Living Benefits
Terminal Illness Accelerated Death Benefit Rider
Should you receive a terminal illness diagnosis, it allows access to a portion of the death benefit while you are alive. Provide Life, Health and Medicare insurance policies to individuals
Critical Illness Accelerated Death Benefit Rider
The Critical Illness Rider allows access to a portion of the death benefit if you are diagnosed with a qualifying critical illness. Provide Life, Health and Medicare insurance policies to individuals
Chronic Illness Accelerated Death Benefit Rider
The Chronic Illness Rider allows access to a portion of the death benefit and provides a benefit payment if you are diagnosed with a qualifying chronic illness. Provide Life, Health and Medicare insurance policies to individuals
Types of Diseases
Types of Chronic Illnesses
Types of Chronic Illnesses
Types of Chronic Illnesses
Cardiovascular Disease, Diabetes, Caner, Asthma, Alzheimer's Disease and Parkinson's Disease are some common chronic illnesses. Health issues that arise from smoking and alcohol are also considered chronic illnesses. Provide Life, Health and Medicare insurance policies to individuals
Types of Terminal Illnesses
Types of Chronic Illnesses
Types of Chronic Illnesses
A terminal illness is one that has no known cure or has progressed to a point where it cannot be cured, if it's expected to lead to death within 12 months. Heart Attack, Stroke, Kidney Failure, Multiple Sclerosis, Cancer, Hepatitis (Fulminant Viral) Coronary Artery Disease, Encephalitis, Head Trauma and more. Provide Life, Health and Medicare insurance policies to individuals
Types of Critical Illnesses
Types of Chronic Illnesses
Types of Critical Illnesses
Critical illness insurance can pay a benefit directly to you when you are diagnosed with one of the covered conditions listed in the plan. When a serious illness strikes, your finances can be endangered, along with your health. Even if you have health insurance, the out-of-pocket costs of treatment, hospitalization and missing work can add up fast. Types include Cancer, Heart Attack, Coronary Artery Disease, Stroke and Major Organ Failure. Insure to Endure Provide Life, Health and Medicare insurance policies to individuals
Long-Term Care
Insurance for your kids and grandkids.
Types of Critical Illnesses
Long-term care insurance provides coverage for the costs of long-term care associated with the activities of daily living, such as eating, bathing, dressing, and other needs. The need for long-term care may be due to a chronic illness or injuries that require extended rehabilitation and care. Types include skilled nursing care. occupational, speech, physical, and rehabilitation therapy. Helps with personal care, such as bathing and dressing.
There are three types of long-term care insurance.
- traditional (i.e., stand-alone) policies;
- hybrid policies; and.
- policies as part of a Continuing Care Retirement Community package. Insure to Endure Provide Life, Health and Medicare insurance policies to individuals
You don't need to die to use!
Insurance for your kids and grandkids.
Insurance for your kids and grandkids.
Life insurance allows you, the policy owner, to build cash value through your life insurance policy that accumulates over your lifetime. This is considered a living benefit of life insurance because, in contrast to a death benefit that pays out when you pass away, you can use the money while you're still alive. Insure to Endure Provide Life, Health and Medicare insurance policies to individuals
Insurance for your kids and grandkids.
Insurance for your kids and grandkids.
Insurance for your kids and grandkids.
Getting life insurance for your child can be worth it if you want to make sure there's a safety net for your family in case your child passes away. There are some other benefits to getting life insurance for a child, such as potentially lower life insurance rates once they're an adult. That's why it's a good idea to purchase a whole life insurance policy when your child is young and healthy. If your child develops a medical condition or poor health later, he or she won't lose the coverage obtained as a kid. Provide Life, Health and Medicare insurance policies to individuals Insure to Endure
Main types of insurance policies
Term Life Insurance
Universal Life Insurance
Whole Life Insurance
Term is the most popular type of life insurance for most people because it’s straightforward, affordable, and only lasts for as long as you need it. Term life insurance is one of the easiest and cheapest ways to provide a financial safety net for your loved ones.
- How it works: Term life insurance lasts for a set number of years before it e
Term is the most popular type of life insurance for most people because it’s straightforward, affordable, and only lasts for as long as you need it. Term life insurance is one of the easiest and cheapest ways to provide a financial safety net for your loved ones.
- How it works: Term life insurance lasts for a set number of years before it expires. You pay premiums toward the policy, and if you die during the term, the insurance company pays a set amount of money, known as the death benefit, to your designated beneficiaries. The death benefit can be paid out as a lump sum or an annuity. Most people choose to receive the death benefit as a lump sum to avoid taxes.
