- Variable Universal-Life policy with a built in savings component with cash value, flexible premium, with investment subaccounts
- Term-Life policy that guarantees a death payment if the insured dies during a specified term.
- Whole Life-Permanent policy with death benefit coverage for the life of the insured and a cash savings component which the insured can borrow or draw from.
- Universal Life-Permanent life insurance policy with a cash value that can be borrowed against, difference between universal and whole life policies is that universal life policies have adjustable premiums and death benefits while whole life policies’ premiums and benefits are fixed.
- Index Universal-Life insurance policy where cash value is tied to an equity index, if the index gains value, the amount is credited to the cash value. The insured can borrow from the cash value and there is still a death benefit. There is a guarantee to the principal to protect from losses in the market, but there is also a cap to how much can be earned.
- Terminal illness-if the insured is expected to only live for 12-24 more months, the insured can claim 90% of the death benefit
- Critical illness-if the insured suffers a serious illness like a heart attack or cancer, but is expected to live longer than the 24 months, the insured can collect 80% of the death benefit
- Chronic illness-if the insured requires long term care, the insured can collect 60-70% of the death benefit. The insured qualifies if he or she cannot complete 2/6 tasks of normal daily activity or suffers from mental illness. The activities of daily living include eating, bathing, continence(bladder control), toileting, dressing, and walking or moving
Health insurance plans can be purchased for individuals or for groups of 2 or more, like for companies and other organizations. However, you cannot form a group for the sole purpose of buying cheaper health insurance.
Health insurance plans are rated by metal levels, Bronze, Silver, Gold, and Platinum. As the metal level increases from Bronze to Platinum, the premiums get higher, deductibles get lower, and the percentage of expenses that insurance covers increases. Bronze plans cover 60%, Silver covers 70%, Gold covers 80%, and Platinum covers 90%. There is also the Catastrophic Plan, which provides limited coverage and only applies to hospital emergencies.
Medicare-Government health insurance program for people aged 65 and older. It covers medical services, prescription drugs, and hospital stays. Medicare Part A covers inpatient care like in hospitals or hospices. Part B covers preventive services, ambulance services, medical equipment, mental health coverage, and some prescription drugs. Part C, or Medicare Advantage, is bought through private insurers and must be at least equivalent to the coverage provided by Parts A and B. Medicare Part D covers supplemental drug coverage not covered under Part A and B. Vision Care, cosmetic surgery, massage therapy, dental care, and overseas medical care aren’t covered under Part A and B.