So many choices – whole life, universal life, term, etc. Each of the aforementioned have several options.
Over the years, we have mostly recommended “Buy Term and Invest the Difference”, meaning if you have a preconceived notion as to how much money you are willing to pay monthly or are using what a universal life policy would cost monthly, we can set up a cheap term and place the balance in a fixed return investment for you or you can invest it yourself. The final analysis of the comparison is very thought provoking.
I normally press the issue of needing Life Insurance if you have children that will need an education in the future. Life Insurance proceeds can guarantee that the funds would be there if you are not.
Term insurance rates are really cheap and we use an array of carriers to provide a grid showing what company is best for which period of years (10, 15, 20, 30).
Smokers pay a lot more for their life insurance because it has been proven that they do not live as long, so don’t smoke.
Disability Income Insurance
What would happen if you could not work anymore due to an accident or sickness? Would you be able to feed, clothe, and house yourself on savings or Social Security? —Didn’t think so!!
Disability is one of the most needed but less sold policies. If you die, at least your living expenses stop, so you are not a drain to your family. If you are disabled, your ongoing, everyday living expenses actually increase.
The premiums depend on your occupation, age, smoker status, waiting period and benefit amount, and payment duration. Obviously, the more risky your job is, the more the cost. Carpenters cost more than secretaries.
We have several carriers that are willing to quote your cost and present programs to address the above issues.
Not sure how many people are up on ObamaCare specs – some plans are less expensive, but less affordable to use. Programs are like every other facet of life; the more you pay, the better the program.
Your premiums under ObamaCare increase each year until you are eligible for Medicare at age 65. The only other factor is smoking or non-smoking – you best not smoke anyway.
Once you attain age 65, we can sign you up for a Medicare Supplement which is a lot less expense than age 64 Health Insurance was. We represent all the topnotch carriers: IBC, Aetna, and UnitedHealthCare. Call if you have any questions.
Remember, if you are about to turn 65, to sign up for Medicare Part A & B, which is through the federal government. Part A costs nothing, but Part B does and pricing may be adjusted due to income level.
Have you ever been involved in attaining information about Nursing Homes? I have recently been involved in searching for housing for a loved one. The cost of these facilities will get your attention. $10,000/month would be a low price for a somewhat clean medical facility in our area. Wow!!!
A nest egg can be eroded very quickly. Most services provided by skilled nursing homes are not part of Medicare benefits. So services are covered in the hospital and then nothing after your loved one leaves the hospital and goes to either assisted living or a nursing home.