For when you move to another plain:
Temporary life insurance that is geared towards young people and people with a limited budget. It can be converted to permanent life policies that build cash value.
Offers the highest death benefits on average than other policies. There is no premium payment flexibility and the cash value of Whole Life policies, on average, perform worse than other life policies. The policy can use its cash value to pay for premiums. Tax-free withdrawals and accelerated death benefits are built-in features.
Offers flexible payment options and aggressive growth of cash value, however, the death benefits on average are lower than whole life policies. This is geared towards younger people with unstable income streams. Policyholders can take tax-free cash withdrawals as well as loans against the policy value. The cash value of the policy can also be used to pay for the premiums, so the policy does not lapse due to non-payment.
When Medicaid pays for an individual's long-term-care, their assets are open to estate recovery by the federal government. Therefore, it is vital for people who want to protect the wealth they want to transfer to their beneficiaries after passing away to purchase LTC insurance. LTC is an available rider on many life insurance policies. You can read an in-depth analysis about how long-term care insurance offers asset protection by clicking here.
A type of whole life policy that insures up to $35,000 in coverage and some carriers may not require a medical exam. Funds can be used to pay for funeral expense as well as any other related expenses such as family members traveling to attend the funeral.
Pays out $10-50k upon initial diagnosis of any cancer and at any stage. Some carriers only requires a few questions to qualify and have few restrictions.
It’s all about insurability and locking in a rate when it is at its lowest. The policy will have guaranteed values by the time the child turns 18 and will guarantee the child with protection in case the child become uninsurable in their adult life.
For when you get sick:
Health insurance for businesses. The employer gets to pick their metal tier and the percentage of their contribution (minimum of 50%). The company must have at least one W-2 employee, not including the business owner or their spouse, and up to 100 FTE (full-time equivalent) employees at the time of enrollment.
Also known as catastrophic coverage. The out-of-pocket maximum for individuals is $9,100 and for families is $18,200 (for 2023). Emergency room physician fees are waived in emergencies, as are prenatal care and the first 3 preventive care visits. After that, nothing is covered, until plan deductible is met.
Prescription drugs have out of pocket maximums of $250 per script for all plans except Bronze and Catastrophic plans. These plans cover 40% of drug costs up to $500 per script after drug deductible is met except for generic drugs which are capped at $15 per script.
Silver plans have three tiers within their metal category. This is designated for those earning 100-250% of the Federal Poverty line. The categories have different maximum out-of-pocket (MOOP) as well as medical and pharmacy deductibles.
Has no medical or pharmacy deductibles which means you are sharing cost from the first dollar you spend on healthcare costs. 80/20 is the average annual cost share.
Has no medical or pharmacy deductibles and its out-of-pocket maximums are significantly lower than those of Gold plans.
For when your health needs extra attention:
Also known as Medigap, this product is the "Cadillac" of healthcare policies. It covers Medicare Part A and Part B, however, it will not offer additional benefits such as dental, vision, or hearing. Guaranteed Issue Rights are important to take note of with Medicare Supplement plans. A standalone Part D (Prescription Medication or PDP) will have to be purchased separately. Specular Financial is contracted with multiple Medicare carriers, and can compare rates among the top companies. Stable premiums are vital because policy premiums that become unaffordable leave the enrollee no choice but to either pay that higher premium or apply for a Medicare Advantage plan if the enrollee's health renders them unable qualify for another Supplement Plan.
Covers benefits offered under Medicare Part A and Part B, but will also offer additional benefits such as massage therapy, dental, and vision. MA-PD plans also offer prescription drug coverage. Click here to read about how Medicare Advantage and Medigap plans compare with one another. It is important to speak with a us to find the most suitable plan for you because there is an average of 39 Medicare Advantage Plan and 23 PDP plans to choose from in each area.
Stand-alone prescription drug plans, or Part D Medicare, are purchased with Medicare Supplement plans and cannot be purchased with MA-Only plans. Enrollees may qualify for LIS or Low Income Subsidy to pay for their Part D premiums. There is a penalty for late enrollment, therefore Medicare chooses a plan for the beneficiary if the beneficiary fails to enroll during a specific time after becoming eligible for Part D.
For when you want to retire:
Offers a guaranteed interest rate which is usually low. During the accumulation period, you can take cash withdrawals that are penalty free as long as a certain percentage of the account value (usually 10%) is not exceeded. There are options for deferred and immediate annuitization. You can choose a life-time payout or “period certain”. In the case of period certain, if the annuitant dies before the period ends, the beneficiary is paid the remainder of the payments.
Indexed annuities provide a percentage of the market gains and protects from loss of principal investment if the market loses value in a downturn. It also provides the option to lock-in gains on a periodic basis and increase the amount of principal that will not be affected in a downturn. In some instances, clients can receive a bonus on their annuity principal depending on how much money is deposited and kept in the account. You can read an in-depth analysis about index funds and annuities by clicking here.
For when you want more benefits and more savings:
Stand-alone dental plans are generous and we represent reputable companies such as Aetna, Anthem Blue Cross Blue Shield, Blue Shield of California, Delta Dental, Humana, and United Healthcare. The plans we offer cover services from preventive care such as dental fillings and dental cleanings, to major dental work such as orthodontia, crowns, roots canals, and dentures. To understand why dental plans are becoming generous, you have to understand how dental health is related to heart health, and its impact for the beneficiary and the tax payer.
Our stand-alone vision plans are comprehensive and affordable. Specular Financial is contracted with multiple companies that are dedicated in providing their customers with checkups and benefits for frames as well as contact lenses to protect their windows to the soul.
Riders are additional features that add value to your life insurance policy, such as inflation riders which protect your policy value against inflation, long-term care rider, guaranteed insurability rider, and return of premium rider.