At the time of COVID-19, Have You Checked your Individual & Family Health Insurance Plan and Benefits lately?

June 30, 2020 04:56 newlambertagency

The pandemic has brought the world to a standstill. There’s chaos everywhere and with chaos came the widespread panic. This is the new normal as we all say today. On the surface of it, it may seem like things are slowly easing into normalcy but the reality on the ground is very different.

At such indefinite times, it’s pertinent to know exactly where you’re at with your individual and family health insurance plan. You might feel that your insurance covers everything about COVID-19, but if you look closely at the health insurance benefits it might surprise you.

Despite the declaration that insurers must remove all co-payments for treatment against the virus and extend insurance coverage for its treatment, many insurance providers are yet to commit to the treatment aspect. And hence if you have a Texas health insurance plan, you need to make sure that it has enough cover against the Coronavirus.

If you’re looking for the best Texas insurance plan, you need to browse through various plans available and then make a sound decision. And at such indecisive times, Short-term health plans might be a better option for you than long-term health insurance plans. They can be anywhere from 30 days to up 3 years to lock in rates and benefits in Texas.

Concern for life insurance holders?

With all the chaos that is going around, there are a lot of questions floating as well concerning coverage against the Coronavirus. Will there be insurance coverage for someone who contracts the virus and dies from it?

When it comes to Texas health insurance, when a person passes away, the beneficiary of that policy will get the amount assured as the death benefit. Naturally, in the case of Coronavirus infection and death, the same policy must apply.

So the insurance holders need not worry about that.

Cover for an insurance policy against COVID-19

A global pandemic like the Coronavirus will most likely have an impact on your policy acceptance and premiums especially if you’re just applying for it.

If you currently have a policy or considering getting an individual health insurance plan, it’s necessary to check whether its benefits have provisions that cover Coronavirus complications. If it doesn’t, it might be necessary to get a new policy that has such provisions going-forward.

Also, it’s important to make sure that the insurers determine the premiums of a policy based on your health and medical history.

And if you’re unsure about how to go about the tedious process, you can take the help of a consultant who can guide you through everything and help you select the optimum insurance plan for you and your family.

The coronavirus hasn’t only brought to life a contagious and deadly virus but, also other repercussions such as financial instability and the global and national economic slowdown. Hence it is of crucial importance to ensure you are financially secure and one of the means of doing so is, getting health insurance for coronavirus and other illnesses too.

Does Life Insurance Cover Deaths From Coronavirus?

June 26, 2020 12:10 newlambertagency

The world is facing a crisis. And naturally, several rules have been changed. Our priorities are rearranged and our focus has been shifted to all things ‘essential’. It is reasonable to assume that a global health crisis like the coronavirus would have some impact on your life insurance coverage policy acceptance and premiums.

As the virus spread to all corners of the world, the death toll has risen significantly. So, now the question arises, will a life insurance cover coronavirus? Also, will you be able to get a life insurance policy after contracting the virus?

Read on to find out…

Existing life insurance

Let’s consider an existing life insurance policy that the policy-holder has had before the pandemic hit. If that individual passes away because of COVID-19, they are eligible for the death benefit. In such a case, the beneficiary of the policy-holder will receive the sum assured as the death benefit.

Furthermore, even though some life insurance policies exclude specific causes of death, death due to coronavirus is without a doubt applicable to the death benefit.

Death benefit includes the agreed amount of money, called the sum assured, which is paid by the insurance provider upon the death of the policyholder to the beneficiary.

New life insurance

Now let’s consider a new policy taken amidst the crisis. If you have considered buying life insurance, then you must bear in mind that your insurance premium is determined based on your health and medical history, and purchasing it amidst this global health crisis is bound to have an impact on both the acceptance of your policy application and the cost of its premium.

But there’s a catch here. If you have already contracted the virus and then decide to take up life insurance, your life insurance application will probably get rejected by the insurance provider.

However, if you disclose your medical history precisely at the time of your purchase, wherein you are not infected with coronavirus, then your application will most definitely be accepted. This allows your death benefit to be payable to your beneficiary in the future even if you pass away due to coronavirus infection.

Hence you must be vigilant and upfront when taking up a new policy.

You must bear in mind that even though COVID-19 is covered as a critical illness, benefits will be paid out as per your policy’s terms and conditions only. For example, a policy may state that the critical illness benefit will not be applicable if the illness is caused by any of the listed conditions, and death has occurred within the 30 days of its diagnosis.

It all depends on the kind of policy you take and the kind of provider that you decide to put your faith and money in.

And as for people who are wondering if they should buy life insurance during a pandemic like COVID-19, the short and easy answer to it is yes. In fact, one must not wait for a global health crisis to instate to take necessary financial protection for you and your family. A pandemic doesn’t mean end times. And if your life insurance cover COVID19, you save yourself from unnecessary panic and worry that is often accompanied by such a crisis.

