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Blog Description:

United Insurance Group’s blog was created to supply important information about senior insurance products like Medigap, Medicare supplement, Medicare Advantage, Life Insurance, Health Insurance, Medicare Insurance and Medicare Supplement Insurance. Our goal is to help consumers understand these insurance products and also to provide the best business solutions and training for insurance brokers and agents.
Blog Added: March 05, 2016 02:48:35 PM
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Blog Platform: WordPress
Blog Country: United-States   United-States
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Pay For Long-term Care With Your Life Insurance

Many people are hesitant to buy long-term care insurance because they assume that they will never need it. Most prefer getting life insurance instead because of practicality. What’s interesting is that, and not many people are aware of it, long-term care can be paid using your life insurance. However, there are terms as to how … Continue reading Pay For Long-term Care With Your...

life-insuranceMany people are hesitant to buy long-term care insurance because they assume that they will never need it. Most prefer getting life insurance instead because of practicality.

What’s interesting is that, and not many people are aware of it, long-term care can be paid using your life insurance. However, there are terms as to how this works and may not apply with all types of life insurance policies or insurance companies.

Here are ways your life insurance can pay for long-term care:

  • Viatical settlement or Life settlement

Viatical settlements are plans that let you sell your life insurance policy to a third party. However, it requires you to be in a state of terminal illness.

Life settlements are plans that let you sell your life insurance policy for its current value, regardless of the reason. Although, only men age 70 and older, and women age 74 and older are offered this option.

  • Accelerated Death Benefits (ADBs)

Some life insurance policies have a feature included which lets you receive a tax-free advance while you are still alive. This type of life insurance may require you to pay an extra premium to make this feature available on you r policy. Some insurers may or may not charge you extra.

In order for you to be able to make a cash advance on your life insurance policy, you need to meet certain requirements:

  • Being diagnosed of a life-threatening condition such as cancer or AIDS.
  • Being terminally ill.
  • Will be in need of long-term care for an indefinite period of time.
  • Getting confined to a nursing home permanently and unable to perform any Activities of Daily Living (ADL).

There is no fixed amount of how much you can receive from these types of life insurance policies. However, most ADB payments are capped at half of the death benefit but some policies let you use the whole amount of the death benefit, depending on the insurer and policy.

  • Combination (Life/Long-term Care) Products

Some companies introduced a type of life insurance which came with long-term care insurance. It aims to help consumers see how having long-term care insurance can be a good investment.

These types of insurance policies are new and not all insurance companies may immediately have this type of life insurance combination package.

Using your life insurance to pay for long-term care is a useful option if you decide to get life insurance instead of long-term care insurance.

Although this feature seems convenient, there are some problems that can be encountered such as:

  • Decreased death benefit for loved ones.
  • Advanced benefits may not meet the rates of long-term care costs and may become insufficient.

The point of getting life insurance is to provide for our loved ones after we pass on. However, with proper evaluation, if it is foreseen that there is a good chance of needing long-term care in the future, it would be wiser to get long-term care insurance instead.

Sources:

http://uiginc.com

Using Life Insurance to Pay for Long-term Care



Health Insurance and Long-Term Care Insurance Comparison

“Long term care can be covered by my health insurance; therefore, I don’t need to purchase a long term care insurance policy.” This is one of the wrong notions about long term care financing that needs to be cleared out. Though both involved in a person’s well-being, it is important to note that health and … Continue reading Health Insurance and Long-Term Care...

Health Insurance Policy

“Long term care can be covered by my health insurance; therefore, I don’t need to purchase a long term care insurance policy.” This is one of the wrong notions about long term care financing that needs to be cleared out.

Though both involved in a person’s well-being, it is important to note that health and long term care insurance are two completely different policies. This means that their coverage, though related, is not the same.

If you are anticipating long term care and believe that your health insurance policy will cover the cost, then you are mistaken.

Health Insurance

Health insurance is one of the policies that are necessary to have because at some point, all of us will require medical attention or treatment. However, health insurance doesn’t generally cover long term care.

Health insurance works by covering the medical and surgical expenses of its policyholder. Apart from this, its benefits can include health screenings and tests such as annual physical exams, EKG, pap smears, x-rays or blood tests. Furthermore, it can also pay for hospital stay and prescription drugs.

