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Whole Life Insurance
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Though not intended as a permanent health insurance plan, temporary health insurance can provide a person with continuous coverage to fill gaps betwe... Read insurance article
Whole Life Insurance
Life insurance is a topic that's incredibly confusing for many people. There are many terms and provisions to learn and understand before purchasing a policy and most people aren't certain what type of policy or how much insurance coverage they actually need. Another worry is that many people are also aware that the person selling them their policy is also a commissioned salesperson. Although most insurance agents have a squeaky clean record of dealing with the public in a professional and ethical manner, there's really no way for you, the consumer to know this at first contact or introduction.
When purchasing anything, it's best to get familiar with that item before you spend your hard earned money, whether you need it or not. Think about it, if you were buying a new car, and were considering a make or model that you'd never owned before, wouldn't you want to find out everything that you could about that vehicle before you went to see a (gulp) salesperson?
You'd want to see how spacious and comfortable it is, check the colors available, see how many miles per gallon it got and more before you made a buying decision.
Purchasing life insurance is no different than buying a vehicle or any other item. You want to find out all that you can about it before you open your wallet or purse. Here are descriptions of the two most common types of Whole life insurance designed for consumers.
Whole Life Insurance - Whole life is also known as "Straight Life" and is designed to do exactly what it says, that is, cover you for your "whole life" or up until you reach the age of 100 years old. Whole Life policies pay what is known as the "Face Value" either upon the death of the insured or when the insured person reaches 100 years. Face Value is the amount that the policy is for, example, a $100,000.00 policy has a Face Value of $100,000.00.
There are two different types of Whole Life Insurance that are most common. Those are called Limited Payment Plans and Continuous Premium Whole Life.
Limited Payment Whole Life means that you would want to pay off the policy early. For example, you could set up a policy called "20-Pay Life" where you would pay off the policy over a twenty year period. In the end, you'll pay the same amount of premium as with the Continuous Payment Whole Life, but your policy will accrue a "Cash Value" much faster. This Cash Value will be smaller than the policy Face Value after you've initially finished the payments, but it will grow rapidly afterword. You can take loans against this Cash Value if you wish, but they must be repaid.
As with other types of Whole Life insurance, part of your premiums paid will go to purchase insurance and the remainder will go toward Cash Value.
The other most common type of Whole Life insurance is called Continuous Premium Whole Life. With a Continuous Premium Whole Life policy, you pay out the premiums over your Whole Life or until age 100, as explained above.
Cash Value builds slower in this insurance policy, compared to the Twenty Pay Life plan, however, the premiums are much lower and you may still take out a loan, if needed, against your Cash Value accrued.
Whole Life insurance is considered to be "permanent" insurance because the policy covers the insured for their "whole life".
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Small Business Health Insurance
Large companies have little trouble providing quality health insurance coverage for their employees, while health insurance for small business is generally more costly, and considerably more risky.
Small business health insurance coverage carries increasingly high premiums that tend to almost double in cost over a short time frame. To keep up with these costs, and still maintain the benefits, many small businesses have turned to modifying the coverage they offer. For example, prescription drug benefits may restrict employees on the use of preferred medications. Another modification would be to raise co-payments, or deductibles.
Increasing small business insurance costs are even prompting some companies to reward their employees with cash if they drop their dependents from the policy, or switch to a plan their spouse may have. Some small companies have even been forced to exclude dependent coverage, or drop their insurance plans altogether. This can cause quite a problem for employees trying to find individual health insurance for their families, especially if any member is currently in poor health.
While small business insurance may not always be bad, you must be certain that you have adequate coverage for yourself, and your family. You must have a full understanding of each and every detail of the insurance plan in order to determine if small business health insurance is right for you. It would be a nightmare to find out after having to spend some time in the hospital that your coverage was inadequate. A couple of weeks in the hospital can literally break the bank.
Many people must supplement their small business health insurance with private insurance to eliminate any gaps in the coverage. While this adds to the expense, it's still better than ending up in the "nightmare" scenario. Pay attention to any limitations on the plan or policy. For example, look for limitations on surgical coverage, hospital only coverage, or accident only coverage. Be sure to understand all aspects of the insurance coverage before you choose to go with any particular small business health insurance policy.
In addition to any possible limitations, take the time to understand any exclusions as well. If you take the time to research, and educate yourself on the small business insurance coverage offered you can take the steps necessary to be sure that you and your family are fully covered in case of a minor, or major medical emergency.
Your research is the key to understanding all aspects of small business health insurance. It could be the difference between knowing you are covered, or having a major medical issue break the bank.
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