Buy life insurance as soon as you determine that it makes sense for you or for your family. It is also easier to qualify for life insurance when you are young and have no health complications. Many people buy life insurance as their circumstances change. When you get married, start a family or purchase a house, you may consider purchasing life insurance in order to provide death benefits to your loved ones in the event of your untimely passing.
It is a good idea to evaluate your life insurance anytime you have experienced a change in your overall financial obligations. Life insurance can help to prevent the loss of your income and your debt accumulation from being passed on to your family as a financial burden after your passing.
There are three types of life insurance, with several differences between them; Term, Whole and Universal plans.
The Term Life Insurance option is geared toward younger people because it’s more of a temporary plan (Term) that only covers you for a period of time, usually 10, 20 or 30 years. Your premiums are fixed for the entire length of your Term. If you were to perish within that time frame, a set amount of money would go to the beneficiaries you choose.
Whole Life Insurance is one type of permanent insurance that remains in effect for a person’s lifetime. Depending on the whole life insurance policy you buy, you will have several premium options.
A Whole Life Insurance policy consists of both a death benefit and a cash value accumulation component. The cash value grows regardless of whether the insurance company performs well on its investments. You can use the cash value, or savings portion, as collateral; you can withdraw or borrowed against it, and you also have the option of buying the policy at a ”surrender value,” which means you can cancel the policy for a single cash payment.
Universal Life Insurance is one type of permanent insurance designed to stay with you for your entire life. It offers a fixed premium from start to finish. And works like a savings account, accruing money that you can even borrow against with a loan. Universal life insurance is very similar to a whole life policy, except that it has additional flexibility.
A Universal Life Insurance policy has the following features:
A death benefit where you have two options:
Allows you to decide how much of your premium will go towards insurance, and how much will go into the savings portion.
Allows you to earn higher interest on your cash value accumulation when inflation rates are high, and minimum guaranteed interest rates when inflation rates are lower.
American Midwest Insurance Agency offers a complete line of Employee Benefit products and services designed to provide solutions for your business financial needs. As you know Employee Benefits are essential to the success of most businesses, we know it’s important to design program options that balance cost with the right mix of benefits.
Call us today for a free no obligation consultation. Our agents will review your specific needs and offer coverage options to fit your needs.
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American Midwest Insurance Agency offers a complete line of Health insurance products and services. These products and services are designed to provide solutions for your personal and financial needs.
We will review your insurance needs and questions to obtain the benefit plans that best meet your circumstances from our carriers.
When you begin to search for health insurance, you can look on the private market or through your state’s healthcare exchange. For those who are new to the process, it can be overwhelming. Start by assessing your needs. If you’re prone to illness, play high impact sports, or have a risky profession, it may be better to have a co-pay plan rather than one with a high deductible.
If you have children, the plan that is most beneficial to you may be different from the ideal plan for someone who is single with no kids. If you have a favorite doctor, make sure that doctor is “in-network” if you opt for an HMO. You also need to think about your budget, and whether a plan that involves coinsurance or higher deductibles makes the most sense for you. By assessing your needs and comparing plans, you can find an affordable healthcare plan that meets your needs.
Many people don’t know where to start because the number of plans and variety of coverage options is very confusing. Our agents who specialize in health insurance can help individuals and families to review a range of plans from different health insurance companies and choose one that will help with preventive care and major medical care at an affordable cost.