iStock_000021078001_MediumAs we grow older, there are many of us who think back and regret not doing certain things while we were young. There are activities or decisions that we can’t make now because it’s too late, or we don’t have the time or energy. I’m sure many of you are thinking about skydiving or some other thrill seeking adventure, but I’m talking about purchasing life insurance!

While the benefits of having life insurance in your 20’s may not be obvious to all, they are enough for you to consider buying a policy. So if you find yourself asking the question, “Should I Buy Life Insurance in My 20’s?” The answer is YES!

Cost

Similar to health insurance, life insurance premiums are less costly when you are younger, typically because you are less of a “risk.” When in your 20’s, you may be thinking that you don’t need life insurance now, you’ll wait until you get married, or start a family, or buy a house. While all of those are great reasons to get life insurance, you could be costing yourself a few hundred dollars or more per year in premium by waiting. The older you are when buying a policy, the more costly the premiums. Something important to note, many times you lock in that price for the rest of your life.

Health

Most consider younger people to be healthier. While that may not always be the case, insurance companies tend to reflect that outlook in price and requirements. Depending on the face amount, you may not have to go through the extensive physical in order to get insured. Many older people have to go through a full physical and sometimes can be denied coverage. However, if you apply for it early enough, there is a chance that you won’t have to be examined at all and still attain coverage.

Investment

When most people think of life insurance, I doubt they are thinking about it as a financial investment opportunity. But depending on the type of policy, that is exactly one of the benefits it can offer. Whole Life and Universal Life insurance policies are much like savings accounts that you can withdraw money from, essentially taking a loan from yourself.

Also, after a certain amount of time, you can withdraw all of the money without having to pay a penalty. Usually your money will earn an ROI after a certain amount of time. So unlike some life insurance policies, you won’t be putting your money into a “black hole.”

Situational

Every person’s situation is different. Which is why you should evaluate your life when making a decision to purchase life insurance. Being a young person in your 20’s, there is a chance that you don’t have as much disposable income as someone who is a bit more established in their career. Keep in mind that once you become more established, you may wish your younger self had purchased a policy so that you would be paying a lower premium later in life.

Maybe, you could be starting a family, in which case you definitely need life insurance. If you are having trouble deciding which route to go or how much coverage you need, call us. We are here to help!

For more information regarding what life insurance options are available to you, read our previous blog, “What Are My Life Insurance Options?“ If you are interested in purchasing life insurance, or have any questions, we’re here to help! Please contact us today at 954-828-1819 or visit mhginsurance.com. We have the insurance specialists to assist and advise you on the best coverage for you and your loved ones at every stage of life.

If you find yourself asking the question, “Should I Buy Life Insurance in My 20’s?” The answer is YES!

673304934Injuries are unpredictable, and most of us are not equipped or prepared for the implications they can bring. Have you ever lifted something heavy and strained your back? Or missed a step while walking down the stairs causing you to take a ride? That is sure to leave some bumps and bruises! Even worse is when those injuries or a serious illness forces you to miss work for an extended period of time. Health is wealth, and not being able to earn a wage and support yourself and/or your family because of an injury or illness can cause financial hardships. What if there were ways to protect yourself and/or your employees in the event that an unforeseen accident occurs, and they are unable to work? For those that are unaware of the mechanics of a disability income insurance plan, essentially it pays out when a person is unable to work because of a disabling injury or illness. Doesn’t that sound like music to your ears? Before you purchase a plan, there are some things you need to know. Disability insurance can have a variety of different features that you may need to review to see what may fit your needs best.

Structure

Short-term disability, or STD insurance, usually provides a benefit after an elimination period. The period can be as short as 0 to 14 days of being disabled. STD may pay benefits for up to two years, but many pay for three months to a year. Long-term disability insurance, or LTD, would have an elimination period of 30 to 720 days and pay benefits for a year to a lifetime. A benefit period of “To Age 65” is common, but with changing regulations this age could limit could increase as people are working until they are older. The LTD can be designed to start when the STD ends.

