Life Insurance Basics
Term Insurance
This is a very simple form of insurance. Coverage is purchased for a specific time period for a specific price. If the insured dies during the life of the policy, your chosen beneficiary receives the stated value of the policy. Term insurance can be purchased for specific periods of time, such as 10, 15, 20, 25, or 30 years.
Universal Life
Universal Life is a permanent life insurance policy has 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 policy minimums are met, the premiums can be increased or decreased in order to meet the insured’s goals.
Disability Insurance
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 a portion of your income for a preset time and stated amount. Benefits can range from 2 years, 5 years, or until age 65 or 70.
Long Term Care Insurance / LTC
Long Term Care insurance (LTC) provides coverage needs such as: home care, assisted living, adult day care, respite care, hospice care, nursing home, and Alzheimer's. 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, toileting, continence, transferring from bed or chair, and walking. LTC coverage can be tailored to fit your budget and individual needs.
Survivorship Insurance/Second to Die
This insurance covers two persons, usually husband and wife, under one policy. The premiums are generally less than individual policies as the policy only pays on the “second” death. This policy is often used as part of an estate planning strategy to assist paying a family’s estate taxes.
Ask us. We’ll be happy to explain.
While there are more types of policies and many options and variations in each policy, understanding exactly what works for you is critical. The staff at Insurance 360 will answer every question and explain every detail regarding your policy. All you have to do is ask.
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