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Insurance Basics

Protect Your Family and Your Future

Life Insurance

In many ways, life insurance is the ultimate act of caring because most people buy life insurance to make sure their loved ones won’t suffer financially in the event of their death. Life insurance can be used to pay final expenses, replace lost income, pay off debts and loans, help care for loved ones with special needs or even create an education fund for children or grandchildren. If you’d like to know more, a friendly Standard Life and Accident agent can help answer your questions. Call 888.290.1085, Mon.-Fri., 8:00 a.m. to 4:30 p.m. CST.

Term life insurance rates typically are less expensive than whole life insurance rates because this type of policy doesn’t build cash value. These plans are purchased for a predetermined period of time – like one, 10, 15, 20 or 30 years – and have only one function: upon your death, they pay the death benefit to your beneficiary usually income tax free.

Whole life insurance, also known as permanent life insurance, is usually more expensive than term life because it not only pays the face amount at your death, it builds cash value. Unlike a death benefit only plan, you can have access to the cash value during your lifetime. If you’d like to know more, a friendly Standard Life and Accident agent can help answer your questions. Call 888.290.1085, Mon.-Fri., 8:00 a.m. to 4:30 p.m. CST.

Because term life insurance is usually more affordable than whole life insurance, it can be a great option for younger people, anyone with a tight budget or those needing coverage only for a set period of time. For example, a person with a mortgage and children in college might want a plan until the mortgage is paid and the children have graduated. At that time, insurance needs may change.

Many term policies have the option to be converted to whole life insurance at the end of the term. If you’d like to know more, a friendly Standard Life and Accident agent can help answer your questions. Call 888.290.1085, Mon.-Fri., 8:00 a.m. to 4:30 p.m. CST.

With whole life insurance, as long as you pay your premiums, you have protection for life and your policy cannot be cancelled. A portion of the premium you pay goes towards building cash value – which can be thought of as a kind of savings account. Unlike term life insurance, you have a set premium rate that will never increase and, if necessary, you can have access to the cash value of your policy during your lifetime. Best of all, with a guaranteed death benefit, the amount your loved ones receive is the amount you intended.

If you’d like to know more, a friendly Standard Life and Accident agent can help answer your questions. Call 888.290.1085, Mon.-Fri., 8:00 a.m. to 4:30 p.m. CST.

Everyone’s insurance needs are different. The amount of life insurance you need depends on your particular situation and requires careful planning. For example, how much would it take to replace your lost income and for your family to maintain their standard of living? Do you have enough money on hand to cover your final expenses? Would your death leave your family burdened with debt? Are there mortgages or personal loans to consider?

Click the Calculate Your Needs link on the right side of this page to get started and then contact a Standard Life and Accident agent to help answer your questions. Call 888.290.1085, Mon.-Fri., 8:00 a.m. to 4:30 p.m. CST.

A beneficiary is the person, persons, or entity you designate to receive the policy proceeds upon death of the insured person. Virtually any person or legal entity can be named, so selecting your beneficiary and keeping your choice up to date is very important. If you need assistance with a beneficiary designation or change, contact a Standard Life and Accident agent to help answer your questions. Call 888.290.1085, Mon.-Fri., 8:00 a.m. to 4:30 p.m. CST.

Because life insurance can help to prevent financial distress by paying benefits to those left behind almost everyone, including single people, can benefit from the right life insurance product.

Younger singles can benefit by purchasing life insurance before age and certain health considerations become a factor in qualification. Singles with dependents could leave an inheritance or provide money for a college fund. Even if there is no one depending on you for financial support, life insurance can help ensure that you have enough money to pay outstanding debts, or pay for funeral and other final expenses so that your family would not be financially burdened.

If you have more questions, contact a Standard Life and Accident agent to help answer your questions. Call 888.290.1085, Mon.-Fri., 8:00 a.m. to 4:30 p.m. CST.

Riders provide additional benefits that can be added to a basic policy usually for an additional cost. Below is a list of riders that are most commonly available:

Accelerated Death Benefit Rider. If you become terminally ill, you may be eligible to receive early payment of a portion of your death benefit.

Accidental Death Benefit Rider. With this rider, your beneficiary will receive an additional death benefit if you die in an accident.

Children’s Rider. With this rider, children are provided coverage under the parent’s policy up to a specified age - generally age 18. At this point, depending on your plan, the coverage can be converted to an individual policy for the child.

