Life and Health

Life insurance gives you peace of mind. At the time of your death, it provides a financial payout to your beneficiaries and ensures their needs are met. Additionally, permanent policies provide numerous benefits while you’re alive. Learn why permanent life insurance is a good choice for you and your family.

Stay Covered for Life

From the time you purchase a permanent life insurance policy until the moment you die, it covers you. You don’t have to worry that the term of coverage will expire. Purchase a policy when you’re young, and it provides peace of mind throughout your career, as your children grow up and until you’re well into your retirement.

A permanent policy also remains in effect no matter what health conditions you face. It does not change bases on your health status, and you won’t pay more because of certain health conditions.

Save Money

Permanent life insurance policies allow you to save money. Their premiums are more expensive than those for term policies, but the premiums do not increase like term premiums do.

Also, you can borrow a portion of your permanent policy. Your policy grows cash on a tax-deferred basis at an interest rate of up to four percent. Use the accrued funds for expenses you may face during your lifetime, including education, home repairs or medical expenses.

Protect Your Assets

When you die, creditors could make claims on your estate and leave your beneficiaries left destitute. Permanent life insurance protects your assets. In certain states, creditors cannot access your policy’s cash value or death benefits, which ensures those assets are available for your beneficiaries.

Cover Estate Taxes

Depending on your income, you may owe significant federal estate taxes after your death. Your permanent life insurance policy can be used to cover this expense and free your remaining assets for other expenses.

Ensure an Inheritance for Your Dependents

As you care for your children and dependents during their childhood, you also want to care for them when you’re gone. Purchase a permanent life insurance policy that guarantees your dependents receive an inheritance.

Pay for Your Funeral

The average funeral costs more than $8,000. If you haven’t pre-paid this expense, your permanent life insurance policy can cover it and gives your survivors one less thing to pay.

Is a permanent life insurance policy right for you? Talk to your insurance agent today and discuss your needs. Then choose the policy that gives you and your dependents peace of mind and protection for life.

The majority of employers offer health insurance as part of their benefits package for full-time employees. What happens, though, when you retire? Most likely, you will lose your health insurance coverage during a season in life when you need it the most. Consider these options as you find health insurance coverage during your retirement years.

Ask Your Employer About Group Health Coverage

Some health insurance plans allow retirees to remain insured under the same policy they had when they worked full-time. Talk to your Human Resources manager to find out the details of your company’s benefit package and COBRA options. While you will pay more for this coverage since your employer will not cover a portion of the premium cost, it does give you peace of mind that you can retain the familiar coverage, benefits and healthcare professionals you had before you retired.

Research Your Medicare Options

Retirees over the age of 65 are eligible for Medicare. You can choose different options, though, including original Medicare or a Medicare Advantage Plan. They offer different benefits and cost different amounts. Research available options at Medicare.gov or make an appointment with your insurance agent as you explore the benefits and disadvantages of your Medicare options.

Compare Health Insurance Retirement Choices

Your income, expenses and overall health affect which insurance option you choose during your retirement years. Compare several plans to make sure you’re getting the best coverage at the most affordable price. Your health insurance agent can assist you in conducting a full analysis of your financial and health situation as you find the most cost-effective insurance for your needs.

Perform an Annual Review

Finding health insurance that fits your needs and budget takes time. Once you find the option that works for you, you may be tempted to stick with it for the rest of your retirement years. However, policy benefits and premiums change annually, so make time to conduct an annual review to make sure the policy you picked is still the one that meets your medical and financial needs. Check out other insurance companies and different policy packages to ensure you’re still getting the best fit.

Your healthcare coverage will change after you retire. Begin researching your options now as you seek the most affordable and comprehensive coverage for your needs. Make an appointment with a health insurance agent as you find coverage that works for you today and throughout your retirement years.

All life insurance policies give you peace of mind as they provide financially for your dependents and estate. However, you can use one type to build cash value that you can borrow against. Learn more about this option as you care for your loved ones.

Choose a Policy That Accumulates Cash

When you purchase life insurance, you can choose a term or permanent policy. Term life insurance covers you for a set time and pays a death benefit to your beneficiaries only if you die before the term expires. You cannot borrow against it, and you receive no cash payout when the term expires.

Permanent insurance, including whole and universal life, accumulates cash value that grows tax-free.

• Whole life is the most conservative of the three since it accumulates cash at the slowest rate according to a formula determined by the insurance company.

• Universal life accumulates cash value according to current interest rates, potentially increasing the return you receive.

• Variable policies invest in funds that are similar to mutual funds, and your policy’s cash value will vary.