- Pro: Affordability — term policies are less expensive than other types of life insurance and generally have lower premium costs
- Con: Length — term has an expiration date, which can align with a mortgage or when your children graduate college. If you’re looking for lifelong coverage, you should opt for permanent life insurance instead
- Best for: Most life insurance shoppers. Those looking for cheaper life insurance for up to 30 years or longer should buy term life insuranc Provide Life, Health and Medicare insurance policies to individuals Insure to Endure
Whole Life Insurance
Universal Life Insurance
Whole Life Insurance
Whole life insurance is the most popular type of permanent life insurance because of its simplicity and lifelong duration. Its cash value — an investment-like, tax-deferred savings account — earns interest at a fixed rate.
- How it works: Whole life insurance has a guaranteed death benefit and cash value that earns interest over time. A port
Whole life insurance is the most popular type of permanent life insurance because of its simplicity and lifelong duration. Its cash value — an investment-like, tax-deferred savings account — earns interest at a fixed rate.
- How it works: Whole life insurance has a guaranteed death benefit and cash value that earns interest over time. A portion of your premium goes toward the cost of maintaining the insurance policy and the rest goes toward the cash value account
- Pro: Cash value & lifelong coverage — the cash value component can cover endowments or estate plans. And since this coverage lasts for your entire life, it can help support long-term dependents such as children with disabilities
- Con: Cost & complexity —a whole life insurance policy can cost five to 15 times more than a term life policy for the same death benefit amount. The cash value component makes whole life more complex than term life because of fees, taxes, interest, and other stipulations
- Best for: High-net-worth individuals who need to diversify their investment portfolio and people with dependents who may need long-term care Provide Life, Health and Medicare insurance policies to individuals Insure to Endure
Universal Life Insurance
Universal Life Insurance
Universal Life Insurance
Universal life insurance is a flexible permanent life insurance policy that lets you decrease — or increase — how much you pay toward premiums. If you decrease how much you spend on premiums, the difference is withdrawn from your policy’s cash value.
A universal life insurance policy can be a good fit if you’re looking for some flexibili
Universal life insurance is a flexible permanent life insurance policy that lets you decrease — or increase — how much you pay toward premiums. If you decrease how much you spend on premiums, the difference is withdrawn from your policy’s cash value.
A universal life insurance policy can be a good fit if you’re looking for some flexibility in your life insurance — and you can afford that flexibility; a universal policy is more expensive and complicated than standard whole.
- How it works: Universal life insurance allows you to adjust your premiums and death benefit depending on your needs. If, after some time, you decide to stop paying or lower your monthly premiums, you can use the cash value to cover your premiums
- Pro: Flexibility — you can adjust your premiums based on your financial needs
- Con: Investment risk — interest earned from the cash value is based on market performance, so it’s not the best option to save money for the future
- Best for: High earners who are trying to build a nest egg without entering a higher income bracket Provide Life, Health and Medicare insurance policies to individuals Insure to Endure
Final Expense Insurance
What are the basic features of a life insurance policy?
Universal Life Insurance
Final expense insurance, also known as burial insurance, is a type of life insurance designed to pay a small death benefit to your family to help cover end-of-life expenses. Unlike traditional life insurance, which is meant to replace decades’ worth of income, burial insurance is usually suited to older adults who want a smaller policy to
Final expense insurance, also known as burial insurance, is a type of life insurance designed to pay a small death benefit to your family to help cover end-of-life expenses. Unlike traditional life insurance, which is meant to replace decades’ worth of income, burial insurance is usually suited to older adults who want a smaller policy to cover their funeral costs.
Because of its high rates and lower coverage amounts, final expense insurance is usually not as good a value as term life insurance.
- How it works: Unlike most traditional policies that require a medical exam, you only need to answer a few questions to qualify for final expense insurance. And there’s little to no waiting period to get covered
- Pro: Guaranteed coverage — easy access to a small benefit to cover end-of-life expenses, including medical bills, burial or cremation services, and caskets or urns
- Con: Cost — expensive premiums for lower coverage amounts
- Best for: People who have trouble qualifying for traditional coverage, like seniors and people with serious health conditions Provide Life, Health and Medicare insurance policies to individuals Insure to Endure
What are the basic features of a life insurance policy?
What are the basic features of a life insurance policy?
What are the basic features of a life insurance policy?
- Premium: It’s the money you pay to keep your policy active. Most often, premiums are paid either monthly or annually.
- Policy length: It’s how long the policy will be active. With term policies, this is typically 10-30 years. Permanent policies last your entire life.
- Death benefit: It’s the amount of money the beneficiaries get if/when the
- Premium: It’s the money you pay to keep your policy active. Most often, premiums are paid either monthly or annually.
- Policy length: It’s how long the policy will be active. With term policies, this is typically 10-30 years. Permanent policies last your entire life.
- Death benefit: It’s the amount of money the beneficiaries get if/when the insured dies. Death benefits are most commonly paid as tax-free lump sums.
- Beneficiary: The beneficiary or beneficiaries are the people who receive the death benefit when the insured passes away.
