Life, Health & Benefits

Life Insurance helps protect your family’s future after you are no longer living. This benefit can cover funeral expenses, repay debt and other expenses incurred in the event of your death. There are many types and sizes of Life Insurance and we’ve listed below the three most common.

Term Life Insurance

This type of life insurance is available for a limited number of years, allowing the policyholder to pay an unchanging premium, for the specified term period.

Some of the most common types of Term Life Insurance are:

• Annual Renewable (premiums are subject to increase each year)
• Long Term Level Premium (example: 5, 10, 15, 25 or 30 year periods)

Whole Life Insurance

This type of life insurance guarantees a death benefit at an unchanging premium to the policyholder. All guarantees are based on the claims paying ability of the issuing insurance company.

Some of the most common types of Whole Life Insurance are:

• Graded Premium
• Interest Sensitive
• Modified Premium
• Participating
• Single Premium

Universal Life Insurance

With this type of life insurance the policyholder receives long term life insurance coverage with no set schedule of premium payments and the potential to grow cash value. Sufficient premiums must be paid to keep the policy in force.

Some of the most common types of Universal Life Insurance are:

• No-Lapse Guarantee
• Indexed

Other Types of Life Insurance Offered:

• Business
• Special Risk
• Joint-and-Survivor
• Personal
• Second-to-Die
• Split Dollar
• Survivor

Having health insurance ensures protection from loss due to illness or injury, resulting in loss of life, loss of earnings, or expenses incurred.

Medical Coverage

As health care costs continue to grow, the need for health care insurance continues to grow. In the event that you become sick, how will you pay for doctors, prescriptions and other expenses incurred due to your illness? At Allegheny Insurance we strive to match your needs and budget with the best type of coverage available from our preferred carriers.

Disability Coverage

Have you ever seriously considered the importance of disability insurance? When we are feeling good, we don’t think of it. When we’re laid up and out of work, it’s too late. Disability insurance pays you an income when you can’t work because you’re sick or hurt. It is a form of health insurance coverage which provides benefits in the form of income (usually weekly or monthly) to employees disabled by sickness or accident not related to employment.

For those enrolled in a Qualified High Deductible Health Plan, these medical savings accounts are available to allow for tax free savings on future medical expenses. Policyholders are not subjected to federal income tax at the time of deposit, allowing for greater flexibility and control over your benefits.

While you are awaiting a more permanent solution to your health care coverage, Short Term Medical Insurance is available to provide a temporary solution. Covering most health care services and expenses, this type of protection is best suited for those recent college graduates awaiting a job with benefits, waiting on coverage to begin, or retired and don’t qualify for Medicare.

When private health plans, such as Medicare, carry low benefits, supplements are available to fill in the gaps. This allows the person covered by such plans to have as broad coverage as is generally available.

As we get older, we should consider that most of us will require nursing home care or professionally-assisted home care at some point in our lives. As nursing care expenses continue to soar at an alarming rate, Long Term Care Insurance is available to provide coverage of costs including room, board and medical expenses.

Every traveler’s needs and risks are different. Travel Insurance protects the policyholder in the event that problems are associated with traveling, generally including trip cancellation due to illness, lost luggage and other incidents.

Additional Coverages Offered

• Trip Cancellation
• Trip Interruption
• Medical
• Evacuation
• Baggage
• Flight
• Repatriation

Used in retirement planning, Annuity refers to any type of periodic (generally monthly) payments made to an individual. The payments may be arranged to last for a defined period of time or may be paid until the annuitant’s death. In the latter case, remaining funds may be paid in a lump sum to a beneficiary.

Disclosure: There is a surrender charge imposed generally during the first 5-7 years that you own the annuity contract. Withdrawals prior to age 59 ½ may result in a 10% IRS tax penalty, in addition to any ordinary income tax. The guarantee of the annuity is backed by the financial strength of the underlying insurance company.

Group Life Insurance may be purchased by businesses for the benefit of their employees and their families. A single contract is provided for the entire group which outlines the standard benefits, terms and provisions that apply to all members of the group. These policies may be written to provide, by certificate, a minimum amount of insurance for each employee, subject to increases as the individual’s period of employment lengthens. Policy premiums may be paid in whole or in part by the employer.

Additional Coverages Offered:

• Basic
• Supplemental
• Dependent Term Life

For workers, particularly those who engage in dangerous work, AD&D Insurance coverage is available. This is a specific type of life insurance policy that pays benefits in the case of the death or dismemberment of the insured from accidental causes. If dismemberment occurs, benefits are paid on a periodic basis, such as weekly, bi-weekly or monthly for the injury. The amount of payment of the benefits is based on the type and severity of the dismemberment.

For employees temporarily disabled due to not work-related injuries, Short-Term Disability is available to protect for usually less than one year. This benefit is normally based upon a percentage of the employee’s salary.

If an employee is disabled due to injuries sustained from an off-the-job accident, Long-Term Disability is available to provide them a significant portion of their salaries for the rest of their lives if the need arises. This is a coverage designed to offer income payments for long-term injuries, illnesses or disabilities, often over 90 days.

Group Health plans are designed to offer affordable health coverage to a natural group, such as employees of an employer or members of an association. A single contract is provided for the entire group which outlines the standard benefits, terms and provisions that apply to all eligible members of the group. The employer may not discriminate in offering coverage to employees and the same coverage must be offered to each employee. Employees usually have the option to include family members at an additional cost normally paid for by the employee.

A Partially Self-Funded Medical Plan makes the employer responsible to pay out health or disability coverage using its own funds.

For those enrolled in a High Deductible Health Plan, a Health Savings Account is available to allow for tax free savings on future medical expenses. Policyholders are not subjected to federal income tax at the time of deposit, allowing for greater flexibility and control over your benefits.

Using a Health Reimbursement Account employees pay funds into an account that the employer may use to reimburse medical expenses when the need arises.

For employees temporarily disabled due to not work-related injuries, Short-Term Disability is available to protect for usually less than one year. This benefit is normally based upon a percentage of the employee’s salary.

Employers rely on us to find them Group Dental plans that help their employees manage their dental costs. The Group Dental plans cover checkups, cleanings, fillings and other dental expenses.

Employers typically buy vision plans for a group of employees to subsidize cost. The Group Vision plans cover eye exams, eye wear and other vision expenses. This plan usually comes in the form of either a Vision Benefits Package or a Discount Vision Plan.

Dental, vision, life and disability coverage are all common types of Voluntary Benefits that employees may choose to purchase from their employer. Employees receive much lower rates by purchasing these coverage types through their employer compared to on their own.

As we get older, we should consider that most of us will require nursing home care or a professionally-assisted home care at some point in our lives. As nursing care expenses continue to soar at an alarming rate, Long-Term Care Insurance is available to provide coverage of costs including room, board and medical expenses. Providing this type of plan assists employers in offering an attractive incentive when hiring and also helps to retain valuable employees.

Insurance purchased by an employer on a key person within the organization to help protect that employer from the financial impact that could result should that employee become ill, disabled, or die. This insurance may be life, health, or disability. Normally, the employee covered has special skills, training, management, or significant attributes that would cause the organization loss of income should that employee become unavailable and a replacement need to be hired or trained.

In the event that you and your business partner have to separate, Buy Sell Planning will define who can buy your partner’s share of the business and at what price that share will be paid.

You can help to eliminate unforeseen expenses and uncertainty in the event of your death by engaging in Estate Planning Strategies. Planning for the disposition of your assets, including property, can maximize its value. Estate plans include contingencies for the handling of property in the event of the incompetence or some type of disability of the estate owner.