Life and Health Insurance
Protect yourself and your family with affordable Life, Health and Disability Insurance
Insurance can seem complicated, so we try to simplify it at every step. We want to make sure you feel completely confident and comfortable about your choices. Our local agents take the time to understand your unique personal situation and your life goals.
Life Insurance
A life insurance policy is a contract with an insurance company. In exchange for premium payments, the insurance company provides a lump-sum payment, known as a death benefit, to beneficiaries upon the insured's death. Typically, life insurance is chosen based on the needs and goals of the owner. Term life insurance generally provides protection for a set period of time, while permanent insurance, such as whole and universal life, provides lifetime coverage. It's important to note that death benefits from all types of life insurance are generally income tax-free. There are many varieties of life insurance. Some of the more common types are discussed below.
Term life insurance
Term life insurance is designed to provide financial protection for a specific period of time, such as 10, 15. 20. 25 or 30 years. With traditional term insurance, the premium payment amount stays the same for the coverage period you select. After that period, policies may offer continued coverage, usually at a substantially higher premium payment rate. Term life insurance is generally less expensive than permanent life insurance.
Universal life insurance
Universal life insurance is a type of permanent life insurance designed to provide lifetime coverage. Unlike whole life insurance, universal life insurance policies are flexible and may allow you to raise or lower your premium payment or coverage amounts throughout your lifetime. Additionally, due to its lifetime coverage, universal life typically has higher premium payments than term.
Whole life insurance
Whole life insurance is a type of permanent life insurance designed to provide lifetime coverage. Because of the lifetime coverage period, whole life usually has higher premium payments than term life. Policy premium payments are typically fixed, and, unlike term, whole life has a cash value, which functions as a savings component and may accumulate tax-deferred over time.
How cost is determined
Insurers use rate classes, or risk-related categories, to determine your premium payments; these categories don't, however, affect the length or amount of coverage. Your rate class is determined by a number of factors, including overall health, family medical history and your lifestyle. Tobacco use, for example, would increase risk and, therefore cause your premium payment to be higher than that of someone who doesn't use tobacco..
Health Insurance
HEALTH INSURANCE
If something unexpected happens to you – like a car accident or a serious illness – hospital expenses can quickly rack up. Individual health insurance can help prevent staggering 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, both inpatient and outpatient. This health insurance can save you money on routine doctor's visits, prescription drug coverage, preventative care and other medical services. The plan will typically come with costs such as a monthly premium, an annual deductible, co payments, and coinsurance.
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