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Life & Health Insurance Information
What kinds of Iowa Life Insurance are there?
Having the right life insurance is pivotal in planning for the future of you and your loved ones. Life insurance can help you fulfill promises you’ve made your family when you are gone.
Don’t leave the future of you and your loved ones to chance. Jerry Holbrook Insurance in Grimes, Iowa can help you find the right Iowa life insurance coverage for you, and help ensure that your policy continually meets your needs.
Are You Shopping for the Lowest Life Insurance Rates in Iowa with the Best Coverage?
If you are shopping around and trying to educate yourself, questions quickly arise like “what’s the difference between Whole Life, Universal Life, Term Life, and Variable Life?” It’s important to learn the differences between these types of policies, and to determine the right amount of coverage and monthly premium you can afford. Above all, the most important question to ask yourself is – who is going to be in your corner when it comes to negotiating the best rates and coverage?
If you’re looking for life insurance in Central Iowa, take this opportunity to call Jerry Holbrook, a leading independent life insurance agent in Grimes, Iowa. Jerry has built longstanding relationships with all of the major insurance carriers, and can secure the best coverage at the lowest rates for you.
Just like Iowa weather, Life Changes. So Should Your Iowa Life Insurance Policy.
For each of our neighbors in Iowa, the right life insurance will be unique and dependent on personal and financial needs. As your life changes, your life insurance coverage may need to change in order to adapt to your current needs. Some life transformations that may require a policy “tune-up” include:
• You recently married or divorced
• You have a new child or grandchild
• You have opened or expanded a business
• Your health or your spouse’s health has deteriorated
• You are providing care or financial assistance to a parent
• Your child or grandchild requires assistance or long-term care
• You recently purchased a new home
• You are planning for a child or grandchild’s education
• You are concerned about retirement income
• You have refinanced your home mortgage in the past six months
• You or your spouse recently received an inheritance
• You have a sizable estate
Life Insurance Basics
Life insurance is one of the most debated subjects in the financial world but everyone agrees families need to have coverage. The original life insurance form was a burial club back in old Rome. People recognized the need for some family protection if the breadwinner died. Those in the club helped pay for the burial and then supplied funds for the widow and children.
Many of the early societies helped the survivors if the family lost their sole supporter. However, as society grew and became more mobile, that solution wasn’t as viable an option. The popularity of life insurance grew.
Today, life insurance provides protection for dependents, businesses and charities. In the early years of life insurance, most of the focus was on the breadwinner. However, today, not only is it difficult to identify the main breadwinner in a family where both husband and wife work, even when only one spouse works, the other supplies services at home that would cost the breadwinner thousands of dollars a year if he had to pay for the services.
Protecting the family includes more than just paying for bills at the point of death. Most people have life insurance that covers the mortgage but often fail to consider whether little Billy will be able to attend college with only one parent’s income. A family with enough coverage allows the surviving parent to quit work or reduce the workload and devote time to raising the children. This means that the children don’t lose both parents when one dies, one to death and the other to the workplace.
While many think of life insurance as strictly family protection, seniors also have a great need for the insurance. Funeral costs are no longer a few hundred dollars. Even the least expensive type of funeral that involves cremation can run in the thousands of dollars. Estate tax, often called death tax, gobbles up funds the senior wants to transfer to heirs. Life insurance and an irrevocable life insurance trust can prevent this. The use of life insurance to maximize a pension is also another reason senior’s need additional coverage.
There are several types of life insurance. Each one has a specific use. No one type of life insurance is better than the other one is. However, in specific situations, certain life insurance products are better than others are. For example, if you have a large debt that isn’t reoccurring and you’ll pay within a few years, term insurance might be your best bet. For people planning their estate to avoid taxation, permanent insurance such as whole life or universal life is a better choice than term insurance is.
Term Life Insurance
Term insurance is normally the most inexpensive type of insurance. It is “pure” insurance, meaning it normally doesn’t have any cash value. There are always exceptions to the rule and in the case of return of premium term, the policy has a minimal amount of cash value in the latter years where it returns part or all the premiums paid during the life of the policy. Unlike traditional cash value policies or universal life policies, the return of premium term normally doesn’t repay anything unless the policy is in the last few years of the term.
