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The amount a person owes for services that their health insurance plan covers before their  plan begins to pay is known as a deductible. 

Coinsurance is the share of the costs of a covered health care service, calculated as a percent  of the allowed amount for the service. The customer  generally pays coinsurance after the deductible has been met. The health insurance or plan pays the rest of the allowed amount.

The Maximum Out-of-Pocket is the most a customer will have to pay for covered services in a plan year. After this amount is  reached, the health plan will pay 100% for covered benefits. It includes the yearly deductible and cost-sharing but It doesn’t count premiums, balance billing amounts for non-network providers  and other out-of-network cost-sharing, or spending for non-essential health benefits

Living Benefits life insurance is the new, evolved kind of life insurance. With Living Benefits, you have the power to accelerate your death benefit while you’re still living if you suffer a heart attack, cancer diagnosis, stroke, or any other Critical, Chronic, or Terminal illness. This ability can help save your financial life, and helps protect you from the cause of 60% of the bankruptcies in the U.S. every year – medical bankruptcy following a critical illness.  

Living Benefits are included at no additional cost on Term, Universal Life, and Index Universal Life insurance policies.

Critical - Pays a lump sum benefit should you suffer from a triggering illness such as cancer, heart attack, stroke, Lou Gehrig’s disease (ALS), blindness due to diabetes, kidney failure or major organ transplant, and more!  

Chronic - Pays a monthly benefit should you become diagnosed as chronically ill and unable to perform two daily activities such as bathing, dressing, eating, or due to cognitive impairment. This benefit is paid annually (up to 24% of your death benefit). Policy must be in-force for 2 years.  

Terminal - Pays a benefit if you are diagnosed with a terminal illness resulting in life expectancy of less than 12 months (24 months in some states). This can be used for experimental medicine, prepare for final expenses or any other purpose you feel necessary.

A life insurance policy that will cover the expenses related to funeral and burial of an individual is considered a Final Expense Plan.  These policies tend to be of lower face amount, usually 50,000 or less, and do not require any medical exams. Traditionally these type of policies are Whole Life policies with cash value and have reduced paid up clauses in them.

A sales concept where an individual or a family purchases a term life insurance policy for the duration of the mortgage to prevent that the family may default on their mortgage payments in the event of a death of a breadwinner or if the insured’s were to suffer a critical, chronic or terminal illness.      

The full death benefit is paid to the beneficiary of their choice to either pay off the outstanding loan in full or continue to make periodic payments form the proceeds of the policy.  So they avoid the loss of the family’s home, the loss of their investment and the disruption of the family life style.      

The addition of Living Benefit Riders in the latter years allows for full protection from a health emergency like a Critical Illness which is the number one cause for Foreclosures in the last 10 years.

Permanent Life Insurance provides Income Tax Free Death Benefit, Tax Deferred Build up of cash value and the potential for Tax Free Retirement. The main purpose of purchasing permanent life insurance is for the death benefit protection it provides. In the event of a premature death, the income tax free death benefit would help fund your spouse’s retirement.   

Permanent life insurance also offers the ability to build up tax deferred cash value that can be accessed during your lifetime to generate a stream of retirement income – potentially income tax free. You can access that cash value using income tax-free policy loans and withdrawals.    

This is why Permanent Life Insurance is known as the alternative of Life Insurance Beyond the Death Benefit.