LIFE INSURANCE,

DISABILITY, EXTENDED CARE & ANNUITIES

https://advisors.massmutual.com/sheila-h-ross

Life insurance is a crucial step in planning for your future and the future of your loved ones.

It's not just for the adult but a child should have a policy.  There is medical underwriting.  The younger the age when the plan is purchased, the lower the premium.

  • Term Life Insurance provides life insurance protection for a specified period of time. Term life is sometimes convertible to permanent coverage, providing you with flexibility as your needs change. Premiums can adjust based upon age. Level premium plans are also available.

  • Whole Life Insurance is a form of permanent life insurance that remains in force for your entire lifetime, provided premiums are paid as specified in the policy. Premiums are fixed based upon the age you purchase the plan. These can be tax-free to heirs and are an excellent retirement product in a retirement portfolio.

  • Universal Life Insurance is a form of permanent life insurance characterized by its flexible premiums, face amounts and unbundled pricing structure. The savings element -  premiums and death benefit can be reviewed and possibly altered as a policyholder’s circumstances change. Depending upon the structure of the universal life plan, typically the premium adjusts based upon age (excludes single premium plans).

  • Single Premium Life hybrid plans vary.  Issue ages can be 40-85 years. They are designed for consumers seeking to protect their assets from depletion due to the potentially overwhelming costs of long-term care. They can combine a death benefit Life with accelerated benefits for long-term care.

 

  • Disability  insurance can be misunderstood.  A Group plan may not calculate bonus and commission income that a family relies upon. You may want to add disability in this situation or if you are a self-employed or small business owner.

  • Long Term Care Plans can play a significant role in your overall financial strategy and can help protect retirement income and assets should you need long-term care services in the future. It may help you obtain quality care and improve the range of caregiver options.

  • Annuity Plans can  vary in structure and may offer guarantee income payments as long as one lives; or a single premium fixed deferred annuity with a number of interest rate guarantees/surrender periods to choose from; or a deferred annuity that provides the flexibility to invest multiple premiums. Issue ages can vary depending upon type of annuity and whether it is non-taxed qualified or tax qualified.