LIFE & DISABILITY INSURANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIFE INSURANCE
 

Insurance that provides protection against the economic loss caused by the death of the person insured. There are many forms of life insurance.

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TERM LIFE INSURANCE


Life insurance under which the benefit is payable only if the insured dies during a specified period.

 

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WHOLE LIFE INSURANCE


Life insurance that remains in force during the insured's entire lifetime, provided premiums are paid as specified in the policy. Whole life insurance also builds a savings element (called the cash value) as a result of the level premium approach to funding the death benefit.
 

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UNIVERSAL LIFE INSURANCE


An unbundled whole life insurance product in which the mortality, investment, and expense factors used to calculate premium rates and cash values are expressed separately in the policy. In a universal life insurance policy, any applicable expense charges are deducted from the premium and the remainder of the premium is then credited to the policy's cash value. Each month the insurer deducts the mortality and any other costs from the cash value and credits the remainder of the cash value with interest.
 

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VARIABLE LIFE INSURANCE


A form of whole life insurance under which the death benefit and cash value of the policy fluctuate according to the investment performance of a separate account fund. Most variable life insurance policies guarantee that the death benefit will not fall below a specified minimum. A minimum cash value is seldom guaranteed. Because the policy owner assumes investment risk under variable life insurance policies, these products are considered securities contracts. In the United States, variable life insurance policies must be registered with the Securities and Exchange Commission (SEC).
 

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DISABILITY INSURANCE


A form of health insurance that provides periodic payments (intended to replace lost income) when the insured is unable to work because of illness or injury.
 

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GROUP INSURANCE


An insurance plan under which a number of employees are insured under a single policy, issued to their employer, with individual certificates given to each insured employee; the most commonly written coverages are life insurance and accident and health insurance.
 

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WORKERS COMPENSATION


Coverage providing four types of benefits (medical care, death, disability, rehabilitation) for employee job-related injuries or diseases as a matter of right (without regard to fault). State workers compensation laws, which date from early in the twentieth century, provide that employers take responsibility for on-the-job injuries. Each state defines the benefit level for employers in that state.
 

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BUSINESS INTERRUPTION


Business Interruption insurance is indemnification for the loss of profits and the continuing fixed expenses. Business interruption is a break in commercial activities due to the occurrence of a covered peril.
 

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LONG-TERM CARE


Insurance which generally covers nursing home costs, home health care costs, and custodial care due to a chronic illness or condition.


Long-term care insurance can help you maintain your independence. Increased frailty...an accident...prolonged illness...a disability. Any of these can make it difficult for you to care for yourself for an extended period of time. Long-term care insurance can help you cover the costs associated with qualifying care. It can be therapeutic, rehabilitative, or personal care delivered at home, in a community-based setting or in a facility. It can also include home modifications, such as installing "grab" bars in a shower. It can even include caregiver training. * The cost of long-term care can be expensive. The services covered by long-term care insurance policies reflect an emphasis on helping you maintain your independence.

*Coverage is subject to actual contract's terms, conditions, limitations, and exclusions. Please review contract carefully.
 

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401 K


Section 401 (k) plan is a qualified retirement plan established under IRA Section 401 (k) whereby an employee is allowed to defer a portion of his or her salary without current income taxation into an employer-sponsored retirement plan.
 

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SECOND TO DIE OR SURVIVORSHIP INSURANCE


Survivorship Insurance (or second-to-die insurance) is a fundamental part of estate planning. The thought of working all your life to leave a large portion of your estate to the IRS is unpleasant, yet that's exactly what some married couples do. Fortunately, we can help so you leave more to the people you really care about.

If you're married and leave your estate to your spouse at your death, you can defer all or part of the federal estate tax due on your estate through the used of the unlimited marital deduction. Unfortunately, this deduction only defers the tax bill until your spouse dies - it doesn't eliminate it. As a result, your surviving heirs could be faced with a huge tax burden.

One of the best ways to provide the cash to pay estate taxed is with life insurance. There is a life insurance policy that can help make estate planning easier for you and your heirs.
 

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