Insurance Plan Types

Major Medical coverage is offered once per year during open enrollment unless there are circumstances such as loss of job or moving to another state that makes the current plan ineffective.  They can be offerred by the private companies or on the marketplace

Non major coverages such as hospital fixed benefit, critical illness, accident medical expense, dental vision and hearing 

Critical illness relates to heat attack, stroke and cancer will pay out a lump sum benefit to the patient you choose the amount of the face value up to 50k

Other non major medical plans exist to provide less than major coverage with exclusions such as a pharmacy drug plan and pregnancy coverage.  These plans can exclude pre-existing conditions or have a waiting period for treatments.

Living Benefits or Long Term Care are riders that can be applied with life insurance policies depending on the particular insurer


Major Medical 

Consists of regular doctor office visits, tests, labs, emergency room visits and hospitalization.  ACA Marketplace plans can not deny pre existing conditions.

Employer sponsored packages consist of these benefits.

The out of pockets costs could include payments made at time of visit and or until the deductible is met plus any other patient costs after the deductible is met.

Short Term Medical

When you are in between coverages or your employer benefits haven't started yet and you just need immediate benefits.

These policies can be from 3 months to 3 years depending on the state and the company issuing.  Has many exclusions and doesn't except pre existing conditions and coverage is offered by state.


These benefits can be added to provide additional coverage and reduce deductibles from a major medical plan.  Injuries from a fall or burns are covered under an accident medical expense policy.

Critical illness includes cancer, heart attack and stroke with some additional  conditions such as coma and loss of sight and limbs.

Dental , Vision and Hearing can also be considered belonging to this category.

Term Life Insurance

This insurance can be purchased from age 0-80 based on a particular term period anywhere from 10-20-30 years. At the end of the term the insured can convert to a permanent policy with an increased premium or it expires without payment.  Best case scenarios are for younger persons to lock in their health rating which can insure them against future premium rate adjustments due to more compromised health conditions.  The purchase of term can be used to guard against foreclosure in the event the breadwinner dies prior to the fulfillment of the mortgage obligation. 

Indexed Universal Life

Indexed Universal life insurance is a  permanent policy lasting up to age 100 and sometimes beyond.  The death benefit can exceed $500,000.  A protection indexed universal policy adds a percentage of growth according to the S&P 500 to even out the future costs of insurance over the years while maintaining the same premium.  An accumulation   indexed universal life policy can accumulate cash value intended for withdrawals or retirement benefits.  

Whole Life/ Final Exp

Whole life policies are by far the cadillac of the life insurance categories and the pricing will reflect that as well.

These are also permanent policies which can  accumulate cash value for retirement planning.  Riders can be applied with additions to the premium.

Final expense policies known also as burial insurance are also  permanent  which can be purchased from age 50-80.  The death benefit is limited to maximum $20,000 used primarily  for burial expenses.  However any death benefits provided to beneficiaries are tax free transfer of wealth.