Cost

For those who are concerned with the cost of disability insurance, there are options for you. Group disability insurance can be a lower cost option than an individual plan because your employer would pay all or part of the premium. Many employers offer this benefit to their employees. When enrolling for a group plan, there can be 2 different options, contributory and noncontributory.

Contributory is when you sign-up and must contribute to the premium. As you may have guessed, noncontributory is when your employer covers 100% of the premium. Another reason that premiums may be lower for a group versus an individual is because the insurance company is able to spread their risk. Insuring a group of people is less risky than insuring one person. There are also fewer underwriting restrictions for a group than for an individual, partly because groups may have a favorable percentage of people who are considered “good risks.” Some of the price dictators that could affect the price of your premium include percentage of insured wage, the age you select until it stops payment, long-term or short-term, as well as the elimination period (the time between the accident or illness, to the time the plan begins to payout).

Benefits

The benefit of an individual disability policy is that it has “portability.” This means that you can take it with you even if you move or change employers. You can design it to your likes so that it fits all of your needs, such as determining the waiting period and the percentage of wages that it will pay. They can be very flexible. The benefit of an employer having a good disability plan for its employees is raising company morale. It’s proven that employees who feel like they are valued and taken care of will work harder and exercise more loyalty. Also, you will have the peace of mind knowing that if someone was injured or developed a serious illness, they will still receive compensation.

For more information on other benefits that could be available to your employees, read our previous blog, “Tips on How You Can Afford Health Insurance Benefits for Your Employees” MHG Insurance Brokers offer many different insurance solutions for many areas of business. If you are interested in purchasing a disability plan, health insurance, or life insurance, contact us at mhginsurance.com or call us at +1 954 828 1819. Our insurance specialists have the knowledge and experience to assist and guide you to the best coverage for your budget.

Before you purchase a disability plan, there are some things you need to know. Read more!

499211198Life insurance provides many valuable benefits. It can protect our assets, provide a way to make charitable contributions, and perhaps most importantly, it is the one way we can make sure our loved ones’ needs will be taken care of long after we are able to look after them ourselves. While most adults realize the importance of buying life insurance, lack of knowledge about the process may cause some to put off purchasing this essential coverage until it is too late. Purchasing life insurance may seem complicated, but, it doesn’t have to be. Read on to learn 5 things to know when buying life insurance:

What should I expect when buying life insurance?

You will need to determine your most important needs as well as any additional coverage you may wish to purchase. Many policies offer riders that may be of value for you, such as critical illness or disability. Expect to answer questions about your and your family’s health and medical history, and be certain to answer completely and truthfully because any falsehoods could disqualify you for coverage or invalidate your policy.

How much life insurance coverage do I need?

The amount of life insurance coverage you need is determined by many variables, and while coverage is important at every age, the amount you need will change over time. To determine the amount of coverage you need now, you should calculate what would be needed to clear your debts and care for your loved ones’ current, ongoing, and future needs. That will include replacing the income of a passing spouse or the value of services provided by a homemaker spouse, as well as medical and schooling expenses.

What type of life insurance should I buy?

There are two basic types of life insurance: term life insurance and cash value insurance. Term life insurance generally has lower premiums, but does not build up cash values that you can use in the future. Cash value life insurance, which includes whole life, universal life, and variable life, provides an investment or cash accumulation feature that can be used if needed. Most individuals find a mixture of policies is the best way to meet their coverage needs while keeping premiums at an affordable level.

When is the best time to buy life insurance?

The short answer is NOW! When you purchase a life insurance policy, you lock in premium rates for the length of the policy. Since rates increase as you age, as do the health problems that can make it difficult to qualify for coverage, you should purchase life insurance as early as possible.

Should I buy life insurance from an insurance agent or an insurance broker?

You should always buy life insurance from a professional insurance broker like MHG. An insurance agent works for a single company, while insurance brokers work with several insurance companies, so they can find you the best life insurance coverage for the lowest rates. While life insurance has become more complicated over the years, it has never been easier to purchase than now.

