Life insurance protects your family from financial loss should a major breadwinner die. The loss of income can be just as devastating as the personal loss to those left behind. It’s always wise to provide for what-if’s especially when loved ones are concerned.
At Duda Insurance, we can provide both Term Life and Whole / Universal Life. Term Life offers a lower premium which makes it affordable for nearly everyone and the death benefit amount doesn’t change over time. Many can be converted into a Whole Life policy.
Whole Life offers consumers stable premiums while building cash value. Premiums are usually higher than with a Term Life policy but the policyholder has the option to take out a loan against the cash value while still retaining a death benefit.
Universal Life allows consumers the most flexibility in premium options, death benefit adjustment and more. Like Whole Life, the policyholder has the option to take out a loan against the cash value.
Different from Life Insurance, Disability Insurance protects you from financial loss if you are disabled and unable to work and thus receive your normal income. How does it work?
Disability policies define disability according to two terms. They pay either based on your ability to perform your “own occupation” or “any occupation.” An “own occupation” policy pays if you are unable to perform the tasks of your specific profession. These policies are more expensive than their counterparts, due to the fact they are most often insuring a higher amount of income for a professional such a surgeon, etc.
An “any occupation” policy provides coverage if you’re unable to engage in any reasonable occupation at all. In some cases, today’s policies offer an initial “own occupation” period followed by an “any occupation” period which helps reduce costs. The term of the payout is determined by the length of the policy you buy.
Short Term disability insurance can pay you a portion of your income from anywhere from one month to a year. Long Term disability insurance can pay a portion of your income for a specific number of years – or until you reach age 65.
Due to the complexity of this product, call our office for more information on which type of policy is best for you.
If you’re between the ages of 50 and 60, or have parents in that age range we want to talk to you about your future health care options.
Everyone wants to live a long life, but the truth of the matter is a longer lifespan means living with age-related health issues. The cost of care is rising and will continue to rise over our lifetimes.
Current rate estimates are:
Cost of Skilled Nursing Home Care - $212 - $253 per day
(over $6,000 per month)
Average number of stay in Skilled Nursing Home facility – 2.5 – 3
Cost of Adult Day Services - $65 - $67 per day
Cost of Home Care Services - $19 - $23 per hour
Cost of Assisted Living Facilities - $3,500 - $4,250 per month
Adding up all the prices above, it’s easy to see how if you don’t have a nest egg of $200,000 set aside – per person – that you’ll need to supplement that somehow.
There are four sources for providing for and paying for care:
1. Your family – most often the spouse or grown children
2. Medicaid – the majority of Skilled Nursing Home Care is paid for by Medicaid today, but Medicaid requires you to financially qualify for coverage. This is known as Medicaid “Spend down.”
3. Your personal assets – home, savings, IRA’s, and other investments
4. Long Term Care Insurance – created to fill this need, and designed to cover in-home care, nursing home care, assisted living, or adult day care stays.
There are many options and coverages that can be added to a Long Term Care policy to tailor it to your specific needs. Call our office for more information.
Duda Insurance- A Division of Augustedge PLLC
521 S Chelan Avenue, Suite A
Wenatchee, WA 98801
Available: by appointment