How to Borrow Cash

Once your life insurance policy has accumulated a certain amount of cash value, you may begin to borrow from it. It can take 10 or more years to accumulate enough cash value so that your policy still has a death benefit.

You will pay interest on the amount you borrow, which will be little to nothing if your policy is a whole life one, but you pay no tax on the loan. If you die before you repay the amount you borrow, the remaining balance will be deducted from your death benefit.

Borrow from a universal or variable policy, and you may also owe an opportunity fee. It’s determined by calculating the difference between the guaranteed rate the insurance policy holder pays and the current investment rate. Add that difference to the loan’s interest rate to figure out the opportunity fee you will owe.

Consider the Pros and Cons

It’s certainly easy to borrow from your life insurance policy, and it’s relatively affordable. However, premiums for permanent life insurance policies are more expensive than those for term life. You also need to calculate carefully so you do not borrow more than your policy is worth and then have no death benefit for your beneficiaries. Remember that the amount you borrow is also subject to attachment by your creditors.

You can buy life insurance that accumulates cash value which you can borrow for almost any reason. For more details and to find out which life insurance policy is right for you, talk to your financial advisor today.

Life insurance gives you peace of mind since it can provide for the financial needs of your dependents after your death. The mature policy can also support a charity or fund a scholarship account at your alma mater. Maximize your life insurance policy when you take several steps.

1. Choose a Term Policy

   Whole life policies build cash value, and you can use the money for future living expenses or as investments. However, you’ll pay higher premiums for this type of policy.

   If you’re on a budget, choose a term policy. It usually costs less and is a way to care for your dependents while sticking to your budget.

1. Buy Young

   As you age, your health declines and your chances of dying increase. Your life insurance premiums increase, too.

   Purchase life insurance when you’re young and healthy. This way, you have enough coverage to meet your dependents’ needs. Additionally, if you purchase a whole life policy, you maximize the cash value you receive from your policy in the future and increase the value of your life insurance coverage.

1. Reduce Coverage

   Professional financial advisors recommend you purchase a life insurance policy that includes a death benefit that’s equal to 10 times your annual salary. However, life insurance costs more as you increase the death benefit.

   Carefully consider how much coverage you really need. If you don’t have kids or debt, you may be better off with a lower death benefit. You should also run the numbers and compare the cost of policies with different death benefit amounts as you choose a policy you can afford. As your income increases, purchase another policy or invest the difference as you care for your family into the future.

1. Skip the Joint Policy

   You and your spouse may decide to buy a joint life insurance policy. In many cases, you’ll receive only one pay out.

   Purchase two policies to ensure your beneficiaries receive the death benefit when both you and your spouse die. Separate policies also allow you to customize the coverage and account for income differences.

1. Stop Smoking

   Smoking increases your life insurance premiums because it decreases your overall health and life expectancy.

Get more life insurance when you stop smoking. Talk to your health insurance provider about smoking cessation programs or tips. When you’re tobacco-free for 12 months, ask your life insurance policy to re-classify you as a non-smoker. You’ll enjoy lower premiums and may be able to pick up additional coverage for your dependents.

Life insurance is a wise investment. To maximize your coverage, follow these five tips. You’ll also want to talk to your agent today as you purchase the policy you need.

Men are less likely than women to visit the doctor, but men do face several serious health concerns. Learn the top 10 risks as you stay healthy this Father’s Day and all year.

• Accidents and Unintentional Injuries
  
  Men tend to take more risks than women, and that increases their chances of being injured from accidents. Slow down while driving, don’t overestimate your abilities and think before you act as you avoid accidents and unintentional injuries.

• Heart Disease

  More than one in three men suffers from a form of cardiovascular disease, according to the America Heart Association. Keep your blood pressure in check, eat a balanced diet, exercise regularly and get routine physicals as you keep your heart healthy.

• Respiratory Diseases

  Smoking, asbestos exposure and environmental toxins can lead to respiratory diseases like emphysema, COPD and lung cancer. Stop smoking, eat a balanced diet and avoid environmental triggers as you reduce your risk.

• Liver Disease

  The size of a football, your liver digests food, absorbs nutrients and gets rid of toxins. Protect it from cirrhosis and cancer when you avoid alcohol and smoking.

• Diabetes

  Anxiety, depression and sexual impotence result from high blood sugar. It can also cause nerve and kidney damage, vision problems and heart disease or stroke if it’s not treated. Exercise and eat a nutrition diet to combat this health risk.

• Prostate Cancer

  One in six men develops prostate cancer. It’s not aggressive, but gets regular screenings as you protect yourself.

