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Selecting a life insurance product is an important decision. As with any important purchase, you should choose the product that best meets your needs and the needs of your family without it costing more than is necessary.
Life Insurance for Individuals & Families A simple review of your financial status and future requirements can help determine how much life insurance you need to protect your family properly. The following are commonly used to determine how much Insurance is needed. a. Final Expenses including Funeral. b. Emergency Fund of up to six months salary for any household or personal emergency that may arise. c. To cover a mortgage balance. d. Outstanding loans such as auto loans, personal loans, credit card balances and so forth. e. Education costs for your children. f. Monthly income requirements your family would need to supplement income Download our Life Insurance Needs Analysis Worksheet - (Download Adobe Acrobat Reader)
Term Life Insurance Term Life Insurance provides protection for a specific length of time (term) 10, 15, 20 or 30 years and is often referred to as temporary insurance or pure insurance. The face amount of the policy is paid to the beneficiary if the insured dies during the specified term and while the policy is in force. If the insured outlives the specified term, the coverage simply expires, unless the policy provides that the coverage can be renewed after the term expires. Term insurance is appropriate when there is a high need for insurance but a limited budget. Term insurance is well suited to cover limited term needs, such as coverage during your working years or for the duration of a loan or mortgage.
Please note that not all term insurance products are the same. Some offer level prices but are not guaranteed. At Nelson Insurance & Financial Services we offer term products with price guarantees.
Return of Premium Term Life Insurance Term Life that pays you back Policy Benefits Return of Premium: Your cumulative premiums paid will be returned to you at the end of the policy’s level premium period.
Choice of Terms: With ROP Term, you can select a level-premium period to suit your financial needs and goals-15, 20 or 30 years. Level Premiums: Your policy premiums are guaranteed to remain level throughout the level-premium period. At the end of the level-premium period, you can extend the policy on an annual renewable term basis without evidence of insurability, until age 95. After the level term period premiums will increase annually.
Full Convertibility: You have the option of converting you ROP Term policy to a permanent life insurance policy, up to the earlier of the end of the level-premium period or age 75.
Terminal Illness Endorsement: In case of a terminal illness diagnosis, you would be eligible to receive an accelerated death benefit equaling the lesser of $250,000 or 50% of your policy death benefit.
Available Riders: Waiver of Premium: Waives policy premiums while the insured is disabled. Child rider: Provides level term insurance on all eligible children of the insured.
Universal Life A permanent form of life insurance that provides: Flexible Death Benefit: Increase or decrease your death benefit to fit your changing needs. Premium Payment Option: With Universal Life Insurance, you can select a premium payment plan that fits your financial needs and goals. Tax-Deferred Growth: With Universal Life Insurance, your cash value accumulates on a tax-deferred basis. Use these funds in the future to pay the policy’s premiums, let them offset interest rate fluctuations-or take them out in cash for your personal goals.* * Consult with your tax professional to determine if these transactions trigger a taxable event.
Disability Insurance
If your earnings stopped for a month, a year...or the rest of your life, uncovered medical expenses and monthly household bills would still have to be paid or your family’s lifestyle may have to change dramatically. You have five choices: 1. Use your savings One year of total disability could wipe out 10 years of savings. And what would be left for the future? For retirement?
2. Sell your property or assets Under a forced sale, the likelihood is that tangible assets (real estate, autos, boats, etc.) will bring less than their fair market value...and still may not provide enough to pay bills. 3. Live on your spouses income In most two-income households, expenditures and debts are based upon the assumption that both incomes will continue. With half or more of current household income gone, most families’ life styles would have to change. 4. Borrow money Even if you could obtain a bank loan, the additional debt could compound your problem. Friends and relatives may be able to help you temporarily...but for how long? 5. Let disability income insurance supplement your family income Leave your savings alone and hold onto the assets you worked so hard to get. Keep balance in your life with a solid plan of disability income insurance to assure additional income exactly when it’s needed most...when your income has stopped due to a qualified illness or injury! Disability insurance can be purchased by individuals with out coverage at work and it can be purchased on a group basis by businesses who wish to offer this coverage to employees. With group insurance the coverage can be paid by the employer in full, by the employee in full or both can contribute to the premiums.
