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


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.

 

 

 


How Does Life Insurance Benefit You?
How Does Life Insurance Benefit You?

If you are the sole or primary breadwinner in your family, it is imperative that are covered by a life insurance policy. Going through life without life insurance is not only irresponsible, it could lead to financial ruin for your spouse and children. If they were dependent on your income for their survival, they would be left destitute if you were to die suddenly. If you still owed money on your house, they would lose that as well. Having life insurance prevents these horrific scenarios from occurring by giving your surviving family members money to support themselves. You might also consider getting medicare supplement insurance. This type of policy helps to pay for some of the costs not covered by Original Medicare, such as deductibles, coinsurance and copayments. Here are some of the benefits of being covered by a life insurance policy. 

It Protects Your Family
The primary purpose of life insurance is to provide the means for a family to live comfortably when the main or primary breadwinner is no longer around to support them. Along with paying for the mortgage, rent, groceries and utilities, life insurance can also be used for college tuition and the estate taxes that the families of deceased people will need to pay.

You Can Use the Money While You Are Alive
If you need money for some reason while you are still alive, you will be able to take out a loan against your life insurance policy's value. One of the really great things about borrowing money in this manner is that the interest rates are much smaller than those that are charged by banks, credit unions or various online lenders. You will have the option to repay the amount of money you have borrowed in installments or all at once.

Premiums Do Not Change
This is true in the case of term life insurance. When you are covered by this type of policy, you do not need to worry about your provider raising the price of premiums. You will be locked in at a set rate for the complete length of your agreed upon term.

If you would like to learn more about medicare supplement insurance, or any of the other policies offered by Bankers Fidelity Life Insurance Company, visit https://bflic.com/ or call them today at 1-866-458-7504. Once of their knowledgeable representatives will be happy to answer any questions you have.


What to Look for in Life Insurance

Making a decision to take out life insurance is crucial and has a lasting effect on your family. Without this insurance policy, your family will suffer when you are no longer available to take care of their needs. However, you need to choose a policy that will suit your family needs. Here are things to look for when choosing the right policy.



It Should Be Able to Meet Your Needs
Needs vary between individuals, and you need to have a policy that suits your unique needs. The face value of the policy you choose should be adequate to cover the financial needs of your loved ones when you are gone. The policy should also meet the retirement goals you were aiming for.

Be the Right Term
Term means the length of coverage the policy provides. This will vary depending on your needs. The term should be long enough to see your kids grown and successfully completed college.

Be Affordable
You want a policy that you will afford. You know that you have to pay the monthly premiums on the policy consistently for it to be honored by the us. This is part of the agreement you sign with our insurance agent. Make sure you can comfortably pay the premiums and remain with enough cash to be comfortable. The good news is that we offer various packages that you can choose from according to your spending power.

It Should be the Right Type
There are two major types of life insurance coverage that you need to choose from: term and permanent cover. Term insurance usually takes between 1 and 30 years, during which you will receive the full amount of coverage paid upon your demise. The coverage will expire if at the end of the coverage you are still alive. Term insurance is ideal if you are young, and you have a fixed amount of responsibility such as a debt. On the other hand, permanent insurance cover will cover you throughout your lifetime.

Should Have Flexible Terms
The policy should offer you guaranteed renewability such that you can continue with the coverage as long as you pay the premiums. Should allow you to convert a term policy to a permanent one when need be.

Final Thoughts
For various options and help in choosing the right coverage for your situation, contact us today and talk to one of our insurance representatives.