Tips for Selecting the Right Health insurance Plan for Your Small GroupChoosing a health insurance plan for your small group or company is a weighty responsibility. Whether you are purchasing benefits for the first time or already have a group benefit plan in place and are looking for a more affordable alternative, your number one priority is keeping your employees safe and healthy. Since the decisions you make can have a profound effect on the physical and financial well-being of your employees, your co-workers, and yourself, the Insurance Specialists at MHG Insurance Brokers have provided these five tips for selecting the right health insurance plan for your small group in hopes of making your task a little easier.

  1. Pick an insurance carrier that is widely accepted.

    Recently carriers have introduced limited networks that are accepted by very few providers. Protect your employees by staying away from plans with names that include words like “Select”.

  2. Include plans with various prices and benefit levels.

     Plans with higher deductibles have lower premiums, making them more affordable. Since your employees have different financial circumstances, be certain to include a plan that includes copays for physician visits, prescriptions, urgent care, and emergency room visits (if possible).

  3. Understand the difference between copays and coinsurance.

    Copays are a fixed dollar amount, while coinsurance is in the form of a percentage.

  4. Verify what each plan includes in the out of pocket maximum.

    For plans purchased from 2014 onward, the out of pocket maximum includes the deductible, copays, coinsurance, and prescriptions. Some of these may have been excluded in previous years and on current plans that were purchased prior to 2014.

  5. Make sure your employees understand HMOs, PPOs, and POS plans.

    These plans have similar benefits, but some distinct differences greatly affect coverage. The key differences are as follows:

    1. HMO plans require that the members use in network providers only.

      Generally less expensive than similar PPO or POS plans, HMOs require members to select a Primary Care Physician (PCP); before members can see a Specialist, they must get a referral from their PCP. In recent years, Open Access HMOs that do not require PCP selection or referrals have become more prevalent. HMO benefits are restricted to a particular geographic region.

    2. POS plans are HMO derivatives that include out of network benefits.

      POS plans resemble HMOs for in-network services; services received outside of the network are usually reimbursed based on a fee schedule, or what is considered to be reasonable and customary charges.

    3. PPO plans have in and out of network benefits.

      Referrals are never required with a PPO. Members have the option of seeing any doctor they choose, although benefits paid for visits to out of network doctors can be considerably lower.

    4. HSA (Health Savings Accounts) work with HDHP (High Deductible Health Plans) but generally do not pay benefits until the plan deductible is met.

      Once the deductible is met, members usually do not have copays for routine benefits like physicians’ visits, prescriptions, etc.
Selecting the right health insurance plan for your business is an important responsibility. The experienced insurance brokers at MHG will help you sort through the terminology and key features to determine the best group health insurance plan for your business, taking into account your employees’ circumstances, coverage requirements, and budgets. MHG Insurance Brokers offers a wide range of insurance coverage for businesses and individuals including disability insurance, life insurance, travel insurance, and more. 

Call MHG Insurance Brokers today at 954-828-1819 or visit us online at mhginsurance.com for help in selecting the ideal group health insurance policies for your business.

Tips for Selecting the Right Health insurance Plan for Your Small Group (US Life & Health)

Will My Health Insurance Plan Cover Me InternationallyAccidents and injuries can occur at any time, leaving you in need of skilled medical care. If a medical emergency transpires when you are at home, your health insurance may provide the full range of needed benefits, but most insurance policies have different rules that apply to international travel. Since having the proper insurance coverage can make the difference between an easily managed situation and a medical and financial nightmare, before you head off on an overseas vacation or business trip, you first must find out, “Will my health insurance plan cover me internationally?” 

 

Many US health insurance plans do not include international coverage. 

While there are exceptions to this rule, it is likely that your US Health Insurance plan’s coverage does not extend to countries outside the US. The plans that do include international coverage tend to have limited networks, which causes them to work much less effectively. You will also probably have to pay all associated costs upfront before you can receive treatment, draining your financial resources when you are far from home. Before leaving on your trip, contact your insurance company to see if your plan does offer international coverage.

Medicare does not provide coverage outside the US. 

