FINAL EXPENSE INSURANCE
Final expense insurance is designed to cover the funeral bills and medical expenses that your loved ones will face after your death, but not much else. Final expense insurance is also known as burial insurance. Unfortunately, even bare-bones funerals can cost thousands of dollars. The ins and outs of insurance policies can get tricky.
Here’s what you need to know about final expense insurance:
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A final expense life insurance policy isn’t the same as what’s known as “insuring your life.” Insuring your life concerns leaving your family and loved ones with enough support to replace a lost income and to take care of more obligations than just a funeral and medical expenses after you pass away.
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Final expenses are the costs that arise at the time of a person's death. This includes bills associated with final medical expenses, funeral or memorial services, and the price of burial or cremation. The average burial in the United States today costs approximately $9,000, and that cost does not include funeral or final medical expenses. Most if not all final expense policies are simplified issue which means that the underwriting is much more relaxed, usually just a few health questions and that's it.
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With funeral insurance, the value of your policy is proportionate to the expense of your desired funeral. While other forms of life insurance can top a million dollars, it’s rare for final expense insurance policies to get above or need to be above $25,000.
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MORTGAGE PROTECTION
So you took the plunge and bought a house, with a mortgage to match. You may be wondering if you need life insurance to cover the mortgage in case something happens to you before it’s paid off. Without life insurance, your estate will be liable for any outstanding home debt you leave behind. Unless your spouse is loaded, your family would face a sizable financial burden. One way of preventing that outcome is with dedicated Mortgage Protection Life Insurance.
Here’s how it works:
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Mortgage protection plans give a tax-free payout that will generally cover the balance on your mortgage and it usually provides a large enough pay-out designed to make up for lost income in the event of the policyholder’s death.
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If you want to protect your loved ones from financial worry. If you want to make sure your family is provided for even if something should happen to the provider. If you’re in decently good health then a Mortgage Protection Plan may be for you. At Benchmark Insurance Group we offer the most competitive Mortgage Protection life insurance available.
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LIFE INSURANCE
If you’re thinking life insurance, your heart is in the right place. You want to protect your loved ones from financial worry and preserve the value of your estate. We applaud those instincts!
Here are just a few good reasons to have Life Insurance:
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Replace Lost Income- Life insurance works to provide financial security to your loved ones after you pass away. You have to consider what would happen if you were to die suddenly. This is especially true if your loved ones rely solely on your income. Get yourself adequate coverage. That way, you won’t leave your loved ones helpless when the monthly bills come around.
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Pay Off Debt- Just because you die doesn’t necessarily mean your debts will disappear. In the instance that you and your spouse have co-signed for a mortgage or other loans, your spouse may become entirely responsible for repayment. The other outcome could result in creditors trying to collect from your estate. While that gets rid of your debts, your heirs will receive the depleted remainder. Life insurance allows those you leave behind to take care of any lingering financial responsibilities.
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Diversify Investments- Some people also use life insurance as an investment tool with universal life policies. These policies are tied to a specific investment product. Then policyholders receive dividend payments based on the product’s performance. Before you dive into this type of insurance, you'll definitely want to speak to a knowledgeable advisor with access to multiple competitive companies. Think BIG, we're here to help.
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Business Planning- If you own a business, it’s vital that you have life insurance. This covers your obligations so your hard work doesn’t go to waste. Are you involved in a partnership with someone else? You should both have coverage. That way, if one of you dies, the other isn’t left holding the heavy financial bag.
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Estate Taxes- When someone passes away, their heirs often face estate and inheritance taxes on any assets they receive. If you’re worried about your loved ones getting hit with a big tax bill, a life insurance policy can help cover these added costs with tax-free dollars.
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Peace of Mind- No one can truly predict the future. But having life insurance means you and your loved ones can prepare for any eventuality. Even with a small policy, you may find yourself sleeping a little easier at night knowing that your family has protection in place should something happen to you.
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DISABILITY INSURANCE
If you get sick or injured and are unable to work, you don’t want to worry about paying for groceries or covering next month’s mortgage. Disability income insurance may help replace a major portion of your income. Some think of it as “paycheck protection.” Others view it as “mortgage protection.” Whatever your mindset, disability income insurance may help provide a sense of security, knowing that if the unexpected should happen, you’ll still receive a monthly income.
Here's what you need to know:
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No one wants to think about becoming disabled. But surprisingly, the risk is more real than many people believe. Over 37 million Americans are classified as disabled. More than 50 percent of them are in their working years. 1 in 8 workers will be disabled for five years or more during their working careers.
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Many people with health issues are still able to purchase disability income insurance. But it’s important to remember that health issues increase with age. That’s why it’s important to consider purchasing disability income insurance sooner rather than later.
