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Enriching your life; informing your health. Life insurance, and other topics.


What Is a Term Life Insurance Plan?
What Is a Term Life Insurance Plan?

 

Term life insurance provides a death benefit to a named beneficiary upon the death of the insured person. Premiums for the plan are at a fixed amount for a specific period of time. That period of time is known as the term. Upon expiration of the term, coverage lapses unless it's renewed. Renewal is for another term, usually at higher premium amounts and possibly even different coverage conditions. Should the insured person die during the term of the policy, the death benefit is paid to the beneficiary. Term life insurance is a significantly cheaper way to purchase a death benefit for a specific period of time. Term insurance is distinguished from whole and universal life insurance where the premium payments are fixed for life unless the insured person causes a lapse of the policy. As opposed to whole or universal life insurance, term insurance provides no advantages other than the stated benefit.

There are two types of term life insurance. Those are annual renewable policies and level term life insurance. With annual renewable policies, the insured person is covered for one year. The policy must then be renewed. Should the insured person pass away during that one year term, the benefit is paid to the designated beneficiary. What can come to issue in annual renewal policies is the scenario where the insured person comes down with a fatal illness, but doesn't pass away until after the life insurance term expires. In all likelihood, the previously insured person wouldn't be insurable after the expiration of the one year term. If term life insurance is the choice for a person, they might want to look at annual renewable term insurance where the policy is renewable annually for a term of years with premiums changing each year.

Most people covered by term life insurance are insured with level term insurance. Premiums are guaranteed to be a certain amount for a certain number of years. Common terms are from 10 to 30 years at 5 year intervals. Most level term policies are renewable, but it's not guaranteed. Each insured person must look at their policy on renewability. Evidence of insurability might be required. It should be noted that most term life policies have a conversion option where the insured person might convert their insurance from term to a whole or universal life policy. This is an attractive option for life insurance and investing.



Discover Why You Should Get a Life Insurance Policy
Discover Why You Should Get a Life Insurance Policy

Have you been considering purchasing a whole life insurance policy? While no one really wants to think about the end of their life, it’s not something any of us can escape. A life insurance policy allows you to be able to replace your dependent's income, and provide them with a way to pay for your final expenses. A life insurance policy is a great way to ease the financial blow that comes with losing a loved one. Below you’ll find a few reasons why buying a life insurance policy is a good choice for you. 

 

Replace Your Dependent’s Income
 In most cases, people buying a life insurance policy want to replace their income for their spouse or dependents. Whether you have small children or a spouse who's unable to work, leaving them with a way to keep the bills paid is a great gift. Your loved ones will know that you thought highly of them and their future when you leave them the gift of financial security. 

Pay for Final Expenses
Whether your death was anticipated or unexpected, funeral costs are high. Buying into a life insurance policy will allow you to help your family pay for the final expenses. You can plan ahead or have your family plan it all, either way it will be paid for. This will help to alleviate some stress during your families grieving period.

Create an Inheritance for Your Heirs
Let’s say you don’t have any assets to divide among your heirs. With a life insurance policy, you can create an inheritance by naming your heirs as the beneficiaries. This will help them maintain the lifestyle they’re used to long after you’re gone.

Make a Charitable Contribution
Even if you don’t have family left, your life insurance policy can still be put to good use. If you name a charity as your beneficiary for your life insurance policy, you can donate the cash equivalent of your insurance policy’s premium. This will help you help others even after you’ve left this world.

Customized Insurance Policies
For years, Bankers Fidelity has been helping people just like you find the perfect whole life insurance policy for your needs. Whether you want to leave behind an inheritance for your children or cover funeral expenses, we’re here to help make that happen. Give your family the gift of love by choosing a life insurance policy that is tailored to your unique needs. They’ll be glad you did. 


How to Manage Your Life Insurance

Your family is priceless. Therefore, life insurance is a valuable asset for families. It protects your loved ones when the unimaginable happens. However, there are several different types of life insurance policies. Deciding the right fit can be confusing and exhausting. It is also important to understand that your life insurance needs may change with time. Here is some helpful information for those who are trying to navigate through these options.


Your Life Insurance Options
The most common form of life insurance is referred to as whole life. You select the amount of coverage you need, and based on specific health questions, your premium amount is then determined. Another option is term coverage, which covers you for a limited number of years. It is easy to acquire and often affordable. However, once the term insurance has ended, there is nothing left to show for it. There are also universal life insurance policies. This flexible coverage allows you to invest a portion of your premium in order to increase your benefit amount. A newer form of life insurance is called final expense. It has many of the characteristics of a simple whole life policy, but with fewer restrictions and a smaller minimum benefit amount.

