In the post-health care reform era, no longer can an individual be turned down for coverage based on health history. This provides individuals and families with a tremendous opportunity to be savvy shoppers of health insurance. Flexible Benefit Consulting has access to a variety of health/medical insurance products for individuals and families. Whether you are self-employed, between jobs, or looking for an alternative from employer provided coverage, we can show you a number of product options at various price points that can meet your needs.
FBC, Inc. also advises clients on individual life insurance. We speak with our clients about their current financial position, future aspirations, and about who or what they want to provide protection for. With this knowledge, we can collectively structure a life insurance plan that makes sense for the client and their family both in the immediate future and long term. Below are the three types of life insurance that we offer.
- Term Life Insurance: This type of insurance provides protection for a set period of time, usually between 10 and 30 years. It is popular because a large amount of insurance can be purchased relatively inexpensively. Having term insurance as a bulk of your life insurance portfolio during your working years is not uncommon. There is generally an option to convert this policy to either whole life or universal life before the term ends.
- Whole Life/Permanent Insurance: This type of insurance is called whole life or permanent life because you pay a fixed premium for the policy the whole existence of the policy. Likewise, the face value of the policy is also guaranteed during the existence of the policy assuming premiums are being paid. Whole life is typically more expensive for two reasons. Since it is guaranteed to pay out at some point it is more expensive that term insurance which is far less likely to pay out. There also is a savings component within a whole life policy that accrues cash value. This savings component makes the policy an asset unlike a term policy that one basically rents.
- Universal Life: In terms of cost, universal life insurance falls somewhere in the middle of term insurance and whole life insurance, at least initially. Unlike both of the prior insurance products, universal insurance premiums can vary greatly from year to year depending upon how much value has accrued. This is beneficial when you are unable to afford whole life early in the policy but want the savings vehicle that a whole life policy offers. Universal life does not have a defined term generally.