Universal Life Insurance Policies

Life insurance is available in several types. One such type is universal life insurance, which is a policy that builds value and has tax-deferred benefits. A policyholder with this kind of insurance will see the premiums accrue interest. It is similar to a life insurance policy and interest bearing savings account in one, which offers current benefits and future benefits for your family.

A universal life insurance policy helps you build your financial portfolio. You are able to protect assets and get a minimum rate of return from this coverage. Funds can be withdrawn if needed or left for surviving family members to pay medical bills and funeral costs.

How it works is the cash value accrued above the premium is invested, and the insurance company decides the amount of interest. The contract will specify the rate of return. If you keep the premiums paid, then the insurance remains active and accrues value. Premium payments are flexible.

There are two types of universal life insurance coverage. A fixed premium policy gives you cash value, but you cannot make changes to the policy once it is active. A flexible policy allows adjustments. And guaranteed universal life provides a secondary guarantee if premiums continue to be paid.

Universal life insurance is beneficial, and you can benefit from it while you’re alive. You get a good policy, and extra money is earned. The best thing about universal life is the investment option. Interest is tax-deferred, and your beneficiaries receive money when you die.

Long Term Care Insurance Policies

Long Term Care Insurance Policies

Long-Term Care Insurance Explained

If your medical needs are not covered by traditional health insurance, then you may need to tap into long-term care insurance. This coverage is for long-term care services, which includes care in different settings, including the home, a nursing facility, or a community organization.

It can also pay for personal help, when you are unable to perform basic daily functions. From bathing to dressing to eating to walking, at least 60 percent of people above 65 will eventually need long-term care. While that is true, it’s not just an elderly issue because some younger people need care as well.

Long term care coverage reimburses you for services dealing with daily care. The premium you pay depends on several factors, including your age and the number of days or years the policy will cover.

Two types of policies are available. A tax qualified policy requires the policyholder to meet specific factors that dictate payment. The policyholder might have to be unable to perform two daily living activities for at least 90 days. A non-tax qualified policy is the most simple as it requires the doctor to simply state the policyholder requires care.

An insurance agent can tell you more about long-term care insurance.

Disability Insurance Policies

No one knows what is going to happen and it is important to do some planning for the future by buying insurance. One kind of insurance coverage that you want to consider is disability insurance. This type of policy can ensure that you will have some kind of income if you are unable to work due to an accident or illness.

It doesn’t matter if you are married or single, disability insurance will replace a portion of your income if you are injured, disabled or have a significant illness. This type of coverage is predominantly offered through your employer and there could be a time period that will dictate when your payment will be made after the filing of your claim.

Two types of disability insurance are available – long and short term. Short term insurance pays out for a limited period of time after you become ill or injured, and are unable to work. Long term coverage has a waiting period before you are eligible for the payout, but it has a longer time period of payments. It is possible to have both types of insurance.

A part of your normal income will be paid out in a group disability insurance policy. To cover the gap between the portion paid out in disability and what you normally make, you can purchase a supplemental policy. Injuries and accidents also occur on the job, which means that you can also receive worker’s compensation.

Most of the workforce has disability coverage of some type, whether short or long term. No matter what your income, it is important to have disability insurance.

Critical Illness Insurance Policies

Medical bills can drive a person into bankruptcy. If you are uninsured and develop a critical illness, then your medical bills will add up. Critical illness insurance makes it easier to handle your medical diagnosis because your expenses are decreased.

No one can predict their health. Whether it is cancer, a heart attack, or a stroke, each one of these illnesses can ruin your financial situation. Can you pay your bills if you are unable to work? If the answer is no, then you want to consider critical illness insurance.

Traditional medical insurance pays a large percent of medical costs, but there is a deductible and co-pays that can add up. Critical illness insurance can help shoulder the burden, and also pay for expenses for things, such as transportation, mortgage, and medical treatments not covered by your insurance.

Disability insurance is usually offered by an employer, but it doesn’t cover all expenses. Once you figure in co-pays and other expenses, your costs are going to rise. Critical illness coverage will soften that hit and help you concentrate on healing instead of money.

Don’t let an illness ruin your finances. Critical illness coverage is worth considering if you’re at risk for a critical illness.

Accident Insurance Policies

Accidents are unexpected, but they happen more often than you probably realize. Accident insurance offers protection in the form of compensation when you suffer an injury during an accident. For accidents that occur on the job, most companies offer worker’s compensation. It is only good for on the job accidents, and there are things this insurance does not cover.

Worker’s compensation does not cover any accident you have away from work. Even if you’re unable to work, the compensation will not help. That is why accident insurance is considered by some workers, to ensure they are covered at work and when they are not at work.

Accident insurance covers different things, including medical expenses, emergency room bills, transportation costs and other out of pocket expenses.

Insurance options usually have variable premium levels, so what you choose depends on your budget. People at high risk of an accident, like a pilot, climber or volunteer firefighter, then you should consider accident insurance seriously. The policy pays benefits to your family if you are killed or if you are permanently or temporarily disabled. Reimbursement is normally in cash.

An accident insurance policy can be good, even if you think you don’t need it. You can “hope” an accident doesn’t occur, but that’s risky.  Contacting your local insurance agent and determine the right choice for your needs and budget.