Life Insurance - Fabian Can Help

The Pros and Cons of Life Insurance

What You Need to Know About Life Insurance

If you’re unfamiliar with life insurance policies and how they work, you’re in the right place to learn more about them. Essentially, a life insurance policy is a policy you can purchase that will pay money to your family in the event of your passing. It’s important to note that each life insurance policy is different and can be crafted to fit the needs of a single individual. This policy is a legal agreement between an insurance company and a person. Most life insurance policies indicate the insurer, the policyholder, who the policy insures, the death benefit, and beneficiaries of the death benefit.

The Disadvantages of Life Insurance

While there are many upsides to purchasing life insurance, the option may not be as perfect as most might think. Let’s explore the major disadvantages to help you understand their significance.

  1. Life insurance can be expensive depending on your age or if you are unhealthy.
    Premiums on life insurance policies are determined by one’s medical profile, family medical history, and finally, age. You can be charged more for coverage based on these factors.
  2. Whole life insurance is expensive no matter what age it’s purchased at
    Term life insurance is pricey, but to cover a whole life with a life insurance policy is much more expensive, possibly hundreds of dollars a month. It lasts your whole life but requires a great investment.
  3. You can be easily misled if you’re not properly informed
    When can you redeem cash value? Do companies charge more or less based on the same risk factors? There are important factors and facets of your policy that should be covered in their entirety before you sign for it.

The Advantages of Purchasing Life Insurance

Purchasing life insurance can benefit an individual and their family greatly if approached right. The team at Fabian Ramirez Insurance Agency is here to help!

Protect your family financially

Life insurance is the exchange of a small monthly payment for a very large amount of money if you die, otherwise known as a death benefit. 

Expensive but cheap enough to fit within your budget

The earlier you purchase life insurance, the better! You could pay as little as $20 a month in life insurance premiums, but depending on your coverage amounts, they could be more. It all depends on what you want, as well as who needs coverage.

Peace of mind

We believe you can’t put a price on financial security for your family in the event of your passing. Life is unpredictable, and it’s better to have a policy you don’t need than to need it and not have it.

 

If you are curious to learn more about life insurance, specific policies that would be available to you, and need help with setting a budget to ensure you receive full coverage, contact us today to learn more. We are here to help you and your family!

Is Life Insurance Worth the Investment?

Things to Know About Life Insurance 

While talking about life insurance can be complicated and uneasy, it can pay off for you and your loved ones in the long run. Life is full of the unexpected, so it’s better to be prepared. So, you may be asking: “What is life insurance and why do I need it?” 
Life insurance is similar to other insurance services such as auto or dental. Like most insurances, life insurance is a contract between the insurance provider and the policy owner. This type of insurance can be used to protect your financial investments and loved ones in the case of early death. There are many life insurance policies that providers offer, so it’s important to go over your options with the provider of your choice. However, if you are considering life insurance, you shouldn’t wait too long. The longer you wait, the more expensive it becomes.

Finding the Right Plan for You

While there aren’t many reasons you would need life insurance, there is a fair list of reasons why you might want it. In most cases, people choose to purchase life insurance because it can provide financial relief to their families and loved ones if they pass away. It is important to know the two (2) types of life insurance plans to find the best one for you. Take a closer look at the two (2) categories to better understand the benefits and coverage options: 

  • Term life insurance, also known as “pure” life insurance, is between a set time period. Depending on your provider, it can be anywhere from 10 to 30 years long. It’s a simple and affordable option for those who want the reassurance of their beneficiaries getting a payout if they pass away in that period of time.
  • Whole life insurance, also known as “permanent” life insurance, is in effect for your entire life. A portion of the premiums you pay each month will go into your policy, which grows over time. Depending on your provider, certain types of whole life insurance can also have an investment component that allows policyholders to accumulate a cash value. 

Why you can Trust Fabian Ramirez

It’s an uneasy topic that most don’t think about, but you’re already off to a good start by looking into your life insurance options. Fabian Ramirez offers solutions to help you and your loved ones with things that aren’t even thought about, such as how to pay off your loans, pay for your funeral or even replace your income for your family so they can grieve without needing to worry about finances. Enjoy the convenience of a local insurance provider who puts your insurance needs a priority.

The Truth On Health Insurance

The Truth On Health Insurance 

Unfortunately, getting sick or injured is inevitable. However, with the help of health insurance, you can help defray unexpected medical expenses and ensure protection for yourself and your loved ones. Medical-related expenses can, and will, rack up some pretty hefty bills. For example, one trip to the emergency room can cost you thousands of dollars and leave you financially set back for years. One thing is for certain in this unpredictable world: staying prepared for accidents and illness is imperative.

What Exactly Does Health Insurance Cover?