In some cases, health insurance may include coverage for nursing home stay, but note that it is considered an added feature and coverage can be limited as opposed to a traditional long term care insurance plan. More so, this can add up to the overall cost of the policy.

Private health insurance coverage can be acquired individually or through a group plan, typically sponsored by the employer. Currently, 58% of Americans are covered with private health insurance as per the Centers for Disease Control (CDC). Meanwhile, those with low-income can turn to government programs such as Medicare and Medicaid for health care assistance.

Long Term Care Insurance

Meanwhile, long term care insurance is specifically designed to provide coverage for care expenses. It pays for care administered in the home or in facilities such as nursing homes, assisted living communities or adult day care centers.

Long term care insurance covers care expenses for people who need assistance in basic activities in order to cope with day to day living. Some individuals require it due to a chronic condition such as dementia, while others need it simply because they have grown frail.

Long term care insurance is more on the custodial variety, as opposed to health insurance that is inclined on the medical aspect. In effect, health insurance pays for the medical treatment, while long term care is responsible for the care required during rehabilitation or coping with the illness or simply, living with the infirmity of old age.

Though usually part of a retirement strategy, long term care insurance is not just for the elderly. Currently, it is estimated that 40% of individuals between the ages of 18-64 will require long term care, according to the U.S. Department of Health and Human Services. Meanwhile, 70% of those aging 65 and beyond is expected to need long term care.

Having Both is Essential

The importance of health insurance seems like a no-brainer. All of us will require a visit to the doctor at one point, thus, most knew better and are already covered for that future need. However, the importance of long term care insurance is not yet sinking in for most people. Still, the majority is clouded with the wrong judgment that health insurance can pay for care. Again, we stress that long term care is not covered by a health insurance policy. If it is, long term care insurance wouldn’t be birthed in the first place.

With the aging baby boomers and longer life spans, the majority will live up to their elderly years and will have a higher chance of being in a disabled state. Therefore, there will be a higher need for long term care. Should such time come, having an insurance policy in place gives you a sense of security that your care expenses will be covered.

More so, keep in mind that care costs are on the rise. By the time you need care, prices could be double or triple from what they are now. For instance, Genworth’s Cost of Survey found that in a span of 5 years, the annual median cost of nursing home stay have skyrocketed by 24%, from $67,527 to $83,950. The inclining rate of care costs can easily deplete your savings should you opt to pay out of pocket.

Health and long term care insurance have the same goal—and that is to maintain the policyholder’s well-being. However, both of them cater to two completely different needs—needs that can arise at any time and that can have serious implications on the finances and quality of life if unprepared for.

Feel free to contact us if you have questions regarding health insurance plans and other senior insurance products. We also welcome insurance brokers and insurance agencies who need help in their business and careers. You can reach us here: http://uiginc.com/contact-us.html.



How To Get Life Insurance Quotes?

Purchasing life insurance policy is not as easy as stepping into a store, grabbing a policy from the shelf and paying at the counter. It doesn’t work that way. Buying this insurance policy entails a process that you have to go through and the first step is requesting for life insurance quotes.   Life insurance … Continue reading How To Get Life...

life insurance

Purchasing life insurance policy is not as easy as stepping into a store, grabbing a policy from the shelf and paying at the counter. It doesn’t work that way. Buying this insurance policy entails a process that you have to go through and the first step is requesting for life insurance quotes.

 

Life insurance quotes is different from an actual policy. Quotes are given to you upon request for you to review the policy’s coverage and how much they cost. Simply put, quotations are for informational purposes only.

Traditionally, life insurance quotes can be acquired by requesting one from the company. In order to do comparison shopping, you can ask from multiple providers. To avoid confusion and to receive a quotation that matches your requirement, you can seek the help of a life insurance agent. He can gather different life insurance quotes based on the information that you provided.

 

The internet, meanwhile, gave birth to a more convenient way of comparison shopping for life insurance policy. The World Wide Web has paved the way for an easier way to request for insurance quotes. Today, with just a few clicks, you can accomplish an insurance quote. Typically, you only need to answer a simple questionnaire to assess what kind of quote you will receive. If you want to save on time and energy, you can take advantage of online resources such as this site to effectively do comparison shopping within the comforts of your own desk.

