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What is Term Insurance?

Bankers Fidelity offers life insurance coverage to fit your unique situation. We are happy to provide information and guidance to help you choose the plan that’s right for you. Our insurance professionals will help you determine your needs and will specify our life insurance policies so that you can be confident in an informed decision. 

Term Life Insurance

Term Insurance

Term insurance provides a preset amount to your beneficiaries as long as the policy is in force. For example, a five-year $130,000 term policy pays off if you should die within five years. With term insurance, you pay only for life insurance coverage. Some things to note about term insurance:

  • It's Inexpensive if You Are Younger. Term insurance is the least expensive form of coverage over a limited number of years, especially when you're younger. It is particularly suitable for younger parents who want substantial insurance coverage at lower cost. Since the risk of dying in your 20’s, 30’s or 40’s is quite low, the cost of term insurance during these years is quite reasonable.
  • It's Good if You Need Insurance For A Short Time Period. Also, if you need insurance for only a short time like to qualify for a business loan, term insurance can be a good option.

Permanent Insurance

Permanent insurance generally costs more than term insurance. However, it can never be canceled, as long as you pay the premiums. It also is a great investment to the future.

  • How Permanent Insurance Works. With a permanent policy, your premium payments for the first few (or more than a few) years cover more than the insurance company's cost of your risk of death. The excess money goes into a reserve account, which is invested by the insurance company. These investments yield returns in the form of interest or dividends. A proportion of these are passed along to you. You can add these returns to your policy reserves or borrow against them, after a set time. If you decide to end the policy, you can cash it in for the so-called "surrender value."
  • Tax Benefits. Returns that accumulate are not taxable, unless the money is actually distributed to you. Certain partial withdrawals can even be made without paying tax. By contrast, the interest on bank accounts is subject to tax in the year it is paid, even if left untouched in the account.

Whether term or permanent insurance is right for you, contact Bankers Fidelity for a life insurance quote, so you can have peace of mind that your loved ones are provided for.


What's Term Life Insurance?

Bankers Fidelity offers you affordable term life insurance that protects your loved ones for a set period of time.

The future gives you so much to look forward to, but at the same time, it holds uncertainty. Life insurance is there to help you enjoy life by easing some of your worries.
Term life is a simple product, designed to provide money for your family (or your business) if you’re not there to do it yourself. It provides insurance for the set amount of time you choose, so it can be the most affordable way to protect your loved ones.

life insurance

What’s Term Life Insurance?
You decide on a set period of time, such as 10, 15, 20, or 30 years, to be covered by insurance. Based on the amount of coverage you purchase, your loved ones will receive a guaranteed amount of money in the event that you’re not able to be there. Your named beneficiaries will receive a payment for the pre-agreed amount.

The Benefits of Term Life
One of the main benefits of term life insurance is affordability. The cost of term life insurance is relatively low. A small premium can ensure your family (or business) is covered in the event that you’re no longer able to be with them.
• Buy the length of coverage you want. Term life is flexible meaning that it is not a lifelong product.
In other words, when the term is up, so is your coverage. However, during that period, your loved ones
are protected for the amount you have decided to purchase.

• An affordable and predictable choice. Typically, term life premiums (the monthly payments
you make to pay for the insurance) are “level,” so they stay the same for the length of the term.

• Protection you can count on. With term life insurance, you’ll know exactly how much your beneficiaries
would receive in the event that you can no longer provide for them. The amount is not tied to the rise
or fall of the stock market meaning that the amount would be received as one lump sum.

• Ability to trade up. Term life can provide you with the option of trading up during the conversion period, without undergoing additional medical exams. This means
you have the ability to upgrade to a form of life insurance that enables you to build a permanent cash
asset.

Bankers Fidelity can provide you with the best term life insurance options available. Don’t delay- be sure your loved ones are protected and contact us today.


How to Choose the Right Life Insurance

When the decision is made to purchase life insurance, and the search begins to find the right policy, many are focused on simply finding the right price. They do not realize that life insurance coverage is not all the same for everyone, and different policies will offer various types of coverage. In order to get the perfect policy, it is important to understand some fundamental elements of life insurance.

First of all, there are different policy terms that offer defined beginning and ending dates of coverage. These are called term life policies, and their benefits will end when the term ends unless the insured elects to extend coverage. In order for the insurance to pay a death benefit, the insured must pass during the covered term. For most policies, the premium will stay the same throughout the term. For example, if a 20 year term is chosen, the premium will stay the same each year until the policy ends. If the insured chooses to keep the policy, they will pay a higher annual premium. Term policies also offer a set coverage amount. Term policies can be purchased at almost any benefit increment from as little as $10,000 to benefits that pay in the millions. An advantage of a term policy is the premium is usually cheaper because it is for a defined period of time.

