SECURE.INSURE

Dividends will significantly increase the rate of cash value accumulation in a whole life insurance policy, or can be paid directly to policy owners as income. The dividend is in addition to the guaranteed rate of cash value growth that each whole life policy provides. Whole life insurance pays dividends if it is a “participating” policy.

It may seem counterintuitive that empty nesters or retirees need life insurance, but some still have dependents, such as disabled adult children. Many also still have financial obligations, such as the mortgage on a home or second home, that could become a burden if a spouse died or becomes disabled.

Retirees should absolutely have life insurance, but, in a perfect world, it would already be paid off and guaranteed so no additional premiums would be needed during retirement.

Probably the biggest reason why anyone would ask this question is because life insurance is one of the few financial provisions that has no immediate benefit – at least not to you as the owner of the policy. Life insurance is about providing for other people after your death. Everyone should have at least some life insurance.

The optimal age to purchase life insurance is under 35, but few people in that age group are able to afford life insurance. Roughly 57% of Americans have life insurance and more than half of them are 45 or older.

The most common type of life insurance riders added to existing policies include: accidental death rider, waiver of premium rider, guaranteed insurability rider, family income benefit rider. In most cases it may be the wise choice to consider adding one or all of these riders to your life insurance policy.

Insurance coverage, premium rates, terms and conditions of riders may differ from one insurer to another, and when a claim for the benefits of a rider is made, it may result in the termination of the rider, while the original policy continues to provide insurance.

Before we dive into the many different types of life insurance available, consider these four key questions as you evaluate your options:

1. What role do you want life insurance to play in your overall financial plans?

If you’re looking for affordable insurance coverage to help financially protect your family during the years, they need it most, a term life policy is a sound choice. If instead, you’re looking for coverage throughout your life that builds cash value over time, permanent life insurance may be a better option.

2. How much can you afford?

Term life insurance allows buyers to get higher amounts of coverage for a significantly lower cost compared to a permanent life insurance policy, which can cost anywhere from 5 to 20 times more than a term life policy.

3. How is your health?

If you’re reasonably healthy, a medically underwritten policy will often be the more affordable option. If health is a concern, other options, such as guaranteed issue or accidental death policies (which we will discuss below), might be a better fit.

4. Is a digital purchasing option important to you?

Buying life insurance online may seem foreign to some. But assuming you’re provided with the right tools, it’s simple to choose a coverage amount, get sample quotes and apply for coverage online. If approved, you may even be able to start coverage that same day.

The different types of life insurance policies available to you, including:

1. · Learn about term life insurance
2. · This type of coverage is simple to understand, easy to apply for, and buy. Term life insurance provides dependable coverage at an affordable price. As the name conveys, term coverage lasts for a specific period of time — typically 10, 15, 20 or 30 years. Once the term length is up, coverage ends, or you can renew it, but at a higher price.
3. · Why is term life insurance a popular choice? Because it offers coverage during the years your family needs it most and at a reasonable price. Depending on the term length and amount of coverage you purchase, it could offer life insurance protection until the mortgage is paid off, your partner is retired or your kids leave home.
4. · If you need help figuring out the right amount of coverage and term length for you, an online life insurance calculator takes out the guesswork.
5. · Term life insurance itself comes in a few varieties, so if you think it may be the right choice for you, here’s what you should know.

• Medically underwritten life insurance policies are often the most affordable types of coverage. These policies take into consideration your age, lifestyle choices, and personal and family health history to determine eligibility and pricing that’s personalized to you. Medically underwritten coverage also offers a more robust range of coverage options, from $100,000 to several million dollars.
• Thanks to innovations in underwriting, some medically underwritten policies – like the Haven Term policy – can be purchased without a medical exam for a subset of applicants that qualify to skip it. Once a customer submits an application, they will be instantly notified as to whether they qualify to skip the medical exam or not. [Keep in mind that it’s always very important to be honest in the application process. The issuance of the policy or payment of benefits may depend upon the answers you give in the application and your truthfulness.]
• Medically underwritten term life insurance is generally pretty affordable

• · Simplified issue policies typically require applicants to fill out a short questionnaire in the underwriting process, with a few health-related questions. No medical exam is needed to apply and get a coverage decision.
• · Because no medical underwriting is conducted and because the insurer knows less about you, these policies are usually more expensive than a medically underwritten policy. Why? Generally, the more an insurer understands about you, the more affordable coverage may be.
• · Additionally, with simplified issue policies, maximum coverage amounts are usually limited to $500,000 or less.

