Insurance And Annuity Services

Biro Financial & Retirement Services handles the following types of Insurance.

  • Life Insurance
  • Whole life
  • Universal life
  • Term Life
  • Burial Insurance
  • Long-Term Care Insurance

You want to be responsible to your family and loved ones who are dependent on you as a financial provider.

If something were to happen to you, what would happen to them?

A really good way to provide protection to your family members is with life insurance.

When is a good time to research and purchase a life insurance plan?

Right now of course!

People in their 20s feel like they will live forever so most don’t worry much about life insurance.

People in their 50s and 60s sometimes have a hard time finding a plan they can afford, many times because of health issues.

The best time to purchase life insurance is when you are in your 30s and 40s.

How much life insurance is enough?

Well a rule of thumb is 10 to 15 times the insured person’s annual salary. You also want to take into account any liabilities you might have that your loved ones will have to deal with should you pass.

You will want to take all of your liabilities and debts into account when purchasing enough life insurance.

What type of life insurance is best?

Let’s take a look at the different types of life insurance and how they work.

Whole life:

Whole life insurance pays a benefit when you die and it also accumulates a cash value. The policy owner will pay a fixed monthly premium for the rest of the insured’s lifetime. The policy pays out a fixed amount upon death, and it contains a fixed schedule of the cash value that the owner may borrow for any such reason. Emergency or potential opportunity.

Term Life:

Term life insurance pays a death benefit during a specified time span. It is a very attractive type of insurance to many people due to the lower cost and it gives you all the coverage you need. You will still need to determine what that amount is based on your annual salary and liabilities as described above.

There are two types of term insurance, annual renewable term which gives you one year of coverage and you must renew it annually, and level premium term which you buy for a multi-year term life 5, 10 or even up to 30 years.

Universal Life:

Universal life insurance combines the best of whole life and term life. It is generally low cost like term insurance and excessive premium payments are credited to the cash value of the plan.

Burial Insurance:

Burial Insurance is typically a whole life policy that pays a death benefit of between $5000 to around $25,000.

People purchase this type of policy to cover burial and funeral costs so as to not burden their loved ones with this expense when they die.

Typically there are very few health related questions on the burial insurance application and no medical exam.

Long-Term Care Insurance:

Long-Term Care Insurance, as the name applies, provides for the cost of long term care should you become incapacitated or very ill.

This insurance will cover long term services in a variety of settings including a retirement home, a community organization or even your own home.

The insurance will reimburse the policyholder for daily expenses which include eating, dressing, bathing and nursing care.

Typically there are health questions and a medical exam will be necessary when applying for this type of insurance.

Please note that many long term policies have limits on how much they will pay and how long they will pay out for.