- Cash value: It’s a feature that comes with many permanent life insurance policies — it provides a separate account within your policy that earns interest at a fixed rate.
- Riders: They’re optional add-ons you can use to customize your policy. Some policies come with riders automatically included, while others can be added at an extra cost. Provide Life, Health and Medicare insurance policies to individuals Insure to Endure
Other common types of life insurance
No Medical Exam Life Insurance
Simplified Issue Whole Life Insurance
Simplified Issue Whole Life Insurance
No medical exam is a type of life insurance that doesn’t require a medical exam to be approved. Instead, no-med policies use past health records and other information about you to determine your premiums.
These types of policies also come with shorter waiting periods, which is the gap between the moment you start the application process and the moment your policy becomes effective. If you have zero to one mild health condition and no family history of high-risk conditions like heart disease, especially if you’re young, you’ll most likely be eligible for no-med.
- Pro: Time-saving — no-med provides faster access to life insurance without having to take the medical exam
- Con: People who are of old age or in poor health might not be eligible
- Best for: Anyone who’s in good health Provide Life, Health and Medicare insurance policies to individuals Insure to Endure
Simplified Issue Whole Life Insurance
Simplified Issue Whole Life Insurance
Simplified Issue Whole Life Insurance
Simplified whole life insurance, also called simplified issue life insurance, offers a small amount of permanent life insurance coverage to those who don’t qualify for other policies, and it doesn't require a medical exam. Instead, you answer a few questions about your health.
The shorter application process gets you almost immediate coverage, but because the health evaluation isn’t as thorough, insurers set a higher premium for a lower coverage amount. However, simplified issue policies can help seniors or people with certain pre-existing conditions get coverage to pay for final expenses.
- Pro: Convenience — simplified issue provides small coverage for final expenses without having to take the medical exam
- Con: Cost — higher premiums for a low coverage amount. People over a certain age or with severe underlying medical conditions may not qualify
- Best for: Seniors without major medical issues Provide Life, Health and Medicare insurance policies to individuals Insure to Endure
Guaranteed Issue Life Insurance
Simplified Issue Whole Life Insurance
Guaranteed Issue Life Insurance
Guaranteed issue life insurance belongs to a category of policies called burial insurance. It’s permanent coverage that's best for people between age 45 and 80 and those who can’t qualify for a standard life insurance policy due to a serious medical condition or terminal illness. Application acceptance is near-guaranteed.
Unlike term or whole life insurance, the application for guaranteed issue life insurance doesn’t involve health questions or a medical exam. It has a small death benefit, which is meant to help your family cover your funeral costs or medical bills.
- Pro: Near-certain approval — guaranteed issue provides access to a small death benefit to cover final expenses
- Con: Cost — high premiums for relatively low coverage amounts
- Best for: Seniors or people with terminal illnesses Provide Life, Health and Medicare insurance policies to individuals Insure to Endure
Mortgage Protection Insurance
Accidental Death and Dismemberment Insurance
Guaranteed Issue Life Insurance
Mortgage protection insurance, also known as MPI, is designed to pay off your remaining mortgage when you die. Unlike other policy types, MPI only pays the death benefit to your mortgage lender, making it a much more limited option than a traditional life insurance policy.
In an MPI, the beneficiary is the mortgage company or lender, instead of your family, and the death benefit decreases over time as you make mortgage payments, similar to a decreasing term life insurance policy. In most cases, purchasing a standard term policy instead is a better choice.
- Pro: Access — an MPI policy can be a coverage option for people who can’t qualify for standard term life insurance due to age or health issues
- Con: Limited coverage — it only protects mortgage payments
- Best for: Anyone with mortgage obligations who’s not eligible for traditional life insurance Provide Life, Health and Medicare insurance policies to individuals Insure to Endure
Accidental Death and Dismemberment Insurance
Accidental Death and Dismemberment Insurance
Accidental Death and Dismemberment Insurance
Accidental death and dismemberment insurance (AD&D) covers you if you die in an accident, or if an accident causes you to lose a hand, foot, or limb. It’s usually offered by employers as an alternative to life insurance, but it’s generally inexpensive if you buy a private policy.
Because AD&D only pays out under specific circumstances, it’s not a suitable substitute for life insurance. AD&D insurance only pays out if you are injured or killed in an accident, whereas life insurance pays out for most causes of death.
- Pro: Cost — whether it’s offered as a benefit through your employer or you buy it on your own, policies are generally inexpensive
- Con: Limited coverage — AD&D covers you only under specific circumstances, whereas a traditional life insurance policy offers more comprehensive coverage
- Best for: Anyone on a tight budget with dependents who would financially suffer in the event of your impairment or death Provide Life, Health and Medicare insurance policies to individuals Insure to Endure
What type of life insurance is best for you?
