Frequently Asked Questions

Life Insurance - What's the best choice for you?  TERM LIFE, WHOLE LIFE, INDEXED UNIVERSAL LIFE "IUL", or UNIVERSAL LIFE "UL"?

TERM LIFE insurance can be used to protect your family for specific reasons during limited time periods (i.e. 5yrs, 10yrs, 15yrs, 20yrs, 25yrs, 30yrs); a Term Life policy is usually renewable up to age 65 or 70 and it'll end at some point if not converted into a permanent life policy. Term Life offers one benefit -the death benefit.  If death happens during the period of a Term Life policy "in force", it protects your home, salary, debt, or it leaves money with your loved ones. Term Life unless a "Level Term", premiums can either rise with time or coverage reduced (or cancelled) at certain ages and/or with health problems. A Term Life policy cannot accumulate cash value where the Whole Life, UL, and "IUL" all have the ability to accumulate cash value...because of this, a Term Life policy has the lowest monthly premium while offering the highest face amounts.  Uses for Term Life include Income Replacement, Mortgage Protection, Personal Debt, and Inheritance.  

The WHOLE LIFE policy is a "guaranteed for life" policy. Once your Whole Life policy begins, your coverage cannot be reduced (or cancelled) and the premium remains the same throughout the life of the policy until death (typically until the age of i.e. 100 or 121 for most policies).  Uses for Whole Life include Final Expenses and Inheritance.  See Whole Life Rates.

The EQUITY INDEXED UNIVERSAL LIFE "EIUL" (or "IUL" for short) is a permanent Life Insurance product with investment qualities that offers an alternative to fixed and low-yielding savings vehicles like a CD or Bank; a CD today only offers about .25% interest and a savings account at a Bank only offers about 1% interest.  "IUL" is short for "EIUL".  more about "IUL"

The UNIVERSAL LIFE "UL" (without confusing "UL" with "IUL") is not a "guaranteed for life" policy unless it has a no lapse rider included or is a Guaranteed "UL" (or "GUL") policy. A no lapse rider guarantees that the coverage can last for a certain time period (i.e. 10yrs, 20yrs, 30yrs) or up to a certain age (i.e. up to age 90, 95, 100). A "GUL" policy guarantees that the death benefit remains as long as the target premiums are paid, even if the policy has no cash value. Without a no lapse rider, the "UL" policy will only last as long as the cash value in the policy.

The Health Insurance Marketplace is closed until the next Open Enrollment Period (TBD).

Short-Term Major Medical Insurance can be purchased in the meantime:

Get Quote #1   (Short-Term Major Medical)    

Get Quote #2   (Short-Term Major Medical)    

Why do the new health plans have High Deductibles/Max Out-of-pocket (i.e. $7,150)?

Deductible/Max Out-of-pocket becomes relevant if there's an accident or major illness. The $7,150 Deductible doesn't always mean that you'll have to meet that entire amount before your coverage begins. All 4 levels (including Bronze & Catastrophic levels) provide the once a year Preventative Services Exam at no cost or deductible. Choosing the Silver Plan Level (in some cases) allows for Dr. office visits (after the Preventative Services Exam) with a co-payment fee per visit, and without meeting the upfront deductible.

The Annual Preventative Services Exam includes the following check-up (check your policy for specifics):

Blood pressure, diabetes, cholesterol, and depression screenings
Mammograms and colorectal cancer screenings
Regular well-baby and well-child visits up to age 21
Annual well-women visits
Prostate cancer screening for men
Routine vaccinations against diseases such as measles, chicken pox and flu

Health plans sold on all 4 levels (Gold, Silver, Bronze, Catastrophic) provide the 10 Essential Health Benefits, which includes the once a year Preventative Services Exam. If an accident or illness occurs while having health coverage (vs. not having it), it can drastically reduce your Maximum Out-of-Pocket expenses down to $7,150 (instead of i.e.$50,000+ up to bankruptcy). Also, the Deductible/Max Out-of-Pocket is reduced for those who qualify for the CSR Subsidy.

Why am I being forced to get health coverage? I like to choose whether I get coverage?

All U.S. citizens and legal residents are required by law to have health insurance and anyone choosing not to obtain coverage will pay The Annual IRS Tax Penalty.  The Preventative Services Exam is the key to early detection from life threatening situations that can lead to death or bankruptcy.  Example: With health coverage, you're able to get any health concern checked out right away; but without it, there's tendency to wait...Not having health coverage is the leading cause of bankruptcy and the new healthcare law is saving lives.

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