A life insurance policy is a contract with an insurance carrier. This contract states that in exchange for premium payments, the insurance provider will pay a lump sum to the beneficiaries upon an insured's death.
The three primary types of Life Insurance are:
• Term Life - Designed to provide financial protection for a period of time such as 10, 20, or 30 years.
• Universal Life - A type of permanent life insurance designed to provide lifetime coverage.
• Whole Life - A type of permanent life insurance. Usually more expensive but accumulates a cash value.
Health Insurance is a form of insurance coverage that pays for medical expenses. Whether that is basic doctors visits, surgical procedures, or prescription drugs, medical insurance is a solution for coverage.
Medical coverage payments are normally manged in two ways, direct payment to the provider and reimbursement to the insured.
With all of the various plan designs, deductibles, and in-network and out-of-network services, Heath insurance plans can be very tricky.