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The best time to buy disability income insurance is now. A disabling illness or injury may happen at any time, at any age. And, since premiums are based in part on your age at time of purchase, waiting may cost you more.
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Long-Term, Short-Term & Accident only plans are available.
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LONG TERM CARE COVERAGE
Health care coverage protects you if you get sick or injured while life insurance takes care of your family if you die unexpectedly. Medicare and Medicaid are designed to cover some of the costs of aging but an extended illness could easily wipe out a lifetime of savings. Long-term care insurance can help to fill the gaps but it’s not necessarily right for everyone. If you’re wondering what long-term care insurance is or whether you should shell out money for this type of policy.
Here’s what you need to know:
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A market crash might not be the biggest threat to a wealthy investor’s nest egg. In fact, future medical costs can potentially eat up more of your savings. And if you require long-term nursing care at some point, you can expect it to come with a high price tag. According to a study from Genworth, the median annual cost of a private room in a nursing home is just over $91,000.
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The types of things that are covered depend on your policy but they typically include things that don’t fall under the umbrella of traditional health insurance or Medicare. This may include the cost of staying in a nursing home or assisted living facility, adult day care or in-home care. This includes nursing care, physical, occupational or speech therapy and help with day to day activities. When you’re buying a policy, you can tailor it to fit your anticipated needs.
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The policy pays for whatever services you need on a day-by-day basis for a specific number of years, up to your chosen coverage limit. Coverage typically lasts anywhere from two to six years. If, for example, you purchased a five-year policy with $200 of daily benefits, you’d have a pool of $365,000 in available benefits to draw from. If your costs are below the daily limit, your coverage would last longer.
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There are many options when it comes to picking out the proper coverage, we highly recommend working with an organization that works with the most competitive companies available for Long Term Care, Home Health Care and Assisted Living insurance.
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CANCER, HEART ATTACK & STROKE
If you were diagnosed with cancer or suffered a heart attack or stroke, the last thing you would want to worry about is your finances. Cancer, Heart Attack and Stroke Insurance helps you receive the financial peace of mind that allows you to focus on what matters most – your recovery.
Here's what you need to know:
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A lump-sum benefit amount is paid directly to you regardless of any other health care coverage you may have upon the diagnosis of cancer or if you suffer a heart attack or stroke. Benefit amounts are flexible and can range up to $75,000 for cancer and $75,000 for heart attack and stroke, depending on your specific needs.
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53% of the costs associated with cancer are non-medical, indirect costs. Cash benefits from your policy can be used to help supplement lost income for you and your spouse, to pay for car and mortgage expenses and travel to and from medical facilities.
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It will also allow you to seek treatment that is out of network or not covered without worrying about costs. And most policies will give you 24/7 access to Ask Mayo Clinic support services!
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ACCIDENTAL DEATH COVERAGE
Accidental Death Insurance is a great low-cost way to cover yourself or a loved one. Not only will you be insured from death as a result of an accident, but many policies also extend coverage to your spouse and children.
Here's what you need to know:
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Many companies will not even ask health or occupation questions
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Coverage can be usually purchased as young as age 18 and as old as age 70.
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This is a great policy for someone going away to college, new drivers, has a dangerous profession or just someone who is accident prone.
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DENTAL INSURANCE
Dental insurance usually covers 2 cleanings a year, if those cleanings cost upwards of $100 a piece and the cost of your insurance is close to the cost of those cleanings then it just makes sense. Even if dental coverage doesn’t save you cash, it can be a good incentive to make those preventive-care appointments; you’re more likely to go to the dentist if you’ve already paid for the insurance. Preventive care is always the best care.
Here's what you need to know:
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The bad news: with or without insurance, you’ll be shelling out some money. It’s a necessary evil. Teeth age, even with the most diligent brushing
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Maximum annual coverage is usually around $2,500, this is the maximum the insurance company will shell out in any given year.
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Only 2 to 4 percent of Americans will exhaust their maximum benefit annually, so you may not exceed your coverage limit. It’s more likely if you need a procedure like a root canal or a crown which can cost upwards of $1,500 or more.
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HOSPITAL INDEMNITY
Hospital indemnity insurance is a type of health coverage plan designed to cover hospital stays. Individuals who file a claim can receive a certain amount each day to spend however they choose for up to one or two years. Many plans extend coverage to spouses, children, and other dependents, and hospital indemnity policies are often used along with other insurance coverage plans to pay for the entire hospital bill owed. The plan also acts as a financial backup for some of the out-of-pocket expenses that most health care coverage plans will not cover. Patients can use the money how they see fit and are not limited by the restrictions that come with other health plans.
Here's what you need to know:
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These plans are most commonly used in addition to an individuals Medicare Advantage plan to fill in the gaps of their coverage.
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Some of the expenses that patients use their hospital indemnity insurance benefits to pay for are co-pays, deductibles, and travel to the health care facility.
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