For more information on life insurance, be sure to read our previous blog, “Converting a Term Life Insurance Policy to a Whole Life Insurance Policy.” If you are interested in purchasing life insurance, or have any questions about your policy, or which policy would be best for you and your family, contact us at 954-828-1819 or visit us online at mhginsurance.com. We have the insurance specialists to assist and advise you on the best coverage for you and your loved ones at every stage of life.

Life insurance provides many valuable benefits. Read on to learn 5 things to know when buying life insurance.

Pink piggy bank with a dollar bill in the slotDid you know? About 250,000 Americans turn 65 each month, and many don’t feel financially prepared to retire. How is your retirement planning coming along? Are you on track to retire with the lifestyle you have gotten used to?

Studies show that many workers haven’t saved enough money to last them from the time they stop working through the rest of their lives. Part of the reason is the increase of life expectancy due to the advancement of medical technology and services. Many don’t account for the increased amount of medical costs that people experience as they climb in age, as well as the increase in the cost of living. No matter how much you are saving for retirement, it can never hurt to save more. You’ll thank yourself later.

Who Can Benefit?

Diversifying your retirement portfolio is important if you would like to reach your savings goals. A Universal Life insurance policy (UL) can act as another option for those looking to add to their portfolio in other ways than the stock market. It can work well for many; those who are looking for a long term savings option that is tax efficient, executives who would like to save more than the allotment of the company plan, or clients who are concerned with future tax rates and are looking for different options for tax free distributions in retirement.

What You Need to Know

You can invest more money into a Universal Life policy than you can in an IRA or 401-K, however there are still limits. The amount of your policy will determine your premium, which will then determine the window as to how much you can overfund. From there you can decide whether you would like to overfund the policy to invest money.

The Benefits

Some of the main benefits are tax-favored growth, asset protection, no penalty for distribution before age 59 ½, and a disability waiver. One of the great benefits of a Universal Life policy is that you can access your savings through a tax favored loan, essentially borrowing money from yourself. Other benefits include:

· Tax free withdrawals

· Additional retirement savings

· Accrue interest tax deferred

· Little to no market risk

· Death benefit

· Protected from creditors

The Fine Print

If you do happen to use the benefit of borrowing money from the policy, there is something you should know. If you were to pass away prematurely, the dollar amount that you owe will then be taken out of the death benefit before it is paid to your beneficiaries.

It’s important to note that we are not financial advisors. If you would like advice or guidance about your investment portfolio, please contact your financial advisor.

For more information on life insurance, be sure to read our previous blog, “Converting a Term Life Insurance Policy to a Whole Life Insurance Policy.” If you are interested in purchasing life insurance, or have any questions about your policy, or which policy would be best for you and your family, contact us at 954-828-1819 or visit us online at mhginsurance.com. We have the insurance specialists to assist and advise you on the best coverage for you and your loved ones at every stage of life.

How is your retirement planning coming along? Are you on track to retire with the lifestyle you have gotten used to?

Holding HandsAre you expecting to become a parent soon? If so, there are some important things you should be doing to prepare yourself. First and foremost, get as much sleep as you can! Secondly, sleep some more! In all seriousness, having a baby is one of life’s most magical moments, and being a parent can be one of the most fulfilling jobs you will ever have. It is also a huge responsibility, and there are many parts of your life that are about to change. With so many new things to plan for and prioritize, it can be overwhelming at times, and some things may slip your mind, such as insurance. So, we decided to create a reminder of things regarding insurance and a few others that you should be doing to get ready for this next step in your life.

Before the Baby

Before your new family member arrives, there are a few things to consider:

1. Selecting a doctor or midwife to perform the birth. This is an important step because you want to be as comfortable as possible during the delivery. It can be a very intimate and let’s be honest, painful experience, so being as comfortable as possible with whomever is performing the procedure will aid in your experience.