If you are an American senior whose only source of coverage is Medicare, you effectively have no health insurance benefits outside the U.S. Travel insurance plans are available to the senior market; however, they have a cap of $10,000 in coverage. 

Travel insurance is affordable. 

The insurance experts at MHG Insurance Brokers can provide you with plan options from several different insurance companies containing the medical benefits that you need for traveling abroad. International medical insurance plans are available that offer coverage for as little as five days to as long as three years, with deductibles that range from $0 to $25,000 to fit every budget. With a travel insurance plan from one of our designated carriers, you and your family will gain the peace of mind that comes from knowing you are protected in case of emergency. 

The application process for travel insurance is quick and easy. 

Enrollment in the travel insurance plans MHG Insurance Brokers offers is surprisingly fast and easy. You can apply right online, and same day coverage is available. 

Travel insurance offers an important benefit for European travelers

If you are a European traveling with your European Health Insurance Card (EHIC), you may be eligible for free or reduced medical care for an accident or illness within the 28 EU countries plus Iceland, Lichtenstein, Norway and Switzerland, but you are still lacking an essential benefit. In the case of a serious illness or injury, the costs of getting you home can be very substantial and these are not covered by the normal social system cover / EHIC. MHG Insurance Brokers can match you with medical evacuation insurance that covers the cost of your medical repatriation, so you can be returned to your home country without having to incur a sizable expense. 

Before heading out on your vacation, make certain you and your loved ones are covered in the case of unexpected illness or injury. MHG Insurance Brokers can advise you on the best selection of travel health insurance, trip cancellation insurance, and other plans to ensure your coverage matches your itinerary, coverage, and deductible needs. 

Call MHG Insurance Brokers at +1 954-828-1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com to enjoy the peace of mind that comes from knowing you and your loved ones are fully protected no matter where you roam!

Will My Health Insurance Plan Cover Me Internationally?

Top Reasons to Consider Buying Life Insurance After 60Now that you are over 60, you may not think that you have a further need for life insurance. After all, your family is grown and you have safely accumulated sufficient assets to enjoy a comfortable retirement. The volatility of the market over the last few years, however, has taught us that few assets are ever truly safe. Now that your family is grown, it is time to look at life insurance differently: as the way to leave a lasting, loving legacy that will protect the people and purposes that are important to you. Some of the top reasons to consider buying life insurance after 60 include:


Asset Protection 

You have worked a lifetime to ensure you can have a comfortable retirement. Life insurance can protect your assets from the volatility of the market, and if you choose, you can decide to receive dividends as a tax-free source of supplemental retirement income or wholly or partially annuitize your cash surrender value to provide additional guaranteed lifetime income. You always have the option of accessing the cash surrender value of your policy, if needed as a source of emergency funds during life. 

Family Support

With life insurance in place, you can rest easy in the comfort of knowing that funds will always be in place to take care of your loved ones. Life insurance funds can be used to offset loss of retirement income to your spouse at death, or provide for the care of a disabled family member. 

Family Legacy

With life insurance in place, you can spend your money enjoying your retirement and still leave a generous legacy to your children and grandchildren. Life insurance adds flexibility to your estate plan, giving you the funds to balance uneven distributions of property or business interests to your children, or provide a gift to charity or grandchildren. Life insurance gives you the chance to give a tax-free inheritance or gift, which may be given at death or at any time prior, if you prefer. 

Debt Clearance

Debt is a tremendous burden your family should not have to face while dealing with the death of a loved one; by obtaining life insurance you can ensure your loved ones are left with no extra expenses at the time of your death. You can obtain one of our life insurance plans that pays all the sundry costs associated with death: all final expenses, debts, estate and inheritance taxes, and pay income in respect of a decedent taxes on IRAs, 401(k)s, etc. Obtaining life insurance after age 60 allows you to enjoy your retirement secure in the knowledge that you have protected your loved ones, your assets, and will be able to leave a legacy that will provide a comfort for years to come. 

Contact MHG Insurance Brokers to learn more about obtaining life insurance and the different types of insurance policies available by calling 954-828-1819, or visiting online at mhginsurance.com. Let us help you begin the preparations today to protect the ones you love most.

