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Financial Services Information

What is an Annuity?

Consider this... The maximum monthly Social Security Benefit a 65 yr old individual can receive today is $1,741, while the average check is only $995 per month. Will this provide the retirement lifestyle you're hoping for? Annuities are the perfect investment tool for your savings, offering competitive interest rates and dependable minimum guarantees for the life of the contract.

• Income payments can be designed by the policyowner to fit specific needs, providing future planning flexibility today. 
 • Interest is credited to both interest earnings and your original investment during high income years, deferring income tax until retirement when taxable income is most likely lower. 
 • In the event of death, all proceeds can pass directly to the named beneficiary without surrender charge, probate delay, estate settlement costs or publicity. 
 • No confusing introductory "teaser" rates, just our straightforward fixed rate of interest. 
 • Most of our annuities offer a minimum guaranteed rate of interest to help protect your original investment. Your money will always be growing . . . it’s guaranteed. 
 • No front-end load or annual policy administration fee. 
 • Up to 10% of the policy cash value (principal plus interest) is available each policy year without surrender charge. 
 • Withdrawals can be made without a surrender charge after the fifth policy year when the retirement date stated in the policy is reached (minimum age 60).

What is Disability Insurance?

There are two types of disability policies: Short-Term Disability (STD) and Long-Term Disability (LTD):

  1. Short-Term Disability policies have a waiting period of 0-14 days with a maximum benefit period of no longer than two years. 
  2. Long-Term Disability policies have a waiting period of several weeks to several months with a maximum benefit period ranging from a few years to the rest of your life.

Disability policies have two different protection features that are important to understand.

  1. Non-cancelable means the policy cannot be canceled by the insurance company, except for nonpayment of premiums. This gives you the right to renew the policy every year without an increase in the premium or a reduction in benefits.
  2. Guaranteed renewable gives you the right to renew the policy with the same benefits and not have the policy canceled by the company. However, your insurer has the right to increase your premiums as long as it does so for all other policyholders in the same rating class as you.

In addition to the traditional disability policies, there are several options you should consider when purchasing a policy:

  • Additional purchase options
    Your insurance company gives you the right to buy additional insurance at a later time for an additional cost. 
  • Coordination of benefits
    The amount of benefits you receive from your insurance company is dependent on other benefits you receive because of your disability. Your policy specifies a target amount you will receive from all the policies combined, so this policy will make up the difference not paid by other policies.
  • Cost of living adjustment (COLA)
    The COLA increases your disability benefits over time based on the increased cost of living measured by the Consumer Price Index. You will pay a higher premium if you select the COLA.
  • Residual or partial disability rider
    This provision allows you to return to work part-time, collect part of your salary and receive a partial disability payment if you are still partially disabled.
  • Return of premium
    This provision requires the insurance company to refund part of your premium if no claims are made for a specific period of time declared in the policy.
  • Waiver of premium provision
    This clause means that you do not have to pay premiums on the policy after you’re disabled for 90 days