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A premium is the monthly cost of keeping your insurance policy in effect. Health insurance premiums are determined by a variety of factors, including your medical history, your lifestyle, and your current health status.
A deductible is an amount of medical expenses you are responsible for paying before your insurance starts covering you. A common deductible is $500 this means you would be responsible for paying the first $500 in medical bills before receiving coverage. Having a higher deductible usually means you enjoy lower monthly premiums.
A co-payment is a fixed-dollar amount that you are responsible for paying for a particular medical service. For example, many plans have $20 co-payments for doctor's visits. This means it only costs you $20 to see a doctor.
Coinsurance is an amount of the cost of a medical service that you are responsible for paying. Unlike a co-payment, which is a fixed-dollar amount, coinsurance is expressed as a percentage. For example, many insurance plans have 20% coinsurance for hospital costs meaning you pay 20% of the total cost of a trip to the hospital.
An out-of-pocket expense is any cost you have to pay yourself when receiving medical care. This includes your deductible, co-payments, and coinsurance. Most health insurance policies have an annual maximum out-of-pocket expense. Once youve paid out enough money to meet that maximum, your insurance company will pay the rest of your medical costs.
Managed care is a form of health insurance that stresses preventive medicine and affordability. In a managed care plan, you typically choose a Primary Care Physician who is responsible for approving specialist and hospital care. Managed care was originally introduced as a way to control healthcare costs. It's now the most common form of health insurance in the United States. HMOs and PPOs are examples of managed care.
Health Savings Accounts aren't health insurance plans. Instead, they are a financial tool designed to help make your healthcare more affordable. The money you deposit in an HSA is tax-free. You don't pay taxes on qualified withdrawals, either. In effect, it's like getting extra money from the government to pay for healthcare. To open an HSA, you first have to purchase a high deductible health plan.
Having health insurance isn't just about paying medical bills. It's about knowing that you'll always have access to quality care. Health insurance makes seeing the doctor easy and affordable and that means you're more likely to stay healthy.
The best way to explore your health insurance options is to get the advice of a professional agent. Our instant quote tool will let you get started comparing plans in just minutes. When you request free quotes, you'll see your options side-by-side. To learn more about which options are right for you, contact us we're always happy to answer your questions.
That depends on who you are. There is no single best policy for everyone. To find out which plans are right for you, fill out this short form and get your free online quotes.
Frequently Asked Questions
Life Insurance
What You Need To Know To Buy Life Insurance Online
So you are interested in getting life insurance, but you still have some questions. That's okay! At American National we want to make sure youre comfortable with your purchase, so we've gathered the questions our customers most frequently ask us and answered them. If after reading this page you have additional questions, please contact us directly and well be happy to provide answers for you.
What Are the Different Types of Affordable Life Insurance Products?
While there are many types of life insurance products on the market today, they all fall into two basic categories: term and permanent.
Buying Term Life Insurance Online
Term is the most basic type of life insurance. It gives you the life insurance coverage you need for a specific period of time at a price that wont break the bank. Term life insurance provides you with the most protection for the money you have to spend.
The features of our term life insurance include:
- Full Coverage from day one Once you are approved and your premium is received, youre protected
- Coverage to age 80 An insurance policy for when you need it most
- Premiums guaranteed not to increase during the level premium period Your premiums won't increase until after your initial period
- The option to convert to a Whole Life Insurance plan prior to age 65 If you want to keep your protection, you can change to a Whole Life policy immediately
Affordable life insurance doesn't get much better than this.
Buying Permanent Life Insurance Online
The most well-known form of permanent life insurance is whole life insurance. It offers you dependable protection for your whole life. All you have to do is pay your premiums and not only are you covered, you actually build cash value. You can even borrow against the cash value of your policy as it increases in worth and use the money for whatever you need it for.
Another form of whole life insurance we provide is guaranteed issue graded benefit life insurance. Our LegacySM Life guaranteed issue/graded benefit life insurance policy is often purchased for people between the ages of 50 and 80 because it will cover the cost of end-of-life expenses and other longer term needs.
The features of our whole life insurance policies include:
- Coverage to age 121 An insurance policy for when you need it most.
- Builds Cash Value Build an asset you and your family can benefit from.
Why Purchase Life Insurance?
There are plenty of reasons to purchase life insurance:
- To cover the what if's in life
- To protect your loved ones and take care of them if anything were to happen to you
- To give you one less thing to worry about
Most financial experts consider life insurance to be the cornerstone of financial planning. Life insurance can be very valuable, especially in the following situations:
Some life insurance even contains a built-in savings component that accumulates cash on a tax-deferred basis. You can use that cash value for any reason you choose.
Who Should Purchase Life Insurance?
Life insurance is one of the best ways to help provide protection for the people who depend on you for financial support. If something happened to you, the people who count on you will lose your income. Life insurance can help cover some or all of that financial loss.
Here are some hints to help you determine your need for life insurance:
Parents: If you have a family, you need to have sufficient insurance to protect them. If something happened to you, your family would be stuck with your debt and unpaid bills. Without your income, who knows what could happen to them. Thats why you need to make sure youre protected now.
Working Couples: Make sure your spouse doesnt get stuck with unpaid bills. Protect them with a policy that will replace your income and help make sure your spouse can maintain the lifestyle that you both worked so hard to achieve.
Singles: If youre caring for elderly parents or others, you should have life insurance. If anything happens to you, the money from your life insurance policy can help provide support for the people youre caring for.
Retirees: If youre retired or will soon retire, you want to relax, not worry about who will provide for your family if and when. Get the protection you need to make retirement a stress-free time in your life.
How Much Life Insurance Coverage Should I Purchase?
Before you get a life insurance quote or apply for life insurance coverage you should first determine how much life insurance you need.
For example, do you know how much cash and income your dependents will need if youre no longer around to provide for them? Your life insurance coverage for you and your spouse should come as close to that amount as you can possibly afford.
Once you know how much you need, youll also want to consider:
Are you supporting a family?
A long-standing rule of thumb is that your total life insurance benefit should equal 5 to 7 times your annual gross income. That amount will protect your family and ensure they keep the protection for the long-term.
Are you looking to pay for funeral expenses?
Decide what kind of funeral you would like to have and do some research on how much it will cost. Then purchase that amount of life insurance coverage or a little higher to account for rising funeral costs.
The key thing to remember when you purchase life insurance is this: if you cant afford the coverage you need, purchase what you can afford now and work your way up to your desired amount as you have more available income. Even a small amount of life insurance can help ease the transition that your family will undergo without you.
Whether youre buying your first policy or supplementing what you already have, American National has made it as convenient as possible to get the low cost life insurance you need.
American National Provides up to $250,000 of Term Life Insurance With No Medical Exams
Our term life insurance gives you the protection you need at an affordable price. Coverage is subject to age limitations and acceptance is based on how you answer a few simple health questions on our online form. We make it easy NOT to put off protecting your family's future until tomorrow.
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