Term Life or Whole Life Insurance: Which Is Right For You

June 23, 2020 12:14 newlambertagency

Life insurance can be very confusing. With all complex terms used by insurance providers, it can be very daunting for an average person to choose the best type of life insurance.

Deciding whether to purchase whole life or term life insurance is a personal decision that should be based on the financial needs of your beneficiaries as well as your financial goals.

Life insurance can be a very flexible and powerful financial vehicle that can meet multiple financial objectives, from providing financial security to building financial assets and leaving a legacy.

Read on to understand how to choose the best life insurance for you.

Let’s look at the 2 major life insurance policies:

Term life insurance

Term life insurance is “pure” life insurance. The policyholder pays premiums regularly. If they die while the policy is in effect, their beneficiary (or beneficiaries) receives a death benefit.

It’s very straightforward, which is the selling point for people who want a simple life insurance option.

The key definition when it comes to term life is the term – how long the policy is active. Term life policies expire after a set number of years, making them good policies for anyone who expects to build wealth over time and won’t need the financial safety net life insurance provides later in life.

Term life insurance is also relatively inexpensive. Because there aren’t any additional fees or maintenance, it’s much more affordable than whole life.

So if you’re looking for an optimum family life insurance, Term is the way to go.

Now let’s look at the other side of the coin.

Whole life insurance

Whole life insurance is a type of permanent life insurance, which stays in effect for as long as you pay the premiums. This means you never have to worry about uninsurability or losing your safety net as you get older.

Whole life is more complicated than term overall, but one definition you need to know is the cash value, which is an investment-like product coupled with the insurance policy.

Each month, a certain portion of your premium will go into a tax-deferred savings account or the cash value of the policy. (The exact amount that goes into savings is determined by your policy.) The policy’s cash value grows over time.

You can do many things with the cash value, including taking out a loan, drawing from it for retirement or funding the policy.

There’s also universal life insurance which is a type of permanent life insurance. With a universal life policy, the insured person is covered for the duration of their life as long as they pay premiums and fulfil any other requirements of their policy to maintain coverage. Like many permanent life policies, universal life insurance combines a savings component (called “cash value”) with lifelong protection. When you pass away, the policy’s death benefit is paid out to your beneficiaries.

If you’re looking for a straightforward policy that is affordable and can be cancelled without losing any value, then you should consider Term life insurance.

And, if you’re looking for a customised policy that doesn’t expire and works as a forced saving vehicle, then Whole life insurance is what you need to consider.

How To Choose a Good Retirement Solutions Plan

June 16, 2020 09:10 newlambertagency

Retirement planning is something that everyone must take seriously. Planning for an easy old age and a financially secured retirement is what we all look forward too. It is consistently savvy to begin arranging your retirement subsidize at the soonest. Here are a couple of vital things to remember while picking an insurance-based retirement plan:

Rate of profitability ought to be more noteworthy than the pace of expansion

Making arrangements for retirement is a drawn-out budgetary objective. While contributing to this period, individuals frequently face a significant test as to how to shield speculation from capital disintegration. Swelling reliably acts against the estimation of your riches and speculation over some time.

Target sufficient annuity pay

Plan your retirement so that you gain benefits salary which would be adequate for both of your wards. Your annuity salary should proceed for your wards considerably. One ought to likewise guarantee that pay after duty derivation is sufficient to meet your standard costs.

Try not to overlook complimentary venture benefits

While choosing retirement solutions, take a look at the extra element offered with it. One may get benefits like the premium to postpone off if there should be an occurrence of death of the proposer/strategy holder and continuation of ordinary progression of annuity pay with no break. One can likewise check benefits like higher spread for incidental demise, basic sickness benefits, and so on.

Liquidity is significant post-retirement

Post-retirement, your reliance on liquidity would increment as you may require cash for clinical and everyday costs. On the off chance that your assets are bolted up for a specific period, at that point it might place you in budgetary trouble. Along these lines, guarantee that your cash is in an instrument that offers simple liquidity.

Adaptability in speculation

Your retirement-focused speculations ought to be adaptable to acclimate to your life changes at whatever point in need. Assume you get a reward, at that point your instrument ought to permit adaptability of contributing a singular amount sum while simultaneously permitting you to in like manner decrease the normal venture sum if there is a store limitation. Additionally, retirement speculations ought to permit simple section and exit so a financial specialist can accept a call during antagonistic economic situations. Adaptability is significant when you contribute as long as possible.

Oversee chance and guarantee ensured return

You should oversee hazards reliably over a while. At first one can stand to face a higher challenge. Bit by bit one should downsize hazard as retirement approaches. Over the most recent couple of years before retirement, stick to generally safe and ensured return speculation to guarantee that one doesn’t miss out because of market unpredictability.