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Life and Health Insurance

Your health and wellness are integral components of your daily life. Accidents, injuries and illnesses may be impossible to avoid, regardless of how healthy or safe your lifestyle may be. An insurance portfolio that allows you to maintain your health and wellness while providing financial assistance for you and your loved ones may be essential.

What Is Life Insurance?

Life insurance is a type of coverage that provides financial security in the event of an insured’s death. Whether you secure policies for yourself or someone else, such as your spouse or dependents, they can render critical aid amid tragic circumstances. While the details of your coverage may vary, life insurance funds can generally be used to help pay for the following:

  • Funerals
  • Outstanding debts
  • Medical bills
  • Administrative costs
  • Estate taxes
  • Lost income

Types of Life Insurance

Life insurance may be heavily customizable according to your needs, preferences and budget. Policies can generally be classified as one of the following primary types:

  • Term life insurance—These policies can provide financial assistance to an insured’s beneficiaries if death occurs during a specific period. Conversely, if a person dies after a policy lapses, there will be no payout. While term life coverage is more limited in its protective capabilities, it is usually more affordable and may also be available as part of a group plan through your employer.
  • Whole life insurance—These policies, also known as permanent life insurance, can pay beneficiaries regardless of when an insured passes away as long as premiums continue to be paid. Whole life insurance may also include various financial opportunities, such as the ability to accrue cash value, which can then be used to reduce premiums or invested in stocks and bonds.

What Is Health Insurance?

While life insurance provides financial aid for your loved ones following your death, health insurance focuses on helping maintain your wellness throughout the course of your life by providing access to various medical needs, such as preventive services, check-ups, hospitals and specialists. Policies can be purchased individually through the federal marketplace or may often be obtained through your employer. They generally include coverage for the following:

  • Preventive and wellness services
  • Chronic disease management
  • Ambulatory services
  • Prescription drugs
  • Emergency services
  • Hospitalization
  • Pregnancy, maternity and newborn care
  • Mental health and substance use disorder services, including behavioral health treatment
  • Rehabilitative and habilitative services and devices
  • Laboratory services
  • Pediatric services, including oral and vision care

How Does Health Insurance Work?

Health plans can vary significantly. To ensure that your policy is sufficient for your medical needs, you must first understand its key components, including the following:

  • Premium—This is how much you pay regularly (e.g., monthly) to maintain your coverage.
  • Deductible—This determines how much you must pay out of pocket in a single plan year before your policy will begin to contribute.
  • Co-pay—This part of your policy establishes fixed out-of-pocket fees for certain medical costs, such as prescription drugs or X-rays.
  • Out-of-pocket maximum—This establishes a limit to the amount that you can be required to pay out of pocket in a single plan year for covered services. Your premiums do not count toward this amount.

Protect Yourself With the Right Coverage

At Wilkinson Insurance, we have over 50 years of experience serving the insurance needs of individuals, families and businesses in the White House, Tennessee, area. Our dedicated agents will work with you to assess your circumstances, explore your options and ensure you and your family are financially secure with optimal life and health insurance policies. Contact us today to get started.