Whether you work with an agent or you make use of the internet, a sure-fire way to get the suitable insurance quotation for you is by being completely honest with the information you give, may it be to an agent or the sets of questions online. Hiding certain things about the factors that affect your premiums such as your health status and credit standing is pointless. Your potential insurer will likely find out the truth. More so, concealing these details will likely delay the process as it will require modifications in your underwriting to match what your needs and finances really are.

An apples-to-apples comparison ensures that comparison shopping is serving its purpose well for you. As you look at quotes, make sure that they are for the same type and extent of coverage. This way, you will have a clear analysis on which of them will work greatly to your advantage. Again, the key to this is providing true and correct information that the company will ask of you.

Comparing life insurance quotes should not be seen as a tedious task. In fact, they are designed to help you by as they allow you to have a look on different prospective policies. Take time to study each one closely. Remember that life insurance doesn’t come with a thrifty cost. Therefore, it’s just right to take the necessary preparations before you actually decide and spend money on a policy. As you go about the different quotes, keep in mind that this step is the key to getting your money’s worth out of a life insurance policy.

 



5 Qualities of a Good Insurance Agent

Buying life insurance, health insurance, Medicare Insurance, Medigap or any policy for that matter, is not simply striding inside an insurance company and placing your money down. It requires a process and most people seek the aid of an insurance agent to secure a policy. In order that you get the best insurance plan there … Continue reading 5 Qualities of a Good...

insurance agents

Buying life insurance, health insurance, Medicare Insurance, Medigap or any policy for that matter, is not simply striding inside an insurance company and placing your money down. It requires a process and most people seek the aid of an insurance agent to secure a policy. In order that you get the best insurance plan there is, make sure that you’re working with an insurance agent that possesses these qualities:

 

1. Knowledgeable

 

Insurance language can be hard to understand. Going through a policy can be daunting even for ardent readers. Agents, meanwhile, are tasked to clearly explain what the policy entails in a language that you can easily comprehend. Now, he can only do this if he has a wide knowledge not just about the product his selling, but about the nature of insurance business as a whole.

 

Good insurance agents always strive to be informed. They constantly keep themselves abreast of the latest developments in the insurance field, laws surrounding insurance policies as well as current financial trends. They do this not just to impress, but to provide better service to their customers.

 

2. Integrity

 

Insurance agents strive to sell in order to earn a commission, but a good one doesn’t put this on top of his priorities. If an agent has integrity, he will put the interest of his client first at all times. That can mean selling a policy with a lower monetary return on his end just because it is best suited for his client’s requirements.

 

Agents who are honest are likely to earn the trust of many people. As a result, they will stay longer in the business as opposed to the ones who are only driven by dollar signs. When you are buying a policy, make sure that your agents’ aim is to provide you with a comprehensive insurance coverage and not just to earn a commission.

 

3. Good listener

 

Agents are trained to persuade you with their words, but a good one knows when to keep quiet and how to pay close attention to what you’re saying. If an agent doesn’t know how to listen, how can he possibly find the policy that’s fitted for your requirements?

 

Good people skills are like tailored into good agents and this includes having the ability to empathize with his clients. More so, a good agent takes note of the little details that you disclose so that he can find the best insurance plan for you.

 

4. Persistent but not pesky

 

Insurance agents sell. That explains their persistent nature. However, a good agent knows how when to accept no for an answer. More so, he knows how to handle rejection with grace and ease—knowing that it’s part of the job that he signed up for.

 

Good insurance agents know when to stop and not to overdo their sales talk. They know that this can be extremely infuriating and can even drive potential clients away.

 

5. Readily available

 

An agent’s job doesn’t end once he sold a policy. It goes beyond that—even until the time that you need to make a claim. Should you need the assistance of your agent, be sure that he’s available to accept your calls and attend to your inquiries. One characteristic of a good insurance agent is his availability to accommodate his clients’ concerns regarding their insurance policy.

