life & health insurance

Term life insurance policies offer coverage for a variety of periods. Depending how long you need coverage for, the term can be 5, 10, 15, 20, 25 or 30 years. How long do you need life insurance coverage for?  Maybe you only need it for student or vehicle loan. Or maybe you need coverage for a mortgage or business loan. Or maybe you need income protection for your family should something happen to you. Whichever your situation, there is a term life policy to provide a solution. 

Term life insurance policies guarantee your loved ones a death benefit if anything happens to you while the policy is in force.  So instead of leaving your family with debts to pay, you’ll leave them financially secure.  And remember, the sooner you start, the lower your premium will generally be.  

Benefits of Term Life Insurance

• Low premiums because coverage is for a specific period of time
• The initial premium is guaranteed for the term you select – 5, 10, 15, 20, 25 or 30 years
• You may continue coverage beyond the original term of the policy at an increased cost
• You may convert it to a policy with premiums and coverage that last as long as you live
• You can pay your premiums annually or monthly

One of our life insurance agents can help you find the right policy based on our discovery of needs. Contact us for more information. 

Life changes.  You get married, you need life insurance.  You have kids, you need more insurance.  Suddenly the kids are all grown up and the mortgage is paid off.  Now, maybe you don’t need as much coverage as you used to.  It’s clear that your need for life insurance changes along with your life.  That’s why a flexible policy may be the one for you. Universal life insurance allows you to raise or lower your coverage, and your premiums, along with your needs.  It even helps you potentially build account value that you can use during your lifetime.

How Universal Life policy works:

A Universal Life policy includes something called “account value.”  This is basically a cash account that you can access for your own needs.  Your premiums (minus expenses) are deposited in your account, which grows based on the current interest rate. The premium amounts and coverage are flexible. You can raise or lower your coverage depending on how much coverage you need. Various deductions are made from your account, as you can also take loans or make withdrawals for your needs. Loans and withdrawals will reduce the death benefit and cash value. The policy will not default as long as the value of the account has sufficient funds to cover the monthly deductions. 

This type of life insurance policy is generally for the budget savvy. Contact us for more information. One of our life insurance agents can help you decide if this is the right policy for you!

You grow up. Get a job.  Buy a home.  Maybe start a family.  Over time, all these things grow in value.  And as they do, you have to devote more time and thought to their care and protection.  That’s life.  And it’s a lot of responsibility.

Whole life insurance can help you protect your loved ones by providing funds to help preserve their lifestyle.  This policy provides a lifetime of insurance protection at a cost that stays the same your whole life, no matter how your health may change. And the value you select at the start is the benefit your loved ones are guaranteed, a death benefit that generally passes on tax-free. 

Guaranteed premiums.  Guaranteed benefits.  This is what Whole Life can provide you.

Features of whole life insurance:

Whole life does more than provide future financial security.  Whole life builds cash value over time. When you subtract this cash value from the total premiums paid, the net cost of a whole life insurance policy can be considerably less than a term policy.  And unlike term insurance, whole life insurance can earn dividends.  While not guaranteed, these dividends could further reduce the policy’s net cost and provide benefits in your later years.  Looking only at guaranteed cash value, compare a term policy with a whole life policy over a 20-year period.

Benefits of whole life insurance:

• Guaranteed death benefit generally passes on tax-free to beneficiaries
• Cash values you can borrow against to use for your needs down the road
• Potential dividends that can be used to acquire additional insurance
• Typically, the sooner you purchase whole life, the lower your premiums will be

Life insurance is such an important decision. One of our life insurance agents can help you find the right policy based on our discovery of needs. Contact us for more information! 

Individual & family health insurance is coverage that is purchased on an individual or family basis, as opposed to being offered by an employer. While health insurance encompasses a wide range of insurance policies from insurance coverage for the costs of doctors and hospitals, to policies which are designed for a specific need like long-term care or disability insurance, typically when a person refers to health insurance, they generally mean the type of coverage for medical bills, hospital charges, doctor costs, surgery, etc. 

Considerations while selecting a plan to fit your needs:

• Network - There are several types of plans such as PPO, HMO, EPO, and POS. Each of these have their benefits as well as areas of possible coverage gaps. 
• Deductible - This is a per year amount you will have to pay toward your medical bills (unless a special limit or copay applies) before the insurance company pays its share. There is a wide range of deductible options and HSA (Health Savings Account) eligible plans for larger deductible options.  
• Coinsurance - This is the percentage of the medical bills you will share with the insurance company once your annual deductible is met, up to the annual maximum out of pocket limit.  
• Copayment or Copay - Your copayment, or copay, is the flat fee for certain services, such as a doctor office visit, or a specialist visit, urgent care visit, ER visit, hospital stay, prescriptions, etc.  
   

The Affordable Care Act has created many changes in the individual & family health insurance market. Plan offerings vary drastically from years past. Tax subsidies are offered to eligible persons and families. Plans are now purchased during open enrollment, or within a certain timeframe after a qualifying event. 

It is important to talk with a health insurance specialist to navigate through all the different carrier options, plan options and the implications of the Affordable Care Act. Talk with a TWFG Mir Insurance agent today to help understand your options!

A fixed annuity is a contract with a life insurance company that offers you a way to build tax-deferred value or have a guaranteed income for retirement.  If you are not comfortable with market risk, a fixed annuity may be a good choice for you.

There are two types of fixed annuities: 

• Deferred Annuity - In a deferred annuity, your earnings grow tax-deferred until withdrawn which is a powerful tax benefit that can help your earnings grow faster than they would in a similar taxable account. This type of an annuity can provide a dependable, guaranteed source of retirement income in the future based on the accumulated value in your annuity and the income option you choose.
• Immediate Income Annuity - An immediate income annuity is purchased with a single payment, which converts principal into a steady source of income. This type of an annuity is designed for people who are seeking guaranteed income, either for lifetime or a specified period.

Talk with one of our specialists for more details on fixed annuities!

Long-Term care insurance refers to coverage for the services needed by someone who cannot perform some of the basic Activities of Daily Living (ADLs) such as bathing, eating, toileting, continence, and moving around freely.  There is no absolute standard for determining when this long-term care will be needed.  The levels of care can vary widely.  Often, benefits are paid in relation to the level of care provided.  With LTCI, the inability to perform the activities of daily living (ADLs) or a substantial cognitive impairment may trigger benefits.  Other factors include applicant’s build, medical history, cognitive status, prior use of health services, home environment, and social support available. 

Long-term care insurance is not appropriate for everyone.  People buy long-term care insurance for a variety of reasons.  We want to make sure the person can afford the premiums now, and in the future, without any financial hardship.

Call and talk with one of our specialists for more information, eligibility and needs discovery process!