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HEALTH INSURANCE

It’s essential that you have health insurance for you and your family.

Even if you’re healthy now, sooner or later there will come a time when you will need Health insurance. Not having Health Insurance when you need it can result in large amounts of debt and bad credit ratings. More than 60 percent of bankruptcies in the United States are the result of medical bills. Sadly, if you’re self-employed, you could be one major illness away from bankruptcy or losing your business.

Sure it may seem easy to find an agent who will offer you cheap Health Insurance, but here’s the thing, health coverage isn’t cheap if it doesn’t cover your expenses when you need it most.  When you’re sick or injured is no time to find out what your plan really covers.

If at all possible, avoid policies with any pre-existing conditions. If you can’t locate one without any waiting period, at least get one with a minimal period.  Group plans are often written so that you can still qualify even if you have a pre-existing condition.

Another important consideration when choosing a Health Insurance plan is the amount of deductible you are willing to pay.  Some people may prefer a lower deductible but this may not be the wisest choice. Perhaps you should actually strive to get a higher deductible as it may help you save money. It’s a great idea to check the price difference between a low deductible and a high deductible.

Finding the right Health Insurance in today’s marketplace can be confusing.  If you are one of the millions of Americans who buys their own Individual or Group health coverage, Alamo Insurance Services, Inc. can help you choose a plan that’s right for you.

LIFE INSURANCE 

TERM INSURANCE

Term insurance is the least expensive pure life insurance coverage available.  It provides protection for a specified period of time. This period could be as short as one year or provide coverage for a specific number of years such as 5, 10, 20 years or to a specified age. If you die during the term period, the company will pay the face amount of the policy to your beneficiary. If you live beyond the term period you had selected, no benefit is payable. 

Term Insurance is often sold as mortgage protection with the amount of insurance decreasing as the balance of the mortgage decreases. If the insured dies the proceeds of the policy can be used to pay off the mortgage.  Generally, term policies do not have a savings element or cash value and may be “convertible” to a permanent plan of insurance. 

PERMANENT INSURANCE (Whole Life or Ordinary Life)

Permanent insurance is designed to provide coverage for your entire lifetime. Under some policies, premiums are required to be paid for a set number of years. Under other policies, premiums are paid throughout the policy holder’s lifetime. This type of policy, which is sometimes called cash value life insurance, generates a savings element.

Cash values are critical to a permanent life insurance policy. The size of the cash value build-up differs from company to company. It is the cash value of the policy that can be accessed while the policyholder is still alive.

The policy’s essential elements consist of the premium payable each year, the death benefits payable to the beneficiary and the cash surrender value the policyholder would receive if the policy is surrendered prior to death. You may make a loan against the cash value of the policy at a determined rate of interest, any outstanding loans, if not repaid, will reduce the death benefit.

Alamo Insurance Services, Inc. can help you choose the right Life and Health Insurance coverage for you and your Family or Business. 

 

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