Who is it for?

Health insurance you buy on your own is called individual coverage. It could be right for you if you are:

• Self-employed, a small-business owner or have a home-based business
• In between jobs for more than three months
• Not covered through work or you're unable to get affordable coverage through your employer
• No longer covered by a parent's health care plan

What is it?

A contract that requires a health insurer to pay some or all of your healthcare costs in exchange for a premium. A health insurance contract may also be called a “policy” or “plan.”

Health insurer – A company that sells health insurance plans/policies.

Benefits – The healthcare costs (e.g., medical services, treatments and supplies) covered by your health insurance policy.

Premium – The dollar amount you pay to an insurance company for the benefits and coverage of an insurance policy. This is usually paid monthly and most experts advise that it be paid through a MBD (Monthly Bank Draft) to make sure that coverage does not lapse.

Policy – The health insurance coverage purchased by an individual and provided by a carrier. Also referred to as a plan. 

In other words, you buy a health insurance plan from a health insurance company. That plan is a contract that requires the insurer to pay a certain amount for certain types healthcare expenses you incur.

Why should I buy it?

Like auto insurance, health insurance is a service you pay for but hope you will never need. It's there for the unpredictable, unexpected and fundamentally uncontrollable problems that come up in people's lives.

Most consumers want and value health insurance, but they are confused about the current laws, how health insurance works and what options are available to them.  This is why most experts recommend using a licensed insurance agent to assist in the process.

Consider these consequences of not being covered by health insurance.

• You risk the chance of financial ruin.  Unpaid medical bills are the number one cause of bancruptcies in the United States.
• You severly limit your access to high quality health care providers.
• You risk your insurability.  In other words, if your health changes in the future you may not be able to obtain health insurance on your own.

Who is it for?

If someone will suffer financially when you die, chances are you need life insurance because it provides cash to your family after your death.

This cash, known as the death benefit, replaces your income and can help your family meet many important financial needs like funeral costs, daily living expenses and college funding. What’s more, there is no federal income tax on life insurance benefits.

What is it?

A life insurance policy is a contract with an insurance company. In exchange for premium payments, the insurance company provides a lump-sum payment, known as a death benefit, to beneficiaries upon the insured's death.

Typically, life insurance is chosen based on the needs and goals of the owner. Term life insurance generally provides protection for a set period of time, while permanent insurance, such as whole and universal life, provides lifetime coverage. 

Term life insurance

Term life insurance is designed to provide financial protection for a specific period of time, such as 10 or 20 years. With traditional term insurance, the premium payment amount stays the same for the coverage period you select. After that period, policies may offer continued coverage, usually at a substantially higher premium payment rate. Term life insurance is generally less expensive than permanent life insurance.

Universal life insurance

Universal life insurance is a type of permanent life insurance designed to provide lifetime coverage. Unlike whole life insurance, universal life insurance policies are flexible and may allow you to raise or lower your premium payment or coverage amounts throughout your lifetime. Additionally, due to its lifetime coverage, universal life typically has higher premium payments than term.

Whole life insurance

Whole life insurance is a type of permanent life insurance designed to provide lifetime coverage. Because of the lifetime coverage period, whole life usually has higher premium payments than term life. Policy premium payments are typically fixed, and, unlike term, whole life has a cash value, which functions as a savings component and may accumulate tax-deferred over time.

Why should I buy it?

Life insurance is one of those things that just about everyone needs but far too few people actually have. It’s easy to put off purchasing a policy when you’re young and relatively healthy. But the longer you wait, the greater the chances of something happening before you get yourself coverage.  Here are the reasons why every responsible person should consider carrying the appropriate amount of life insurance protection.

1. Replace Lost Income

Life insurance works to provide financial security to your loved ones after you pass away. You have to consider what would happen if you were to die suddenly. This is especially true if your loved ones rely solely on your income. Get yourself adequate coverage. That way, you won’t leave your loved ones helpless when the monthly bills come around.

2. Cover Burial Expenses

Sadly, even a basic funeral service can run upwards of several thousand dollars. While it’s possible to pre-pay your funeral, people don’t often think that far ahead. Pre-payment can ensure everything is in place for your loved ones after you die. However, there are risks to pre-payment. Life insurance can give you and your beneficiaries more of a guarantee, lifting a burden off of them as well as yourself.

3. Pay Off Debt

Just because you die doesn’t necessarily mean your debts will disappear. Your spouse may become entirely responsible for repayment of the mortgage loan on your home and any and all other loans that the family has. Life insurance allows those you leave behind to continue their standard of living even though the main bread-winner is not around any longer.

4. College Planning

There are a number of ways to save money for your child’s education. You may not have thought that a life insurance policy would be a viable option.  But insurance payouts can actually provide a good supplement to your savings. Also, life insurance can provide for the college education that you always wanted for your children in the unfortunate event of your premature death.

5. Build Cash Value

Whole life insurance provides permanent coverage that only ends if you cancel the policy.  This type of life insurance allows you to build up cash value over time, an attractive prospect for many people. That cash value acts as an extra cushion that you can tap into at any time. This may come in handy if you have a financial emergency down the road.

6. Diversify Investments

Some people also use life insurance as an investment tool with universal life policies. These policies are tied to a specific investment product. Then policyholders receive dividend payments based on the product’s performance. Before you dive into this type of insurance, you’ll want to read the fine print. That way you’ll know the potential risks and returns before you commit.

7. Business Planning

If you own a business, it’s vital that you have life insurance. This covers your obligations so your hard work doesn’t go to waste. Are you involved in a partnership with someone else? You should both have coverage. That way, if one of you dies, the other isn’t left holding the heavy financial bag.

8. Estate Taxes

When someone passes away, their heirs often face estate and inheritance taxes on any assets they receive. If you’re worried about your loved ones getting hit with a big tax bill, a life insurance policy can help cover these added costs.

9. Coverage is Affordable

One of the excuses people tend to make for not buying life insurance is the cost. But truthfully, coverage often ends up pretty affordable for most people. Term life tends to be less expensive than whole or universal life. Plus, the younger and healthier you are, the lower your premiums will be. Unless you smoke or have a pre-existing health condition, you could find coverage for as little as $1 a day. 

10. Peace of Mind

No one can truly predict the future. But having life insurance means you and your loved ones can prepare for any eventuality. Even with a small policy, you may find yourself sleeping a little easier at night knowing that your family has protection in place should something happen to you.

Who is it for?

Typically senior products are designed to benefit those people who are 65 and older.  Many of these people are at or near retirement age and their needs for health insurance and life insurance change drastically.  Most experts recommend using the services of a licensed insurance agent when seniors are faced with these new challenges.

What is it?

Typically, senior products are medicare supplement or MA plans that help seniors pay for those expenses not covered under Medicare and final expense life insurance plans that help cover burial costs.

Why should I buy it?

Many seniors are on a fixed income after retirement and they need extra help in covering out-of-pocket expenses associated with uncovered medical bills.  They also want the peace of mind that their children will not be burdened with bearing the costs of their burial at the time of their death.