Insurance Products
Life Insurance
With life insurance, your love can live on...
Much as we hate to admit or even think about it, we are all going to leave our loved ones one day. The problem is, we just don’t know when. If we did, planning for this event would be simple.
Owning your own Life Insurance policy can reduce the risk that an untimely death could leave your family in a serious financial bind. Whether it is Term Life Insurance, Universal Life Insurance or Whole Life Insurance, you can feel confident knowing there’s a way to be there for your family - always. You pay a monthly premium, and if the unexpected happens, your loved ones get a death benefit* they can use for such things as medical bills, funeral expenses, to pay off the mortgage, to make sure your kids can go to college one day or just to provide everyday living expenses. If properly structured, the proceeds of a life insurance policy death benefit may paid out, free of taxes, and can be available to your family within days. Some types of Life Insurance can also be used to build cash value, money that can be used as a supplement to retirement income in the future**. Life Insurance can also be used to make sure that your business can be passed along in the future or can continue to operate if one of the owners or partners dies. Trying to decide what type of policy to buy can be complicated because there are a number of different types of life insurance products and even the different types have variations. If you live in Richmond, Henrico County, Hanover County, Chesterfield County, Goochland County or Powhatan County, we can help you with your Life Insurance needs.
*Life Insurance guarantees are subject to the financial strength and claims paying ability of the issuing insurance company who is solely responsible for all obligations under its policies.
**Policy loans and partial withdrawals may vary by state, generate an income tax liability, reduce available surrender value and death benefit or cause the policy to lapse.
Why Buy Life Insurance?
Buying life insurance is unlike any other purchase you will ever make. Whether you buy Term Life Insurance, Universal Life Insurance or Whole Life Insurance, you are helping to secure the future financial stability of your family. Life insurance acts as a safety net, making sure that the plans you have today for your family can be fulfilled if you are not there one day.
Through powerful insurance planning tools, we can offer a 1) complimentary review of your current life insurance policies to see if they meet your current needs and situation. Next we can 2) help you determine how much life insurance coverage you really need and for how long you need it. We will then 3) provide complimentary life insurance quotes comparing Term Life Insurance, Universal Life Insurance and Whole Life Insurance policies and explain to you the difference in those life insurance policies. Finally, 4) we will make sure that you can afford the life insurance premiums. It does no good to have a life insurance policy that you have to give up because it is too expensive. If you live in Richmond, Henrico County, Chesterfield County, Hanover County, Goochland County or Powhatan County and can’t make it to our office, we can come to you.
Term Life Insurance
Term Life insurance is the most competitively priced type of life insurance coverage and is an excellent option for someone who needs a lot of coverage but has a limited budget, or who needs to cover a specific risk for a specific period of time. An example might be to help protect your mortgage or to make sure the kids get off to college one day in case you are not around. As its name indicates, Term Life insurance insures you for a specific term or span of years. If you pass away during the “term” period, your beneficiary is paid the coverage amount that you have purchased. You can get Term Life insurance with premiums that are guaranteed for 10, 15, 20, 25 or even 30 years into the future. Term Life insurance does not build any cash values, however, some Term Life insurance policies will let you convert them one day to a cash value life insurance policy without having to go thru any additional underwriting. This can be very important if your health changes after you buy your term life insurance policy. Call us or fill out the form below to get your complimentary Term Life Insurance Quote.
Universal Life Insurance
Universal Life insurance first became available in the 1970’s. Universal Life Insurance is one type of cash value Life Insurance. It is insurance that is designed to last your lifetime with regular premiums. These premiums are usually higher than Term Life Insurance premiums, but that is because Universal Life insurance policies have the potential to accumulate cash value, on a tax deferred basis, in addition to the death benefit protection they provide. As the cash value grows, in many cases the amount of the life insurance “death benefit” may also grow. Within certain limits, you can choose or vary the amount of premiums that you pay and in some Universal Life insurance policies, you can also select the interest crediting method used for your excess funds account. Through withdrawals, loans or a combination, the cash value can be used, if needed, to help with emergency expenses or to help pay for college or as a supplement to retirement income**. Today there are many types of Universal Life Insurance policies. For questions or to get your complimentary Universal Life insurance quote, please call us or complete the form below.
Whole Life Insurance
Whole Life insurance is one of the oldest types of life insurance. Whole life insurance is also a type of cash value Life insurance. It combines a death benefit with the potential for growth of cash values. Many Whole Life insurance policies let you participate in the profits of the insurance company by receiving “dividends”. Many Whole Life insurance policies give you a choice of what you want done with your dividends, from building additional cash value, to buying additional “paid up” amounts of Whole Life insurance coverage, to even helping pay your policy’s premiums. Because of the guarantees* built into a Whole Life insurance policy, it can be a more expensive type of life insurance to purchase. If you have questions or would like a complimentary Whole Life insurance quote, please call us or fill out the form below.
Other Life Insurance Considerations
Many people are under the mistaken belief that because they have Life Insurance at work, that their families are protected. Most of these employer sponsored plans may only offer minimum amounts of coverage, much less than your loved ones would probably need if they have to make ends meet without you. Also, if you change jobs or lose your job, you will probably not be able to take your Life Insurance with you. And, if your health has changed in the meantime, you may not be able to purchase affordable coverage. If you have some Life Insurance coverage at work, you may need to supplement it with a personally owned Life Insurance Policy.
