Category: Insurance

Long term care insurance is not necessarily intended for the sick, but rather, it is designed for individuals who may need assistance with activities of daily living, such as bathing or eating. Because of this, the insurance is not restricted based on age, but is available to anyone who may suffer some type of infirmity that may require assistance. Long-term care insurance can cover home care, assisted living, respite care, hospice care, and nursing home facilities.

Life insurance is a contract that exists between a policyholder and the insurer. The policy holder pays premiums to the insurer. In return, the insurer agrees to pay money to a beneficiary upon the death of the insured person. Often, the policy holder and the insured person are the same person, but this is not always the case. Each insurance company will have different terms and conditions to its life insurance policies.

An annuity is a contract in the form of an insurance product, in which the seller makes future payments to a buyer in exchange for a single lump sum payment (single-payment annuity) before the annuity begins. The payments continue until the death of the annuity purchaser. There are two possible phases for an annuity: the accumulation phase, in which the customer deposits and accumulates money, and the distribution phase, in which the income payments are made. It has been described by some as “buying your own person.”