Some people equate life insurance with tragedy and death. In truth, life insurance is for the living. Without it, the sudden demise of a key breadwinner could leave a family stranded without the resources to maintain their lifestyle - or even retain their home.
Not so long ago, professionals recommended that families carry a life insurance policy with a death benefit of between five and seven times their annual household income. Today, however, in light of rising house prices in many parts of the country and spiraling college costs, most advisors now recommend eight to 10 times income.
Unfortunately, most American families are underinsured. According to statistics from industry research and consulting firm LIMRA International, the average American household carries just $126,000 in life insurance - approximately $300,000 less than they actually need - and only 61% of adult Americans have life insurance protection, a decline from 70% in 1984.1
LONG-TERM CARE INSURANCE
Coverage that provides benefits for nursing home, assisted living facilities, home healthcare, and adult day care for individuals with chronic or disabling conditions, cognitive impairments and/or the inability to perform activities of daily living. Long-Term Care insurance offers more flexibility and options than many public assistance programs.
This type of policy covers basic daily needs over an extended period of time. While healthcare insurance or Medicare helps pay for immediate medical expenses (like a surgeon’s bill), long-term care insurance helps people cope with the cost of daily care that is needed for those with chronic illnesses, such as Alzheimer’s disease or other debilitating conditions.
BEST FOR: Someone who wishes to maintain their independence and protect their assets as they age into retirement.
Critical Illness Insurance is a product in which the insurer is contracted to typically make a lump sum cash payment if the policyholder is diagnosed with one of the specific medical conditions on a predetermined list as part of an insurance policy. Benefits are not paid based on the amount of the medical claims, but based on the diagnosis of a specific medical condition. Survival is generally not one of the requirements of these plans. Examples of conditions generally covered on these plans include cancer, heart attack and stroke.
BEST FOR: Someone who has seen first hand the financial hardship that is created by a critical illness to a family member or friend. Someone who has a family history of heart disease or cancer.
We offer Affordable Care Act (ACA) compliant individual and family health insurance plans. We help clients determine the best plan to purchase and help them search the health insurance marketplace for the most affordable price.
Open enrollment starts November 1, and ends on December 15. During this time, you may renew your current plan or purchase a new plan.
You may qualify for a special enrollment period starting on December 16 and ending on October 31 if you have experienced one of the following:
You must prove you had qualifying health coverage for one or more days during the 60 days before your move. You don’t need to provide proof if you’re moving from a foreign country or United States territory.