Term Life is easy and generally the most affordable type of life insurance. It does not build cash or investment value and only covers you for a set period of time, provided you pay the monthly premium. Having term insurance means the carrier will pay to the named beneficiary the face amount of the policy (set benefit and/or lump sum) upon death of the insured within the stated term.
Permanent Life Insurance provides life-long protection and a savings strategy for the future. Whole life insurance (also known as cash value) builds up a tax-free cash value that may be borrowed against, if needed. Upon the death of the insured, the policy pays the death benefit to the named beneficiary, also tax free.
Disability Insurance protects your ability to earn a living during your working years. In other words, it protects one of your most valuable assets. And, this is pretty important considering that statistics show our chances are greater of becoming disabled than dying between the ages of 25 & 45. During the time you are unable to work due to a qualifying disability (illness or injury), the replacement of your regular income through a monthly benefit provided by disability insurance helps to maintain your pre-disability lifestyle.
Employers often provide standard short-term disability (STD) and long-term disability (LTD) insurance to meet federal guidelines. Individual disability income insurance can be customized to meet your needs and considers your occupation, age, income and other factors in determining your cost and monthly benefit payment amount.
A standard Short Term Disability (STD) policy allows for income payments to begin after a two-week waiting period. Payments will continue to the insured until he/she recovers or maxes out the benefits. Thus, total benefits for a STD could last for anywhere from one month to two years, depending on the policy.
A Long Term Disability (LTD) policy allows for income payments to begin after a ninety-day waiting period, although it could be much longer depending on the policy. Once payments begin, they will continue far longer than STD. Thus, the total benefits for a LTD could last for a few years, up to age 65, or even for life.
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A Long Term Care Plan augments your Medicare insurance and pays for services associated with performing tasks required for daily living such as dressing, bathing, eating, getting in/out of bed, toileting, walking or other basic activities. These services fall under skilled care or personal care and are the types of services that Medicare or Disability generally does not cover.
As stated, long-term care is usually not medical care and most often does not require a doctor or a nurse. In addition, the need for LTC is not always age related. In fact, statistics tell us that more than half of all individuals age 65 & over will need LTC at some point. Even so, it is important to note that roughly 40% of those receiving LTC today are between the ages of 18 and 64.
Regular health insurance, Medicare or Medicaid typically will not pay for Long-Term Care services. The cost of LTC can quickly add up and burden those closest to you, both financially and emotionally. Purchasing a LTC plan can help you avoid those difficult situations, as well as give you the power you need to maintain control of your care, choosing the facilities that best suit your needs. Thus, instead of allowing welfare or the government to make your LTC decisions for you, you are in charge. Additionally, you should be aware that Disability Income Insurance is not designed to cover LTC expenses, but simply replaces part or all of your income during your working years should you become disabled. You need specific coverage to pay for long-term care needs.
Institutional Care: Nursing home, assisted living services, residential care facility, hospice care, adult foster home, respite care and more.
Home Care: Home health care, adult day care, personal care, homemaker services, hospice care, respite care and more.
It is often said that “failing to plan is planning to fail.” This is true when it comes to retirement income. Thus, it is especially true in today’s employment landscape where pensions are becoming a thing of the past. For that reason, annuities are becoming more popular with the younger generation. However, they can be a good solution for anyone who wants to build a nest egg.
Simply defined, an annuity is an insurance product designed to pay you an income over a period of time. In that sense, they are are also considered investment contracts. Accordingly, they can help you grow your savings, inheritance, and retirement portfolio. In fact, they often provide you with retirement income that you cannot outlive. Thus, payments may begin immediately, or at some future date in exchange for a lump sum payment, or a series of payments made prior to start of the annuity. Thus, it really depends on your needs on how you structure the annuity.
Annuities may arise as a result of a structured liability settlement. They can provide either an immediate income stream, or an income stream at retirement (or other future date) that transfers some of the risk of you outliving your money (“lifespan uncertainty”), to the insurer.
Accordingly, we offer Annuities from carriers with the highest ratings available. Thus, we strive to achieve the highest current interest rates and shortest surrender charges.
*Note. Annuities are complex with an array of product choices. Accordingly, these could be fixed, variable or indexed. Additionally, they can be deferred, or immediate. And, they can be for both the qualified and non-qualified marketplaces. In fact, many people are sold annuity products, but don’t really understand them. Because of the complex nature of annuity products, we recommend you contact an experienced agent to discuss possible benefits, risks, and costs. Additionally, you may also discuss potential tax deferral advantages to see if annuities are a good fit for your financial plans. If you would like more information, please fill out the form below and submit.
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Medicare Advantage Plans are offered by private carriers and replace your original Medicare Parts A and B, as they are rolled into one plan.
Much like regular insurance, you can select different plan types, such as a Health Maintenance Organization (HMO), or a Preferred Provider Organization (PPO), or a Medicare Medical Savings Account Plan. Premiums will vary, based on coverage, carrier and geographical location.
We are familiar with many of the quality carriers who offer Medicare Advantage and can help you select a carrier/plan for your needs and budget.
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Medicare Supplement Insurance policies complement your Original Medicare Parts A and B. They cover some, if not all, of the expenses that Part A and B do not cover, like co-pays, deductibles and other charges.
There are many different types of Medicare Supplement policies available, yet they are regulated so the benefits for these various policies (known as Plan A through N), are all the same regardless of the carrier. However, premiums can vary greatly among carriers.
Ultimately, the best Supplement Plan is one that is purchased from a quality carrier, has a low premium and leaves you with the least or no out of pocket expenses.
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Medicare Part D adds prescription drug coverage to Original Medicare and is offered through private insurance companies that are contracted and approved by Medicare.
Premiums can vary greatly between the numerous options and carriers, therefore it’s necessary to carefully weigh your prescription costs against all variables of these plans. Selecting the wrong plan can wind up costing you thousands.
Medicare Advantage Plans may also offer prescription drug coverage that follows the same rules as Medicare Prescription Drug Plans.
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