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Life Insurance Facts

Health Insurance Facts

Health Insurance Facts

Did you know there are three (3) main types of life insurance? As described above in the Products Section, these types cater to different financial needs and goals, and individuals often choose the one that aligns with their specific circumstances and objectives. The main differences are:

TERM LIFE INSURANCE

Temporary coverage that offers cash back if you outlive the term of the policy, but no cash value

WHOLE LIFE INSURANCE

Permanent coverage that remains in force as long as the premiums are paid and can accumulate cash value

UNIVERSAL (Whole) LIFE INSURANCE

Permanent flexible coverage that allows policyholders to adjust the coverage amount and premium payments; and offers more potential cash value growth; often used as a long-term financial planning tool

Health Insurance Facts

Health Insurance Facts

Health Insurance Facts

Did you know that certain life-changing events trigger a Special Enrollment Period (SEP) in health insurance, allowing individuals to change or purchase coverage outside the regular Open Enrollment Period.

Here are the qualifying health insurance life-changing events:

Loss of Job-Based Coverage

Marriage, Divorce, or Legal Separation

Birth or Adoption of a Child

Aging Off Parent's Plan

Relocation or Change of Residence that has different options

Gaining Citizenship or Lawful Presence

Loss of Other Health Coverage, such as CHIP or Medicaid, or

Changes in Income or Household size