Accident Insurance

Accident Insurance

Long Term Care Insurance Policies

Long-Term insurance is a type of insurance that helps to pay for the care of individuals that cannot care for themselves. This type of coverage is not necessarily related to a medical problem, but it is usually related to an issue of mobility. Most medical insurance policies that are provided by employers may have some long-term care benefits, but they are usually limited in scope.

Every adult should consider getting this coverage because the need for long-term care can happen to adults at any age. Younger adults can sustain injuries from accidents and may need assistance in their daily life while their injuries heal. In this case, long-term care may be measured in months such as 12 to 24 months. Older adults may become incapacitated due to age as well as illness, and they may need assistance for the rest of their lives. For the elderly, Medicare will not cover assisted living or nursing care expenses.

With many policies, there is an elimination period. This serves as a deductible for the policy. A certain time period must elapse before the coverage begins to pay for care. This is usually between one and four months. The longer the elimination period, the lower the premiums will be.

Although many people think of long-term care as living in a nursing home, having this type of policy will cover many things that a person needs to maintain an independent lifestyle. This can include almost anything that a person needs in their daily life that they can no longer do themselves.

The benefits of this type of policy are wide ranging and are dependent upon the policyholder’s needs. They include having a nurse visit and to assist in areas of hygiene such as bathing. It can also include assistance with getting groceries and preparing food. They also can help to pay for resident care. This includes convalescent centers where patients are given 24-hour care.

Long Term Care

Long Term Care

Long Term Care Insurance Policies

When Thinking About The Long Run, Think Long-Term Insurance

Long-term care insurance is a product that can be purchased in order to help with health needs over an extended period of time. Typically the benefits under this type of care insurance are those that are not covered with usual health insurance plans and policies offered by employers. Some examples of individuals who can reap the benefits of long-term insurance would be those who are unable to perform basic daily activities such as bathing, getting dressed, eating alone, or walking.

This form of coverage can be offered as either a tax qualified policy or a Non-tax qualified policy. For a tax qualified LTC policy, an individual must be unable to perform at least two daily living activities, and must require care for at least 90 days. Tax qualified policies are also non-taxable.

For a non-tax qualified LTC policy, the individual’s doctor can specify that long term care is needed because of the absence of the ability to perform at least one daily living activity. Though the requirements on this type of policy are less strict, it is possible that an individual or family might face a significant tax bill as a result of these benefits.

There are many benefits included in long term care coverage. Facilities such as home care, assisted living, adult daycare, respite care, hospice care, and nursing homes are generally covered under these plans. If home care coverage is purchased as a part of LTC coverage, the benefits will also include an in-home nurse, caregiver, housekeeper, therapist, or companion if needed.

One of the best benefits of long term insurance is the peace of mind knowing that family member’s won’t have to deplete savings account for the care that an individual requires. Though governmental programs do cover the cost of some of these benefits for those who might not be able to otherwise afford them, they do not cover in-home care, which is preferable to many.

Disability Insurance

Disability Insurance

Disability Insurance Policies

A disabling injury can have economic impacts ranging from belt-tightening to bankruptcy filing, but Disability insurance can counteract that financial hardship. Disability coverage is a safety net for injured workers, but you can easily slip through the cracks if you are unfamiliar with the system.

Before the need arises, you should find out what type of insurance is offered by your employer. Most states require a minimum level of coverage, and almost 50% of larger employers offer policies in addition. Long-term group policies can pay about half of your normal salary, up to the coverage limit, and provide benefits that may last until you are eligible for Social Security.

If you cannot get insurance through your employer, or if the coverage is inadequate, you can buy your own policy. Most private policies pay up to 70% of your pre-disability income. You can choose a non-cancelable policy, with premiums that can’t increase, or a guaranteed renewal policy, where you cannot be denied coverage.

Even if you have your own coverage, you should file a Social Security claim if your disability is expected to last for an extended time. Policyholders receiving long-term benefits must apply for SS coverage after they’ve received payments after two years. The SSA pays two different kinds of benefits: SSDI and SSI (Supplemental Security income). SSI is for workers who do not have enough earnings credits to be eligible for retirement benefits.

Keeping yourself covered with Disability insurance can protect you and your family in the case of an unfortunate event. Learn more about this coverage and how it can benefit you by speaking with one of our advisors.

Universal Life Insurance

Universal Life Insurance

Universal Life Insurance Policies

Protect Yourself With Universal Life Insurance

Universal Life insurance offers coverage for a family’s growing needs. If it is offered as a workplace benefit, it may provide an employee’s family with the financial resources they need to thrive through the changes a family may go through over time. This insurance provides financial protection for those who plan on getting married, who plan on having a baby, or who may start a new career.

The process works in two ways: First, it provides long-term protection, and second, it offers flexibility, which is important when handling needs that will evolve as a part of life. Although anyone can obtain coverage at any age, the best time to get this type of insurance is when a person is young and in good health. This allows for lower rates and increased benefits.

Those who take excellent care of their health by consistently maintaining a healthy lifestyle – a proper diet, regular exercise, and no smoking or substance abuse may get an improved rate. However multiple factors are considered when determining policy rates.

Flexibility means that the policy can be changed as life progresses. Since coverage can be reduced or increased while still retaining the policy, it is an excellent choice for those with fluctuating incomes; like business owners or independent contractors. However, underwriting approval is necessary to increase coverage while decreasing coverage might impact the policy guarantees.

This insurance policy usually offers the following primary benefits:

  • It is affordable coverage for a working person.
  • It accumulates in cash value over time.
  • It provides available funds when needed if the insurance is paid-up to that date.

Universal life insurance is a form of permanent life insurance available in the United States. Under the policy, excess premium payments above the current insurance cost can be credited to the policy’s cash value.