Life & Health Insurance

Life insurance is very different than that of property/casualty insurance. The main purpose of life insurance is to cover the risk of dying too early and leaving your loved ones without support. Policies can help beneficiaries maintain their standard of living after a policyholder dies. It also can protect the beneficiary and the insured from the possibility of outliving one’s assets.

Health insurance policies pay benefits to insureds who become ill or injured. These days, managed care is the most common delivery system. In managed care, insurance companies establish fee agreements with doctors and hospitals to provide health care services. If managed care health insurance is provided through employment, the employer pays the managed care plan a set amount of money (the employee may be charged a portion, or all, of this amount by the employer) in advance for all health care costs. The employee then pays a flat amount for the services (if required via the health plan) – a copayment.