Long Term Care Insurance Gains in life expectancy and rising health-care costs are prompting more Americans to consider long-term care insurance. Such insurance covers the cost of extended nursing care, either in an institution or in the home. Statistics show about 40% of everyone who reaches age 65 will enter a nursing home at some time and that the average stay can be 2 1/2 years. Paying for this care will require considerable resources, the average cost of a nursing home in Massachusetts is $200 per day or $73,000 per year. That’s why planning ahead for long-term care makes sound financial sense. Common Misconceptions Most elderly people,
when asked by the American Association of Retires Persons how they
would pay for Medicare does not cover long-term care. It pays for some nursing and home health-care expenses, but these must be medically related and short-term in nature. Medicare supplemental insurance (Medigap) does not pay for long-term care. And Medicaid, the welfare program that does cover long-term care, in a skilled nursing facility only requires recipients to "spend down" their assets to the poverty level before becoming eligible. Nursing Home Insurance At an average cost of $6,000 a month, nursing home care can be an enormous financial burden. But private insurance can help. Most long term care policies cover cost of skilled, intermediate or custodial care. Almost all pay a fixed dollar amount per day. You select the benefit level you want , typically ranging from $125 to more than $200 per day, and the waiting period you desire. Premiums are based on your age when buying the policy and the benefits you choose. At Home Care Newer, more comprehensive long-term care policies will also pay the cost of care at home for people who might otherwise have to enter a nursing home. These policies cover at-home services ranging from dressing and bathing to housekeeping and shopping. And usually, no prior admission at a hospital or nursing home is required. What to ask
A Few Buying Tips If you decide to buy a policy, make sure to ask for the policy's "outline of coverage", which will summarize its benefits and limitations. It is also a good idea to make sure the policy provides a 30 day free-look period during which it can be returned for any reason and you will receive a premium refund. Where To Get More Information Call Curt Nelson at 508-672-3096 for more information or to schedule and appointment to determine if Long Term Care insurance should be a part of your overall insurance protection.
Health Insurance
We also offer new and innovative solutions for health insurance such as the new to Massachusetts, HSA-Health Savings Accounts. An HSA is a health plan and a savings plan all built into one comprehensive plan. The rates are usually very low because a high-deductible exists. The savings plan can be used to pay the deductible on a tax-favored basis and the contributions to the savings plan are tax-deductible. For more information send us an email inquiry or give us a call.
Dental Insurance
Fixed Annuities Fixed annuities offer
an excellent way to save for retirement or to provide an immediate
retirement income pay-out. Annuities grow on a tax-deferred basis,
meaning that the interest earned is not taxed until withdrawn or
surrendered, cashed-in. Fixed annuities come with many attractive
features and can be used as an IRA, Individual Retirement Account.
Many retirees use annuities to provide a post-retirement income.
Either way, whether someone is looking to save for retirement or
is looking to retire, an annuity is considered by many to be a very
good savings or income producing product.
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Insurance Quotes for Individuals Nelson
Insurance & Financial Services
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Most
people have a limited term need for large amounts of life insurance,
often no more than 20 or 30 years. We want to provide for our families,
in the event of our death, but once the nest is empty, there could
be a reduced need for life insurance. 
To
replace income in the event of a disabling accident or illness.
long-term
care, responded that Medicare would cover the cost. Unfortunately,
they were wrong. 
NIFS
offers health insurance for the self employed and groups with employees
to cover. We make finding an affordable health plan easy for a business
because we do all the shopping, meaning we do all the work necessary
to find you an affordable and quality health plan and the service
is "no-charge". NIFS offers health insurance coverage
only from the most reputable top carriers operating in our area.
Health Insurance is an excellent way to increase employee benefits
which increases employee moral and loyalty. If you would like us
to shop out your health insurance give us a call or fill out the
census page on our web site.
NIFS
offers dental insurance from the top carriers for self employed
business owners and businesses with employees. The plans we offer
provide full coverage for preventative and diagnostic services such
as check-ups, cleanings, exams and x-rays. Most plans also cover
basic services such as fillings and major services such as crowns
and bridges. Orthodontic services are also available on some plans.
For employer groups, offering dental insurance to your employees
is an excellent way to increase your benefits offerings, which makes
your employees happy. The cost of dental insurance is very reasonable
and can paid by the employer or split between the employer and employee
and with a voluntary-dental plan the employees pay all of the cost.
