Personal Insurance Overview. Brainwasheducationonline.com. Why Life Insurance.
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Life insurance is about life, your life. It's about how you want to live your life right now and 20 years from now. It's also about how your loved ones will live their lives when you're gone. Life insurance products offer tremendous flexibility and value. In these uncertain times life insurance is a must to have in anyone's financial toolbox. You and your family deserve to have life insurance coverage you can count on – in good times and bad.
AssurityBalance Simplified Critical Illness pays a lump-sum benefit at the first-ever diagnosis of 12 covered illnesses or procedures. Guaranteed renewable to age 75, this protection is available for individuals 18 through 64 years of age. Our Simplified Critical Illness also features the Return of Premium Death Benefit. This product also offers a short application with a handful of health questions - no medical exams are required.
Category I: Invasive Cancer (100 %) Non-Invasive Cancer (cancer in situ) (25% - payable once per lifetime)
Let's face it: Nobody likes to think about what life would look like should disability strike. But the reality is one third of all Americans between the ages 35 and 65 will become disabled for more than 90 days, according to the American Council of Life Insurers. One in seven workers will be disabled for more than five years. And while many people think that disabilities are typically caused by freak accidents, the majority of long-term absences are actually due to illnesses, such as cancer and heart disease. The loss of income can be so devastating that it forces some people to foreclose on their home or even declare bankruptcy.
Disability insurance replaces a portion of your income if you become disabled and are no longer able to work. A typical group plan offered by an employer will replace up to 60% of your salary. Supplemental plans and individual policies will often cover up to 70% or 80%. (No plan will cover all of your salary for fear you will have little or no incentive to get back to work.) Benefits typically last for a set number of years (say five years) or until you reach retirement age. (Benefits typically stop around retirement age since once you retire, you would no longer be dependent on the income you generated by working, anyway.) If you pay the premium out-of-pocket meaning your employer doesn't cover the tab benefits are tax free.
Auto insurance protects you from being financially responsible for an accident, but you're required to pay monthly premiums to keep the insurance. By law you must have car insurance if you want to drive on the road and without it you can be fined, lose your license, go to jail and also be sued depending on the seriousness of the accident you caused. Even if you're pulled over without car insurance you can be fined though which means you must have and maintain auto insurance.
Long-term care insurance (LTC or LTCI), helps provide for the cost of long-term care beyond a predetermined period. Long-term care insurance covers care generally not covered by health insurance, Medicare, or Medicaid.
Individuals who require long-term care are generally not sick in the traditional sense, but instead, are unable to perform the basic activities of daily living (ADLs) such as dressing, bathing, eating, toileting, continence, transferring (getting in and out of a bed or chair), and walking.
Age is not a determining factor in needing long-term care. About 60 percent of individuals over age 65 will require at least some type of long-term care services during their lifetime. About 40% of those receiving long-term care today are between 18 and 64. Once a change of health occurs long-term care insurance may not be available. Early onset (before age 65) Alzheimer's and Parkinson's disease are rare but do occur.