HBA strives to provide our clients with the utmost level of service, comfort and confidentiality while securing plan appropriate products and the most competitive pricing. Our agency offers an array of products and services to meet your individual needs and planning objectives. The following are brief descriptions of some of the most common of these types of life and health insurance products and their most common applications. Please feel free to contact us directly to answer any specific questions that will help you achieve your objectives. |
PRODUCTS
Life Insurance
Term Life – Term life insurance provides temporary life insurance protection at a fixed low premium cost. The most common term policies can provide benefits for periods ranging from ten to thirty years.
Most term products are convertible which allows the policyholder to exchange a term life insurance policy for a permanent life insurance policy offered by the same company. Conversions are allowable regardless of your current medical history. Restrictions and limitations regarding convertibility are policy specific.
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Universal Life – A Universal Life policy provides permanent life insurance protection along with a tax-deferred savings that grows over time. They offer affordable premiums and insurance benefits for your entire life.
Whole Life – A Whole Life policy provides permanent life insurance protection along with a tax-deferred savings plan. Whole life offers guaranteed insurance protection, guaranteed cash values and guaranteed premiums. Additionally, Whole Life pays a tax free dividend that can be used to enhance the values of the policy.
Personal Disability Income Insurance - Could your family afford to live without your income? Disability income policies help replace all or part of your income if you are unable to work due to an injury or illness.
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Long Term Care Insurance - Research shows that nearly half of all Americans will need some type of long term care during their lifetime. Long term care insurance helps pay for the care you need when you can no longer care for yourself. Benefits can be payable even if you remain in the comfort of your own home. Long term care expenses can easily deplete a family’s savings. LTCI should be an integral part of a well rounded financial plan.
Annuities – Annuities enable you to accumulate money on a tax deferred basis and then, if you choose, receive an income guaranteed for life. All annuities have three primary
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| advantages: tax deferral, avoidance of probate, and a guaranteed income for a fixed period of time, or income for life. Many seniors are living longer, annuities can guarantee that you will not outlive all or part of your retirement savings. |
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Purposes for Life Insurance
Family Protection - If your family depends on your income, life insurance can replace that income in the event of your death. This applies to children and spouses or any other dependent person such as an elderly parent or siblings who continue to rely on you financially.
Estate Planning - Life insurance benefits can provide liquidity and pay estate taxes so that your heirs will not have to sell assets.
Key-Man - When a key employee dies, the business needs cash. Recruiting and training a new employee can be expensive. Customers and creditors need to know that the business will continue. Insurance is placed on the life of the key employee and benefits are received by the
business.
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Buy–Sell – The premature death of a business owner can result in the business being liquidated or sold to outside parties. To plan for the orderly disposition of a business a properly structured buy-sell agreement should be implemented. The agreement should be funded with a life insurance policy on the life of the business owner or partners. The insurance should be equal to the value of each individual’s interest in the business.
Life Settlements
A life settlement is a financial transaction in which a policy owner possessing an unneeded or unwanted life insurance policy sells the policy to a third party for more than the cash
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value offered by the life insurance company. The purchaser becomes the new beneficiary of the policy at maturation and is responsible for all subsequent premium payments.
Let us evaluate the potential value of your policy. |
