Share:

Life and health insurance are essential for most Americans. Health insurance pays medical expenses, while life insurance replaces the loss of family income in the event of a death. When you understand your life and health insurance options, you can take full advantage of the coverage you pay for. K.L. Smith Agency in Willimantic, CT, is here to educate you on the ins and outs of these important policies.

What to Know About Life Insurance

For those with families, life insurance is a must. If you were to die unexpectedly, would your family be able to continue paying for the house you live in? What about your children’s educational costs? Review your policy carefully to make sure your death benefit is keeping up with your family’s cost of living. 

Life insurance comes in two forms: whole and term life insurance. Whole life insurance is a permanent insurance that combines insurance coverage and an investment. Whole life insurance builds a cash value over time and can be used for a variety of purchases if you “cash out” while you’re still alive.

Term life insurance, on the other hand, is the least expensive way to buy life insurance, but it only lasts for a set period of time—perhaps 20 or 30 years. It pays out only if you die during the term, and there’s no extra investment money included.

Health Insurance Basics

life-and-health-insuranceHealth insurance covers medical expenses and preventive care. Because of the great variety of available plans, you need professional advice to optimize it, especially as health insurance laws may change in the coming years. 

It’s important to understand how your plan is structured so you know what you have to pay for out of pocket. If you have a deductible and you meet it for the year, consider taking care of any tests you’ve been putting off, since they’ll now be covered in full.

It’s also important to review all the benefits of your plan. Many health insurance plans come with incentives to join a gym or discounts on eyewear and dentistry if you use certain providers. Keep your list of benefits handy so you can maximize your benefits when you need to take advantage of your policy.

The most effective way to find the best life and health insurance coverage is to contact a local broker for advice. To learn more, call K.L. Smith Agency in Willimantic at (860) 423-9294. You can also see their website for information on all of their services, including car insurance and business insurance policies.

tracking