• Skin Cancer

  Men over 50 face a high risk of developing skin cancer. Lower your risk when you wear long sleeves, pants, a hat and sunscreen while working or playing outside, and see your doctor about any suspicious spots.

• Flu and Pneumonia

  Flu and pneumonia can affect any man, but it’s more common if you already have a compromised immune system. Get the flu shot and avoid anyone who’s sick as you stay healthy.

• Alcohol

  Drinking too much alcohol can lead to chronic illnesses like oral, liver and colon cancer. It also interferes with reproductive health and increases aggressive behavior. Never binge drink, cut down on your alcohol consumption and address any underlying issues like depression that cause you to overindulge.

• Depression As many as six million men suffer from depression, including suicidal thoughts, reports The National Institute of Mental Health. Stay connected to friends, exercise regularly, get enough sleep and seek professional help if you’re struggling with this health challenge.

This Father’s Day, give your loved ones the gift of health when you address the top 10 health risks for men. Visit your doctor for regular physicals, and discuss ways you can get and stay healthy.

Exercise balls are popular with personal trainers and physical therapists because they strengthen your core muscles, improve your posture, relieve sore upper back muscles and improve flexibility. Because they’re available in several sizes, you need to choose the right one for you. These tips will help.

1. Stand Beside It

   When you stand beside the exercise ball, it should come to your knees. This height chart can assist you in finding the ball with the correct diameter.

   • Under 5′: 45 cm
   • 5’1″ to 5’8″: 55 cm
   • 5’9″ to 6’2″: 65 cm
   • 6’3″ to 6’7″: 75 cm
   • Over 6’8″: 85 cm

   In certain instances, you’ll want to choose a larger or smaller ball. Select a larger ball if you have long legs, are overweight or have back problems. A smaller ball is a good fit if you have shorter legs or are at the lower end of the height range.

1. Sit On It

   Sit on the ball before you buy it to make sure it’s the right size for you. If your ball is too small, you won’t get the full benefit of it because your pelvis and hips will be unaligned. If the ball is too big, you’ll be unstable.

   You’ll know the ball is the right size if your feet are flat on the floor for even weight distribution. Also, your knees must be slightly lower or level with your pelvis, and your ears, shoulders and pelvis should be aligned vertically.

1. Stretch Your Arm

   The length of your arm from your shoulder to your fingertip can be another way to be sure you buy the right size ball, especially if you’ll be picking it up for aerobic exercises. Use this chart to help you choose wisely.

   • 22″ to 25-1/2″: 55 cm
   • 26″ to 31-1/2″: 65 cm
   • 31-3/4″ to 35-1/2″: 75 cm
2. Buy Quality
   
   Most exercise balls range in cost from $20 to $40. While you may be tempted to choose a cheaper brand, keep the quality in mind. You don’t want a ball that will lose its elasticity or air quickly.

1. Keep it Inflated
   
   As the exercise ball ages, it will naturally deflate. You can also deflate the ball slightly if it’s too big. However, deflation lowers its effectiveness. Keep it inflated to the proper pressure to provide the right resistance, balance and stabilization for you.

An exercise ball gives you a variety of benefits and can replace your office chair and sofa or be used during your regular workouts. Choose the correct size as you strengthen your body and get fit. For more information and to ensure an exercise ball is right for you, talk to your doctor.

More than one in 10 women over 18 years of age are in fair to poor health, reports the Centers for Disease Control and Prevention. Know the top 10 health risks women face as you protect yourself and the women you love on May 8, Mother’s Day, and every day.

1. Heart Disease

   The leading cause of death among women is heart disease. It contributes to one in four female deaths. Exercise, eating a healthy, balanced diet and avoiding smoking can help you avoid this health risk.

2. Skin and Breast Cancer 

   These two cancers can affect men and women, but they’re more prevalent in women, especially as women age. Most cancer is treatable with early detection, so visit your doctor regularly for mammograms and other screenings.

3. Stroke

   Strokes are the primary cause of death and disability among women. They’re caused by blood flow blockage to your brain, and you can decrease your risk when you maintain a low blood pressure and stop smoking.

4. Chronic Lower Respiratory Diseases

   Lung disease, including emphysema and chronic bronchitis, affects your quality of life and can cause death. It is preventable, though, especially when you avoid smoking.

5. Alzheimer’s Disease

   Two out of three Alzheimer’s patients are women. While there is no cure, a healthy diet, exercise and not smoking can assist your overall physical well-being.

6. Unintentional Injuries

   Motor vehicle accidents are the leading cause of unintentional injuries among women. Stay safe when you wear your seat belt, practice safe driving habits and use caution in poor weather.