Term insurance is best used when families can’t afford a large amount of money for insurance but have needs that require a large amount of insurance. The policy can be a decreasing term policy, such as mortgage insurance that decreases at the same rate as the balance on the mortgage, or level term. Level term insurance normally has a price that increases each year but there are policies that don’t increase in price, you simply pay more money in the initial years and less for the insurance in the later years.
Term insurance covers temporary needs such as debt, income replacement and funds for child rearing. However, when people purchase term insurance, they may also include permanent needs, such as burial. As their other requirements for higher amounts of insurance diminish, they use the convertibility of the term to create a smaller permanent policy for those needs. Convertibility simply means the company guarantees you can exchange the term insurance for a level premium and maintain the same rating class as the term, regardless of your present health.
Whole Life Insurance
Whole life, permanent insurance, fills the need for end of life uses as well as those needs such as family income. The cost is far more than term insurance but you do have cash value that grows on the interior. You can use the cash value to pay premiums, or simply borrow it for emergencies. At one time, whole life insurance was unpopular because of the low return of the cash value. However, when the market took a nosedive and interest rates dropped to a percent or less, the guaranteed provisions and the return of the policy looked far more attractive.
Whole life insurance is a particularly good way to maximize a pension or pay for estate tax, since the premiums don’t increase with age. However, some people also use the policy as a method to gift to their favorite charities after death and as a savings for retirement. One advantage of using the cash value of any permanent policy whether whole life, universal or variable is that any funds you remove in the form of a loan are not taxable, unless you cancel the policy. You don’t have to pay back the loan but the loan reduces the death benefit if you don’t. However, the government never taxes the growth even if you don’t pay back the loan and the funds subtract from the death benefit.
Universal life can offer an interest rate and CD type of savings or a variable rate similar to the variable life products already on the market. The difference came in how the policy worked on the inside. The policyholder adds funds to either the savings or their selection of funds. These funds grow with the interest rate given or the return on the funds. The insurance company then pays a term premium on the inside of the policy with the tax-free growth.
The policyholder has the ability to pay more than the minimum premium, based on a hypothetical return. The policies function well as long as the return was low enough to compensate for a bad economy, low interest rates and poor market conditions. If it wasn’t, the policyholder had to pay additional premiums or lose the policy.
The newer universal variables often offer a multitude of sub account funds that resemble many of their mutual fund counterparts on the market. The ability to borrow from these policies is the same as the whole life policy and often they’re used for college funds and retirement supplements.
Finding the Best Policy for Your Needs
Expert life insurance agent Jerry Holbrook can quickly analyze your situation and find not only the best product for your situation but also the right amount of insurance to cover your needs. Before you purchase a policy, contact Jerry Holbrook in Grimes Iowa at 515-986-4903 and find out how much you should be saving. The consultation is completely free! Jerry is ready to help you make a selection that matches your goals, needs and pocketbook.
Advantages of Life Insurance
Having the right life insurance is essential to planning for your present and your future. Not only can life insurance provide assurance for your family after you are gone, many life insurance options offer other benefits and investment opportunities you can take advantage of while you are living.
Life Insurance Death Benefit - When you pass away, your life insurance provides income (tax-free) to your named beneficiary or beneficiaries that can be used to pay funeral expenses, debt, tuition, estate taxes, or virtually any financial need. Your policy can help provide security for your business as well, by enabling partners to buy out the interests of a deceased partner and prevent a forced liquidation.
Living Benefits - The cash value growth of a permanent (whole) life insurance policy is tax-deferred, meaning you do not pay taxes on the growth of cash value, unless money is withdrawn. Loans or withdrawals can be taken against the cash value of a permanent life insurance policy to help with expenses, such as college tuition or the down payment on a home.
