Insurance and Risk Management
SB Financial Services
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Choosing the right life insurance plan can be complicated when doing it on your own. Allow our team to create a custom solution that fits your needs. We know how important your loved ones are and that you want to protect them, we are here to help!
Life Insurance Types
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A term life insurance policy is the simplest, purest form of life insurance: You pay a premium for a period – typically between 10 and 30 years – and if you die during that time a cash benefit is paid to your family (or anyone else you name as your beneficiary).
- Guaranteed death benefit: Yes,
- Initial cost: Typically, lower than whole life
- Permanent coverage: No
- Length of coverage: Typically, 10 – 30 years
Whole life insurance provides coverage for the life of the insured, provided required premiums are paid, or to the maturity date. In addition to paying a death benefit, whole life insurance also contains a savings component in which cash value may accumulate.
These policies are also known as “permanent” or “traditional” life insurance.
Universal life (UL) insurance is permanent life insurance with an investment savings element and low premiums that are like those of term life insurance.Variable universal life (VUL) is a type of permanent life insurance policy with a built-in savings component that allows for the investment of the cash value. Like standard universal life insurance, the premium is flexible.
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Other Types of Insurance:
- Long-Term Care (LTC) insurance is coverage that provides nursing-home care, home-health care, and personal or adult daycare for individuals age 65 or older or with a chronic or disabling condition that needs constant supervision. LTC insurance offers more flexibility and options than many public assistance programs, such as Medicaid. Check out our Long Term Care Calculators.
- Medicare Supplement Insurance 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. A Medicare Supplement Insurance (Medigap) policy may help pay some of the remaining health care costs, like: Copayments, Coinsurance, Deductibles
- Medicare Advantage Plans, sometimes called "Part C" or "MA Plans," are an “all in one” alternative to Original Medicare. ... These "bundled" plans include Medicare Part A (Hospital Insurance) and Medicare Part B (Medical Insurance), and usually Medicare drug coverage (Part D).