7. Diabetes

   Diabetes is linked to heart disease, stroke and kidney disease, which means it’s important for you to control your blood sugar. Make aerobic exercise and a nutritious diet part of your daily routine.

8. Influenza and Pneumonia

   Severe flu complications can cause pneumonia, and women who are pregnant, immune-compromised or elderly are especially at risk. Get a flu shot every year and avoid anyone who has the flu as you protect yourself.

9. Osteoporosis

   Almost three in four women suffer from osteoporosis, a disease that causes fragile bones and a hunched back. It’s largely preventable when you eat a calcium-rich diet, perform weight-bearing exercises regularly, stop smoking and limit alcohol consumption.

10. Depression

    Depression affects twice as many men as women. Hormonal changes, family history, stress and other factors contribute to depression. To combat this health risk, seek a doctor’s care and take care of yourself emotionally, physically and spiritually.

Take action today to ensure you and the women you love are protected from these 10 health concerns. Contact your doctor or health insurance agent for more information.

A health savings account (HSA) covers your current and future medical expenses. It’s a smart investment since it provides 12 key benefits.

• You control the account. That means you decide all the details, including how much to contribute (there are limits), the bank that handles the account and how to spend the money. You also retain control over the interest earned.

• Choose to invest some of your HS A savings into a mutual fund. Here, your money has more potential for growth over time.

• It’s available to anyone under 65 years of age. As long as you fit into this age range, you qualify.

• The money rolls over. Money in a flexible spending account (FSA) must be used by the end of the year or you lose it. HSA funds continue to be available until you retire.

• Your HSA account stays put. It’s available to you even if you change jobs, become unemployed, switch insurance carriers, move or get married or divorced.

• Contribution limits are high. In 2016, individuals may contribute $3,350, the family limit rises to $6,750 and individuals over 55 may contribute an additional $1,000.

• Enjoy a prolonged contribution period. You can make contributions to your HSA from January 1 to April 15 of the following year, which allows you to increase both your HSA and tax savings.

• There is no income requirement to open an HSA. You can make lots of money or have no earned income and still contribute.

• You receive triple tax savings. The money you contribute to your HSA is tax deductible up to the contribution limit, your savings grow tax-free and you don’t pay taxes on the money you withdraw as long as it is used to pay for eligible medical expenses.

• It supplements your high-deductible health plan (HDHP). Use it to pay your deductible or any eligible expense.

• The money pays for a variety of eligible medical expenses. They include the costs of disease and illness diagnosis, cure, treatment and prevention and cover doctor, surgeon and dental fees in addition to the costs of diagnostic devices, equipment and supplies. Check with the IRS for more details on eligible expenses.

• An HSA covers current and future medical expenses. Use it now to offset your high-deductible coverage or let the money grow until you need it for a major medical expense in the future.

A health savings account can be a wise decision for you. Consider these 12 key benefits and talk to your health insurance agent for more details.

Whether it’s your favorite chocolate pie, dream vacation or honeymoon, every good thing eventually ends. The same principle also applies to your term life insurance policy.

Most term life insurance policies last for 10 to 30 years. Check your policy or talk to your agent to see how long of a term you chose when you purchased your policy. If you die before the policy expires, your beneficiaries receive the death benefit. If the policy expires before you do, you will no longer be covered. That’s when you need to decide your next move.

Convert the Policy

Most term life insurance policies that were issued in the past decade include an option that allows you to convert or exchange it to a permanent life or Universal Life policy. Depending on your company, you may be able to convert the entire policy before it expires, during the first five years in which the policy is in effect or before you reach a certain age, which is typically 70. Converting your policy is a smart move if your health has declined and would prevent you from obtaining a new permanent policy. However, this option is more expensive than a term policy and may not be available depending on your current term policy.

Extend the Policy

Read the fine print on your term life insurance policy to see if you can pay the premiums each month and keep your current coverage until you’re 95. This option is beneficial if you only need coverage for a few more years or if you’re over 70 years old and cannot qualify for a new policy because of health concerns. It’s a bad idea if you cannot afford the steep increase in premiums, which will go up annually.

Renew the Policy

After your term policy expires, apply for a new one. Use your current insurance company’s Exchange or Re-Entry provision or select an entirely different company. You’ll need to prove that you’re in good health before you receive a new policy, which is affordable in most cases, especially if you’re under 60 years of age. You may be denied coverage or charged a high premium, though, if your health is in decline.

Even if your term life insurance policy has expired or is close to expiring, you have options. Check into these three options, talk to your agent for more information and shop around for the best insurance policy for you.