Term life insurance offers life insurance protection for a specific number of years. It builds no cash value, you pay only for the life insurance. That's why term life is less expensive than permanent life insurance. That means you can afford more protection for your loved ones.
Term life insurance lasts for a specific number of years, from 1-30 years. The most common terms are 10, 15, 20 or 30 years.
Term life insurance policies pay the beneficiary the face amount of the life insurance policy if the insured person dies during the term of the policy.
For example, a 15-year term life policy with a face amount of $250,000 would pay $250,000 to the beneficiary if the insured died any time during those 15 years.
Usually, term life insurance costs 2-3 times less than permanent life insurance.
If you outlive the term of your life insurance policy, your coverage ends.
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Permanent Life Insurance
As the name implies, permanent life insurance is the type of insurance that you will keep for a lifetime. This type of life insurance can never be taken away from you. It never expires. The face amount of the policy will be paid upon the death of the insured. The premiums remain level for as long as you keep the policy. Some types of life insurance which are considered to be permanent life insurance policies are whole life insurance in all its different forms, universal life insurance and variable life insurance.
Long Term Care
As people get older there is a tendency toward the development of certain physical and mental conditions which result in the need for constant care. Conditions such Alzheimer's, certain Cancers, Parkinson's disease and many other ailments fall into this category.
The result is that these people end up needing medical as well as custodial care. Long term care becomes necessary more because of custodial care requirements rather than medical needs. If you develop any of these ailments you may find it necessary to employ someone to assist you in the daily activities that most people take for granted such as just getting up out of bed, using the toilet, having a bath, dressing, preparing and having breakfast, or even going outside to get a little fresh air.
We invite you to obtain a detailed analysis of your actual needs and a quality quote from Petschauer Insurance. Our excellent coverage will amaze you and more importantly, protect you, your family, and your investments. Call us today.
Medicare offers numerous benefits to its holders. With Medicare, you will be assisted in paying health care costs, enjoy various benefits, and receive specific services depending on your needs and choice of plan.
Medicare, however, does not cover all of your health care expenses, so there will be fees that you must cover on your own. These fees are called the “gaps” of Medicare assistance in which the gaps need to be filled in. Medicare Supplement Insurance is commonly called Medigap Policy to supplement whatever gaps Medicare leaves you.
A Medicare Supplement Insurance Policy (aka Medigap) is private health insurance designed to supplement original Medicare. It pays some of the health care costs that Medicare does not cover such as co-payments and deductibles. Medigap policies may also cover some services not covered by Medicare. If you are enrolled in Medicare and you have a Medigap policy, Medicare will pay its share of their approved amount for a covered heath care costs. Then your Medigap policy pays its share. Every Medigap policy must follow State and Federal laws designed to protect you, and it must be clearly identified as “Medicare Supplement Insurance.” Insurance companies can only sell a “standardized” plan identified by letters A through N. All standardized policy must offer the same basic benefits, no matter which insurance company sells it. Cost and Service is the only difference between policies sold by different insurance companies. Call us today so that our knowledgeable insurance consultants can give you the information to assist you with your decision on what Medicare Supplement will fit your needs.