Whatever your situation, we can help you determine not only how much life insurance coverage you need and which type of plan is best for you, we can even combine different types of plans to give you the best mix of coverage at the most competitive price. A hybrid policy customized just for you. If you live in Richmond, Henrico County, Chesterfield County, Hanover County, Goochland County or Powhatan County and want answers to your Life Insurance questions, or to get your complimentary Life Insurance quote, please call us or fill out the form below.
Thanks to our friends at www.Term4Sale.com.
Disability Insurance
Disability Insurance*
Disability Insurance is the only way we have to insure our most valuable asset...our ability to earn an income to support ourselves and our family. Disability is in fact the leading cause of mortgage foreclosures. We never know when a serious illness or injury will strike. During our working years, we are much more likely to suffer a disability that keeps us out of work for 90 days or longer, than we are to pass away.
There are a number of factors that affect the cost of Disability Insurance. These include your specific occupation, the length of time you are willing to wait (called the elimination period) before benefits start, the length of time that you want benefits to be payable for, and of course, the amount of benefits you want to be paid should you become disabled. In most cases, the insurance company will pay a maximum; between 60 and 70% of your pre-disability income should you become disabled. Structured properly, Disability Insurance benefits are paid to you--tax free.
When considering a Disability Insurance Policy, look at the insurer’s “definition” of your occupation. You want the strongest definition possible and the longest definition of disabled as possible. Also, check to see whether the benefits payable to you are all “basic” benefit or made up of a mix of “basic” benefit and some type of “Social Security” rider. Having a blend will make the policy less expensive, but it is not always to your advantage. Also, make sure that the policy has some type of inflation rider and if possible a residual disability rider.
If you live in Richmond, Henrico County, Hanover County, Chesterfield County, Goochland County or Powhatan County and would like a Disability Insurance quote or more information on Disability Insurance, select the type of coverage you are interested in on the right or call us at 804-741-4972. If you can’t make it to one of our offices, we can come to your home or office.
*Offered through Old Dominion Insurance & Financial Services, Inc.
Long-Term Care Insurance
Long-Term Care Insurance Plan*
The largest unfunded financial liability, and the greatest risk to our retirement nest egg that many of us face today is the threat of a Long-Term Care need. Married couples, once they reach age 65, have almost a statistical certainty that at least one of them will need Long-Term Care in their lifetime. Nursing home care can easily cost over $70,000/year in the Central Virginia area, and Home Health Care can cost almost as much. With the average Long-Term Care need lasting almost 3 years, not many of us are prepared to spend $200,000 or more out of pocket to meet this expense. In fact, most families who try to “self insure” for Long-Term care, wind up exhausting their assets in less than a year!
Medicaid is not a viable option for most people either. Most of us do not want to go on “welfare” which is what Medicaid is, and many states today have Federally mandated “Asset Recovery” laws in place. This means that the State, can by law, recover what they paid for your Long-Term Care costs by selling your home or other possessions after you and your spouse are gone! Ask us for a copy of the article, “Should Kids Pay For Mom".
A properly designed Long-Term Care Insurance Plan can help keep you OUT of a nursing home. Purchasing a Long-Term Care Insurance Plan can not only help you maintain your independence but preserve your assets for your spouse and heirs. It also allows you to decide where you get your care, at Home, an Assisted Living Facility, Adult Day Care, a Nursing Home or even in a Hospice.
Additional Considerations When Shopping for Long-Term Care Insurance
When considering a Long-Term Care Insurance Plan, there are many features to look at and consider. There are “Tax Qualified” and “Non-Tax Qualified” plans. Each has slightly different triggers for benefits to be paid. Features that directly affect the cost of a Long-Term Care Insurance policy include the “Elimination” period, the “Length” of the benefit period, the “Amount” of the total plan benefits, the type of “Inflation Protection” built in (none, simple, compound CPI or GPO), your age and whether you are applying with someone else. Many insurers offer discounts when a spouse or another household member applies with you.
Other things to look at when considering a Long-Term Care Insurance Plan include, does the plan provide at no cost to the insured a “Care Manager", is there a “Bed Reservation” feature and how long is it? Does the plan offer “Respite Care” or “Restoration of Benefits"? Is the plan “Reimbursement” based or an “Indemnity” plan? Also, look at the rate increase history of the insurer. Have there been multiple rate increases in the last few years?
The important thing to do is to consider your options now. None of us can predict the onset of a heart attack, stroke or cancer, and debilitating illnesses like Parkinson’s or Alzheimer’s give very limited advanced warning. You must be able to qualify for Long-Term Care Insurance. Don’t wait until your health changes and it is too late!
We are an independent agency and we offer LTC insurance plans from all the top rated companies (as well as some non-traditional plan options). Donald L. Unger, the president of our agency has been providing help to our clients with LTC planning since 1987. We are confident that we can find and design a plan that is right for you.
If you live in Richmond, Henrico County, Chesterfield County, Hanover County, Powhatan County or Goochland County and would like more information on Long-Term Care insurance, or a free Long-Term Care Insurance quote from some of our many carriers, please use the form below, and we will get you the information shortly. All information will remain confidential. You can also call us at 804-741-4972 to request a no cost, no obligation consultation to help you determine exactly how much Long-Term Care insurance coverage you might need. We have been helping customers with their Long-Term Care Insurance needs for over 25 years.
