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Life and Health Insurance

Life and health insurance have many variables and decisions, such as, how much is enough and what type of policy is the best for you and your family. With this in mind we have put together a quick reference guide with definitions that will familiarize you with the common terms used in the breakdown of coverages available.

Needs vary for life insurance and your choices can be Term Life, Universal Life, Whole Life, Variable Whole Life or a Variable Universal Life policy, each type of insurance has its advantages.

Health insurance has evolved over the years and the most common choices of plans are: *Fee-For-Service (or Indemnity) Plans or Managed Care Рconsisting of: *Health Maintenance Organizations (HMO’s), *Preferred Provider Organizations (PPO) or *Point of Service (POS) plans.

There are also Health Savings Accounts (HSA’s) qualified medical plans, which come with an attractive tax-exempt banking feature and Health¬†Reimbursement Arrangements (HRA’s), which allow employers to take on some claims liability for the reduction of premium by going with a higher deductible medical plan.

Depending on the life or health insurance needs, whether it be on a individual or group basis, our agency will provide you with the most comprehensive plan based on your individual or group current and future financial needs.

Statiscally, 80% of any companies population only represent 20% or less than $1,500 per year in claims; therefore an employer can often provide better benefits while reduciing cost by raising your deductible and putting in either a HSA or HRA on a tax favored program for the small underlying claims while maintaining excellent catastrophic coverage.

Click here for a comparison of HSA’s and HRA’s.

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