• · One of the biggest reservations people have about term life insurance is that you’re paying premiums for a what-if scenario. And, in almost all cases, you hope the what-if won’t happen.
• · And then where do all those premiums go? The answer in most cases is that the insurance company keeps your premiums in order to pay out claims to beneficiaries of customers who pass away during their term. A notable exception is the return of premium policy.
• · A return of premium policy, which in some cases can also be an optional rider that’s either available for a fee or is included as part of a term insurance policy, refunds the insurance premiums paid if you outlive the term of your policy. Generally, if you purchased a 30-year term life insurance policy, for example, and lived beyond the duration of the policy, most or all of the premiums you paid get reimbursed to you. Yes, that’s a lot of money coming back your way — but return of premium riders often raise the price of your premiums significantly for this feature.
• · Let’s do a cost comparison. A 30-year-old man in excellent health could pay anywhere from $90 to $100 per month for a 20-year, $500,000 return of premium policy, according to State Farm. For the same term length and face amount, a medically underwritten Haven Term policy, issued by MassMutual, would cost the same man less than $37 per month. So a return of premium policy will cost him at least $12,700 more over the life of the policy than medically underwritten term coverage.
• · Remember, the return of premium policyholder does get that money back at the end of the term. However, a return of premium policy lets an insurance company earn interest on your money over time instead of you. Additionally, if you let the return of premium policy lapse before the term ends — due to canceling or no longer paying premiums — you usually can’t reclaim the premiums you already paid. It works only at the end of the coverage term of the policy.
• · Who it may be a good fit for?
• · A return of premium policy may be a good fit for someone who wants term coverage as well as a way to recoup premiums paid if you outlive the coverage term of the policy.

• · If you want a life insurance policy that lasts the rest of your life, then permanent life insurance may be the right choice for you. A number of types of life insurance fall under the umbrella of permanent life insurance. The most common are whole life and universal life. Unlike term, permanent policies provide coverage for a lifetime and include a cash value component that can grow or shrink over time.
• · These features are why permanent policies can cost anywhere from 5 to 20 times more than a term life policy. Due to the significant difference in premium costs, permanent policies can be less affordable for cost-conscious families.
• · When you pay for a permanent life insurance policy, part of the money keeps your protection in place just like a term policy would do. And for some permanent policies, another part of your premium goes into a cash value feature.
• · This cash value component can build each year as you pay your premium, so over time, your policy can become more valuable. The policyholder may access their cash value, through partial surrender for a lump sum or loans, for any reason, such as emergencies or to help supplement their retirement income.
• · However, you should know that accessing cash values through borrowing or partial surrenders will reduce the policy’s cash value and death benefit, increase the chance the policy will lapse and may result in a tax liability if the policy terminates before the death of the insured.
• · Permanent life insurance policies have long-term implications on your financial plans, so we recommend you consult a financial professional before buying a whole life policy.

• · Whole life insurance is one of the most popular permanent types of life insurance. It features a coverage amount and a level premium that won’t change during the life of the policy. Like all permanent policies, whole life insurance has the potential to accumulate cash value over time.
• · Whole life coverage, like all permanent policies, requires medical underwriting, which means your insurance company will ask questions about your health, your family’s health history, and your lifestyle and occupational choices in order to determine eligibility and pricing, and you’ll be asked to take a medical exam.
• · To get an understanding of pricing for permanent policies, State Farm would offer a 30-year-old man in excellent health a $500,000 policy starting at about $460 per month. It’s lifetime coverage with a cash value component … but it also costs 20 times more per month than a 20-year term life policy for the same man. Of course, if you wish to continue a term policy after its term ends, you would be faced with much higher premiums.
• · Who it may be a good fit for
• · Whole life insurance might be a good option if you seek coverage that lasts a lifetime and won’t expire before you pass away as long as the premiums are paid. The policy provides a cash value component that could be used to help supplement your retirement income

