Life & Health Insurance
MIG offers a complete line of life insurance products that are crafted to meet you and your family’s specific needs, as well as health insurance plans for individuals and businesses.
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Finding the right Life Insurance products can be challenging in today’s insurance environment. MIG offers a complete line of life insurance products that are crafted to meet you and your family’s specific needs. We work with several different top-rated insurance companies, and will place your account with the company that will provide you with the coverage and benefits you want.
MIG can help you make sound, informed decisions about issues affecting your life insurance needs. Our philosophy is to fully understand your objectives and then translate them into solutions that provide assurance and peace-of-mind.
We are also able to provide you, your loved ones and your employees with a quality life insurance plan through Kaiser Permanente. Under Kaiser Permanente, you are able to choose from a number of different options that are best suited for your needs.
Our Life and Health Insurance Products
Individual Life Insurance
Life insurance from MIG can help you secure your family’s financial future by providing the funds they need to cover burial expenses, pay for uninsured medical bills, pay off your mortgage and other outstanding debts, and maintain a comfortable standard of living.
There are a variety of life insurance policies that we can provide. The kind of policy you choose depends on your needs.
Term Life Insurance
Term Life Insurance is a low-cost way of providing maximum coverage for your family. Protection is provided for a limited number of years. The insurance expires without value if the insured lives beyond the policy period, usually 5 to 20 years. Other policy life periods are available, including 1 year annual renewable term.
Term insurance premiums will not increase during the guaranteed policy time period (term) you select. Term Life Insurance pays a death benefit only if you die during that term. Term insurance generally provides the largest insurance protection for your premium dollar.
Term Life Insurance remains in force for as long as premiums are current, provided there are no misrepresentations on the application. The insurance coverage terminates if you discontinue your premium payments.
These type of polices are best for people that are young and are not ready to pay the larger premiums of a universal or whole life policy. They are also very good for people who are transitioning from one job to another, or for people who know that in a certain amount of time, their dependents will no longer need the protection of their life insurance plan. Certain term policies allow individuals to convert their policies to a universal or whole policy further down the road.
Whole Life Insurance
Whole Life Insurance provides permanent protection for the whole of life – from the date of policy issue to the date of the insured’s death, provided that premiums are paid. Premiums are set at the time of policy issue and remain level for the policy’s life. Unlike term insurance, whole life combines insurance protection and savings or cash value which builds over time. Cash value build-up may provide a source for living benefits, for example, helping pay off a mortgage, or a child’s education, or cash surrender value if the policy is ever cancelled.
These products are continually changing and we can provide you with the latest information and policies available!
Universal Life Insurance
Universal Life Insurance is a more complicated kind of policy, and it is characterized by great flexibility. Policyholders can determine the amount and frequency of premium payments – i.e., the more you pay, the less time you will need to pay. It is similar to a whole life policy in the way that it has both a death benefit element and an investment/savings element. Universal life policies do not have a fixed annual interest rate, instead the rate is based on market performance. If the market is doing worse, the payment will be lower and if the market is doing better it will be higher. Under universal life insurance, one can choose from a fixed interest rate investment or an index-tracking investment. A fixed interest rate investment has a lower risk and offers a higher guaranteed minimum return, and an index-tracking investment has higher potential returns but a lower guaranteed interest. We at MIG are here to help you understand the intricacies of these polices and chose the one that is the best fit for you.
Individual Disability Insurance
Individual Disability Income Protection is a must for a business owner, and highly recommended for executives. If you are a business owner, you should consider purchasing both group and individual policies, if possible. As an executive, you should be sure to obtain group coverage if it is available. Only forty-three percent of large companies provide group long term disability insurance.
Your chances are even less likely to get long term disability insurance if you work for a small company. The cost of a plan provided by your employer is usually less than you would pay for an individual disability policy and often you can get coverage automatically without having to qualify medically. If your employer doesn’t provide disability insurance, then you may want to consider an individual disability policy.
Or, you may need a personal disability insurance policy to supplement an employer group plan. Be sure to check the group provisions carefully: How long does the group disability insurance coverage last? How much is the benefit? Does the disability insurance policy cover bonus and commission income? Will the coverage continue if you leave that employer?
A typical Individual Disability Income Protection plan starts to pay benefits after you have been off work for 1 to 6 months and pays benefits for several years or until retirement age, depending on the policy. We at MIG are here to work with you to make sure that if something happens, you will not have to worry about providing for yourself or for your family.
We currently offer individual health insurance plans and business packages through Kaiser Permanente. Open enrollment for health insurance plans this year is Friday, November 1, 2019 to Sunday, December 15, 2019. Plans sold during this period begin January 1, 2020.
We are able to open business life insurance plans year-round. Some individuals may also qualify for special enrollment periods. Native Americans and people eligible for Medicaid/CHIP can enroll year-round. Individuals who have had a qualifying event such as a marriage, birth of a child, or loss of coverage from a job also qualify for a special enrollment period. We will soon also be able to provide short-term plans that last up to 36 months!