Health insurance companies have many options. The biggest is HMO or PPO, which is better? HMO requires you to go to a listed physician and a PPO gives you options.

Outlined below are few things to help you make a decision.

Both options serve a purpose and fill a need for each person. The key is to first determine if all of the medical issues or prescriptions are covered under the plans. Also confirm if your doctor is listed under each plan. Make sure that part is clearly stated in order for you to decide which option is better for your family. Ask your physician’s office manager as to what their opinion is of the insurance company as far as claims handling. Last, but most important, is the cost of out of pocket expenses. It is important to add up what the out of pocket expense will be for your family during a normal year of office visits.

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Life Insurance

Life insurance is designed to be part of your personal or business plan to provide funds for the surviving members of your family or business should you die.

Outlined below are a few life insurance definitions and some basic information to help you start the planning process.

Life insurance can be broken down into two categories. The first is term insurance. Term insurance is designed to cover the listed insured for a period of time such as 10, 20 or even 30 years. The most important item to remember is that if you need it beyond that time frame you may need to qualify for a new plan. If you have the Guaranteed Conversion Endorsement added to your term plan you can convert this plan to an equity type of plan such as a whole life or Universal life plan. Please read that endorsement as to the details and coverage options.

If the term plan does not have this conversation capability then once this plan has terminated you will be without insurance.

The second type of plan is an equity plan. This plan usually has an expiration time frame in the mid age range of the 90’s. This plan also has a cash accumulation option that may work in your benefit to compliment your retirement. These plans usually consist of Whole Life or Universal Life.

Most consumers secure a little of both since most families have a long term exposure (final expenses, taxable estate) and a short term exposure (children, college education) for financial loss should the wage earner or other parent die suddenly.

The most important item to recognize is that you should meet with your life insurance professional and make sure that they offer needs analysis prior to discussing any life insurance products. This is needed in order to evaluate your risk and to educate you as to what your need is currently and what it will be if you should die and give you options as to how to cover this exposure. Education and options is the key to making an informed decision.