Top Reasons to Consider Buying Life Insurance After 60

Life Insurance for ChildrenDid you know that securing a life insurance policy for your child is not only a loving and generous gift, but can also be one of the most valuable tools in securing his or her financial future? You may have heard one of the many myths about children and life insurance, such as them not having any dependents or bringing in an income, as deeming a life insurance policy unnecessary. A life insurance policy for your child, however, can help prepare them for future financial security and help them avoid financial hardships that may arise. 

 

One of the greatest advantages of an insurance policy for a child is that his or her insurability is at its highest and premiums are at their lowest when they are young. Here are a few other reasons to consider when thinking about life insurance for your children:

  1. The Benefit of Starting at a Young Age – Purchasing life insurance at a young age almost always guarantees that it can be purchased. In addition, if you purchase a policy, for example, a Whole Life Policy with a Guaranteed Purchase Option, you will be able to purchase additional coverage at a later date, no medical questions or tests needed. Also, over time, consider the dividends and cash value the policy will have for your child.

  2. Money Options and Retirement – With certain policies, your children will have the option as they age to withdraw money from their accrued cash value. This money may come in handy when it is time to pay for college or use as a down payment on a house. In addition, with a cash value life insurance policy, they can take the cash and convert it into an annuity. Annuities can guarantee continual income, which can help your child pay debts, financial expenses or help fund their retirement.

  3. Future Insurability – We never know what will take place later in life, and there are events or illnesses that could make your child uninsurable. This can make it impossible to secure a life insurance policy at a time when it is needed the most. Purchasing a permanent life insurance policy for your child at a young age secures the availability of coverage as they get older. Speak to one of MHG’s knowledgeable insurance brokers today about affordable life insurance premiums for your child.

 

As you see, there are many benefits to obtaining a life insurance policy for your child, no matter how young they are. When your child is an adult, you will be able to present them with their life insurance policy, helping them feel confident about their financial security. It is truly one of the most loving and generous gifts a parent can give their child. 

To learn more about obtaining a life insurance policy for your child, contact MHG Insurance Brokers by calling 954-828-1819. You can also visit us online at mhginsurance.com. Let us help you begin the preparations today to protect the ones you love the most. We look forward to serving you!

Life Insurance and Your Children

Exercise RoutineMost of us know of how invigorated exercising makes us feel, how beneficial it is for our health, both physically and emotionally, and yet we often struggle with the motivation needed to get us up and moving.  Springtime is a season during which we find ourselves longing to be outdoors, to catch the sweet scent of fresh blooms, and enjoy the cool breezes and temperate weather that has begun to emerge. 


What better time than now to breathe fresh life into your dormant exercise routine? Let springtime be your exercise inspiration and take your exercise program outdoors. If it has been awhile since your last work out, and you are looking forward to getting back in shape, here are some tips to follow to prepare yourself for your new exercise regimen:

  • Determine what your fitness goals are. Is weight loss a part of your objective? Are you looking to increase flexibility or build muscle? Having set goals will enable you to measure your progress. When you see the progress you make, it motivates you to stick with it.
  • Develop your own pace. If you are just beginning to exercise, begin carefully and progress gradually. If you have an injury or health condition such as high blood pressure, see your doctor first for guidance with identifying your fitness goals and choosing the appropriate type of exercise plan that you can safely participate in.

  • Make it a regular part of your routine. Finding the time to exercise can be tough when juggling other responsibilities on a daily basis. Review what your typical day is like, and schedule time for exercise the way you would any appointment.

  • Change it up. Incorporate different exercises into your routine. Doing the same activities repeatedly will lead to exercise burn out. In addition, you will want to focus on different parts of your body each time, giving your other muscles time to heal after a work out.