Making a Choice
There are three main factors that help you determine which type of plan to choose. These factors are age, health, and financial status. For younger families, you should typically begin with either term or universal life insurance. Term insurance protects your family without a long-term commitment, while universal provides an opportunity to invest in your future. Most term policies can be converted to whole life before it matures. This is a much more responsible choice once your family is more stable. If, by some chance, you were unable to purchase life insurance earlier in life, then you can consider a final expense policy. It may not provide everything you want, but it, at least, gives you what you need.

Most people are familiar with the idea of insurance, but shrink away from the subject of life insurance. It brings about so many fears and unanswered questions. While these feelings are normal, owning life insurance is a responsible act of love. It is a decision that affects your estate and everyone in your life. So, weigh your options carefully, but please, make a choice. If you have any more doubts, contact a licensed insurance agent for life insurance quotes.


What is a Supplemental Insurance Plan?
What is a Supplemental Insurance Plan?

Those of us have who have medical insurance have a certain peace of mind knowing that the costs involved with treating a health issue won’t result in a financial catastrophe for us or our family.However, there can be additional costs that aren’t covered under our health plan, which is one reason why supplemental insurance plans can be such a benefit for us. As the term implies, they offer insured individual the chance to take care of the many incidental expenses that crop up during the treatment and recovery period.These types of policies work best for those of us who have a family history of critical illnesses, those in a profession that may be considered dangerous or simply those of us who are enjoying our retirement years. 

Generally, there are three different types of plans available, which are for:

Serious Illness
These help pay for deductibles, specialists who aren't in the network of physicians or experimental treatments that are usually related to some form of cancer. With respect to the latter treatments, the American Cancer Society estimates that two-thirds of all cancer costs are non-medical, which can quickly add up.

They can also be used for non-health issues like paying for such incidentals as child care or help around the house, traveling and residential costs if any treatment is far away or the everyday payments that continue like groceries, car payments and other bills.

Medigap
Those of us who are enrolled in Medicare know that some things aren’t covered under our plan. These include deductibles, co-payments and coinsurance, with many other expenses that may increase if there’s an extended hospital stay or a need for the services of a nursing home.

Accidental Death
Something we never hope happens could occur one day is if a death takes place. There’s no other way to plan for such a scenario other than supplemental insurance. Those of us looking to purchase this type of insurance should be aware that no benefits will be issued if death occurs due to natural causes, illness or suicide.

So if the idea of supplemental insurance plans sounds like a good investment, make sure to contact Bankers Fidelity today to get the ball rolling on setting up a plan that works. We may never know where the road takes us, but having Bankers Fidelity to help us out is a comforting thought.


What to Look for in Your Medicare Policy
What to Look for in Your Medicare Policy

The basic thing to remember about Medicare is that there are basically three parts that are divided into several options. Medicare Part A covers you as your hospitalization insurance. This is provided by the US government at no cost. Medicare Part B covers other parts of medical care like visits to the doctor, emergency room, diagnostic tests and anesthesia. However, Part B provided by the US government only covers 80% of your medical expenses. It also does not include the cost of prescription drugs. Prescription drugs are covered under Part D. 

What to Look for in Your Medicare Policy
Medicare offers several options through the government program. For example, Medicare "Advantage" plans are offered without out of pocket copays or large deductibles. Other plans require copays and deductibles. Plans that cover what the government provided Medicare program don't are known as Medicare supplement insurance plans. These cover the 20% Medicare doesn't. The first tip on what to look for in your Medicare policy is which plan best suits your particular medical needs. Since all Medicare recipients have very different needs, it's best to thoroughly review the plan that covers specific personal medical needs. Some Medicare supplement insurance plans include plans that cover prescriptions under Part D. Note that all supplemental plans are described by a letter of the alphabet. This helps you to design a supplemental plan most suitable for your needs.

Finding the Right Supplemental Plan for Medicare Coverage
The insurance industry is basically regulated by the US government. This means that certain Medicare insurance supplemental policies may not be available in every state. This is due to insurance regulations that are specific to each state.

Check the status of the policy you are interesting in to make sure you can enroll with the most suitable insurance provider in your state. In most cases, Medicare insurance providers are agents who prepare Medicare insurance policies to meet specific medical and financial needs.

Take the Time to Study Your Medicare Policy
Today, medical insurance policies are written to be easily understood. An agent is the best source to answer questions after you have reviewed the policy. Bankers Fidelity has been in business for 50 years which gives those who need supplemental Medicare life insurance coverage a greater sense of confidence and trust. If you are new to Medicare or supplemental insurance, visit https://bflic.com/ today to review the policy for you.