delays.
Health Insurance

Health Insurance is designed to cover the medical expenses of the person that obtains it.
Health Insurance is provided by either a private company – such as Blue Cross Blue Shield, delivered to you by your employer – known as group insurance. Or it may be purchased individually.

The government also provides health coverage through the following programs:
• Medicaid – for low income individuals and families.
• Medicare for people on disability and/or citizens 65 years old and over.

Health Insurance Can be provided through an HMO/Health Maintenance Organization of a PPO/ Preferred Provider Organization.  With the passing of the Affordable Care Act, it is mandatory to purchase health insurance or face a penalty.  In order to purchase the plan that fits you and your family’s needs in the most cost effective way,  you will need a professional agent.