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• · Like a whole life policy, universal life insurance is permanent coverage, and it accrues cash value over time. But a key distinguishing feature of universal coverage is that it offers flexible premiums that may allow you to adjust how much you pay each year. You will need to, at least, pay the minimum premium amount of the policy per month – either through premiums or through the policy’s account value – or coverage will end.
• · In a universal policy, cash value earns interest at the greater of the current market rate or a minimum interest rate set by the policy. This means the cash value has less growth potential than in a variable universal life insurance policy, which is discussed below, where cash value is invested in the market, but possibly greater security because of the policy’s minimum interest rate.
• · Unlike a whole life policy, which has fixed premiums over the life of the policy, universal life insurance has flexible premiums, which means policyholders to be aware of the financial changes. If there is enough cash value, policyholders may be able to use that value to help pay their monthly premiums. On the other hand, policyholders also may have to pay more than their standard premium to bolster the cash value of their accounts.
• · Who it may be a good fit for?
• · Flexibility is the key feature of universal life insurance policies. They are generally less expensive than whole life policies. This may make them a good option if you want permanent coverage with flexible premiums and death benefits and don’t mind having to keep tabs on the policy.
• · With indexed universal life insurance, the cash component of the policy is tied to the performance of a predetermined stock index, usually the S&P 500 or the Dow Jones Industrial Average. If the index makes gains, your policy could increase in value along with it.
• · In addition, your policy contract will clearly identify how much your investment could benefit from stock market gains. An indexed policy may guarantee against losses but cap any gains beyond a certain level. Or your policy’s account value may only participate in a certain percentage the performance of the index it’s tied to. For example, if your policy has an 80% participation rate, a 5% annual increase in the index would result in only a 4% increase in your policy’s account value.
• · These are factors that you’d want to discuss with your financial professional if you were considering an indexed universal policy.
• · Who it may be a good fit for
• · Indexed universal life insurance is a complex product and may appeal to a policyholder who wants a hybrid between the flexibility of a universal life insurance policy and some of the earning potential of variable universal life insurance.

• · In a variable universal life insurance policy, the policyholder chooses investment accounts in which their premiums are allocated. As with any type of investing, it’s possible to see significant earnings or losses.
• · While long-term investment gains might outpace the guaranteed returns of a whole or universal life policy, there are risks. In years when the market is down, your cash value will be diminished and could result in you having to pay higher premiums to boost your cash value.
• · In addition, variable universal life insurance, compared to other types of life insurance, typically has more fees built into your monthly premium to cover management, trading costs, and more. This is one reason many families may want to consider other types of life insurance with less risk and lower fees.
• · If you choose this type of policy, remember that it requires constant attention since the market changes quickly. For example, if the accounts in which the premiums are invested drop significantly, the loss of account value could mean higher policy costs to pay for the death benefit. If you are unable to pay the higher premiums or do not have sufficient cash value to cover the policy costs to maintain the policy’s death benefit, the policy would no longer fulfill its core purpose of providing a death benefit to the policyholder’s beneficiary.
• · Who it may be a good fit for?
• · Variable universal life insurance is a good option for policyholders who want coverage for their entire lives, are comfortable with risk, and seek a potentially greater return than whole life policies and don’t mind the volatility of returns.

