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Life Insurance

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Life insurance offers income replacement protection. Life insurance generally falls into three categories: term, whole and universal.

 

Term life insurance provides coverage for a fixed period of time, at a fixed price, and a fixed death benefit. The premium payments are affordable, but the policy does not build up any cash value.

 

Whole life insurance provides lifetime coverage. Premium payments are generally higher than those of term insurance, but the policy accumulates a cash value that grows. Policyowners can access the cash value to pay down debts or supplement retirement income. There are also whole life policies that allow policyowners to customize premium-paying periods, while still maintaining lifetime coverage.

 

Universal life insurance combines the benefit of lifetime coverage with flexibility. Like whole life policies, universal policies also build cash value over time.

 

As independent agents, we have access to a wide selection of life insurance carriers to help you find the most suitable coverage.  

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Long Term Care Insurance

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Many people do not realize that traditional health insurance or Medicare doesn’t cover long term care. Long term care is a range of services and support for personal care needs. Most long-term care isn't medical care. Instead, most long term care is custodial care. The long term care community measures personal needs by looking at whether an individual requires assistance with six basic activities of daily living (ADLs). The six ADLs are Bathing, Dressing, Eating, Transferring, Toileting and Continence. ADLs are used to determine whether the individual qualifies for triggering long-term care insurance coverage.   

 

The cost of Long Term Care is already high and expected to rise steadily outpacing inflation in the next few decades. For example, by 2037 in Texas, the average nursing home cost would exceed $8,000 / month. You may use this handy tool for estimating long term care costs.

 

It is important to incorporate long term care insurance as a crucial tool protecting financial assets.

Stones of Meaning

Annuity

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An annuity is a contract between an annuitant and insurance company that pays out a fixed stream of payments that last a lifetime. The period of time when an annuity is being funded and before payouts begin is referred to as the accumulation phase. Once payments begin, the contract is in the annuitization phase.

 

There are two types of annuity contracts: Immediate and Deferred. The immediate annuity contract is structured to commence payouts following the initial premium. The deferred annuity contract defers payouts until a specified date in the future.

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