A whole life policy pays a death benefit as long as the policy is paid and in-force. It is not limited to time increments like a term life policy. Most policies that are commonly referred to as burial policies are whole life policies. The greatest advantage to this type of life insurance coverage is that the insured is covered for their whole life. The greatest disadvantage is the premiums tend to be higher compared to term policies for the same coverage.

There are life insurance policies that offer benefit riders that can be utilized before the insured passes away. For example, you can include riders that will pay for skilled nursing care or for someone to come into the home if the insured is diagnosed with a chronic or terminal illness.

Choosing the right life insurance coverage mainly depends on the family's current financial needs. If there is a mortgage, college tuition and other major obligations, a family would require more insurance should the unthinkable happen. We can help you get just the right affordable life insurance policy to protect your family now and in the future. Call us today for a free consultation and quote. 


Details of Term Life Insurance You Can't Overlook
Details of Term Life Insurance You Can't Overlook

 

There are several situations in which a term life insurance policy makes sense, but there are some details of term life insurance that you must consider before making your decision whether such a policy is right for you.

"Term" Is Key
The most important detail of term life insurance that you can't overlook is that the word "term" means temporary. Unlike a whole life insurance policy, which provides you coverage for as long as you have the policy, term life insurance will come to an end at some point. For example, if you have a 30-year term policy, at the end of 30 years, if you are still alive, the policy ends and you get no benefits.

No Cash Value
Another detail you don't want to overlook with term life insurance is that you are paying for the death benefit only. Unlike whole life insurance, your term premiums do not generate any cash value that will grow over time. That means you can't borrow against the policy and will get nothing back if you end the policy early.

You Get a Lot More Coverage for the Money
When looking for the best term life insurance, one detail to make sure you don't overlook is that you can get a lot more life insurance coverage for the money than you would with a whole life policy. A young person who's in good health can easily get hundreds of thousands of dollars in life insurance coverage for just a few hundred dollars a year. If all you need is the peace of mind of a death benefit to protect your family in the event of your untimely death, a term life insurance policy may be your best bet.

Premiums Don't Change
Another advantage of term life insurance you should take into consideration is that the premium will never change as long as you keep the policy. For example, if you get $100,000 of term life coverage at $10 a month at age 30, it will still cost you $10 a month at age 59. Other types of life insurance often have premiums that increase as you get older.

If you are in the market for a term life or other life insurance policies, talk to the experts at Bankers Fidelity. The agents at Bankers Fidelity can find the right policy for you and help you make the right decision.

 


What Is a Term Life Insurance Plan?
What Is a Term Life Insurance Plan?

 

Term life insurance provides a death benefit to a named beneficiary upon the death of the insured person. Premiums for the plan are at a fixed amount for a specific period of time. That period of time is known as the term. Upon expiration of the term, coverage lapses unless it's renewed. Renewal is for another term, usually at higher premium amounts and possibly even different coverage conditions. Should the insured person die during the term of the policy, the death benefit is paid to the beneficiary. Term life insurance is a significantly cheaper way to purchase a death benefit for a specific period of time. Term insurance is distinguished from whole and universal life insurance where the premium payments are fixed for life unless the insured person causes a lapse of the policy. As opposed to whole or universal life insurance, term insurance provides no advantages other than the stated benefit.

There are two types of term life insurance. Those are annual renewable policies and level term life insurance. With annual renewable policies, the insured person is covered for one year. The policy must then be renewed. Should the insured person pass away during that one year term, the benefit is paid to the designated beneficiary. What can come to issue in annual renewal policies is the scenario where the insured person comes down with a fatal illness, but doesn't pass away until after the life insurance term expires. In all likelihood, the previously insured person wouldn't be insurable after the expiration of the one year term. If term life insurance is the choice for a person, they might want to look at annual renewable term insurance where the policy is renewable annually for a term of years with premiums changing each year.

Most people covered by term life insurance are insured with level term insurance. Premiums are guaranteed to be a certain amount for a certain number of years. Common terms are from 10 to 30 years at 5 year intervals. Most level term policies are renewable, but it's not guaranteed. Each insured person must look at their policy on renewability. Evidence of insurability might be required. It should be noted that most term life policies have a conversion option where the insured person might convert their insurance from term to a whole or universal life policy. This is an attractive option for life insurance and investing.



Discover Why You Should Get a Life Insurance Policy

Have you been considering purchasing a whole life insurance policy? While no one really wants to think about the end of their life, it’s not something any of us can escape. A life insurance policy allows you to be able to replace your dependent's income, and provide them with a way to pay for your final expenses. A life insurance policy is a great way to ease the financial blow that comes with losing a loved one. Below you’ll find a few reasons why buying a life insurance policy is a good choice for you. 