2. Figure out how much of the delivery will be covered by your insurance. Having a baby is expensive. Many times, it can be the one of the most expensive health related events that you will experience. If you are planning on starting a family, it is a clever idea to contact your insurance carrier, as well as review your policy documents to prepare for what the costs will be. Similarly, if you have just become pregnant, it may be a good idea to let your insurance carrier know you are having a baby, and figuring out the costs involved as well as what the next step will be.

3. Select a pediatrician that is in network. Having a pediatrician that you trust and you are comfortable with should be a top priority. Also, it’s important to choose one that is in your insurance network. Children are in and out of the doctor when they are young, partly because their immune systems are still developing, but also because there are many check-ups and immunizations they must receive. Selecting an out of network provider is your choice, but it will certainly cost you more.

After the Baby Arrives                

Once your newborn has arrived, there are some tasks that should be completed, as well as some things to know that may help you save a few bucks.

1. Add your baby to your health insurance plan. You would think that after all the medical bills and doctor visits for your pregnancy, that your insurance company would know to add your new baby to your plan, however in most cases you need to contact them to do so. The good news is under the Affordable Care Act, having a child is one of the qualifying life events that can afford you the opportunity to get an ACA compliant plan, if you do not have coverage already.

2. Claim tax credit. For those that don’t know, the IRS allows taxpayers to claim the Child Tax Credit for children under the age of 17 if your adjusted gross income falls below a certain amount. What this means is a potential reduction in your premium if you qualify and take advantage of the tax credits on the marketplace plans. Also, you now have a dependent that you can claim on your taxes which may also give you some tax breaks or returns. Don’t forget to update your W4!

Preparing for the Future

Having a child is a huge responsibility, both financially and time wise. A child can also give you a reason to start planning the future if you haven’t already.

1. Purchase a life insurance policy. Having life insurance should be a top priority when becoming a parent. Making sure your child will be taken care of financially should be a responsibility all parents take advantage of. After all, life is fragile, and can be taken from you without a moment’s notice. If something were to ever happen to you what would happen to your child? That’s a question every parent should be able to answer. 

2. Make a will. Making a will can fall in the same uncomfortable category as life insurance. However, when a child is in the picture, it should be a must. If there is anything you want to leave to your child, or things you want others to have instead of your child, a will is the way to go. It must be obeyed by law, so be sure to name a trustee that is close and who you trust to manage any property on behalf of your minor children.

3. Start saving for college/university. A four-year degree is getting more and more expensive these days, and it is almost a necessity to have secondary education to land a good job. Our advice, start saving now, or as early as possible. There are a plethora of different saving options you can use from savings bonds, to different savings accounts, even prepaid state college/university plans.

MHG is here to assist you and offer any advice and help we can in this exciting time in your life. If you are interested in purchasing health insurance, life insurance, or have any questions please contact us today at 954 828 1819 or visit mhginsurance.com. We have the insurance specialists to guide and assist you in finding the best insurance options for you, your family, and loved ones.

Are you expecting to become a parent soon? If so, there are some important things you should be doing to prepare yourself.

female medicine doctor measuring blood pressureThe Affordable Care Act has brought a lot of changes in the health insurance industry. Depending on who you talk to some of these changes can be good or bad. One thing that is usually universally agreed upon as a positive change is that insurance companies are no longer allowed to deny you coverage if you have a pre-existing condition. Another positive is that ACA compliant plans offer fully covered preventive care! Health is wealth, and taking preventive actions to ensure that you stay healthy is the best way avoid an illness or an issue. Also it is important to note that preventive services will only be fully covered when seeing a doctor or medical provider that is in your plan’s network.

What is preventive care?

Preventive care is typically a procedure that is done to detect or prevent an illness or condition. Preventive health care can be anything from screening for diseases such as diabetes to screenings and counseling for alcohol misuse and tobacco use.

Breakdown

Preventive care is typically broken down into three groups, adults, women, and children. Depending on your age and/or gender, different procedures can be termed preventive care. For example, children have certain screenings to test for conditions that aren’t needed as an adult, such as an autism screening. Further, while adults are able to be covered for certain preventive services, women may need more coverage than men for procedures such as a mammogram. For more information on what procedures are deemed preventive care for each group, visit HealthCare.gov.

