WealthMark Advisors, Inc. is prepared to help you in services including but not limited to:
Fixed-Indexed Annuity (FIA):
A type of tax-deferred insurance contract whose credited interest is linked to an equity index – typically the S&P 500 or international indices. This contract protects against a loss of principal and it guarantees a minimum interest rate when held to the end of the surrender term. The insurance company that administers the annuity backs the contractual guarantees.
Multi-Year Guarantee Annuity (MYGA):
A fixed annuity that protects against a loss of principal and guarantees a declared rate of return over the life of the contract. MYGAs are conceptually similar to bank CDs in that they offer a fixed rate of return over a specified time period, typically between 1 and 10 years. The insurance company that administers the annuity backs the contractual guarantees.
Single Premium Immediate Annuity (SPIA):
An insurance policy that, in exchange for a single premium sum of money, guarantees the issuer will make a series of payments to the contract owner. These payments may either be level or increasing periodic payments for a fixed term of months and years, or for the life of the insured.
Term Life Insurance:
A type of life insurance that provides temporary coverage for a declared length of time: typically 10, 15, 20 or 30 years. The insured pays a fixed rate for the length of the term. If the insured dies before the end of the term, the full death benefit is paid out to their designated beneficiaries. Otherwise, coverage expires at the end of the term and the insured must either forfeit the coverage or apply for new or extended coverage with new rates, as stipulated by the insurance company.
Universal Life Insurance (UL):
A type of flexible, permanent life insurance that accumulates cash value. The cash value grows tax-deferred at an annually credited interest rate, determined by the insurer. Premium payments are an amount higher than the cost of insurance, which goes toward crediting the cash value of the policy. The policy owner may choose to pay premiums either annually, semi-annually, quarterly or monthly, which covers the cost of insurance charge and any other applicable policy fees. If the cost of insurance ever rises above the amount of paid premium, the excess charges are deducted from the policy’s cash value.
Indexed Universal Life Insurance (IUL):
A type of flexible, permanent life insurance similar to Universal Life but with higher upside potential. The cash value grows tax-deferred at an interest rate based on the performance of stock indices-typically the S&P 500, Nasdaq, or other international indices. Fixed IULs also provide a minimum guarantee, as determined by the insurer. Premium payments are an amount higher than the cost of insurance, which goes toward crediting the cash value of the policy. The policy owner may choose to pay premiums either annually, semi-annually, quarterly or monthly, which covers the cost of insurance charge and any other applicable policy fees. If the cost of insurance ever rises above the amount of paid premium, the excess charges are deducted from the policy’s cash value.
Final Expense Insurance:
A type of life insurance intended to cover the cost of burial and funeral expenses. Final Expense Insurance is a Whole Life Insurance plan and can be purchased later in life than most other life insurance plans. Typically, Final Expense Insurance carries a small face amount – usually between $5,000 to $50,000.
Medicare Supplement Insurance:
Also known as “Medigap”; A Medicare Supplement helps to cover costs that Original Medicare does not cover, such as copayments, coinsurance and deductibles. This type of insurance is offered through private insurance companies and is typically paid for with monthly payments.
Medicare Advantage Plan:
A Medicare Advantage Plan replaces Medicare Part A and B, typically with a Health Maintenance Organization Plan (HMO). However, other Medicare Advantage Plans include Preferred Provider Organization Plans (PPO), Private Fee-For-Service Plans (PFFS), Special Needs Plans and Medicare Medical Savings Account Plans. The majority of Medicare Advantage Plans include a prescription drug plan. Medicare Advantage Plans vary by zip code and may not be accepted everywhere, other than in an emergency. A Medicare Advantage Plan can be more cost-effective than a Medicare Supplement, however, it does not cover the gaps in Medicare.
Long-Term Care Insurance (LTCI):
An insurance product that is specifically designed to assist in payment of long-term care needs such as nursing home, assisted living, or personal at-home care. LTCI aids in the cost of care needs that are not covered by traditional health insurance, Medicare or Medicaid. This benefit is triggered if the insured can no longer perform two out of the six Activities of Daily Living (ADLs) such as dressing, bathing, eating, toileting, continence, and walking/transferring. The applicant must be healthy when applying for long-term care insurance, so it is important to think ahead.