  • Create a balanced routine. Be sure your exercise program includes aerobic activity as well as strength training. Generally, a healthy adult should aim for 150 minutes of aerobic activity per week to maintain cardiovascular health.
Other important factors to consider when taking your exercise routine outdoors is if you are an allergy sufferer, determine the steps you will need to take to prevent allergy attacks from hampering your workouts.  Perhaps your doctor can prescribe an allergy medication or recommend an effective one that is offered over the counter. Also, review your health plan and make sure you are properly covered for any injuries you may incur while exercising. If you need assistance in obtaining a new health plan or have questions about your existing policy, visit mhginsurance.com.  Or, call MHG Insurance at 954 828 – 1819 and speak with one of our knowledgeable insurance representatives. MHG Insurance Brokers cares about its clients, and encourages everyone to exercise safely and enjoy the beautiful spring season.

 

Make Springtime the Time to Revive Your Exercise Routine

Healthy HabitsCreating healthy habits that stick isn’t always easy.  Sometimes, what sets us up to fail is what we choose to focus on.  A good strategy is to direct your focus on the positive changes you are trying to make instead of the poor habits you are trying to break. When you adopt this mindset, you put yourself in a good place to start creating goals for improving your health and creating healthier habits. 

 

The Mayo Clinic, a nonprofit, worldwide provider of medical care, research and education, suggests setting ‘SMART’ goals - a method which utilizes an acronym that breaks goals down, making them more attainable. Here is what each letter stands for:

  • S – Specific – What is your goal?

  • M – Measurable – How will you track your progress?

  • A – Achievable – What steps will you take to reach your goal?

  • R – Realistic – Can you see yourself doing what it takes to reach this goal?

  • T – Time Frame – Is this a long or short-term goal? Give yourself a time limit for reaching it.

Setting goals this way will help navigate your attention toward the good choices you should be making, while helping you forget and let go of the bad choices you have made in the past.  In addition to setting goals, here are some other ways to create healthy habits just by focusing your attention on the positive changes needed to develop them:

  • Participate in a New Group Activity or Sport - Joining social groups and choosing new hobbies will guide you naturally into healthy patterns in a gradual, yet effective way.

  • Personal Growth - Examine the change and impact that embracing a healthy habit will have on your life. What will be the cost to you if you don’t implement this habit? How will practicing this habit change your life for the better? This is where you often find the motivation to follow through.

  • Accountability Partner – Find a friend who also wants to start creating healthy habits and making beneficial changes in their own life. You will both mutually benefit from working together to set goals and keeping each other on track. Check in with each other for encouragement and to monitor progress. 

  • Set Healthy Boundaries - Learn how to say “no,” whether it is to peer pressure, an overbooked schedule, or the demands of a high maintenance friend who drains your time and energy. Learning how to say “no” when you need to eliminates unnecessary stress and keeps you mentally well balanced.

  • There’s an app for that! - These days, you cannot do it all on our own, and with the technology currently available, you don’t have to. Utilize your smartphone to its fullest potential, and take advantage of some of the apps available out there that can help you organize your life, attain fitness goals, and make healthy habits easy to achieve and maintain. You can Google “Best health and fitness apps of 2013” to receive search results filled with apps that assist you in making healthy food and nutrition choices, and will also help you track your fitness and strength progress.

MHG Insurance Brokers is always exploring new ways for developing healthy habits. We understand that different strategies work for different people, the same way different people have various insurance coverage needs. If you have questions about your existing health insurance coverage, or wish to obtain a new health insurance policy, MHG Insurance Brokers is always available to speak with you – just call 954-828-1819. You can also visit MHG online at mhginsurance.com.  Remember, healthy habits are created by consistent practice – here’s to a healthier you!

Smart Ways to Create Healthy Habits

ACA Case Studies

ACA Case Studies

 

Did you know the deadline to sign up for January 1st, 2014 coverage in an Affordable Care Act (ACA) plan is December 23rd 2013? If not, you may also be unaware that MHG, a full-service insurance brokerage, is one of the select few brokerages in South Florida that is certified and ready to help clients understand and enroll on the Exchange. We can help you find the ideal plan, one that not only offers you the coverage you need, but is also in your budget. In fact, we have helped many clients find the ACA plan that is right for them, in addition to hearing incredible success stories. 