Why is preventive care important?

Just because you feel 100% healthy, doesn’t mean that you shouldn’t be taking advantage of regular check-ups. Part of staying healthy is catching issues before they arise or early enough to correct them. There are many conditions that don’t offer any symptoms such as high blood pressure or high cholesterol. The only way to see if they are at healthy levels is to check them regularly. We can’t stress enough that everyone should be using preventive care!

Some things to be aware of

While receiving preventive care should be free thanks to the Affordable Care Act, there are some things you should still be aware of. First, if something is found during your screening, any treatment you receive to help your condition won’t be “free”. You will be required to pay for further treatments according to your insurance plan. Also, there must be a valid reason to receive fully covered preventive services. You either must be due for one, like women 40 and over receiving a mammogram every 1-2 years (per HealthCare.gov), or a doctor must prescribe it.

For more information about job based benefits, read our previous blog, “What You Need to Know about Company Sponsored Insurance Benefits”. Sometimes there are things in your plan that you don’t understand, or words that you have never heard before. Your well-being is important to us, and part of that is making sure you are properly taken care of. Our insurance specialists have the knowledge and experience to assist and guide you, your family, or group to the best coverage for your budget. If you are interested in purchasing a disability plan, health insurance, or life insurance, contact us at mhginsurance.com or call us at +1 954 828 1819.

How the Affordable Care Act addresses prevetive care.

Unrecognizable senior signing a contract with help of financial advisor.Having the proper life insurance policy is very important in order to protect loved ones in the event of an unexpected tragedy. A difficult part is deciding what the proper life insurance policy is for you. While at one point in your life, term life insurance made sense, now it may seem like it isn't the best option. Maybe at this point in time, having a permanent life insurance policy is a better option. If you find yourself in this dilemma, the following may help you make a decision on whether or not you should convert your term life insurance policy into a whole life insurance policy.

Is it Convertible?

Before you consider converting your term life policy to a whole life policy, you must first find out if it is convertible. Depending on the policy, there is a chance that you will not be able to convert to a whole life plan. If it is an older policy, it is more likely unconvertible as newer policies are more flexible to make changes.

Have You Developed an Illness?

Have you developed an illness that may be life threatening at some point? If so, most insurance companies will deny you coverage due to a pre-existing condition. Most insurance companies do not provide coverage for those with a pre-existing condition because the risk is too high. If you had a term life policy, you would be able to convert it to a whole life policy where the benefit never expires because you had already been insured. This is a way to get continued coverage if you have developed a condition that will make life insurance a necessity in the future.

Would You Like More Time?

When many people purchase a term life insurance plan, they make a decision on the number of years they would like to be covered, maybe 15 or 20 years to cover a child until they are an adult. However, life is full of surprises, and what you once thought was the right amount of years has turned out to be too short of time. Maybe you had more children, or have new dependents. You also could have new debt that you want to cover in the event something happens to you. If that is the case, converting to a whole life policy is crucial as the policy doesn't end until it is cancelled, or the policy holder passes away.

Want to Build Cash Value?

A term policy and a whole life policy can be compared to renting and owning. A term policy often costs less than a whole life policy, however you only have coverage for a limited period of time, like renting an apartment. A whole life policy lasts as long as you would like it to last, and the money that you use to pay for it will collect and build a cash value or become an asset, much like buying a house. Another benefit is that after a certain amount of time, you can take out a loan from your whole life policy, essentially borrowing money from yourself.

For more information regarding what life insurance options are available to you, read our previous blog, “What Are My Life Insurance Options?“ Whether you are purchasing life insurance for the first time, looking for better coverage or are interested in learning more about other types of insurance available to you, we can help! Visit our website at www.mhginsurance.com or speak with an Insurance Specialist at 954 828 1819.

While at one point in your life, term life insurance made sense, now it may seem like it isn't the best option. Read more!