• · Guaranteed issue life insurance is exactly what it sounds like. All applicants are guaranteed approval on coverage, regardless of age or health. Before you sign up for a guaranteed issue policy, be aware that this type of no-exam life insurance comes with a few caveats.
• · For starters, you’re often limited to a death benefit of $50,000 or less, which if you have financially dependents, probably isn’t enough money to cover their long-term needs. This type of coverage is generally viewed as a final expense policy, meaning that it’s designed to help your family pay for your funeral and cover any other costs associated with your death.
• · A guaranteed issue life policy also often comes with what’s called a “graded death benefit.” That means that your loved ones only receive a full death benefit if a certain number of years have passed between you taking out the policy and your death. This is to prevent people from signing up for life insurance when they know their life expectancy is short. The graded death benefit typically restricts the payout up to three years after you purchase a policy. This restriction is on all deaths due to natural causes. So if you unexpectedly pass away during this period, your beneficiaries actually may not receive a full death benefit.
• · Guaranteed issue life insurance is a type of permanent life insurance coverage. As long as you pay your premiums, coverage lasts for the rest of your life. Permanent life insurance is generally more expensive than term life insurance to begin with, and you might end up paying much more for a guaranteed issue life insurance policy than you would for a medically underwritten or simplified issue policy.
• · Who it may be a good fit for
• · This type of policy will usually cost more than a simplified issue or medically underwritten life insurance and provides $50,000 or less in coverage. It’s a good option if health concerns prevent you from qualifying for medically underwritten coverage. Yet, you want enough of a death benefit to cover funeral costs and other expenses when you pass away.
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• · Accidental death insurance, also known as accidental death and dismemberment or AD&D insurance, is not technically term or permanent life insurance, though we put it in the term life insurance section since it generally has a term length tied to how long coverage will last. An AD&D policy provides a lump sum payout to your loved ones if you passed away from an accident, such as a car crash, a workplace injury or a homicide. The part of this policy that offers dismemberment coverage may provide some type of living benefit if the policyholder is severely injured, paralyzed or loses a limb, but not all accidental death policies include this provision.
• · These types of policies also don’t cover death from any type of illness, like cancer, heart disease or stroke, which are some of the leading causes of death as we reach our 40s and beyond. The limitations on when a death benefit is paid can leave your family at financial risk, so you should understand the fine print. It’s also important to note that many accidental death insurance policies are generally limit coverage to up to $500,000.
• · Who it may be a good fit for
• · An accidental death policy may be a good option if you have been declined term life insurance due to health reasons because it is not medically underwritten.
• 1. Health & Accident  
• · What is Marketplace health insurance plans cover?
• · All Marketplace plans must cover treatment for pre-existing medical conditions, like asthma, diabetes, or cancer. Marketplace plans can't deny you coverage or raise your rates based only on your health. Pregnancy is also covered from the day your plan starts.
• · What are the health insurance benefits through the marketplace?
• · What Marketplace health plans cover. One of the benefits of health insurance through the Marketplace is that all health insurance plans cover the same set of essential health benefits, even for a pre-existing health condition. In addition to coverage for doctor visits, lab tests, hospitalization, surgery, and emergency care,...
• ·  
• · Do you have to buy health insurance through the marketplace?
• · If you already have insurance through your employer, are covered by Medicare or purchase insurance privately, you do not need to sign up for health insurance through the Marketplace. However, if you have the option and would like to consider different coverage, you can utilize the health insurance marketplace.
• ·  
• · When do I qualify for the health insurance marketplace?
• · Starting November 1, you can apply for health coverage through the Health Insurance Marketplace. Coverage begins as soon as January 1. The Marketplace is designed to help you find health coverage that fits your budget and meets your needs.
• · What is the definition of marketplace insurance?
• · What is Considered Marketplace Insurance. What is considered Marketplace insurance? It is a platform from which health insurance is offered to individuals, families or small businesses. It was established by the Affordable Care Act of 2010, which states that all Americans should get some form of health insurance.
• · What exactly is a health insurance exchange, anyway?
• · A health insurance exchange, otherwise known as a health insurance marketplace, is a comparison-shopping area for health insurance. Private health insurance companies list their health plans with the exchange, and people comparison shop on the exchange from among the available health plan listings.
• · What is an individual insurance plan?
