Annuity:
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A policy, which pays an income for life or a specified period to the insured or their estate.
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IRA:
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Individual Retirement Account – A policy which pays income to the insured after age 59 ˝.
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Life Insurance:
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A policy, which pays a stated amount to a beneficiary upon death of the insured.
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Term Life:
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A policy that does not build cash value, and is issued for a specific period of time. If the insured dies within the specified term, the beneficiary receives a stated amount.
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Whole Life:
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A policy that builds cash value at a fixed interest rate, and is issued to age 100. If insured lives to age 100, they will receive the specified amount.
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Universal Life:
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A policy that builds Cash Value at a variable interest rate. Insured can borrow money against this policy. If insured lives to age 95, they will receive the specified amount.
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Health Insurance:
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A policy that pays hospital and doctor expenses if sick or injured.
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Deductible:
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A set amount that the insured must pay before the Health Insurance policy will begin to pay hospital and/or doctor’s bills.
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Co-Insurance:
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The insurance company and the policy-owner share covered expenses in agreed proportions. And 80/20 co-insurance policy is typical. The insurance company pays 80%, and you pay 20%.
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Stop Loss:
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A provision found in major medical health policies which states that once the costs have exceeded a specific amount, the insurance company then pays 100% of the eligible expenses above that amount, in a calendar year.
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Disability Insurance:
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A policy that helps to replace income when an insured is sick or injured and unable to work.
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Long Term Care Insurance:
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A policy that pays a specific portion of the expenses toward home health care, assisted living facilities, or nursing home care for an insured.
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Contact
Us
Hetrick & Associates
300 South Front Street Marquette, MI 49855
Phone: (906) 228-7500
or toll free
1-800-562-9773
Fax: (906) 228-5385
h&a@hetrickins.com
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2nd
Location
Jennings Insurance
396 US 41
Negaunee, MI 49841
(906) 475-4171
jennings@up.net
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Office Hours
8am - 5pm M-F
evenings by appointment
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