524554872Do you have Life Insurance? Do you ever wonder what will happen to your family if anything ever happens to you? If you do have Life Insurance, you don’t need to ask yourself questions like that. The problem is not everyone has life insurance. Many don’t even see it as an option because they think it is too expensive. However, that isn’t the case. There are plenty of ways to secure your family without going broke.  

What are my Options?

There are two types of Life Insurance, Temporary and Permanent. Temporary Life Insurance covers you for a period of time such as 5 years, 10 years, etc. If you should pass away within the term, your beneficiary will receive the death benefit. Permanent Life Insurance covers you for your entire life. So no matter when you should pass away, your beneficiary will receive the death benefit. Also, for either type of life insurance, the death benefit will pass to your beneficiaries income tax free.

Permanent Life Insurance

Permanent Life Insurance covers you for your whole life. You should purchase Permanent Life Insurance if you have a life-long dependent, or have an estate or business to protect. In some permanent plans, your money may collect in an account, and after a number of years, you may be able withdraw money, borrow cash, or surrender the policy and receive the surrendering value.

Temporary Life Insurance                         

Temporary Life Insurance, also known as Term Life Insurance, is a good option if you would like to have coverage for a certain period of time. Usually an individual will have this coverage during the most vulnerable time of their life. For instance, until the kids are grown and graduated from college, or your house has been paid off. Many times, the premiums are lower than the premiums of a permanent life insurance plan. The only downfall of this type of plan is that once the term is over, IT’S OVER. You may be able to renew your plan once it expires, but your premiums may increase because you will be older than when you purchased your prior plan.

Not Going Broke

“So how do I purchase Life Insurance without going broke?” First off, there are a number of factors to determine which plan is right for you and which plan you can afford. But in general terms, the route to go would be purchasing a Temporary Life Insurance policy. As stated before, the premiums generally are less money than those of a permanent policy, and you and your family or dependents will also be protected during the length of the term.

Not for Everyone          

Buying Life Insurance is not for everyone. There may be no need to purchase it if you don’t have any dependents and enough assets to cover your debt and the cost of dying. Death can very expensive, having to pay for the funeral, estate lawyer’s fees, etc. So if you are unsure about the need to purchase a Life Insurance Plan, or would like to purchase one, please contact us. We would be happy to assist you with all of your questions and concerns.

Call MHG Insurance Brokers today at 954-828-1819 or visit us online at mhginsurance.com for help in selecting Life Insurance and other coverage to ensure you and your loved ones have the protection you need at every stage of life.

Do you have Life Insurance? Do you ever wonder what will happen to your family if anything ever happens to you? Read more!

618196156Employers today are faced with a challenging task as they try to balance the need to contain rising health care costs with their responsibility to provide their employees with affordable coverage. While plans with higher deductibles and/or higher copays can effectively keep health care costs in check, conscientious employers may be concerned that these plans will leave their employees facing financial burdens they will be unable to meet. Gap insurance plans give employers a way to provide their employees with a financial safety net. If your company is considering adding a high deductible and/or high copay plan to your coverage offerings, it may be time for you to investigate gap insurance benefits more closely. To aid you in your task, we provide the following answers to common questions about gap insurance and the benefits it provides.

Gap insurance, or Supplemental Limited Benefit Medical Expense Insurance as it is more formally known, is a benefit that helps to cover the exposure that your employees have until their deductible or out-of-pocket maximum is satisfied. For employees who have relatively low deductible and copay amounts, gap insurance is unnecessary. When out of pocket maximums are higher than employees can comfortably manage, however, gap insurance is a necessary protection that can keep them from financial disaster. The majority of workers who choose a high deductible, high copay plan have an out of pocket maximum over $2,500. This can cause an insurmountable financial hardship for many employees and their families unless they have gap insurance to cushion the blow.

How does gap insurance work?

