Life and Health Insurance
Group Health Insurance
In general, a health plan offered by an employer or employee organization that provides health coverage to employees and their families. It is sometimes referred to as employer based coverage.
Individual Health Insurance
Individual Insurance is a health policy that you can purchase for just yourself or for your family. Individual policies are also called personal health plans.
Key Person Life Insurance
Key person insurance is a life insurance policy that a company purchases on the life of an owner, a top executive, or another individual considered critical to the business. The company is the beneficiary of the policy and pays the premiums.
Medicare is federal health insurance for people 65 or older, some younger people with disabilities, people with End-Stage Renal Disease.
The different parts of Medicare help cover specific services:
- Medicare Part A (Hospital Insurance)
Part A covers inpatient hospital stays, care in a skilled nursing facility, hospice care, and some home health care.
- Medicare Part B (Medical Insurance)
Part B covers certain doctors’ services, outpatient care, medical supplies, and preventive services.
- Medicare Part D (prescription drug coverage)
Helps cover the cost of prescription drugs (including many recommended shots or vaccines).
Group Life Insurance
Group life insurance is a single contract that provides coverage to a group of people, typically those who work for the same company. The employer owns the policy, which covers the employees. Your beneficiaries will get a payout if you pass away while covered by group insurance.
Individual Life Insurance
Individual life insurance is a policy that is paid by one person and covers a single person.
Child Life Insurance
Child life insurance covers the life of a minor and is typically purchased by a parent, guardian or grandparent.
An annuity is an investment option that can provide a guaranteed income for an individual or their spouse throughout their retirement. They are purchased for a set period and payout a specific amount in retirement based on the investment strategy and amount invested.