Accidental Death and Dismemberment Insurance
Accidental Death and Dismemberment Insurance
Term life insurance policies are usually the best solution for people who need affordable life insurance for a specific period in their life. Permanent life insurance policies, including whole, universal and variable life insurance, are best for people who can pay more and want life insurance that will never expire.
Final expense insurance can be an option for people who might not be able to get insured otherwise because of age or poor health, or elderly consumers who don’t want to burden their families with burial costs.
You should always speak to a licensed independent broker, Provide Life, Health and Medicare insurance policies to individuals Insure to Endure
What is a Life Insurance Beneficiary
A Life Insurance Beneficiary Is
Primary vs. Contingent Beneficiary
Primary vs. Contingent Beneficiary
A life insurance beneficiary is a person or entity you select to receive the death benefit from your life insurance policy when you pass away.
The beneficiary is paid the death benefit because your life insurance policy is a contract between you and the life insurance company. That means the face amount of the policy goes to your benefici
A life insurance beneficiary is a person or entity you select to receive the death benefit from your life insurance policy when you pass away.
The beneficiary is paid the death benefit because your life insurance policy is a contract between you and the life insurance company. That means the face amount of the policy goes to your beneficiary regardless of what your will, probate courts or family say.
You can choose more than one beneficiary, and you can choose how much of the death benefit goes to each person.
Life insurance policies can also be used to keep businesses, especially family businesses, afloat. In this case, a company could be named as the beneficiary because the so-called “key man” or rainmaker is no longer there.
The life insurance amount you can afford, and the nature of the policy, could affect who you’re likely to name as the beneficiary. For example, consider these types of life insurance.
- A term life insurance policy with a time frame of 30 years might suffice for seeing your children through college or maintaining a business.
- A small burial insurance policy would pay for your funeral.
- A universal life insurance policy may be an effective way for those with assets to pass them on to their heirs.
Whatever the need, it’s vital to choose the best beneficiary. Provide Life, Health and Medicare insurance policies to individuals Insure to Endure
Primary vs. Contingent Beneficiary
Primary vs. Contingent Beneficiary
Primary vs. Contingent Beneficiary
A primary beneficiary receives the death benefit when the policyholder dies, but what happens if the primary beneficiary is dead or somehow can’t collect the death benefit? That’s when you need a contingent beneficiary, sometimes called the secondary beneficiary.
You can have one or more primary beneficiaries and one or more contingent be
A primary beneficiary receives the death benefit when the policyholder dies, but what happens if the primary beneficiary is dead or somehow can’t collect the death benefit? That’s when you need a contingent beneficiary, sometimes called the secondary beneficiary.
You can have one or more primary beneficiaries and one or more contingent beneficiaries. Here are the differences between primary and contingent beneficiaries.
- Primary beneficiary. Receives the death benefit when the policyholder dies.
- Contingent beneficiary. Receives the death benefit only if the primary beneficiary is unable to receive it, such as if the person already died or doesn’t want to handle the death benefit.
It’s wise to name at least one contingent beneficiary (in addition to a primary beneficiary) just in case. You could name family members, friends, charitable organizations, children or the guardians of your children if you were to die.
The policy’s death benefit goes to the policyholder’s estate if both the primary and contingent beneficiaries die before the policyholder. Provide Life, Health and Medicare insurance policies to individuals Insure to Endure
Setting up a Living Trust
Primary vs. Contingent Beneficiary
Setting up a Living Trust
When it comes to protecting grandchildren, or even that pair of beagles who were your best friends during your later years, nothing works as well as setting up a trust for all, or at least some, of the money in your policy. With a trust, the life insurance proceeds automatically go into the trust and not the estate.
But if you decide to t
When it comes to protecting grandchildren, or even that pair of beagles who were your best friends during your later years, nothing works as well as setting up a trust for all, or at least some, of the money in your policy. With a trust, the life insurance proceeds automatically go into the trust and not the estate.
But if you decide to take this route, it’s critical to find good trustees. You might want to ensure that a young beneficiary doesn’t squander his inheritance on a Lamborghini and forget about college. You may also want to guarantee that a favorite charity receives the money needed to help end world hunger or just prevent the dogs from being taken to the pound.
A trust is a way to accomplish this. In a sense, it keeps your hand on the tiller of your financial ship even after you’re gone. An attorney can help you make a trust as part of an estate plan.
Think of it as one of the notable times in your life when you—and only you—get to decide what is the right choice. After all, this is a personal decision and you can do as you please.
Life insurance is a legal contract that can seldom be challenged, except under very special circumstances, and is even less likely to be overturned in court than a will. You may offend someone—or several people—with your choice of beneficiary, but what can they do about it? The truth is, unless you tell them ahead of time, they probably won’t find out they’re not your life insurance beneficiaries until you’re dead. Provide Life, Health and Medicare insurance policies to individuals Insure to Endure