Gap insurance may be used to coordinate benefits with your employees’ primary insurance for inpatient, outpatient, and physician services. Benefits may be paid to the medical provider or directly to your insured employee, depending on the plan you choose. Premiums for gap insurance plans vary, according to the specific benefits you choose, but they are generally low enough that the combination of primary insurance and gap insurance will be less expensive compared to primary insurance with a lower deductible.

What specific benefits does gap insurance provide?

The specific coverage that most gap insurance plans provide is separated into three categories:

  • Inpatient services that are covered by gap insurance benefits include hospital stays, inpatient surgeries, and physician’s in-hospital charges. Gap insurance pays inpatient benefits of up to $10,000 per confinement.
  • Outpatient Coverage Surgery, diagnostic exams, and other outpatient treatment of injury and sickness is covered, provided the service is performed in a hospital, outpatient surgical or emergency facility, a diagnostic testing treatment facility, or similar facility licensed to provide outpatient treatment. Some gap plans include coverage of outpatient radiation and chemotherapy. Gap plans can pay outpatient benefits depending on the particular plan you choose for your employees.
  • Physician office treatment coverage, is included in some gap insurance plans. Gap insurance plans that include physician office treatment coverage generally pay $25 or $50 per visit to the doctor.

Selecting the right health insurance plan for your employees can be a difficult task, but the experienced insurance brokers at MHG are glad to help you sort through the terminology and key features to determine the best group health insurance plan for your business to offer. Our Insurance Specialists will help you assemble a complete insurance offering that includes health insurance, gap insurance coverage, life insurance, disability, and more. Call us today at 954-828-1819 or visit us online at mhginsurance.com for help in selecting the ideal group health insurance plan options for your employees.

Gap insurance plans give employers a way to provide their employees with a financial safety net. Read more!

475871202Do you have Life Insurance? It’s a question that many don’t want to think about for obvious reasons. Some believe that Life Insurance isn’t a priority because they procrastinate, or are waiting until a life changing event that will motivate them purchase a policy. It’s a fact, the benefits that a good life insurance policy can supply your family and loved ones are too good to pass up. Many people have life insurance and believe that they have coverage until the day they die. However, in some circumstances that is not the case, and it’s not because your term life policy expired. So maybe a better question would be, do you have International Life Insurance?

Do I have international coverage?

Many people do not know that their life insurance policy will not continue to offer them coverage if they happen to move to a new country. Typically, if you are in a foreign country for 3 or more months, your life insurance will not offer the coverage that you have been paying for. This is part of the “small print” that many may not know about. So if you are a world traveler, or hope to move to a foreign country one day, or are an expat who looks to settle down back home when you are done with your career abroad, it may be smart to look at your policy and see if you are covered.

Does international coverage exist?

There are several life insurance options that offer international coverage, and will pay the death benefit for expats or others who unthinkably pass while not in their home country. I know you’re wondering if having international coverage makes your premiums more expensive, but in many cases the premiums are in the same ball park as life insurance policies that don’t have international coverage, sometimes even less! Usually the only thing that will affect your premium is the policy amount, your age, and any health problems you may have.

Do I need international coverage?

As I stated earlier, having Life Insurance should be a priority for everyone. If being away from your home country or the country where your life insurance policy was purchased for an extended period of time applies to you, then international life insurance should be a priority. Deciding if you need the extra coverage is the easy part, now comes what type of policy is right for you!

There are many things to take into consideration when making the decision of which type of policy is best for you, your family, or loved ones. For help trying to figure out how you can save money on your life insurance policy, read our previous blog, “Life Insurance Money Saving Tips”. Are you interested in purchasing Life Insurance or International Life Insurance? Would you like some more information regarding Life Insurance options that are available to you? Would you like to ask some questions to a Life Insurance expert? If the answer to any of these questions is yes, please contact us 954-828-1819 or visit us online at mhginsurance.com and talk to one of our insurance specialists for help in selecting Life Insurance and other coverage to ensure that you and your loved ones have the protection you need at every stage of life.

Do you have Life Insurance? Maybe a better question would be, do you have International Life Insurance?