Here are just a few we want to share with you:  

Real-life Example 1 – This is one of our favorite examples! Our client was paying over $1,600 per month (out-of-pocket) for insurance for herself and her son. Her renewal rate was about to skyrocket to over $2,000 per month. She was faced with limited options, as she has several pre-existing conditions and would be turned down by other insurance carriers if she applied. After reviewing and selecting the right ACA plan, she is now receiving a better plan at a more affordable price – less than $800 per month for her and her son! Her coinsurance remained the same, but her office copays and annual out-of-pocket maximum is less, thanks to this ACA plan. 

Real-life Example 2 – A recent client allowed his insurance plan to lapse over a year ago. Unfortunately, he suffered a stroke shortly after and had no success when trying to apply for other insurance policies because of this pre-existing condition. A stroke falls under automatic decline for insurance until 2014. Starting this past October, we have been able to provide him with quotes for plans that have a January 1st, 2014 effective date. Now, with his new insurance plan, he will not have an exclusion because of the stroke and will not have to wait for treatment related to the stroke. 

Real-life Example 3 - Several employees on our group plans have been able to add their adult children onto their plans since 2010, when specific aspects of the Affordable Care Act went into effect. It no longer mattered if these children were unmarried or students. For many employees who had other children on the plan already, it did not increase their monthly premium. 

Real-Life Example 4 – A recent client of ours was inquiring about purchasing health insurance after finding out she was pregnant. The best solution we could offer her was waiting for a January 2014 effective date with an ACA plan. She did not meet the requirements for Medicaid due to her income and assets. Now, thanks to the Affordable Care Act, she is eligible for coverage, with maternity, starting in January 2014. 

As you can see, many of our clients are benefiting in incredible ways thanks to plans made available through the Affordable Care Act. If you have questions about an ACA plan, or want to review your existing coverage, do not hesitate to call one of our knowledgeable insurance representatives. We can offer you information and guidance regarding the Affordable Care Act and can help you enroll in a plan. Remember, the deadline for January 1, 2014 coverage is December 23rd, so do not delay. Let MHG, one of South Florida’s few certified ACA brokerages, help you find a plan tailored to your health needs and financial situation. Visit mhginsurance.com for more information on ACA plans or call us today at 954-828-1819.

ACA Case Studies

ACA Health Coverage

 

There are many questions today regarding the state of things as it pertains to health care coverage in the United States, and the Affordable Care Act has been a major focus when it comes to health insurance. MHG Insurance Brokers is an approved ACA insurance brokerage, and we would like to educate our clients about the Affordable Care Act and the health plans that have been created under it. The goal of MHG Insurance Brokers is to put our clients in an informed position so they are able to define their family’s coverage needs, as well as choose an appropriate health plan that would deliver the greatest benefit to them.  

Common myths and questions exist about the ACA Health Insurance plans. An example of one myth that MHG Insurance Brokers’ Insurance Specialists have come across relates to out-of-pocket obligations:

  • “The Bronze plans have a sizeable out of pocket obligation that must be met by its subscribers.”

The fact is that the maximum out of pocket is $6,250 for individuals, and $12,500 for families. The 2014 cost sharing limits for individuals ($6,350), and for families ($12,700), will change each year. Small group plans and grandfathered plans have different cost sharing limits. All metallic plans - Bronze, Silver, Gold or Platinum - follow the same limits, but each differ in the percentages that the insured pays until those limits are met.

A common question regarding ACA Health Insurance plans:

  • Who qualifies for catastrophic coverage?

Individuals who are under 30 years of age and can prove financial hardship may qualify for this coverage. However, many other notable, affordable coverage options are available presently. 

MHG Insurance Brokers has many years of experience, the best industry resources, and access to a multitude of insurance carriers. MHG is proud to offer clients the best, most comprehensive plans on the market. When you work with one of MHG Insurance Brokers’ insurance specialists, he or she can provide you with detailed information about the following:

  • ACA Exchange coverage plans and the plan types available
  • Dental and Vision coverage
  • Life Insurance
  • Long Term Care coverage
  • Supplemental medical coverage
  • Medicare plans
  • AFLAC plans

MHG Insurance Brokers will be happy to discuss your insurance coverage needs, and then determine which plans would be the best fit for you and your budget. The insurance specialist that you work with will assist you with deciphering all of the confusing terminology, and he or she will also examine the features of each plan with you to help you understand the benefits. Once you have chosen a plan, MHG Insurance Brokers will continue to remain available for you any time you have a question about your policy or need assistance with a claim. 

