Your mortgage is probably the debt you incur in your life time. Your family needs the home so what would happen if you die without mortgage protection? Mortgage protection is a life insurance product designed to match the remaining loan value. Other life products might be necessary to cover all your needs. Consult with your agent.
FINAL EXPENSE LIFE INSURANCE
Your health and age might prevent you from buying traditional life insurance but you might still want some life insurance to cover final expenses like burial, funeral home cost, ceremony, a few debts to pay and so on… Final expense life insurance is typically has a lower death benefit but doesn’t require much medical underwriting and builds cash value.
A fixed annuity can help you accumulate tax-deferred earnings as part of your overall retirement plan. Annuities offer the opportunity for lifetime payments and tax-deferred earnings, and provide a guaranteed death benefit for your beneficiaries. All guarantees are backed by the continued claims-paying ability of the issuing insurance company. In return for making one or more premium payments, the insurance company agrees to provide you an income stream — usually during retirement. You can elect to receive payment all at once or as a series of payments, even for the rest of your life. Let Health Insurance Agent Jeff Lecoeuche assist you in finding the information you need.
Just over 1 in 4 of today’s 20 year-olds will become disabled before they retire. About 12% of the total US population is disabled. If you own a business you need disability insurance. If you have access to group disability through work you should buy into it. Disability policies offer broader coverage, typically “your own occupation” verses SSDI which defines disability as “any gainful occupation”. As a business owner, disability benefits can allow you to hire someone to do your job and keep your business and the stream of income.
INDIVIDUAL LONG TERM CARE
I call it the choice of spending the last years of your life in misery or in decency. Long term care policy pays a daily sum to provide for your care at home or in a facility. To qualify, you have to be unable to perform a specific number or daily living activities which varies from policy to policy. 1 person out of 2 will need long term care in their life time.
You are turning 65 and you now qualify for medicare coverage. Medicare supplements help you pay some or all medical expenses not paid by Medicare part A & B . It limits your annual out of pocket medical expense and allows you to see any doctor that accepts Medicare patients.
BUSINESS LIFE INSURANCE PLANS
- Key employee insurance is a policy that will pay the business if their key employee dies so they can cover the loss of income and cost of finding and training a replacement employee.
- Buy sell life insurance plans allow two parties to fund a buy sell agreement. Each party buys insurance on the other one, and at death the death benefit is used to buy out the remaining party’s heirs at a pre-agreed value.
- Management benefit life insurance is typically a permanent policy purchased by the employer to benefit the employee. The employee is taxed on the value of term insurance and the cash accumulated in the policy is typically vested to him according to an agreement with his employer (i.e. 20% vested after 5 ears, 40 after 7 years, and so on)