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Term & Universal Life are two most common.
Term insurance is designed to meet temporary needs. It provides protection for a specific period of time (the "term"10,15,20 or 30 years) and generally pays a benefit only if you die during the term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage. Although, later in life you may want peace of mind knowing your children/grand-children/or some other worthy cause such as Forest Park Forever/Animal Shelter will be taken care IF you die prematurely.
An example of a 20 year Level Term policy cost- 30 yr old has a $400,000 policy costing $95/quarter. After 20 yrs the policyholder is now age 50 the quarterly amount changes to $240, then age 51 the quarterly could be $450 and so on as the 20 year policy changes to an annual renewable term.
A person can reapply for a NEW 10-15 or 20 yr Term policy to perhaps get a lower rate IF their health has not deteriorated. If that is the case, they should be able to reapply for a lower quarterly rate than the above annual renewable offer from life insurance company.
In contrast, permanent insurance provides lifelong protection. As long as you pay the premiums, and no loans, withdrawals or surrenders are taken, the full face amount will be paid. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced for you to keep over a long period of time. Typically, the permanent type of policy's premiums never increase; therefore, this type of policy does cost more. An Example, a 32 yr in very good health old takes out $500,000 universal life policy paying $185 a month........ 35 years later this client is still paying $185 a month plus the policy has built up a cash value.
Another really nice policy is a Universal Life paying annually for 20 yrs then you are paid up for a lifetime. The example using the 32 yr old above would pay $2975/yr for 20 yrs then policy is paid in full for life, plus includes Accelerated Death Benefit(allowing a policyholder to pull out $250,000 of death benefit) in the event of terminal illness. This is an example from SYMETRA Life ins co.
The choice of Level Term or Universal Life is up to each individual's situation. The main lesson is to certainly have some kind of policy in place for your loved ones.
How much coverage should I get? Good question.
I recall a printed brochure indicating TEN times one's salary is a good amount of coverage.
HEALTH
If like to run your OWN United Health quote 1) go to home page of this website, 2) then Resources, 3) then Important Links, Finally) bottom link is Free United Health Care link. Start the quote by adding your zip code then selecting type of quote(short-term, Affordable care act or dental). You may email the quote to yourself, the emailed quote has the brochure and link to proceed and complete the application....it's that simple.
The new Affordable Care Act mandates 10 Essential Health Benefits: 1) Ambulatory patient services, 2) Emergency Services, 3) Hospitalization, 4) Maternity and Newborn care, 5) Mental health and substance use disorder services, including behavioral health treatment, 6) Prescription drugs, 7) Rehab and habilitative services and devices, 8) Lab services, 9) Preventative and wellness services and chronic disease mgmt., 10) Pediatric services, including oral and vision care.
Policies are available ON and OFF the exchange. This agency only focuses on the OFF EXCHANGE PLANS. In other words, Anthem BC/BS and United Health One website NOT the government website.
OFF Exchange policies do NOT offer government subsidies, only ON Exchange policies do.
Typically the are 4 tiers:
1) Platinum(90% coverage) most expensive; however, least out of pocket for a client.
2) Gold(80% coverage)
3) Silver(70%)
4) Bronze(60%)
Adult and children dental may be added on for an additional charge.
IF you would like a quote emailed please let me know.
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