Why you need insurance?



Pic Final Expense

What is final expense & who should buy final expense?

Final expense is designed to help with final expenses and more. It can provide affordable protection that pays benefits directly to the person you choose to take care or your outstanding medical bills, unexpected expenses or debt that you leave behind. Having a whole life insurance policy in place can be a very loving and considerate thing to do for your loved ones.

Popular features - Competitive premiums that fit many budgets - The life insurance cannot be cancelled for any reason as long as premiums are paid - There is no medical exam; coverage is based on answers to a few health questions - Paid benefits do not decrease - Premium rates never increase - Benefits are paid to designated beneficiary.

Benefits & Features:

Level benefit:

• Death Benefit: 100%
• Issue Ages: 45-90
• Face Amounts: $2,000 – $40,000
• Underwriting Classes: Standard Tobacco/Nontobacco
• Underwriting: MIB, pharmaceutical check, random phone interviews

Graded Benefit:

Graded death benefitmeaning that for death due to natural causes (any cause other than accidental) during the first two years, the beneficiary will receive all premiums paid plus 10 percent. After the two years, the full benefit is paid for death due to all causes. Full death benefits will be paid, in all years, if death results from an accidental bodily injury.

Note: Benefits and features may vary by state.

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Indexed Universal Life With Living Benefits

 One of the most important benefits of using indexed universal life (IUL) is the tax advantage of this type of investment. The money contributed to the policy is usually post-tax money. But any growth associated to the cash value of the policy based on the index allocations are tax-deferred. The money can be accessed via a tax-free loan while the insured is alive or a tax-free death benefit when the insured passes away. In many ways, this is similar to making a Roth IRA contribution except for the fact that the contributions and distributions have a lot less restrictions associated.Another important benefit of and IUL is the fact that the cash-value can not be reduced by negative index performance. The cash-value CAN be reduced by fees, expenses, loan interest, cost of insurance, premium loads, and many other charges. However, one of things that will not cause the cash value to be reduced is the negative performance of the index allocation.It is important to be educated on all the pros and cons of putting money into and IUL policy before purchasing a contract. Talk to KFG professinal advisor to help you in exploring the different options, applying for different policies, navigating health underwriting with the carriers, and maintaining the policy after it is issued. Nonetheless, these insurance policies can be very advantageous if they are properly set up and used.

Watch the video below to learn more about life insurance living benefits.


Term Life Insurance With Living Benefits

  Term life insurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions. If the life insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is typically the least expensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis over a specific period of time. Term life insurance can be contrasted to permanent life insurance such as whole life, universal life, and variable universial life, which guarantee coverage at fixed premiums for the lifetime of the covered individual unless the policy is allowed to lapse. Term insurance is not generally used for estate planning needs or charitable giving strategies but is used for pure income replacement needs for an individual. Term insurance functions in a manner similar to most other types of insurance in that it satisfies claims against what is insured if the premiums are up to date and the contract has not expired and does not provide for a return of premium dollars if no claims are filed. As an example, auto insurance will satisfy claims against the insured in the event of an accident and a homeowner policy will satisfy claims against the home if it is damaged or destroyed, for example, by fire. Whether or not these events will occur is uncertain. If the policyholder discontinues coverage because he or she has sold the insured car or home, the insurance company will not refund the full premium.



What is an annuity? and how does it work?

 An annuity is a long-term contract you purchase from an insurance company. It is designed to help accumulate assets to provide income for retirement. Annuities do have limitations. If early withdrawals occur penalties may apply and earnings are taxable as ordinary income and may be subject to a 10% federal tax penalty if withdrawn prior to age 59½.

Watch the video below to learn more


Medicare Overview

Medicare Advantage Plans  include Part A and B coverage. Most include Part D and extra benefits.

  • Help pay for hospital costs, doctor visits, and other medical services
  • Have an out-of-pocket maximum that helps limit health care expenses
  • Typically provide additional benefits, like health and wellness benefits, that Original Medicare does not cover
  • Have plan premiums not based on age or health
  • Combine benefits and services in one plan
  • Come in several different forms:
    • Health Maintenance Organizations (HMOs)
    • Preferred Provider Organizations (PPOs)
    • Point of Service (POS)
    • Private Fee-For-Service (PFFS)
  • A specific type of Medicare Advantage Plan is a Special Needs Plan

HMO Plans

  • Feature single card convenience
  • Provide additional benefits and services not covered by Original Medicare
  • Often include Medicare prescription drug coverage (Part D)
  • Provide access to a local contracted network of doctors
  • Require a referral to see a specialist, in some plans

Special Needs Plans

Special Needs Plans have three basic types of plans designed for individuals in the following situations:

  • People eligible for both Medicare and Medicaid (state medical assistance)
  • People living in nursing homes, long-term care or assisted living facilities or people who are living in the community but require an equivalent level of care to those residing in a long-term facility
  • People who have one or more chronic conditions like diabetes, cardiovascular disorders, or chronic heart failure

Medicare Part D Plans

Medicare Part D Plans help cover the cost of the member's prescription drugs. Here are some of the main features of a Part D plan:

  • Provide help with the cost of prescription medications
  • Are only offered through private insurance companies
  • Are usually offered two ways:
    • As a standalone plan to add coverage to Original Medicare Parts A and B and to complement a Medicare Supplement plan
    • As part of a Medicare Advantage (Part C) Plan
  • Have a specific list of approved drugs they cover (called a formulary or drug list)

Medicare Supplement Plans

A Medicare Supplement plan (also known as “Medigap”) provides additional coverage beyond Original Medicare. Here are the main features these plans offer:

  • Help reduce or eliminate money paid out of pocket for care received (deductibles, co-pays and co-insurance)
  • Standardized plans that are identified by letters – A through N (Massachusetts, Minnesota and Wisconsin have their own standardized plans)
  • Are only offered through private insurance companies

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What is Long Term Care Insurance? And Who Needed?

Long-term care insurance (LTC or LTCI) is an insurance product that helps pay for the cost of long term care. Long-term care insurance covers care generally not covered by health insurance, Medicare, or Medicaid. Individuals who require long-term care are generally not sick in the traditional sense, but instead, are unable to perform two of the six activities of daily living (ADLs) such as dressing, bathing, eating, toileting, continence, transferring (getting in and out of a bed or chair), and walking. Age is not a determining factor in needing long-term care. About 70 percent of individuals over age 65 will require at least some type of long-term care services during their lifetime. About 40% of those receiving long-term care today are between 18 and 64. Once a change of health occurs, long-term care insurance may not be available. Early onset (before age 65) Alzheimer's and Parkinson's disease are rare but do occur. Long Term Care is an issue because people are living longer. As people age, many times they need help with everyday activities of daily living for require supervision due to memory problems. This impacts women even more since women live longer than men and many times, by default, they become caregivers to others.

Watch the video below to learn more about LTC

Next Important Step...

Call us so that we can you protect and enhance your life and your family's lives. We can also help seniors to leave a proper, lasting legacy, and exit this life with pride and dignity knowing that they were not a financial burden to their loved ones.