The right life insurance coverage for each and every one of our customers in Iowa is unique. Call Jerry Holbrook today to find out how to protect your family and your future with the right life insurance.
Jerry Would Enjoy Quoting Your Life Insurance
Please call Jerry Holbrook at 515-986-4903 for a free no obligation quote on your life insurance. I can provide cheap low cost competitive affordable insurance quotes on all forms of life insurance including 10 year term, 15 year term, 20 year term, 30 year term, return of premium term, guaranteed issue life insurance, final expense life insurance, burial life insurance, whole life, indexed whole life, indexed universal life and universal life.
What kinds of Iowa health insurance are there?
There are essentially two kinds of heath insurance: Fee-for-Service and Managed Care. Although these plans differ, they both cover an array of medical, surgical and hospital expenses. Most cover prescription drugs and some also offer dental coverage.
These plans generally assume that the medical professional will be paid a fee for each service provided to the patient. Patients are seen by a doctor of their choice and the claim is filed by either the medical provider or the patient.
- Managed Care
More than half of all Americans have some kind of managed-care plan1. Various plans work differently and can include: health maintenance organizations (HM0s), preferred provider organizations (PPOs) and point-of-service (POS) plans. These plans provide comprehensive health services to their members and offer financial incentives to patients who use the providers in the plan.
What is 'long-term care'?
Because of old age, mental or physical illness, or injury, some people find themselves in need of help with eating, bathing, dressing, toileting or continence, and/or transferring (e.g., getting out of a chair or out of bed). These six actions are called Activities of Daily Living–sometimes referred to as ADLs. In general, if you can’t do two or more of these activities, or if you have a cognitive impairment, you are said to need “long-term care.”
Long-term care isn’t a very helpful name for this type of situation because, for one thing, it might not last for a long time. Some people who need ADL services might need them only for a few months or less.
Many people think that long-term care is provided exclusively in a nursing home. It can be, but it can also be provided in an adult day care center, an assisted living facility, or at home.
Assistance with ADLs, called “custodial care,” may be provided in the same place as (and therefore is sometimes confused with) “skilled care.” Skilled care means medical, nursing, or rehabilitative services, including help taking medicine, undergoing testing (e.g. blood pressure), or other similar services. This distinction is important because generally Medicare and most private health insurance pays only for skilled care–not custodial care.
What are the types of disability insurance?
There are two types of disability policies: Short-Term Disability (STD) and Long-Term Disability (LTD):
- Short-Term Disability policies (STD) have a waiting period of 0 to 14 days with a maximum benefit period of no longer than two years.
- Long-Term Disability policies (LTD) have a waiting period of several weeks to several months with a maximum benefit period ranging from a few years to the rest of your life.
Disability policies have two different protection features that are important to understand.
- Non-cancelable means the policy cannot be canceled by the insurance company, except for nonpayment of premiums. This gives you the right to renew the policy every year without an increase in the premium or a reduction in benefits.
- Guaranteed renewable gives you the right to renew the policy with the same benefits and not have the policy canceled by the company. However, your insurer has the right to increase your premiums as long as it does so for all other policyholders in the same rating class as you.
In addition to the traditional disability policies, there are several options you should consider when purchasing a policy:
- Additional purchase options
Your insurance company gives you the right to buy additional insurance at a later time for an additional cost.
- Coordination of benefits
The amount of benefits you receive from your insurance company is dependent on other benefits you receive because of your disability. Your policy specifies a target amount you will receive from all the policies combined, so this policy will make up the difference not paid by other policies.
- Cost of living adjustment (COLA)
The COLA increases your disability benefits over time based on the increased cost of living measured by the Consumer Price Index. You will pay a higher premium if you select the COLA.
- Residual or partial disability rider
This provision allows you to return to work part-time, collect part of your salary and receive a partial disability payment if you are still partially disabled.
- Return of premium
This provision requires the insurance company to refund part of your premium if no claims are made for a specific period of time declared in the policy.
- Waiver of premium provision
This clause means that you do not have to pay premiums on the policy after you’re disabled for 90 days.