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Individual Life Insurance
The principle reason to buy life insurance is to provide a death benefit to your beneficiaries. However, some policies can also serve your needs in estate planning, wealth transfer, estate tax liquidity, and growing your money in a tax-deferred manner. There are three basic kinds of life insurance to consider and we’ve provided an overview of each below. Each individual policy carries its own provisions and benefits and the experts at H.J. Spier can help you determine your best fit.
- Term Insurance
Level term insurance offers a longer term, usually for 10, 15, 20, or 30 years, in which the premium stays the same each year during the term. Level convertible term is a great way to purchase high death benefit amounts and spread the cost over a period of years, while maintaining the ability to purchase permanent insurance with no evidence of insurability in the future. There is no “cash value” accrued with term insurance.
Level convertible term offers conversion to a permanent policy in the future – when regular term premiums might become cost-prohibitive or if your health declines.
- Universal Life
This option offers greater flexibility than whole or term life. After your initial payment, you can reduce or increase the amount of your death benefit (although to increase the amount, you will probably have to give the insurance company medical proof that you are still in good health). Also, after your initial payment, you can pay premiums any time, in almost any amount within the policy’s required minimums and maximums. This type of policy can be used to accrue “cash value”.
- Whole Life “Permanent Life Insurance
Whole life policies spread the cost of insurance over your entire life. Any extra (excess) premium money is invested in the insurance company’s portfolio in order to build “cash value”. Make sure that any company you buy whole life from has an excellent track record, as the choice of company is very important. This type of policy is set up with regular monthly, quarterly or annual premium payments that are inflexible in nature. Therefore, the policy will lapse if premiums are not paid in accordance to the contract.
Individual/Group Health Insurance
Whether you require group or individual health insurance, our carriers provide a variety of options including dental, vision, and flexible benefits plans. Please visit our Forms Library section to download a specific application and return it to us by fax or e-mail for a quote with Anthem, or another one of our providers.
- Preferred Provider Health Insurance
A Preferred Provider Organization (PPO) health coverage product can be tailored to meet your needs. There are often several different product designs, each with several different deductible levels to help you get the right combination of benefits and monthly premium. Some plans offer as an option a scaled back outpatient benefits program that helps lower the overall premium. These plans oftentimes will offer different options of coverage for generic and brand name prescription drugs.
- High-Deductible Health Plans and Health Savings Accounts (HSA’s)
High-Deductible Health Plans are a Preferred Provider Organization (PPO) health insurance product that, when coupled with an HSA account, allows consumers to use checks and debit cards to pay for qualified medical expenses using pre-tax dollars.
- Short-Term Major Medical Insurance
If you are temporarily without health coverage, a short-term plan is an affordable plan designed to protect you from unexpected health issues for a short period of time (one to six months). This is usually easy to obtain and relatively inexpensive coverage, but it does have a definite date in which coverage will end. There is no renewal of short-term insurance.
The loss of income due to disability over even a short period of time, and certainly over a longer period of years, can be devastating. Disability income insurance is an insurance policy that provides income to you if you become ill or injured and cannot work. The loss of income over even a short period of time, and certainly over a longer period of years, can be devastating.
Major considerations include:
- The differences in the definition of "disabled" as stated in the policy;
- The amount of income that would be replaced;
- The tax ramifications on benefit payments;
- How long the wait would be for benefits to begin (waiting period); and
- How long the benefits will continue to be paid.
Many plans vary the premium and/or percentage of income covered based on occupation (and therefore risk of disability). An applicant’s health and health history at the time of application can also be a major factor in obtaining the best value. The experts at H.J. Spier will help you understand the many different options and plan designs available for disability insurance.
Additional information, applications and questionnaires are available in our Forms Library.
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