How well prepared are you today if something happened tomorrow? You cannot predict your health and physical well-being, but you can protect your family from the financial strain of paying for your medical care should you become disabled, develop a condition that prevents you from earning a living, or die. There are several types of insurance to protect you and your loved ones in case you need extended medical care. Let PIA help you have real peace of mind in knowing that you have looked after your family.
Not necessarily. The Consolidated Omnibus Budget Reconciliation Act (COBRA) gives certain former employees, retirees, spouses, former spouses, and dependent children the right to temporary continuation of health coverage for up to 18 months. COBRA applies to companies with 20 or more employees.
You will have to pay for your own health coverage but you’ll get the same discounted or “group rate” your former employer pays.
Also, keep in mind the new the federal Health Care Reform Law enacted in March 2010. Under this law, if you don’t find a new job with employer-paid health care coverage, you’ll have to buy your own insurance or else pay a penalty to the federal government.
This is the person(s) or other party(ies) designated to receive life insurance or annuity proceeds upon the death of the insured. The beneficiary is named when a policy is taken out and can be changed at the request of the policyowner.
A contingent beneficiary is the party designated to receive life insurance policy proceeds if the primary beneficiary should die before the person whose life is insured.
In order to change the beneficiary of a policy, the current policyowner typically must fill out a form with the necessary information and return it to the Insurer.
Loan Value is the amount of cash value that can be borrowed on a policy. A policyowner may be able to make a loan against the cash value of the policy, based on the type of policy owned. A loan allows access to the cash value of the policy, while still maintaining the insurance coverage. When a loan is made against a policy, the death benefit is reduced by the amount of the loan plus any interest that is owed. Loan interest rates vary and specific provisions are generally explained in the policy itself.
Generally, a policy owner can request a loan by calling a Service Center. However, in certain instances, a loan form or written request signed by the policyowner will be required. Please remember a policy loan accrues interest and will reduce the death benefit. A loan form or written request signed by the policy owner must be sent to a Service Center if: