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.
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.
Critical Illness Insurance Coverage
Critical Illness Insurance coverage pays a cash benefit directly to the insured in the event they are diagnosed with a critical illness (ie. heart & cancer). The payment is based on the elected face amount of coverage ranging from $25,000 up to $250,000. These policies help with all expenses regardless of your income or health insurance coverage. Benefits are paid to the insured and can be used as needed (i.e. house payments, car payments, family trip, or additional medical treatment). These policies can be customized to fit any budget and meet individual needs. Most policies require a minimal survival period of up to 30 days after diagnoses to pay full benefits.
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.
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.
© 2010 Insurance 360 is a DBA owned and operated by James Scott Harper (Licensed Agent) in all states, except Alaska and Hawaii, including Washington DC. For a list of specific license numbers refer to the license tab at the top of each page. For further information call 800-327-2866. CA Lic # OB62912
