Investing in an annuity is great way to save for retirement or to save for a child’s college fund. An additional benefit to investing in annuities is the tax deferred status your money holds during the investment period. There are several different types of annuities and payout options. Here are a couple things to look for when deciding to invest in an annuity.
Final expense is a simple, whole life product used mainly to pay for expenses that arise at the end of one’s life, however, can be used to pay much more than funeral and burial costs. The lump sum payment provides financial support for mortgage payments, rent, auto loans, credit card bills, as well as hospital/doctor expenses. These plans are smart, affordable, and popular with agents as well as clients.
Senior Health insurance provides supplemental benefits like cancer insurance, heart/stroke insurance and hospital indemnity insurance. The benefits are paid directly to your client to provide immediate benefit and lessen financial strain. Many of the costs associated with medical necessities have little or nothing to do with the disease itself. These are the extra costs one incurs such as clothing, transportation and non-medical support.
A life insurance policy usually pays a predetermined sum to the beneficiary upon the death of the insured. Term life, whole life and universal life are all types of life insurance available to your clients. Benefits from a life insurance policy can be used to handle the final expenses of the deceased individual, to pay the mortgage, or for any other expenses.
Long/Short Term Care
Long term care insurance helps saves you from having to depend on your family for continuing care or financial assistance. It provides professional care from licensed care-givers at home as well as in many types of care facilities. This valuable coverage can make your time with your loved ones more rewarding and enjoyable with the protection and peace of mind it provides.
Medicare Advantage Plans
Medicare Advantage plans offered by Grupo LatinoAmericano de Seguros provide more benefits than the original Medicare plan. When one of these plans is chosen, a Medicare Supplement policy is not needed and clients may have a lower premium or no premiums. In fact, some Medicare Advantage Plans even pay back part of Medicare Part B premiums directly to the client.
Medicare Select health insurance plans are essentially lower-cost versions of traditional Medicare Supplement (Medigap) policies. It is designed to pay some eligible expenses not paid for by Medicare Part A and Medicare Part B, as well as the inpatient hospital deductible. Clients will need to use specific in-network hospitals and sometimes doctors, except in emergency situations.
Medicare Supplement Insurance
Medicare Supplement (also known as “Medigap”) is private insurance coverage specifically designed to complement Medicare coverage. There are 14 Med Supp plans (A thru N) available in the United States, although all plans are not necessarily available in all the states. Each of these policies has a slightly different set of benefits, to suit the needs of the specific client. These plans are increasingly popular with seniors to cover coinsurance and some deductibles not covered by Medicare.