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Mortgage protection is a type of life insurance with policy lengths ranging from 10 to 30 years. It's designed specifically to help you pay off your mortgage likely your biggest asset in the event of your death. Or if you become critically ill or disabled you agree to pay a monthly premium to your chosen life insurance carrier in exchange for coverage. If you pass away while the policy is in force the insurance company will in turn, pay out a benefit to cover the cost of your mortgage. Some policies offer a return of premium option, which means if you don't pass away during the policy term you'll receive the money you paid into the policy back.
Final expense is a type of whole life insurance designed to pay off your final expenses including funeral costs memorial services burial cremation costs and medical bills. You agree to pay a monthly premium that will never increase or be canceled due to age in exchange for coverage when you pass away. The insurance company will then pay out a benefit to your beneficiaries to cover your final expenses. The best part. This type of insurance usually requires no medical exam to apply obtaining coverage can be easy.
LTC is the need for assistance or supervision with the activities of daily living (Eating, Bathing, Toileting, Transferring, Dressing, Continence). Regardless of the cause or type of assistance needed, LTC can have a big impact on your family. Sadly, fewer than 1/3 of Americans age 50+ have begun saving for LTC (US Dept of Health & Human Services). Medicare typically offers short-term or limited coverage for medically necessary nursing facilities or home healthcare. It does not cover ongoing care or help with personal care. Medicaid is a gov’t program that can help pay for nursing home and healthcare services for individuals with very limited means. Not all nursing homes accept Medicaid, which can limit choices for individuals. 4 LTC Insurance can help you cover the costs of LTC, relieving your loved ones of any burden.
• Most annuities are single premium plans, meaning no additional funds can be added after the plan is issued
• Plans are funded with either Qualified (pre-taxed) or NonQualified (post-taxed) money
• Annuities are used for one of two things: Accumulation or Income
• At age 70 ½ clients are forced to take RMDs (Required Minimum Distributions) if the plan was funded with Qualified money, and their RMD is taxed at their regular income tax rate
• Many accumulation annuities offer penalty-free withdrawal options, meaning that the client’s money isn’t “tied up” for the entire length of the contract
Disability income insurance is a type of insurance product designed to help replace a major portion of your income if you were unable to work because of an illness or injury. For this reason, many people think of it as “paycheck protection.” Along with life insurance, disability insurance can offer the protection you need to ensure your family doesn’t lose their home or other valuable assets if the unthinkable happens.
Medicare Supplement Insurance is often referred to as “MediGap Insurance,” because it fills in the gaps in coverage that beneficiaries of the “original Medicare” (Part A & Part B) are left with. “Original Medicare” covers a lot of health care costs for beneficiaries who are 65 or older (or younger with certain disabilities), but it does not cover everything. Medicare Supplement Insurance helps cover coinsurance, copays, and deductibles. Med Supp Insurance does not commonly cover LTC, private-duty nursing, vision, dental, or hearing.
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