Life and Health Insurance

Protect Your Investments and Loved Ones with Life Insurance.

About Health Insurance

Types of Health Insurance.

There are essentially two kinds of heath insurance: Fee-for-Service and Managed Care. Although these plans differ, they both cover an array of medical, surgical and hospital expenses. Most cover prescription drugs and some also offer dental coverage.

  1. Fee-for-Service.
    These plans generally assume that the medical professional will be paid a fee for each service provided to the patient. Patients are seen by a doctor of their choice and the claim is filed by either the medical provider or the patient.
  2. Managed Care.
    More than half of all Americans have some kind of managed-care plan1. Various plans work differently and can include: health maintenance organizations (HM0s), preferred provider organizations (PPOs) and point-of-service (POS) plans. These plans provide comprehensive health services to their members and offer financial incentives to patients who use the providers in the plan.

What is ‘Long-Term Care’?

Because of old age, mental or physical illness, or injury, some people find themselves in need of help with eating, bathing, dressing, toileting or continence, and/or transferring (e.g., getting out of a chair or out of bed). These six actions are called Activities of Daily Living–sometimes referred to as ADLs. In general, if you can’t do two or more of these activities, or if you have a cognitive impairment, you are said to need “long-term care.”

Long-term care isn’t a very helpful name for this type of situation because, for one thing, it might not last for a long time. Some people who need ADL services might need them only for a few months or less.

Many people think that long-term care is provided exclusively in a nursing home. It can be, but it can also be provided in an adult day care center, an assisted living facility, or at home.

Assistance with ADLs, called “custodial care,” may be provided in the same place as (and therefore is sometimes confused with) “skilled care.” Skilled care means medical, nursing, or rehabilitative services, including help taking medicine, undergoing testing (e.g. blood pressure), or other similar services. This distinction is important because generally Medicare and most private health insurance pays only for skilled care–not custodial care.

What are the Types of Disability Insurance?

There are two types of disability policies: Short-Term Disability (STD) and Long-Term Disability (LTD):

  1. Short-Term Disability policies (STD) have a waiting period of 0 to 14 days with a maximum benefit period of no longer than two years.
  2. Long-Term Disability policies (LTD) have a waiting period of several weeks to several months with a maximum benefit period ranging from a few years to the rest of your life.

Disability policies have two different protection features that are important to understand.

  1. Non-cancelable means the policy cannot be canceled by the insurance company, except for nonpayment of premiums. This gives you the right to renew the policy every year without an increase in the premium or a reduction in benefits.
  2. Guaranteed renewable gives you the right to renew the policy with the same benefits and not have the policy canceled by the company. However, your insurer has the right to increase your premiums as long as it does so for all other policyholders in the same rating class as you.

In addition to the traditional disability policies, there are several options you should consider when purchasing a policy:

  • Additional purchase options.
    Your insurance company gives you the right to buy additional insurance at a later time for an additional cost.
  • Coordination of benefits.
    The amount of benefits you receive from your insurance company is dependent on other benefits you receive because of your disability. Your policy specifies a target amount you will receive from all the policies combined, so this policy will make up the difference not paid by other policies.
  • Cost of living adjustment (COLA).
    The COLA increases your disability benefits over time based on the increased cost of living measured by the Consumer Price Index. You will pay a higher premium if you select the COLA.
  • Residual or partial disability rider.
    This provision allows you to return to work part-time, collect part of your salary and receive a partial disability payment if you are still partially disabled.
  • Return of premium.
    This provision requires the insurance company to refund part of your premium if no claims are made for a specific period of time declared in the policy.
  • Waiver of premium provision.
    This clause means that you do not have to pay premiums on the policy after you’re disabled for 90 days.

 

About Life Insurance
Everyone wants to leave a financial legacy when they die. After all, your greatest gift to your loved ones will be your ability to provide them with the monetary resources they need to go on with their lives. A quality life insurance policy will be the vessel that will provide this essential support.

The life insurance market is very diverse, but with the help of I & E Insurance Agency, you’ll be able to pinpoint the policy that is best for you. Our goal is to earn your trust when making some of the most important financial decisions of your life.

To get covered, just call (732) 295-5584 or request a quote below.

  • Life Insurance Quote
  • Senior Life/Final Expense Insurance
  • Term Life Insurance Quote

 

Common Life Insurance Questions

What is life insurance? 
When you die, your loved ones will lose the personal and monetary support that you provided them throughout your life. Both your own absence and the loss of any income you provided could cause them a significant financial burden. Life insurance will fill that gap.

If you buy life insurance for yourself, then you will be the insured party under the policy. Upon your death, your policy will pay a financial sum, known as a death benefit to a designated recipient. This person is your beneficiary, and they might be a spouse, adult child or other non-dependent individual.

What are the different types of life insurance? 

There are two primary types of life insurance:

  • Term Life Insurance: These plans only offer coverage for a certain number of years. For example, a 15-year term plan will only be active for 15 years. If you do not die during this term, then your plan will expire at the end of the term. You must apply for new coverage.
  • Whole Life Insurance: A whole life plan lasts from the time of enrollment until the end of your life, regardless of when that might be. It will only expire if you fail to pay your premiums. Besides a death benefit, a whole-life policy will also offer cash-value investment opportunities. A portion of your premium is invested into a savings account that accumulates value over time. You can then draw on this investment for income during your own life.

There are many other types of life policies on the market that fall under the umbrellas of term and whole life plans, including universal life, final expense, guaranteed issue, and group life coverage. 

How much life insurance do I need? 
You might want your life insurance to be used for various purposes, such as:

  • To pay for funeral costs and final medical expenses
  • Paying outstanding debts like mortgages or car payments
  • Covering care costs of a dependent relative
  • Creating a trust fund to pay for a child’s education when the time comes

Everyone has their priorities for their life insurance benefits, and it’s up to us to help you choose the amount of coverage that will most effectively meet these needs. We’re committed to helping you comprehensively review your financial outlook and choose the best death benefit value for you.

How many life insurance policies can you have? 
Many people buy multiple life insurance policies, particularly if they have different financial objectives they want to meet.

For example, you might invest in a term life policy that will be specifically used for your child’s education expenses. If you never have an opportunity to use it, then you can simply let the policy expire when its term ends. However, you can still maintain a whole life plan that remains active for the rest of your life.

Can seniors get life insurance? 
Sometimes, it is harder for seniors to get life insurance simply because of the additional mortality risks that come with age. However, quality term life insurance benefits are available for seniors, including final expense policies.

A final expense plan is a lesser-value life insurance plan that is designed specifically to cover funeral expenses and other costs related to your death. It’s an extra cushion that qualifying seniors can invest in to ensure their families aren’t left in a lurch on their death.

Should I buy life insurance for my child? 
Life insurance policies for children can often act as investment opportunities that will set the child up for a secure financial future. By enrolling your child in a benefit early, you will still have a death benefit for the child if the worst should ever happen. However, the cash value benefit of the policy will mature along with the child, and they will be able to eventually draw on the cash value for their own support.

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