Insurance

Insurance

Life Insurance

Life insurance, sometimes referred to as term insurance or whole life insurance, provides for a payment of a sum of money upon the death of the insured. In addition, life insurance can be used as a means of investment or saving.

Fixed Annuity

An insurance contract between an insurance company and the contract owner. Payments into the contract earn a fixed rate of interest for a specified period of time. Earnings in an annuity grow tax-deferred. Upon annuitization or withdrawal, earnings are taxable to the owner. Withdrawals prior to age 59, ½ are subject to income tax penalties.

Health

A generic term applying to all types of insurance indemnifying or reimbursing for losses caused by bodily injury or sickness or for expenses of medical treatment necessitated by sickness or accidental bodily injury.

Dental

A group or individual health insurance contract that provides payment for certain enumerated dental services.

Group

Insurance on the lives of several persons as a group, written under one contract called a master policy.

Disability

A form of insurance coverage that provides a portion of income lost as the result of a total or partial disability caused by either an accident or an illness.

Vision

A group or individual health insurance contract that provides payment for certain enumerated vision services.

Long-term Care

Coverage that, under specified conditions, provides skilled nursing, intermediate care, or custodial care for a patient in a nursing facility or his or her residence.