September 3, 2016

Life & Health Insurance

Life Insurance    Health Insurance    Medicare Supplements    Long Term Care    Disability


Life Insurance ~

What happens when you die?  How does your family pay bills?  You are alive so planning now is the time to make sure your family is taken care and has a smooth transition when you are gone. 

 TERM LIFE INSURANCE ~ Typically very affordable but only covers a limited amount of time for example- 10 years, 20 years or 30 years and typically very hard to get after age 70.

 TERM LIFE RETURN OF PREMIUM ~ It’s more expensive but when your term policy is up, you can get all or a large portion of the money back if you outlive the policy or you can elect a lower payout amount and have a paid up policy.

WHOLE OR UNIVERSAL LIFE ~ Permanent insurance that is typically more expensive but can last as long as you pay the premium up to age 121 and offers you flexibility to borrow against it.


When selecting a BENEFICIARY for your policy it can be anyone, a business partner, loved one or charity.  You want to make sure you elect the best person to look out for your families best interest and make sure if you list your spouse as primary you have secondary beneficiary’s listed as well incase you would both be killed at the same time.  Listing a secondary beneficiary to look out for your children can be helpful if your children are under age 18 as the money can get tied up in the court system. 

Check out the RESOURCES tab that includes several great websites on helping you plan, information on wills, documents you should have ready before you die, etc.


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This is insurance that helps cover the cost or expenses if one falls ill or injured by paying a monthly premium.


Under 65 coverage ~ Coverage for individuals or families that may not be eligible for a group plan

 Copays ~ This is a set amount that you as the insured pays for that service.

Coinsurance ~ You would be responsible for a percentage of the cost or fee.

Deductible ~ This is a stated amount that you must incur in expenses prior to insurance company paying.

Out of Pocket Maximum ~ Is considered to be the most you will pay out of your pocket before insurance will start paying at 100%.

Prescription Drug Coverage ~ This is coverage for drugs required from a pharmacy.


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MEDICARE ~ Over 65

This is coverage for individuals who are age 65 or older and under age 65 if they have been on Social Security Disability for 2 years.

Medicare Supplements ~

Medicare Supplement Policy – Accepting Part A & B coverage.  A supplement policy picks up the remaining cost associated with Part A & B and has several different options from minimal coverage to Plan F that covers 100%.

Medicare Advantage Policy – Typically a $0 or lower monthly premium but can have restrictive networks for care and large fees associated with each hospitalization.  Read the fine print of these plans as they are not standardized plans like supplements are.

Part D – Prescription Drug Coverage – Upon turning 65, it is recommended that you have a creditable drug plan.  There are several plans available and we suggest consulting your pharmacist to see which plan is the best for you with your particular drug needs.


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Long Term Care ~

If you have assets you want to protect than this is something you should have.  The estimated cost of a facility is $7000/month.  Long Term Care has changed a lot over the years and most all policies now include in-home health care as well as in a facility.  There are numerous different options to pick from ranging from the amount per day you want to elect to the number of years you want it to cover.  There are also numerous different elimination periods of 0, 30, 60, or 90 days which can all affect the price you pay for your premium.  There are policies that will do a return of premium rider, a life or long term care policy so if you don’t need the long term care you still get the benefit amount at your death as life insurance. 

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Disability ~

This is a form of insurance that covers you if you are unable to work and can go into effect whether it is related to work or not.  There are short term disability policies as well as long term disability policies. 

Disability policies are highly recommended for self-employed individuals in case you are hurt while you are working on the job.  A disability policy can help your family replace your lost income.

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