Life and Health Insurance

Protect your future, live a healthy life, and secure your peace of mind.

Term Life Insurance

Term life insurance is a type of life insurance policy that provides coverage for a specific period, or “term”—typically ranging from 10 to 30 years. If the policyholder passes away during this term, the beneficiaries receive a death benefit.

Term life insurance covers:

  • Death Benefit: A lump sum payment to beneficiaries if the policyholder passes away during the term.
  • Financial Protection: Helps cover living expenses, mortgages, education, and other financial responsibilities of dependents.
  • Affordability: Generally lower premiums compared to permanent life insurance.

Whole life insurance

Whole life insurance is a type of permanent life insurance that provides coverage for the policyholder’s entire lifetime, as long as premiums are paid. In addition to the death benefit, whole life insurance also includes a savings or investment component known as cash value.

What it covers:

  • Death Benefit: A guaranteed payout to beneficiaries upon the policyholder’s death.
  • Cash Value: A portion of your premium is saved and grows over time, tax-deferred. The cash value can be borrowed against or withdrawn, though it may reduce the death benefit.
  • Lifetime Coverage: Coverage remains in effect for the insured’s entire life, as long as premiums are paid.
  • Fixed Premiums: The premiums typically stay the same throughout the life of the policy.

Universal Life Insurance

Universal life insurance is a type of permanent life insurance that offers flexibility in both premiums and death benefits. It combines a death benefit with a cash value component, and it allows policyholders to adjust their premiums and coverage over time based on their changing needs.

What it covers:

  • Death Benefit: A payout to beneficiaries upon the policyholder’s death, similar to other life insurance policies.
  • Cash Value: A savings component that grows over time based on interest, which can be borrowed against or withdrawn.
  • Flexible Premiums: The ability to adjust premium payments and amounts as needed.
  • Adjustable Death Benefit: The option to increase or decrease the death benefit (within limits).

Health Insurance Plans

Health insurance plans are designed to cover medical expenses and provide financial protection in case of illness, injury, or other healthcare needs. These plans vary in terms of coverage, cost, and provider options.

Health Maintenance Organization (HMO):

  • Provides comprehensive health coverage, including preventive care, hospital stays, doctor visits, and prescriptions.
  • Requires you to choose a primary care physician (PCP) who manages your care and provides referrals to specialists.
  • Lower premiums and out-of-pocket costs, but less flexibility in choosing healthcare providers.

. Catastrophic Health Insurance:

  • Designed for younger, healthier individuals or those who want to protect themselves from serious accidents or illnesses.
  • Covers essential health benefits after a high deductible is met, with a cap on out-of-pocket costs.
  • Includes free preventive care and three doctor visits per year before the deductible.

High Deductible Health Plan (HDHP):

  • Has a higher deductible and lower monthly premiums.
  • Often paired with a Health Savings Account (HSA) that allows you to save tax-free money for medical expenses.
  • Covers essential health benefits like preventive care, hospitalization, and prescriptions after the deductible is met.

Point of Service (POS):

  • Combines features of HMO and PPO plans. Requires a primary care physician (PCP) but allows for referrals to out-of-network providers.
  • Offers lower cost for in-network care and a higher cost for out-of-network care.

Preferred Provider Organization (PPO)

  • Offers a wider range of choices for healthcare providers, both in-network and out-of-network.
  • No need for referrals to see specialists.
  • Coverage for both in-network and out-of-network services (with higher costs for out-of-network care).

Exclusive Provider Organization (EPO):

  • Similar to PPO but with no coverage for out-of-network care (except in emergencies).
  • Offers flexibility in choosing healthcare providers without needing a referral for specialists.

Individual and Family Plans:

  • Available through the Health Insurance Marketplace for those who don’t have employer-sponsored insurance.
  • Covers essential health benefits, preventive care, and prescription medications.
  • Can qualify for subsidies based on income to reduce premiums and out-of-pocket costs.

Disability & Long-term Care Insurance

Disability and long-term care (LTC) insurance are two important types of coverage designed to provide financial support if you face a significant health issue or disability.

Disability Insurance:

  • Income Replacement: Provides a percentage of your income (typically 50-70%) if you’re unable to work due to illness or injury.
  • Short-term disability covers temporary disabilities, typically for a few weeks to months.
  • Long-term disability provides support for extended periods (years or until retirement) if you can’t work.
  • Basic Living Expenses: Helps you pay for everyday expenses (like rent, bills, groceries) while you’re unable to work.

Long-Term Care (LTC) Insurance:

  • Personal Care Services: Pays for assistance with daily activities like bathing, dressing, and eating if you can’t perform them due to a chronic illness, injury, or aging.
  • Nursing Home or Assisted Living: Coverage for stays in nursing homes or assisted living facilities.
  • Home Health Care: Helps cover the cost of care at home if you need help with daily living tasks.