Life, Long Term Care, & Disability Insurance

 

Life Insurance

Simply put, life insurance gives your loved ones financial security after you're gone. You pay a monthly premium, and if the unexpected happens, your loved ones get a death benefit they can use for things such as medical bills, funeral expenses, outstanding mortgage, college tuition and even living expenses.

You can feel confident today knowing your family will be secure with the life insurance policy that you choose if they ever have to make it on their own.

Term Life Insurance

This coverage lasts for a "term" you choose, usually 10, 15, 20, or 30 years. During that time, your life insurance premiums are guaranteed not to increase. If you pass away during that time period, your beneficiaries get a cash death benefit. If you live longer than the term period, you have the option to continue your life insurance coverage for an annual, renewable premium, which is generally much higher. You can usually convert a term life insurance policy to a permanent life insurance policy without getting a new medical exam. 
 

Permanent Life Insurance

There are two big ways that permanent life insurance is different from term life insurance. First, the policy is meant to last the rest of your life (as long as you make the required premium payments, of course). Second, part of the money you pay into your permanent life insurance policy is set aside in an account where it can grow cash value that you can tap into later on. There are several types of permanent life insurance, each with different advantages. 
 

Life insurance helps you plan ahead, so your family will be taken care of even if you can't be there for them.

The cash benefit paid out by life insurance can protect a lot of important things:
  • If your spouse is depending on your income for retirement, it can keep those plans on track.
  • If you've got a mortgage, it can pay off that debt so your family won't lose their home.
  • And if you want your kids to go to college, or you want to leave money behind for them, it can do exactly that.
The other great thing about the benefit of life insurance is that it's generally paid out tax-free. So when you look at the amount of coverage you want to buy, what you see is what you get. There's no guesswork about how much gets taken out in taxes after your life insurance benefits have been awarded.

Who Needs Life Insurance?
  • Parents who want to make sure their children are cared for
  • Those with debts they don't want to pass on to loved ones
  • People who want to lock in a lower insurance rate while they're young
  • Homeowners who want to make sure their family can pay off the mortgage if they should die
  • Families who rely on a stay-at-home parent
  • If you have a life insurance policy through your employer, because your policy does not go with you when you switch jobs
  • Entrepreneurs who want to protect their business
  • Those who want to leave a legacy for their children and grandchildren

    As you can see, life insurance is very flexible. That's why it makes sense for a lot of people, even if they all have different goals. 
     

Long Term Care Insurance

Long-Term Care Insurance is still a relatively new type of insurance product. Many people do not understand what long-term care insurance policies cover, how and when the policies pay benefits, and who should obtain coverage.

 Most long-term care policies will pay up to a preset amount of an insured's long-term care costs when the insured is certified by a licensed health care practitioner as a "chronically ill individual." To be certified as a chronically ill individual the insured must either (1) require substantial supervision to protect himself or herself from threats to health and safety due to severe cognitive impairment and/or (2) be unable to perform at least two or more activities of daily living (ADLs). The activities of daily living are: transferring, bathing, toileting, dressing, eating and continence. Once a long-term insurance policy's benefits are triggered, the policy will continue to pay benefits for a selected time period, or until the insured no longer needs long-term care.

Most, but not all, long-term care policies can help cover costs incurred during a nursing home stay, assisted living residency, in-home care, informal care, custodial care, care provided in Alzheimer's facility and hospice care. Some insurance companies will even pay benefits for care provided by family.

 

Disability Insurance

Insuring Your Most Valuable Asset

What is it?

Insurance protection that pays benefits if you are disabled and unable to work because of an accident, illness or injury.

Who needs it?

If you depend on your income to pay the bills or maintain your lifestyle, you should consider disability income protection.

What is covered?

A percentage of your earned income is covered. Generally speaking, the benefits paid on an individually owned disability income insurance policy are tax-free.

Securing Your Most Significant Financial Asset

 What would happen if you became disabled and suddenly stopped working? How long could your savings cover your fixed expenses? Take a few moments to use our calculator to determine just how much income you will need to uphold your commitments.

You also need to think about what would be available to you in the event you were unable to work. You are likely to discover that Social Security or employer-sponsored disability income insurance plans, such as group long-term disability programs, may leave you coming up short. Disability income insurance provides monthly benefits to help you maintain your standard of living while you are unable to work due to illness or injury. It can help you protect your assets by keeping your financial plans on track.

 

Give us a call at 936-564-2981 or email us at joe@stillfinancialgroup.com or rick@stillfinancialgroup.com for quotes or questions.