Personal & Business Insurance
The list of Insurance products available is expansive and exhausting. We have professionals on board who know and understand the flexibility of these products and how to incorporate them into your financial plan. All that is required is a simple application and potentially a medical underwriting process (depending on medical history and type of product).
Personal Insurance
- Individual Health Insurance
- Individual Life Insurance (ex. term, whole, universal, variable)
- Individual Long-Term Care Insurance
Group / Business Insurance
- Group Health Insurance
- Group Life Insurance (ex. keyman insurance, buy-sell funding agreement)
- Group Long-Term Disability Insurance
- Group Short-Term Disability Insurance
Annuities
Examples:
- Variable & Fixed Annuities
- Fixed Indexed Annuities
Life Insurance
No one desires their loved ones to struggle with financial burdens amid the heartache of a life lost or serious illness.
Life insurance is designed to offer security and peace of mind through uncertain or unexpected times as well as stability and confidence through everyday life circumstances. There are several types of life insurance; the most basic categories are Term and Permanent.
Term Life Insurance
Term life insurance serves the basic function of ensuring that your beneficiaries receive a payment if you die while the policy is in effect.
Permanent Life Insurance
Permanent life insurance is a type of policy that pays a death benefit regardless of when you die as long as you make your payments.
Annuities
Annuities are insurance contracts that provide a fixed income stream for a person’s lifetime or a specified period of time.
The primary benefits of buying an annuity include principal protection, the potential for guaranteed lifetime income and the option to leave money to your beneficiaries. The two basic categories of annuities are Immediate and deferred with several additional options that determine how your investment is paid out.
- Immediate Annuities — Purchased with lump sum and provides fixed income for life starting one month after purchase.
- Deferred Annuities — Owner can make a single premium purchase or deposit over time (during working years). In other words, buy now and collect later.
- Fixed Annuities — Pays at a fixed rate.
- Variable Annuities — You own investments inside the account.
- Indexed Annuities — Pays based on the value of an external index.
Disability and Long-Term Care Planning
Disability insurance (DI) and long term care insurance (LTCI) both help you protect your assets, but they serve different purposes.
These types of policies can often be included as a benefit offered by your employer. However, they can also be applied for individually if you are self-employed, desire additional coverage or your employer doesn’t offer any form of disability coverage.
Disability Insurance
Disability insurance is sometimes called “disability income insurance” because it is designed to replace a portion of your income if you are unable to work because of a serious illness or injury. Short term policies typically cover terms measured by months while Long-term policies cover terms measured by years.
Long-Term Care Insurance
Long term care insurance pays for a portion or all of the costs of caregiving needed due to physical or cognitive disability. LTCI will reimburse costs for care received at home or at assisted living or skilled nursing facilities.
Group Benefits / Business Planning
Below are several of many options available to business owners as incentives to offer their employees.
Insurance products can also be used in business plans as a form of succession planning or other purposes.
Disability Buy-Out Insurance
Disability Buy-Out (DBO) insurance funds a buy-sell agreement to buy out a totally disabled business owner. This coverage maximizes the financial return when a business is transferred, while minimizing tax liability.
Business Overhead Expense Insurance
This type of plan helps business owners protect the operations of their company in the event they become disabled by reimbursing the insured for overhead expenses.
Our health insurance advisors have the expertise to guide you through the process
PPOs
PPO’s (Preferred Provider Organization) type of insurance plan that offers more extensive coverage for the services of healthcare providers who are part of the plan's network, but still offers some coverage for providers who are not part of the plan's network. PPO plans generally offer more flexibility than HMO plans, but premiums tend to be higher.
HMOs
An HMO (Health Maintenance Organization) gives you access to certain doctors and hospitals within its network. But unlike PPO plans, care under an HMO plan is covered only if you see a provider within that HMO's network.
Indemnity
Under an Indemnity plan, you may see whatever doctors or specialists you like, with no referrals required. An Indemnity plan may also require that you pay up front for services and then submit a claim to the insurance company for reimbursement.
Individual & Group Medical Plans
Health insurance provided to employees by an employer is called group coverage (or "group health insurance"). Health insurance you buy on your own—not through an employer or association—is called individual coverage.
HSA & Medigap Plans
HSAs
A type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. By using untaxed dollars in a Health Savings Account (HSA) to pay for deductibles, copayments, coinsurance, and some other expenses, you may be able to lower your overall health care costs.
Medigap Plans
Medigap is Medicare Supplement Insurance that helps fill "gaps" in Original Medicare and is sold by private companies. Original Medicare pays for much, but not all, of the cost for covered health care services and supplies.
What does it look like to map out an insurance strategy with Pathway Financial?
Our team is skilled at making the process as easy as possible.
Because we are an independent firm we have the flexibility to choose from a variety of products not available to all our competitors. An advisor will outline possible plans for your review until we find one you are satisfied with.
Next, our administrative team will walk you through the application process and gather the information necessary to get things rolling. We communicate with you through the entire process until completed. An advisor will meet with you at least once a year to review your plan and make any necessary changes along the way.
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Health Insurance
Health insurance can be expensive. Finding affordable health insurance can be a challenge and has become a necessary part of your financial plan. Let us help you discover ALL of your options and choose a plan that will cover your needs. Contact us today!
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Long-Term-Care Protection Strategies
Prescription Drug Benefits Under Medicare (Part D)
