Voluntary Insurance Plans

At Richardson Insurance, we work with an array of insurance providers to provide an arsenol of services for our customers. Whether shopping for Life Insurance, Long Term Care, Disability, Medical or other insurance needs, contact Richardson Insurance to schedule an initial meeting with our professionals and allow us to create the perfect insurance program!

Life Insurance

Trying to decide on the right fit of a life insurance policy can be like wading through a pile of mumbo jumbo with lots of plans available and all explained in insurance talk.

 

The key element of life insurance, regardless of the policy offered, is the face amount of coverage. The best policy or policies in fulfilling the main objective of insuring the coverage needed will depend on several factors: the coverage amount needed; the duration required; the premium; and, estate conservation as well as if conversion of the policy is desired.

 

Richardson Insurance features the following types of life insurance: Term Life Insurance; Whole Life Insurance; Universal Life Insurance (with an adjustable premium); and, Final Expense Life Insurance.

 

Traditionally, Term Life Insurance is traditionally the most affordable option and provides coverage for the specified period of time. Pending options such as mortgage obligations, children in school and so forth, Term Life Insurance is a popular option with young families. However, Whole Life Insurance policies provide permanent protection for the designated dependents and builds a cash value. Generally speaking, Universal Life policies can be either a Permanant Policy or a Term Policy - the premium, interest return and policy expenses decide the identity of this policy throughout its duration.

 

Each has its own unique benefits. In reviewing the plans, premiums and coverage with customers, our agent translates the insurance talk into easy to understand terms, explaining every step that's expected to insure coverage.

 

By implementing the proper life insurance policy, customers have peace of mind in knowing they have taken care of their families.

Disability
Long Term Care

The Baby Boomer Generation is aging and looking toward retirement. While still active, there is a concern over who will take care of them when that time comes. Created to fill the need of those who cannot take care of themselves, Long Term Care Insurance covers several different levels of care.

 

Before benefits can be issued, Long Term Care policies require that a person not be able to perform certain Activities of Daily Living (ADL's) - which many assisted living facilities use to ascertain admission eligibility as well. Basic Self-Care Activities of Daily Living may include:

  • Bathing/Showering

  • Continence (knowing when one needs to relieve oneself)

  • Dressing

  • Eating (ability to chew and swallow)

  • Feeding Oneself

  • Functional Mobility

  • Personal Hygiene

  • Toilet Hygiene

 

Long Term Care policies usually offer three major types of care:

1. Assisted Living

2. Nursing Home

3. Home Care (including Respite, Hospice and Personal Care)

 

In 2010, some average costs for Long Term Care in the United States were:*

  • $205 per day or $6,235 per month for a semi-private room in a nursing home

  • $229 per day or $6,965 per month for a private room in a nursing home

  • $3,293 per month for care in an assisted living facility (for a one-bedroom unit)

  • $21 per hour for a home health aide

  • $19 per hour for homemaker services

  • $67 per day for services in an adult day health care center

*Source: US Department of Health and Human Services

 

Depending on the insurance policy, benefits will be paid if you are unable to perform two or three  of the ADL's.  The quality of Long Term Care policies is based on several considerations.  Our insurance agent will review the Long Term Care options, covered services, premiums and plans with each customer before making a recommendation based upon their desired plans.

 

 

 

 

One of the most important health insurance plans a person can hold is a Disability Policy. Also known as Disability Income Replacement Health Insurance, this policy is designed to replace one's income should he become unable to work and pay bills.

 

Becoming disabled to work can create more of a hardship on one's family than leaving them with a life insurance policy. If unable to be the main provider of income, the family will suffer financially in addition to the mounting medical bills. Disability Income Replacement Health Insurance can provide peace of mind in knowing there will always be a roof over the family's head, clothes on their backs, food in the pantry and bills are paid.

 

Questions concerning Disability Income Replacement Health Insurance for individuals, self-employed  or employer groups for their employees? Contact Richardson Insurance for an initial consultation.