Term Life Insurance
Term Life Insurance is a very simple form of life insurance. Coverage is purchased for a specific time period and usually with a level premium. If the insured dies during the life of the policy, your chosen beneficiary receives the stated value of the policy. The level premium options are generally 10, 15, 20, 25, & 30 years.
Universal Life is a permanent life insurance policy with a cash value feature. This policy allows a client to choose a fixed premium that can provide coverage to age 80, age 90, or even past age 100. This policy allows you flexibility for premium payments. As long as premium minimums are met, the premiums can be increased or decreased in order to meet the insured’s goals.
Survivorship Insurance / Second to Die
A survivorship insurance covers two insureds, usually husband and wife under one policy. The policy only pays a benefit on the “second” death. The premiums are generally less than purchasing two separate individual policies. This policy is often used as part of an estate planning strategy to assist paying estate taxes.
Disability Insurance coverage provides a portion of the insured’s earned income with monthly payments while disabled due to an accident or illness. If you become disabled, disability insurance provides income to a predetermined age and for a stated amount (i.e. $5,000 per month) while on claim. Benefits can range from 2 years, 5 years, or until age 65, 67 or 70.
Critical Illness Insurance coverage
Critical Illness Insurance coverage pays a cash benefit directly to the insured in the event they are diagnosed with a covered critical illness (i.e. heart disease & cancer). The payment is based on the elected benefit amount of coverage ranging from $25,000 up to $250,000. These policies help with all expenses regardless of your income or your health insurance coverage. The benefit is paid to the insured and can be used as needed (i.e. house payments, car payments, family trip, or medical expenses). These policies can be customized to fit any budget and meet individual needs.
Long Term Care Insurance / LTC
Long Term Care Insurance (LTC) provides for needs such as: home health care, assisted living, adult day care, respite care, hospice care, nursing home, and memory care. People who receive LTC are often not sick in the traditional sense. They need help with their basic activities of daily living (ADL’s) such as dressing, bathing, eating, toilet hygiene, continence, transferring from place to place. LTC coverage can be tailored to fit your budget and individual needs.
Ask us. We will be happy to explain.
While there are other types of polices and many options and variations in each policy, understanding exactly what works for you is critical. The staff at Insurance 360 will answer your questions and explain the details regarding your policy. All you have to do is ask.