• · An individual insurance policy is one that is bought by an individual for themselves. So, the policyholder takes care of all the premium payments and is presumed to know the extent and details of the coverage (with the help or advice of an insurance agent, an insurance broker, or a representative of the insurance company).
• · Will I save money on health insurance in the marketplace?
• · Open enrollment for health insurance coverage through the Marketplace begins in October 2013 for coverage starting January 1, 2014. CAN I SAVE MONEY ON MY HEALTH INSURANCE PREMIUMS IN THE MARKETPLACE? You may qualify to save money and lower your monthly premium, but only if you are not eligible for Health Benefits from Merrimack College or if Merrimack's coverage does not meet
• · When does ACA started?
• · ACA was founded in 1870 as the National Prison Association. In 1989, ACA published Certification Standards for Health Care Programs. Designed as a stepping stone to full accreditation; it gave agencies the means to improve health care delivery and the opportunity to be recognized for their achievements.
• ·  
• · What is the difference between market and marketplace?
• · As nouns the difference between marketplace and market is that marketplace is an open area in a town housing a public market while market is city square or other fairly spacious site where traders set up stalls and buyers browse the merchandise. to make (products or services) available for sale and promote them.
• · When can I buy an individual health plan?
• · When to buy a health plan. Before 2014, you could buy an individual health plan at any time of the year. But now, except for special circumstances, you can purchase individual coverage only during the period known as open enrollment. Open enrollment for 2020 health plans runs in most states from Nov. 1, 2019 to Dec. 15, 2019. Oct 18 2019
• · What does an insurance plan cover?
• · Health Insurance plan covers the costs that may arise due to any unforeseen hospitalization/ medical procedures. Health insurance covers the medical expenses for illnesses, injuries and other medical conditions. In general, a health insurance plan offers a financial guard against financial drainage on several diseases.
• · What is HO-6 insurance?
• · HO-6 is home insurance for owners of co-ops or condominiums. It provides personal property coverage, liability coverage and specific coverage of improvements to the owner's unit. Typically, the owner's condo or co-op association provides insurance that covers the outside of the dwelling (structure).
• · What is a H06 insurance policy?
• · The HO6 insurance Policy is the most common type of policy used to insure town homes and condos in the United States. It is commonly referred to as HO6 Condo Insurance or HO6 Townhome Insurance. The HO6 is a named perils insurance policy. A named perils insurance policy specifically lists all the perils that the policy will insure.
• · What is Ho 6 homeowners’policy?
• · A HO-6 policy is like a regular homeowner’s policy, but for a condominium unit, and with a lot more extras. HO-6 insurance policies cover the interior of the unit and personal property inside–commonly known as “studs in” or “walls in” coverage.
• · What arehomeowners Form 6?
• · Form No. 6 (HO-6) is a type of homeowner’s insurance policy that provides coverage for the personal property of condominium unit owners or shareholders of a cooperative building.
• · Can I change my health insurance plan at any time?
• · You can change your Medicare Supplement insurance plan any time of the year. You may want to consider changing your plan or insurance company to increase your benefits or lower your monthly costs. Medicare Supplement insurance (Medigap) doesn’t have a strict annual enrollment period so you are free to change your plan any time you want.
• · How do you change your health insurance?
• · There are several ways to switch your plan: Change your plan on the Washington Healthplanfinder website. Visit the Provider OneClient Portal website. Request a change online: Select the topic “Enroll/Change Health Plans.” Call the Health Care Authority at 1-800-562-3022 (TRS: 711).
• · What does a ho6 policy cover?
• · An HO-6 policy will cover interior damage to your unit, improvements, additions and alterations you've made and your personal property. Additional living expenses, if your residence is not able to be lived in due to a covered peril, is usually also included.
• · What insurance coverage does my Hoa need?
• · A homeowners association or HOA must have insurance just like individual homeowners. Home HOA insurance covers the association for risks involved with property maintenance and liability concerns in neighborhoods that have a homeowners association. Yet this insurance is different than regular homeowners insurance.
• · How do you change your Medicaid plan?
• · Call your state Medicaid office. If you're not comfortable on the internet or don't have consistent internet access, you can also change your plan by calling your state Medicaid office. Tell the operator that you want to change your Medicaid plan. Have your information ready before you make the call.
• · How to enroll in health insurance outside of open enrollment?
• · To enroll in health insurance outside of an Open Enrollment Period, you'll need to experience a qualifying life event which triggers a Special Enrollment Period (SEP). In most cases, if you experience a qualifying life event, you're able to enroll up to 60 days after the event.
• How to switch health insurance companies?
• Know your legal rights
• Know the coverage of your new insurance plan
• COBRA
• Understand your new health insurance’s      network.
• Gap health insurance coverage
• Start your new policy at the start of the      month