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
Call:
(206) 594-1126
Fax:
(509) 505-5566
Email:
insurance@morelandagency.com