Thanks to the Affordable Care Act, millions of Americans who were previously uninsurable due to preexisting conditions, or not meeting the qualifications for Medicaid or Medicare, will now have access to solid, comprehensive health insurance plans. They will be able to take better control of their health, and live longer, healthier lives. Let MHG Insurance Brokers take the journey to better health with you; call to speak with a knowledgeable insurance specialist, and learn the facts about health care coverage and how the ACA can benefit you. Call 954-828-1819, or visit MHG Insurance Brokers online at https://mhginsurance.com. Here’s to your better health!

Affordable Care Act Health Coverage: Dispelling the Myths and Providing Facts and Information that May Benefit You

Health Insurance Terms 

 

MHG Insurance Brokers strives to provide our clients with the best service and the most viable information regarding insurance policies and services currently available on the market. We want our clients to be able to make informed decisions about their healthcare, as well as become familiar with what their own insurance needs are. This can be a challenging task, however, as the insurance industry has practically established its very own language which includes a myriad of terms and confusing industry related jargon. 

Below are commonly used health insurance terms, clearly defined to make it easier for you to apply this information when you review your current policy, or when you are considering making changes to your existing plan. As always, MHG is available at any time to discuss any questions you may have regarding your existing plan, or to examine these terms in more depth:

  • Deductible: A deductible is a fixed dollar amount during the benefit period, usually a year, which an insured person pays before the insurer begins to make payments for covered medical services. Plans may have individual and family deductibles. Some plans may have separate deductibles for specific services, such as a deductible for each hospitalization admission.

  • Coinsurance: A form of medical cost sharing in a health insurance plan that requires an insured person to pay a stated percentage of medical expenses after the deductible (if any) has been paid. Once the deductible and/or coinsurance have been paid, the insurer is responsible for the rest of the reimbursement for covered benefits.

  • Copay: A form of medical cost sharing in a health insurance plan that requires an insured person to pay a fixed dollar amount when a medical service is received. The insurer is then responsible for the rest of the reimbursement.

  • Out of Pocket Maximum: This is the maximum dollar amount a group member (the insured) is required to pay out of pocket during a benefit year.  Until the maximum is met, the plan and group member share in the cost of covered expenses.

  • In/Out of Network or Participating Provider: Your health plan contracts with a wide range of participating doctors, specialists, hospitals, pharmacies, and labs. These providers have agreed to accept your plan’s contracted rate as payment in full for services. The contracted rate includes both your insurer’s and your share (deductible, copay, coinsurance) of the cost. For those with out of network benefits, services from a provider who is outside of this network are not based on agreed upon or set contracted rates with your insurer, and therefore the services may be subject to higher charges. This may result in you paying more out of pocket for the difference owed between what the provider is charging and what your plan will cover.

  • HMO: HMO stands for Health Maintenance Organization. It is defined as a health care system that assumes both the financial risks associated with providing comprehensive medical services (insurance and service risk) and the responsibility for health care delivery in a particular geographic area to HMO members, usually in return for a fixed, prepaid fee. Financial risk may be shared with the providers participating in the HMO. There are different types of HMOs, including a Group Model HMO which contracts with a single multi-specialty medical group that provides coverage to the HMO’s membership. There is a Staff Model HMO where patients can receive services only through a limited number of providers, in which physicians are employees of the HMO, usually operating within the HMO’s own facilities. There is also a Network Model HMO that contracts with multiple physician groups to provide services to HMO members. Finally, an Individual Practice Association HMO is a type of health care provider organization composed of a group of independent practicing physicians who maintain their own offices and band together for the purpose of contracting their services to HMO’s.