Replace Your Dependent’s Income
 In most cases, people buying a life insurance policy want to replace their income for their spouse or dependents. Whether you have small children or a spouse who's unable to work, leaving them with a way to keep the bills paid is a great gift. Your loved ones will know that you thought highly of them and their future when you leave them the gift of financial security. 

Pay for Final Expenses
Whether your death was anticipated or unexpected, funeral costs are high. Buying into a life insurance policy will allow you to help your family pay for the final expenses. You can plan ahead or have your family plan it all, either way it will be paid for. This will help to alleviate some stress during your families grieving period.

Create an Inheritance for Your Heirs
Let’s say you don’t have any assets to divide among your heirs. With a life insurance policy, you can create an inheritance by naming your heirs as the beneficiaries. This will help them maintain the lifestyle they’re used to long after you’re gone.

Make a Charitable Contribution
Even if you don’t have family left, your life insurance policy can still be put to good use. If you name a charity as your beneficiary for your life insurance policy, you can donate the cash equivalent of your insurance policy’s premium. This will help you help others even after you’ve left this world.

Customized Insurance Policies
For years, Bankers Fidelity has been helping people just like you find the perfect whole life insurance policy for your needs. Whether you want to leave behind an inheritance for your children or cover funeral expenses, we’re here to help make that happen. Give your family the gift of love by choosing a life insurance policy that is tailored to your unique needs. They’ll be glad you did. 


How to Manage Your Life Insurance

Your family is priceless. Therefore, life insurance is a valuable asset for families. It protects your loved ones when the unimaginable happens. However, there are several different types of life insurance policies. Deciding the right fit can be confusing and exhausting. It is also important to understand that your life insurance needs may change with time. Here is some helpful information for those who are trying to navigate through these options.


Your Life Insurance Options
The most common form of life insurance is referred to as whole life. You select the amount of coverage you need, and based on specific health questions, your premium amount is then determined. Another option is term coverage, which covers you for a limited number of years. It is easy to acquire and often affordable. However, once the term insurance has ended, there is nothing left to show for it. There are also universal life insurance policies. This flexible coverage allows you to invest a portion of your premium in order to increase your benefit amount. A newer form of life insurance is called final expense. It has many of the characteristics of a simple whole life policy, but with fewer restrictions and a smaller minimum benefit amount.

Making a Choice
There are three main factors that help you determine which type of plan to choose. These factors are age, health, and financial status. For younger families, you should typically begin with either term or universal life insurance. Term insurance protects your family without a long-term commitment, while universal provides an opportunity to invest in your future. Most term policies can be converted to whole life before it matures. This is a much more responsible choice once your family is more stable. If, by some chance, you were unable to purchase life insurance earlier in life, then you can consider a final expense policy. It may not provide everything you want, but it, at least, gives you what you need.

Most people are familiar with the idea of insurance, but shrink away from the subject of life insurance. It brings about so many fears and unanswered questions. While these feelings are normal, owning life insurance is a responsible act of love. It is a decision that affects your estate and everyone in your life. So, weigh your options carefully, but please, make a choice. If you have any more doubts, contact a licensed insurance agent for life insurance quotes.


What is a Supplemental Insurance Plan?

Those of us have who have medical insurance have a certain peace of mind knowing that the costs involved with treating a health issue won’t result in a financial catastrophe for us or our family.However, there can be additional costs that aren’t covered under our health plan, which is one reason why supplemental insurance plans can be such a benefit for us. As the term implies, they offer insured individual the chance to take care of the many incidental expenses that crop up during the treatment and recovery period.These types of policies work best for those of us who have a family history of critical illnesses, those in a profession that may be considered dangerous or simply those of us who are enjoying our retirement years. 


Generally, there are three different types of plans available, which are for:

Serious Illness
These help pay for deductibles, specialists who aren't in the network of physicians or experimental treatments that are usually related to some form of cancer. With respect to the latter treatments, the American Cancer Society estimates that two-thirds of all cancer costs are non-medical, which can quickly add up.

They can also be used for non-health issues like paying for such incidentals as child care or help around the house, traveling and residential costs if any treatment is far away or the everyday payments that continue like groceries, car payments and other bills.

Medigap
Those of us who are enrolled in Medicare know that some things aren’t covered under our plan. These include deductibles, co-payments and coinsurance, with many other expenses that may increase if there’s an extended hospital stay or a need for the services of a nursing home.

