Assisted living and nursing home costs are on the minds of many pre-retirees and retirees. In a study administered by the Associated Press and the NORC Center for Public Research, about 70% of survey respondents (1,019 in total respondents) stated they were worried about having to pay for these services. With the growing costs of these services, no wonder why. The average annual cost of skilled nursing care for a semi-private room here in Massachusetts is over $135,000 and projected to climb over $180,000 by the year 20261. Add to the fact that the Department of Health and Human Services state that 7 out of 10 people over age 65 will experience a long-term care event at some point during the rest of their lifetime, no wonder people are uneasy. Most individuals and families wonder how to protect assets from nursing home costs. Do you share the same feelings? [Read more…]
Have you ever heard of the MIB? Nope, in this case, we aren’t talking about a bunch of men, dressed in black, looking for aliens. You may have heard of this acronym if you applied for any type of personal insurance (life, health, disability, critical illness, and long-term care) on yourself. Contrary to what you may have heard from another agent or think, the MIB isn’t some evil organization out to “get you” (or find aliens). In this article, we will describe the importance of the MIB and their role in the underwriting process. After reading this article, you may even be happy the MIB exists, and understand that they are your friend in the underwriting process (Ok, we won’t go that far :)). [Read more…]
What Happens If You Lie On A Life Insurance Application?
The answer: it depends on the intent.
If you don’t know what the phrase “living benefits” means in the context of life insurance, don’t worry; we didn’t either as it was new to us at one point, too. “Living benefits” are benefits available to you during your life, rather than at death (very obvious 🙂 ). [Read more…]
What are life insurance riders? Riders are additional benefits that are added to insurance contracts, usually at a fee. They can be valuable as they customize your insurance policy to your own, unique situation. We at My Family Life Insurance like riders for only the RIGHT reasons as you will see. In this article, we discuss, in our opinion, the best life insurance riders. [Read more…]