  • POS: A POS plan is an HMO/PPO hybrid; sometimes referred to as an open-ended HMO when offered by an HMO. POS plans resemble HMOs for in-network services. Services received outside of the network are usually reimbursed based on a fee schedule, or what is considered to be reasonable and customary charges.

  • PPO: A PPO plan is an indemnity plan where coverage is provided to participants through a network of selected health care providers, such as hospitals and physicians. The enrollees may go outside of the network for services, but would incur larger costs in the form of deductibles, higher coinsurance rates, or non-discounted charges from the providers.

  • COBRA: COBRA stands for the landmark Consolidated Budget Reconciliation Act of 1986. This law provides the continuation of group health coverage that would otherwise be terminated for a former employee, retirees, spouse’s former spouses and dependent children. The coverage is available when coverage is lost due to certain specific events, such as voluntary or involuntary termination of employment, reduction of the number of hours worked by the employee, covered employees becoming entitled to Medicare, or divorce or death of a covered employee. However, in most cases, the insured person must continue to pay his or her portion of the insurance premium as well as the portion that was previously being paid by the employer in order to maintain coverage.

MHG Insurance Brokers wants you to understand health insurance terminology that can often be confusing and overwhelming. We welcome your feedback and any questions you may have. You may contact MHG at 954-828-1819, or by visiting us at mhginsurance.com.  Here’s to your good health!

Commonly Used Health Insurance Terms

Reasons to Buy Life Insurance No one wants to think about the unforeseen loss of a spouse or loved one.  Just the thought of losing someone you love brings up unpleasant, emotional feelings. However, taking the time and making a small investment to plan for such an event – whether it be that of your own passing or that of a spouse - is not only necessary, but it is one of the most generous, loving gestures you can make for those you love. Here are the ten reasons why everyone should consider purchasing life insurance:    

  1. Protect those you love. Your loved ones will be able to go on financially and without the stress and worry of how they’re going to pay the bills. Your children’s future will be solidified, allowing them to attend college, while your spouse will have the means to continue paying the mortgage and stay in your family’s home.

  2. Peace of mind. Are you the top income earner in your household? When you obtain life insurance, you will no longer have to worry what will happen to your family in the event of your death or if you become terminally ill – at which time life insurance becomes practically impossible to acquire.

  3. Life insurance creates options. Often, when a loved one who was the top income provider of the family passes, survivors are forced to make quick, important financial decisions during a very tough, emotionally charged time.

  4. Life insurance has more than one purpose. Your policy is a valuable asset that can provide a specified sum of money at a time when it is needed most. You can choose a Life insurance plan that is an annuity – which will actually supplement your retirement income with a guaranteed monthly stream of income once you retire for as long as you live.

  5. You never know what can happen. In the event of an emergency or abrupt onset of terminal illness, you may be able to request a withdrawal or loan from your policy for a much needed cash infusion to keep your household running smoothly.

  6. Death shouldn’t equal debt. Debt can be a tremendous burden for anyone, but it is especially difficult to deal with for those who are grief stricken.

  7. Take care of your business. Life insurance doesn’t just protect individuals. It can protect a business from financial loss, liabilities, or instability in the event of the death of a business owner or partner.  It can be invaluable in providing an infusion of cash to keep operations going until things settle down.

  8. Funerals are expensive. A funeral can cost anywhere from $7,000 to $10,000 – and that is just for an average, “no-frills” burial. Life insurance can cover this cost without further financial hardship and stress for your loved ones.

  9. It makes financial sense. Life insurance is considered a financial asset, which can help increase your credit and help you get a loan or health insurance.

  10. Give to charity. Life insurance will allow you to leave a meaningful gift to a favorite cause or charity that is larger than you would have been able to set aside for a donation.

Obtaining life insurance ensures financial stability for those left behind in the event of an unforeseen tragedy, as well as providing cash in times of need. Contact MHG Insurance Brokers to learn more about obtaining life insurance and the different types of policies available by calling 954-828-1819, or visiting online at mhginsurance.com. Let us help you begin the preparations today to protect the ones you love most.

Top Ten Reasons to Buy Life Insurance