There’s More to Life Insurance Than Most People Think. A Lot More
Of course, everyone generally understands that a life insurance policy helps provide protection for loved ones should you pass away. But, depending on how you plan it out, life insurance can specifically help with financial situations arising out of:
- Family growth
- Age
- Occupation
- End of life
Beyond being an asset in all phases of life, life insurance also can help with specific areas like:
- Retirement
- Taxes
- Gifting
- Estate planning
- Business
Life insurance 101
To fully appreciate the range of life insurance capabilities, it’s important to learn about the different types of policies available. It’s also important to understand how to shop for insurance and consider what policy may be right for your circumstances and goals.
Types of life Insurance
- Term insurance tends to be the most affordable and, consequently, the most basic type of life insurance policy available. It provides death benefit coverage for a specific period of time, often 10, 20 or years.
- Permanent insurance , by contrast – including whole life, universal, and variable – offers coverage for a lifetime.
Since many people start with term insurance, it’s important to understand its basics and how it can be built upon or combined with other types of insurance.
At the same time, since needs and resources change over time, it’s important to be familiar with the features of permanent insurance.
Life insurance and protecting loved ones
Life insurance protection is generally recognized as an important part of financial wellness. Yet, only about 52 percent of Americans own any, according to a recent study by the insurance research group LIMRA.1 And, even then, the amount of life insurance they have may not be enough.
Life insurance at different ages
There are also questions about the right time to get life insurance. Does it pay off to purchase a policy when you are younger, when it will likely cost less, or wait until you obviously need it? Answers can vary, but the question should be considered. There are various life insurance policies like cmfg and deciding on one might feel like a herculean task. Make sure to get in touch with an investment consultant before making a decision as they might be able to help you decide on a policy that could benefit you and your family members.
Life insurance and occupation
Many people own group coverage life insurance through their employer or other organization. In fact, 29 percent of American consumers overall own group coverage, according to LIMRA’s research.1 But oftentimes, such coverage may not be enough.
Life insurance and retirement
Beyond protection for your loved ones, some types of life insurance, particularly whole life insurance, can provide a way to accumulate a source of funds. Those funds may help you address some of the financial risks during retirement, such as market volatility or could be used to provide supplemental retirement income.
Life insurance and taxes
Whole life insurance and other types of permanent insurance offer tax advantages, like tax-deferred growth and tax-deferred distributions. Also, death benefit proceeds are generally tax free.
Life insurance and estate planning
Proceeds from whole life insurance and other types of policies have long been used to help heirs deal with costs and taxes that can apply to inherited property and assets. They also avoid the expenses and delays of probate and are not part of any public record. But, as the estate size grows, there can be pitfalls.
Conclusion and help
Yes, life insurance comes in many forms and can have many uses. Depending on your circumstances, the choices can get challenging and confusing. Many people opt to consult with a financial professional who can help them make informed decisions. Please contact us with any questions or for a complementary review of your current coverage and overall needs.
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Summer Home Maintenance Tips
Summer is finally here, and it’s a perfect time to catch up on home maintenance tasks, both inside and outside of the house. Putting in a little elbow grease now goes a long way toward future house upkeep–making that well-deserved rest even more enjoyable.
These summer maintenance tips will help keep your home looking great for all seasons:
- Wash your windows. Wash all interior and exterior windows to let in light and maximize visibility.
- Inspect your home for faulty lights or electrical connections. If necessary, hire a professional electrician (comparable to Electrician in Atlanta, GA) to repair the electrical issues you’re experiencing.
- Check your windows for leaks. Re-caulk the seals on all doors and windows. This practice can increase your home’s energy efficiency.
- Clean your dryer vent and exhaust duct. Remove any clogged lint and dust from your dryer vent. Doing so can help prevent house fires.
- Power wash any siding or brick. Get rid of any dust, dirt, or mold that makes your home’s exterior look dirty.
- Repair and repaint your home’s exterior features. Fix any chipped, cracked, or faded exterior paint by hiring companies like Rhino Shield to protect your home from further damage from the elements.
- Clean your outdoor grill. Thoroughly clean your grill to make it ready for summer barbecuing.
- Get your roof inspected. Make sure your roof lasts as long as possible by having it checked for loose shingles or other damages and when you need roof repairs consider thoroughly checking through any required repairs with a qualified professional.
- Care for your greenery. Inspect your plants and landscaping. Get rid of weeds, overgrowth, or dead plants. Freshen up areas by adding new plants where wanted.
- Clean your drains and downspouts. Clean any debris from your home’s downspouts. Check if there is any need for drain servicing for which you would need to get help from a plumbing company like Valley Service (https://valleyservice.net/fargo-services/plumbing).
- Inspect your deck or porch. Check outdoor spaces for any necessary upkeep-such as applying sealant or stain, or fixing loose boards.
Seasonal checkups are important for every house’s upkeep. Contact Cleary Insurance, Inc. for more home maintenance information.
Regulations Issued to Implement Ban on Surprise Billing
On July 1, 2021, the Departments of Labor (DOL), Health and Human Services (HHS) and the
Treasury (Departments) jointly released interim final rules outlining certain requirements related to surprise billing. These rules implement certain provisions of the No Surprises Act, which is a ban on surprise medical bills effective in 2022 that was enacted as part of the Consolidated Appropriations Act, 2021, signed into law in late 2020.
Surprise Medical Bills
Surprise medical bills occur when patients unexpectedly receive care from out-of-network health care providers. For example, a patient may go to an in-network hospital for treatment, such as surgery or emergency care, but an out-of-network doctor may be involved in the patient’s care. Patients often cannot determine the network status of these providers during treatment in order to avoid the additional charges. In many cases, the patient is not involved in the choice of provider at all.
Overview of the Interim Final Rules
These interim final rules protect participants, beneficiaries and enrollees in group health plans and group and individual health insurance coverage from surprise medical bills when they receive emergency services, non-emergency services from nonparticipating providers at participating facilities, and air ambulance services from nonparticipating providers of air ambulance services, under certain circumstances. Under these provisions, providers will have to work with the group health plan or health insurance issuer to determine the appropriate amount to be paid by the plan or issuer. Hospitals and healthcare facilities could turn towards outsourcing their medical billing processes to firms such as Gryphon Healthcare to ensure compliance to these new regulations, as external agencies can often focus solely on the billing processes thereby eliminating any human errors or inaccurate billing.
The interim final rules generally apply to group health plans and health insurance issuers offering group or individual health insurance coverage. However, certain provisions apply to emergency departments, health care providers and facilities, and providers of air ambulance services related to the protections against surprise billing.