(206) 594-1126

lifeandhealth@morelandagency.com

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Life insurance

Life Insurance not only provides stability upon your death, it can also support you while alive. Upon death, life insurance can be used to offset college expenses, leave an inheritance, pay off debt such as a mortgage, protect a business and more. It can also provide benefits in the event of terminal, chronic, or critical illness. The funds from living benefits can be used to cover medical expenses, long-term care services, and other costs.

There are three different types of insurance policies:

Term Life Insurance which provides financial protection for a specific period of time. It pays a death benefit to your beneficiaries if you pass away during the coverage term. Features include:

  • Coverage terms from 10 to 30 years
  • Affordable rates that do not increase during the term
  • Option to convert to permanent coverage

Whole Life Insurance provides lifelong financial protection for your loved ones. Features include:

  • Guaranteed level premiums you pay for life
  • Cash value that grows tax-deferred
  • Death benefit paid to beneficiaries, income tax-free
  • Option to borrow or withdraw cash value
  • Coverage you can keep regardless of health changes

Here are often-recommended benefits to add to a life insurance policy:

  • Long-term care (LTC) insurance is coverage that helps protect you financially if you need extended care services due to a chronic illness, disability, or cognitive impairment. The need for long-term care often arises as people age, but can also be necessary due to accidents, illnesses, or disabilities at any stage of life. It's important to plan for long-term care in advance, as the costs can be significant.
  • Accidental Death or Dismemberment (AD&D) provides financial protection to you and your family in the event you suffer a severe injury or die due to an accident.
  • Disability insurance coverage is a type of insurance that provides financial protection to individuals who are unable to work due to a disabling illness or injury. Disability coverage comes in two forms, Short Term and Long Term.

Short-term disability benefits are intended to help cover essential expenses, such as rent or mortgage payments, utility bills, groceries, and other basic needs, while you are unable to work. This ensures that you can focus on your recovery without the added stress of financial uncertainty.

Unlike short-term disability insurance, which provides benefits for a limited period, long-term disability insurance is intended to cover an extended duration of disability. It can range from six months to retirement age or until one is able to return to work.

Next Steps

Consider the benefits you currently have or maybe don't have & think about the following statements and identify your two biggest concerns

1. Protection for unexpected medical expenses

If I were to suffer from a critical condition like a heart attack, cancer or stroke, would I need money to pay for expenses, if I can't work?

2. Protection for Your Paycheck

If I’m sick or injured and unable to work, I’ll still need a paycheck.

3. Protection for Critical Illness

If I were to suffer from a critical condition like a heart attack, cancer, or stroke, I would need money to help pay for expenses.

4. Protection for Hospital Admissions

If I’m hospitalized from an accident or sickness, I’ll need money available to offset expenses such as deductibles and co-pays.

5. Protection for Your Families Lifestyle

If my spouse or I were to die tomorrow, it’s important that money is available to help pay for college, mortgage and other debts, including a funeral.

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Call:

(206) 594-1126

Fax:

(509) 505-5566

Email:

insurance@morelandagency.com

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