Life & Health Insurance

Accidents and illnesses can impact even the healthiest and safest people. Incidents affecting your health can occur without warning and may lead to significant hardship, including unexpected financial burdens. With that in mind, acquiring and maintaining a sufficient insurance portfolio capable of providing financial assistance in the aftermath of illness or injury is necessary. 

What Is Life Insurance? 
Life insurance provides critical resources for family members following the death of a loved one. Amid the grieving process, the last thing people should worry about is how they will pay bills and costs associated with their hardship. By having an adequate life insurance policy, your family can access funds to help pay for the following: 

• Funerals
• Burial expenses
• Outstanding debts
• Medical bills
• Administrative costs
• Estate taxes
• Lost income
• Types of Life Insurance 

Although life insurance comes in many forms, these policies can generally be classified as one of the following: 

• Term life insurance—These policies provide temporary coverage over a specific period of time. If the death of an insured occurs while coverage is active, beneficiaries can receive a payout. Conversely, if an insured dies after a policy has lapsed, no death benefit will be provided. This type of insurance may be a logical option for parents who want to maintain coverage until their children reach adulthood.
• Whole life insurance—This type of insurance, also known as permanent life insurance, maintains coverage throughout an insured’s entire life as long as premiums continue to be paid. Regardless of when death occurs, beneficiaries may be able to receive financial assistance. These policies may include various financial opportunities, including the ability to accrue cash value for the purposes of lowering premiums or making investments. 

What Is Health Insurance? 
While life insurance provides financial assistance to the beneficiaries of a deceased party, health insurance focuses on helping an insured pay for medical bills. By having health coverage, policyholders can reliably access various health care services, such as preventive care (e.g., checkups, vaccinations), hospitals and specialists. 

Health insurance comes in many forms that offer different levels of coverage for various needs. Some common types include: 

• Individual
• Family
• Group health
• Vision
• Dental
• Disability
• Long-term care (LTC) 

Most of these policies can be categorized as one of the following: 

• Fee-for-service—This type of health insurance generally includes higher costs for policyholders; however, in exchange, they will have the liberty to access a wider network of services.
• Managed care—These policies regulate the health care options available to policyholders but usually include lower premiums. Patients may require approval from their insurance provider before being admitted to a hospital or qualifying for a major operation. 

Who Needs Health Insurance? 
Even people in good health who maintain a safe and responsible lifestyle should still prioritize good health insurance. Without adequate coverage, unexpected circumstances or those beyond your control could have devastating ramifications for your health. Without sufficient coverage, the resulting out-of-pocket costs could also wreak havoc on your finances and have lasting consequences even after you recover. 

Protect Yourself With the Right Coverage 
At Blake Elliott Insurance, an integral part of our mission is helping individuals and families in the Tuolomne area protect their finances and futures with optimal insurance solutions. We will work with you to assess your coverage needs, explain your options and build policies at ideal prices. Contact us today to get started.

 

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