Life Insurance provides protection for a specified period of time. If you don’t currently have life insurance, term can be a good place to start. It’s generally less expensive than permanent life insurance, and is available in varying term periods with fixed premiums from a one- (annual renewable term) to 20-year period (level term). Term insurance can sometimes be converted to permanent coverage, providing you with flexibility as your needs change.
Long-Term Care is the type of care received either at home or in a facility, when someone needs assistance with activities of daily living, such as bathing and dressing due to an accident, an illness or advancing age.
Rising life expectancy means that the potential need for “long-term care” grows with every passing year of your life. The likelihood is that you or a member of your family will need long-term assistance due to a prolonged illness, a disability, or general deterioration of your health and ability to perform routine daily activities.
Most long term care expenses are not covered by Social Security or Medicare, Medicare Supplement (“Medigap”), or private health insurance. Medicaid pays for nearly half of all nursing home care, but you must meet federal poverty guidelines and may have to “spend down” most of your assets on health care.
Universal Life Insurance is a form of permanent insurance characterized by its flexible premiums, flexible face amounts, and unbundled pricing structure. Universal life can build cash value, which earns an interest rate that may adjust periodically but is usually guaranteed not to fall below a certain percentage.
Whole Life Insurance is a form of permanent insurance that remains in force during the insured person’s lifetime, provided the premiums are paid as specified in the policy. Whole life insurance can build cash value.
Contact EZ Center Insurance for a free quote on Life Insurance.