Federal and state laws regulate Medigap policies. These laws are put in place to protect you as a beneficiary. Medigap policies have to be clearly labeled as “Medicare Supplement Insurance.” In some states, as of June 1, 2010, you may be able to choose from up to 10 different standardized policies (Medigap Plans A, B, C, D, F, G, K, L, M, and N). Each Medicare supplement insurance plan offers a different set of basic benefits and is the same for every insurance company.
Medicare Advantage Plans are health plan options that are part of the Medicare program; Medicare Advantage can also be referred to as Medicare Part C. If you join one of these plans, you generally get all your Medicare-covered health care through that plan. To join a Medicare Advantage Plan, you must have Medicare Part A and Part B. You will have to pay your monthly Medicare Part B premium to Medicare. In addition, you might have to pay a monthly premium to your Medicare Advantage Plan for the extra benefits that they offer.
Unlike traditional health insurance, long-term care insurance is designed to cover long-term services and supports, including personal and custodial care in a variety of settings such as your home, a community organization, or other facility. Long-term care insurance policies reimburse policyholders a daily amount (up to a pre-selected limit) for services to assist them with activities of daily living such as bathing, dressing, or eating. You can select a range of care options and benefits that allow you to get the services you need, where you need them.
While most people don’t like to talk about end-of-life issues, it is important to plan for them. Expenses associated with death, such as caskets and embalming, can have a substantial financial impact on those you love. Final expense life insurance, can help protect loved ones from having to pay these costs out of pocket.
Term life insurance is typically the most affordable life insurance product available to you. With its lower premium rates compared to permanent life insurance, term life is a great way to protect your family’s financial future from the loss of a breadwinner. As a result, many people make term life their first life insurance purchase.Term life insurance is typically the most affordable life insurance product available to you. With its lower premium rates compared to permanent life insurance, term life is a great way to protect your family’s financial future from the loss of a breadwinner. As a result, many people make term life their first life insurance purchase.
Whole life insurance is a type of permanent life insurance. Unlike a term life policy, which provides protection for a period of time, whole life insurance provides coverage for life. As long as premiums are paid, your loved ones are guaranteed1 to receive a death benefit. It also contains a growing cash value that’s available to help you cover unexpected costs.
Universal life insurance is a type of permanent insurance, which means it provides coverage for life. When the insured dies, the policy leaves a guaranteed amount of money to the named beneficiaries. That amount is called a death benefit. In addition to the death benefit, universal life insurance also contains a cash value. The cash value grows tax-deferred until funds are withdrawn. Unlike term and whole life insurance, universal life insurance provides an additional level of flexibility. It allows policy owners to modify the amount and frequency of premium payments as long as there is sufficient cash value in the policy to cover monthly deductions.
Annuities are the foundation for wealth accumulation, wealth transfer, and retirement protection, providing the security of a “lifetime income.” Your client will pay money into them for a certain amount of time and then, once they reach a certain date they will begin to received regular payments for a set period of time. Unlike other types of investments like stocks, bonds, or mutual funds, annuities are a guaranteed steady stream of income. Annuities are a great source of supplemental income for those fearing their Social Security benefits might not be enough for them to continue their quality of life. Also, annuities have great tax benefits, the money in annuities grows tax deferred until your client starts to withdraw; and, once they begin withdrawing, only the gains made on the annuity are taxed.
Dental insurance is a type of health insurance that helps pay for portions of the costs associated with dental work. Dental insurances vary by types and are usually categorized into three types: Indemnity – that allows you to see dentist that accepts all types of dental insurance, Preferred Provide Network (PPO) plans that allow you to choose an in network doctors, and Dental Health Managed Organizations (DHMO) where you are assigned to an in-network dental professional.