Woman with protective gesture insuring young family's protectionHaving sound financial footing requires more than the responsible use of credit, building up savings, or growing your wealth through investments or retirement planning. For most individuals, financial wellness also includes taking steps to transfer the risk of loss to a third party as a way to leverage your hard-earned money. Insurance gives you the opportunity to do just that. In return for paying a premium, an insurance company offers a degree of coverage which is meant to protect you and your family from financial loss due to death, disability, medical needs, or damage to assets. The world of insurance is broad, and so we’ve compiled detailed tips and information regarding your options for insurance to help you understand what you can – and should – cover to safeguard your financial life.

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November is Long Term Care Awareness Month

Since 2001, the American Association for Long-term Care Insurance, in conjunction with numerous government and private organizations, has worked to promote long-term care awareness through targeted campaigns and marketing initiatives. Initially, education surrounding the need and purpose behind long-term care planning and insurance was limited to a single week in November. Given our aging population […]

Posted on November 13, 2015 by Melissa

Single Premium Deferred Annuities for Long-term Care Insurance

In an effort to provide more diverse options for individuals seeking coverage for long-term care (LTC) needs, insurance carriers developed yet another way for long-term care insurance to be sold. Under a single premium deferred annuity, individuals can gain coverage from an insurance company to cover the future costs of long-term care by providing a […]

Posted on November 4, 2015 by Melissa

Group Long-term Care Insurance Policies

Long-term care policies may also be available through group coverage, similar to health insurance or disability insurance. Oftentimes, group long-term care insurance is an additional benefit provided by an employer, but it can also be an option for members of an association or large organization. In today’s benefit market, group long-term care policies fall under […]

Posted on October 28, 2015 by Melissa

Long-term Care Riders on Cash Value Life Insurance Policies – Pros & Cons

In addition to traditional long-term care insurance policies, individuals interested in transferring the financial risk of long-term care can do so effectively through certain life insurance policies. Known as a hybrid policy, a long-term care rider on a cash value, or permanent, life insurance policy can be added to cover the potential costs for care, […]

Posted on October 21, 2015 by Melissa

Comprehensive Stand-alone Long-term Care Insurance Policies

The largest proportion of long-term care policies sold within the United States is made up of comprehensive stand-alone coverage. Also known as a traditional long-term care policy, this type of policy aims to meet all the financial needs faced by individuals concerned about the risk of future long-term care costs. Under a stand-alone policy, an […]

Posted on October 15, 2015 by Melissa

What is Long-term Care Insurance?

As of the end of 2013, 44.7 million people were aged 65 or older, with an expectation of that number to more than double to 98 million by the year 2060, according to the Administration of Aging, an agency of the U.S. Department of Health and Human Services. As the population grows older, it is […]

Posted on October 8, 2015 by Melissa

The Process of Getting a Life Insurance Policy

Once you have determined what type of life coverage is most appropriate for your situation, it is important to understand the process of applying for and accepting a life insurance policy. Knowing what to expect as far as the application process, and role of an underwriter as well as how to access cash value balances […]

Posted on May 4, 2015 by Melissa

Burial and Final Expense Insurance

As an alternative to more traditional permanent life insurance policies, burial insurance, also known as final expense insurance, can be an option for some individuals. These policies are much smaller in face value, as their purpose is to cover expenses related to funeral and burial services for the insured. Generally speaking, a burial or final […]

Posted on April 27, 2015 by Melissa

Hybrid Policies – Variable Universal Life Insurance

Yet another option for permanent life insurance and arguably, the most flexible type of policy is variable universal life insurance. As its name states, this type of coverage combines the benefits and features of both variable life and universal life coverage, and varies from comparable permanent contracts by way of death benefit coverage, premium payments […]

Posted on April 20, 2015 by Melissa

Hybrid Policy – Equity Indexed Universal Life Insurance

Under the umbrella of permanent life insurance, there are a handful of hybrid or combination policies that marry the benefits and features of multiple types of cash value contracts. Equity indexed universal life insurance is considered a hybrid of traditional universal life and variable life, and varies from other policies by way of death benefit […]

Posted on April 6, 2015 by Melissa