LIFE / HEALTH INSURANCE

Why Life Insurance?

Life insurance can feel really daunting, and on top of that, it can feel really unnecessary in your 20s, 30s, and even in your 40s. After all, isn’t it about planning pretty far into the future and managing priorities you aren’t sure you’re going to have? The short answer: No. The long answer: Also no. Here’s everything you need to know about life insurance and why it’s actually a great way to diversify your savings and grow your wealth.

Essentially, life insurance is a contract between an insurance policyholder and an insurer, where the insurer (or assurer) promises to pay a specific amount of money in exchange for a monthly rate (or premium). In some instances, this payout happens on the death of an insured person. In other cases, the insured person can access funds paid into the policy before the event of their death.

Protect your family with Trinity Insurance

Term and Permanent Life Insurance

Term Life Insurance

Term life insurance (or term assurance) is an insurance policy that covers the insured for a limited period at a fixed rate. If you’re familiar with life insurance at all, this is probably the kind you’ve heard about. You typically buy a policy for 10, 15, or 20 years, providing temporary coverage for your family or beneficiary in the event of your death (slightly morbid, but true). Term life insurance is typically at a lower premium, especially if you purchase your policy while you’re young.

Here are some of the pros and cons to consider:

Permanent Life Insurance

Permanent life insurance (sometimes referred to as whole life, straight life, or ordinary life) is a little different. It is not time-based and is a policy that is guaranteed to remain active for the insured’s entire lifetime, as long as premiums are paid. However, there are also other benefits to permanent life insurance, such as building savings for medical expenses or a child's college tuition that you can use while you're alive. (But more about that later.)

Permanent life insurance policies are unique because they can be a great investment tool for younger adults experiencing a different kind of financial future than their parents or grandparents. For example, the Millennial generation is unlikely to receive social security or a pension, but will likely have student loans and future medical costs to contend with. A permanent life insurance policy is a great way to ensure coverage and longevity for your entire life.

Contact us today to determine if Term or Permanent life insurance works best for you!!!

Basic Health and Major Medical Insurance

Basic Health Insurance plans offer less coverage for lower premiums than major medical insurance. Ideally, the basic plan functions as a supplement to traditional medical insurance; however, sometimes these basic plans are all people can afford. Subscribers pay a low premium for coverage and receive set amounts of cash to reimburse them for events including doctor visits, lab tests and surgery. The reimbursement amounts will almost always be lower than the total cost of services provided.

Major Medical Insuranceoffers more coverage for a higher premium. This type of insurance includes familiar programs like HMOs, PPOs and fee-for-service programs. Major medical insurance covers doctor visits, hospital visits and care performed on an outpatient basis. Instead of a cash reimbursement basis, the system functions with payment thresholds called deductibles—the amount a consumer needs to pay before the insurance company will provide benefits.

Choosing a health care plan often comes down to cost, but don't forget to compare the monthly premium with the amount of coverage you get. Major medical insurance is designed to cover you during everything from routine check-ups to major catastrophic events. Basic health insurance, by contrast, is a cash reimbursement service that can help you pay for some—but not all—types of medical services.

INDIVIDUAL HEALTH INSURANCE

Why should I have individual health insurance?

Prepare for the unexpected: You never know when you’ll need medical help.
Staying healthy: Many preventive care services – like checkups - are covered at 100%.
It’s the law: Under the Affordable Care Act, you may pay a penalty if you don’t have qualified health care coverage.

You can purchase individual health insurance through the Health Insurance Marketplace on your own. Even though it’s called individual health insurance, you can also find plans to cover your family. Because health care can be expensive, it’s a smart idea to have health insurance so you’re prepared for when you or your family have medical emergencies.

In case of an early retirement, you need to make important a decision about your health insurance. If you prefer purchasing a health insurance by yourself instead of COBRA, we can help you by designing an individual plan that fits your specific needs and is affordable. BUT: based on the fact, that there is no guaranteed acceptance you need to plan and make sure that you are accepted into an individual plan.

That's where we can assist you, contact us today!

DEDUCTIBLES

What is a high deductible health insurance plan?
A high deductible health insurance plan has higher deductibles and lower premiums than most other health insurance plans. This means you pay a smaller fixed amount every month, but it will take a longer time for insurance to kick in and begin cost-sharing (meaning you will pay your percentage of coinsurance for every bill). You might benefit from this plan if you don’t require many doctor’s visits or other healthcare benefits. Look at quotes for high deductible health insurance plans to figure out if this plan is right for you.

Individual or Family Dental Insurance

Dental Insurance is an insurance coverage for individuals to protect them against dental costs. It insures against the expense of treatment and care of dental disease and accident to teeth. This plan allows a particular group of patients to receive dental care from a defined group of dentists.

On average, Americans pay about $360 a year, or between $15 and $50 a month, for dental insurance. Costs will vary depending on your state. Most plans come with a maximum annual benefit or coverage limit. This limit usually falls between $1,000 and $2,000.

People with dental insurance commonly have what's described as “100-80-50”coverage, meaning it pays 100 percent of the cost of routine preventive and diagnostic care, such as checkups and cleanings; covers 80 percent for fillings, root canals and other basic procedures; and 50 percent for crowns, bridges and major

Typically, PPO dental insurance plans are said to offer better service and have less limitations than HMO dental insurance plans, but the premiums are usually more costly. Businesses often use PPO dental insurance plans to provide their employees with a valuable dental benefit.

Life and Health Insurance

Why Life Insurance?

Let’s explore the two basic types of Life Insurance

Protect your family with Trinity Insurance

Term and Permanent Life Insurance

Term Life Insurance

Permanent Life Insurance

Basic Health and Major Medical Insurance

INDIVIDUAL HEALTH INSURANCE

COINSURANCE

DEDUCTIBLES

How do I get low-cost health insurance?

Individual or Family Dental Insurance

Vision Insurance Plans

Life and Health Insurance

Why Life Insurance?

Let’s explore the two basic types of Life Insurance

Protect your family with Trinity Insurance

Term and Permanent Life Insurance

Term Life Insurance

Permanent Life Insurance

Basic Health and Major Medical Insurance

INDIVIDUAL HEALTH INSURANCE

COINSURANCE

DEDUCTIBLES

How do I get low-cost health insurance?

Individual or Family Dental Insurance

Vision Insurance Plans

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