Accidental Death
Something we never hope happens could occur one day is if a death takes place. There’s no other way to plan for such a scenario other than supplemental insurance. Those of us looking to purchase this type of insurance should be aware that no benefits will be issued if death occurs due to natural causes, illness or suicide.

So if the idea of supplemental insurance plans sounds like a good investment, make sure to contact Bankers Fidelity today to get the ball rolling on setting up a plan that works. We may never know where the road takes us, but having Bankers Fidelity to help us out is a comforting thought.


What to Look for in Your Medicare Policy

The basic thing to remember about Medicare is that there are basically three parts that are divided into several options. Medicare Part A covers you as your hospitalization insurance. This is provided by the US government at no cost. Medicare Part B covers other parts of medical care like visits to the doctor, emergency room, diagnostic tests and anesthesia. However, Part B provided by the US government only covers 80% of your medical expenses. It also does not include the cost of prescription drugs. Prescription drugs are covered under Part D. 




What to Look for in Your Medicare Policy
Medicare offers several options through the government program. For example, Medicare "Advantage" plans are offered without out of pocket copays or large deductibles. Other plans require copays and deductibles. Plans that cover what the government provided Medicare program don't are known as Medicare supplement insurance plans. These cover the 20% Medicare doesn't. The first tip on what to look for in your Medicare policy is which plan best suits your particular medical needs. Since all Medicare recipients have very different needs, it's best to thoroughly review the plan that covers specific personal medical needs. Some Medicare supplement insurance plans include plans that cover prescriptions under Part D. Note that all supplemental plans are described by a letter of the alphabet. This helps you to design a supplemental plan most suitable for your needs.

Finding the Right Supplemental Plan for Medicare Coverage
The insurance industry is basically regulated by the US government. This means that certain Medicare insurance supplemental policies may not be available in every state. This is due to insurance regulations that are specific to each state.

Check the status of the policy you are interesting in to make sure you can enroll with the most suitable insurance provider in your state. In most cases, Medicare insurance providers are agents who prepare Medicare insurance policies to meet specific medical and financial needs.

Take the Time to Study Your Medicare Policy
Today, medical insurance policies are written to be easily understood. An agent is the best source to answer questions after you have reviewed the policy. Bankers Fidelity has been in business for 50 years which gives those who need supplemental Medicare life insurance coverage a greater sense of confidence and trust. If you are new to Medicare or supplemental insurance, visit https://bflic.com/ today to review the policy for you.

 

 

 


How Does Life Insurance Benefit You?

If you are the sole or primary breadwinner in your family, it is imperative that are covered by a life insurance policy. Going through life without life insurance is not only irresponsible, it could lead to financial ruin for your spouse and children. If they were dependent on your income for their survival, they would be left destitute if you were to die suddenly. If you still owed money on your house, they would lose that as well. Having life insurance prevents these horrific scenarios from occurring by giving your surviving family members money to support themselves. You might also consider getting medicare supplement insurance. This type of policy helps to pay for some of the costs not covered by Original Medicare, such as deductibles, coinsurance and copayments. Here are some of the benefits of being covered by a life insurance policy. 



It Protects Your Family
The primary purpose of life insurance is to provide the means for a family to live comfortably when the main or primary breadwinner is no longer around to support them. Along with paying for the mortgage, rent, groceries and utilities, life insurance can also be used for college tuition and the estate taxes that the families of deceased people will need to pay.

You Can Use the Money While You Are Alive
If you need money for some reason while you are still alive, you will be able to take out a loan against your life insurance policy's value. One of the really great things about borrowing money in this manner is that the interest rates are much smaller than those that are charged by banks, credit unions or various online lenders. You will have the option to repay the amount of money you have borrowed in installments or all at once.

Premiums Do Not Change
This is true in the case of term life insurance. When you are covered by this type of policy, you do not need to worry about your provider raising the price of premiums. You will be locked in at a set rate for the complete length of your agreed upon term.

If you would like to learn more about medicare supplement insurance, or any of the other policies offered by Bankers Fidelity Life Insurance Company, visit https://bflic.com/ or call them today at 1-866-458-7504. Once of their knowledgeable representatives will be happy to answer any questions you have.


Bankers Fidelity Life Insurance Company® (BFLIC) and its subsidiary Bankers Fidelity Assurance CompanyTM (BFAC) are licensed life and health insurance companies. BFLIC and BFAC offer various life, supplemental health and Medicare Supplement insurance products in all states except CA, CT, NY or VT and the US territories; any specific product information that may be presented should be considered a solicitation of insurance. BFLIC and BFAC are solely financially responsible for their own products. Neither BFLIC nor BFAC are affiliated with or endorsed by the United States government or the federal Medicare program.

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