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LIFE INSURANCE

Term Insurance

Is a type of life insurance policy that provides coverage for a certain period of time, or a specified “term” of years, usually; 10,15,20,25,30 years.  If the insured dies during the time period specified in the policy and the policy is active or in force, then a death benefit will be paid.

Permanent Life Insurance

An umbrella term for life insurance plans that do not expire (unlike term life insurance) and combine a death benefit with savings portion. This savings portion can build a cash value – against which the policy owner can borrow funds, or in some instances, the owner can withdraw the cash value to help meet future goals such as paying for a child’s college education. The two main types of permanent life insurance are, whole and universal life insurance policies.

HEALTH INSURANCE

“Health Care Reform/ Obama Care”

The “Affordable Care Act” increases the quality, accessibility and affordability of health insurance. The new law eliminates pre-existing conditions, stops insurance companies from dropping you when you are sick, protects against gender discrimination, expands free preventative services and health benefits, expands Medicare (in some states), mandates larger employers insure employees, creates a marketplace for subsidized insurance providing tens of millions individuals, families and small businesses with free or low-cost health insurance, and decreases healthcare spending and the deficit.

INDEMNITY PLANS

Individual or Family

Indemnity plans can cover medical expenses. Some indemnity plans pay you, the member, directly for any medical costs incurred. This means you will see your doctor or visit a medical facility for services and pay all costs up front. You then submit a claim form to your indemnity insurance administrator. If the claim is approved as a covered cost, you will be reimbursed a portion of the fee you paid. This is why it’s important to know and understand your insurance plans; some plans will pay a flat fee for services, others will pay a percentage of the cost.
There are indemnity plans available that cover certain catastrophic illnesses, treatments and accidents. For example, and indemnity cancer policy would pay a set amount should the policy holder becomes ill with cancer. Other indemnity plans cover certain accidents, or the plan will cover major medical expenses should you be admitted to the hospital.

INSURANCE IS THE LANGUAGE OF THE PRACTICAL LIFE