 

Let our 30 years of experience in the senior market show you the ropes how to become an insurance agent. We offer the best products and services, and as well as tools and support like training on various Medicare Supplement Insurance and Medicare plans.



Health Insurance vs. Long Term Care Insurance

“Long term care can be covered by my health insurance; therefore, I don’t need to purchase a long term care insurance policy.” This is one of the wrong notions about long term care financing that needs to be cleared out. Though both involved in a person’s well-being, it is important to note that health and … Continue reading Health Insurance vs. Long Term...

“Long term care can be covered by my health insurance; therefore, I don’t need to purchase a long term care insurance policy.” This is one of the wrong notions about long term care financing that needs to be cleared out.

Though both involved in a person’s well-being, it is important to note that health and long term care insurance are two completely different policies. This means that their coverage, though related, is not the same.

If you are anticipating long term care and believe that your health insurance policy will cover the cost, then you are mistaken.

Health Insurance

Health insurance is one of the policies that are necessary to have because at some point, all of us will require medical attention or treatment. However, health insurance doesn’t generally cover long term care.

Health insurance works by covering the medical and surgical expenses of its policyholder. Apart from this, its benefits can include health screenings and tests such as annual physical exams, EKG, pap smears, x-rays or blood tests. Furthermore, it can also pay for hospital stay and prescription drugs.

In some cases, health insurance may include coverage for nursing home stay, but note that it is considered an added feature and coverage can be limited as opposed to a traditional long term care insurance plan. More so, this can add up to the overall cost of the policy.

Private health insurance coverage can be acquired individually or through a group plan, typically sponsored by the employer. Currently, 58% of Americans are covered with private health insurance as per the Centers for Disease Control (CDC). Meanwhile, those with low-income can turn to government programs such as Medicare and Medicaid for health care assistance.

Long Term Care Insurance

Meanwhile, long term care insurance is specifically designed to provide coverage for care expenses. It pays for care administered in the home or in facilities such as nursing homes, assisted living communities or adult day care centers.

Long term care insurance covers care expenses for people who need assistance in basic activities in order to cope with day to day living. Some individuals require it due to a chronic condition such as dementia, while others need it simply because they have grown frail.

Long term care insurance is more on the custodial variety, as opposed to health insurance that is inclined on the medical aspect. In effect, health insurance pays for the medical treatment, while long term care is responsible for the care required during rehabilitation or coping with the illness or simply, living with the infirmity of old age.

Though usually part of a retirement strategy, long term care insurance is not just for the elderly. Currently, it is estimated that 40% of individuals between the ages of 18-64 will require long term care, according to the U.S. Department of Health and Human Services. Meanwhile, 70% of those aging 65 and beyond is expected to need long term care.

Having Both is Essential

The importance of health insurance seems like a no-brainer. All of us will require a visit to the doctor at one point, thus, most knew better and are already covered for that future need. However, the importance of long term care insurance is not yet sinking in for most people. Still, the majority is clouded with the wrong judgment that health insurance can pay for care. Again, we stress that long term care is not covered by a health insurance policy. If it is, long term care insurance wouldn’t be birthed in the first place.

With the aging baby boomers and longer life spans, the majority will live up to their elderly years and will have a higher chance of being in a disabled state. Therefore, there will be a higher need for long term care. Should such time come, having an insurance policy in place gives you a sense of security that your care expenses will be covered.

More so, keep in mind that care costs are on the rise. By the time you need care, prices could be double or triple from what they are now. For instance, Genworth’s Cost of Survey found that in a span of 5 years, the annual median cost of nursing home stay have skyrocketed by 24%, from $67,527 to $83,950. The inclining rate of care costs can easily deplete your savings should you opt to pay out of pocket.

Health and long term care insurance have the same goal—and that is to maintain the policyholder’s well-being. However, both of them cater to two completely different needs—needs that can arise at any time and that can have serious implications on the finances and quality of life if unprepared for.

Since the number of Americans 50 years old and above are at risk of requiring any form of long term care services are soaring, this has become a great opportunity to start your career in senior-market products like Medicare advantage, health insurance, life insurance, Medigap and the likes. What are you waiting for? Join our ever-growing family now for instant success in the insurance industry.



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