What some people might not realize is the cost of care does not stop after you leave health care facilities. Luckily neither does health insurance. Coverage extends to basic needs like preventative services (vaccines, screenings, etc.), prescriptions and lab tests as well. These are all elements of health care that can end up costing a pretty penny on their own, especially for single people and those who are single parents. 

Furthermore, services like mental health and substance use disorder services are covered by different health insurance plans. Counseling, psychotherapy and behavioral health treatments all fall under the umbrella of mental health and substance use disorder services and can be covered by your health insurance provider. 

What about your little ones? Insurance offers extended coverage to your family members, children included. Care for new and expecting parents is covered both before and after children are born. It is also important to note that insurance can help offset the costs of other pediatric (and general) needs. Speech-language pathology and occupational therapy are among the most common therapy needs for children all of which are covered under most plans.

    Words to Know

    For people who are new to the world of insurance, technical jargon can lead to confusion and frustration when trying to select the best plan for their lives. This is especially true for young adults who are trying to navigate the world on their own. Words like copayment, deductible and health care savings account can throw people for a loop who are just getting started. Below, we have listed a few words to know as you begin your journey in the health insurance world:

    • Copayment (often referred to as copay) – a fixed amount you pay for a covered health care service when received (ex. $25 per doctor’s visit).
    • Deductible – the amount you could owe before health insurance kicks in.
    • Formulary – a list of the names of prescription drugs your plan covers. 
    • Network – the health care places and providers your insurer uses to provide you with your care. 
    • Premium – the cost that must be paid for your insurance; this is usually paid monthly, quarterly, or yearly by your and/or your employer. 

    For a full list of medical insurance terms visit here.

    Protection You Choose

    Independent healthcare insurance is coverage that is purchased on your own. Obviously, this differs from government or employer-sponsored plans in the sense that you are in control of what and how much coverage you receive. In Texas, more than five million people go uninsured every year; most of whom are probably unsure they can even get insurance without having to go through their employer. 

     

    Private health insurance typically gives purchasers a wider range of options than government-sponsored plans. This means purchasers can tailor their insurance plans to their needs. Plus, the private route will typically lead to shorter wait times and more individualized care if buyers choose to get coverage from local organizations.

    Rest At Ease

    The peace of mind that comes with having health insurance is unmatched. Now that you have some insight into the insurance world, you can feel better about selecting the health care options that fit your lifestyle the best. 

    When you purchase health insurance through Fabian Ramirez Insurance Agency, LLC you can rest assured and be confident in the coverage you choose. Fabian and his team of insurance experts are ready to help you gain quality coverage and promise to be there for you every step of the way.

     

    What’s an EOB?

    What’s an EOB?

    You have insurance, had a doctor’s visit, received an EOB, now what?

    Knowing how to read your EOB or Explanation of Benefits, is helpful to understanding your medical coverage and may keep your gray hairs at bay. Essentially your EOB is a statement from your health insurance plan which breaks down in complete description the costs they will cover for care and or products you’ve received. This explanation is created and delivered once your provider submits a claim regarding the services you’ve received.

    Your EOB Is NOT a Bill

    There’s no need to panic! Your insurance provider sends you an EOB to help make clear:

    • Cost of care you received
    • Amount of money you saved by visiting an in-work provider
    • Out-of-pocket medical expenses you will be responsible for

    How to Read Your EOB

    Please note, EOBs are not bills. They are simply a recorded statement of the medical services you’ve received and details on how your provider plans to share costs. You do not use this to pay an outstanding bill. Your bill can be broken down into a summarization of:

    • Your details and personal information
    • The medical services received and by who
    • Amount billed: The cost of those services
    • Discounts: Money you saved by accessing care from in-network providers
    • Amount covered and paid by your insurance
    • Amount not covered: What costs your health plan didn’t cover
    • Amount that was paid by HRA (if applicable)
    • The outstanding amount you are responsible for paying

    Following this information is usually information regarding instructions on how to make an appeal, and then finally, there are more in-depth details about your total cost of care received.

    The Purpose of an EOB

    When you receive health care, your insurance provider will send you an EOB with the previously stated information. After this is received, you may receive a separate bill for the actual amount you owe. Information on this separate piece of paper will let you know where you can send your payment. Essentially EOBs are helpful because they provide you the value of your health insurance plan and can help you to gauge how much money you potentially have left in accounts related to your health insurance plan. These are also helpful for those who are wondering how close they are to meeting their deductible. That’s all the better because once your deductible is met, your provider will begin to help you pay for services received!

    If you need help understanding this information or feel like you’re in need of a different type of coverage, contact me today at 361-652-3005 and we can get started on providing you with the care and coverage you actually need.