Spousal Rider. Provides coverage for the insured’s spouse.

Waiver of Premium and Disability Rider. If you become disabled and are unable to work, your premium would be waived and your policy would remain in force until you are able to return to work and resume premium payments.

If you have more questions, contact a Standard Life and Accident agent to help answer your questions. Call 888.290.1085, Mon.-Fri., 8:00 a.m. to 4:30 p.m. CST.

To file a claim, contact the Life Claims Department at 800.615.7372.

You will need the policy number and name of the deceased.

Medicare

Medicare is a federal health insurance program for people age 65 or older, under age 65 with certain disabilities, and any age with permanent kidney failure (called End-Stage Renal Disease or ESRD).

Medicare Part A can be categorized as hospitalization insurance. It covers inpatient care in hospitals, skilled nursing facilities and qualified home health and hospice care.

Medicare Part B can be categorized as medical insurance. It covers doctor’s services, outpatient care, and certain other Medicare services that Part A does not cover (like physical and occupational therapists) and some home health care.

Medicare Part C, formerly known as “Medicare+Choice,” is now known as “Medicare Advantage”. Private insurers manage Medicare Advantage plans, like HMOs and PPOs. In order to join a Medicare Advantage Plan, you must qualify for Medicare Part A and Part B before you can apply for Part C.

Medicare Part D is prescription drug coverage, also offered through private insurers, and covers only Medicare approved prescription drugs.

If you’d like to know more, a friendly Standard Life and Accident or American National Life Insurance Company of Texas agent can help answer your questions. Call 888.290.1085, Mon.-Fri., 8:00 a.m. to 4:30 p.m. CST.

Medicare Supplement

Medicare Supplement insurance is a supplemental insurance product designed to help pay for medical expenses not covered by Medicare. Medicare Supplement insurance plans are standardized by most states so that all insurance companies will have the same basic benefits for each category of plans. There are eleven standardized plans (A through N) and each plan comes with different rates and benefits. If you’d like details about the plans, a friendly Standard Life and Accident or American National Life Insurance Company of Texas agent can help answer your questions. Call 888.290.1085, Mon.-Fri., 8:00 a.m. to 4:30 p.m. CST.

Supplement Health Plans

Supplemental health insurance is meant to work with your primary insurance plan to help pay some of the costs your primary plan doesn’t cover. It pays a fixed cash benefit and usually does not have copays or deductibles. If you’d like to know more, a Standard Life and Accident agent can help answer your questions. Call 888.290.1085, Mon.-Fri., 8:00 a.m. to 4:30 p.m. CST.

Yes. There are plans for specific diseases such as cancer and other critical illnesses; accidents, accidental death and dismemberment, or confinement to a hospital. These usually pay cash benefits in a lump sum.

There are also limited benefit plans that pay predetermined benefit amounts for a variety of medical needs such as doctor visits, ER, diagnostic tests and x-rays. If you’d like to know more, a Standard Life and Accident agent can help answer your questions. Call 888.290.1085, Mon.-Fri., 8:00 a.m. to 4:30 p.m. CST.

At some point, almost everyone will experience an accident. However, it’s the severity of the accident that will be different in each case. If you have an accident that requires medical attention, like a broken bone or a serious burn, you may need extra money for any number of unexpected expenses like an ER visit, renting crutches or even to hire someone to help with chores if you were temporarily disabled.

Accident insurance pays preset benefits for covered accidents and there are usually no coinsurance or deductibles. You can use your benefits however you need them. They can even be used to help cover the coinsurance or deductibles from any other insurance plan you may have.

If you’d like to know more, a friendly Standard Life and Accident agent can help answer your questions. Call 888.290.1085, Mon.-Fri., 8:00 a.m. to 4:30 p.m. CST.

No one expects to lose eyesight or a limb or their life through an accident, but Accidental Death and Dismemberment insurance makes it possible to prepare financially for serious events like these. Many accident related expenses such as advanced rehabilitative and physical therapies, and non-medical costs such as normal living expenses, or deductibles and copays may not be covered under your primary medical insurance. The money from your AD&D plan can be used to help pay these costs or used in any way you choose.

If you’d like to know more, a friendly Standard Life and Accident agent can help answer your questions. Call 888.290.1085, Mon.-Fri., 8:00 a.m. to 4:30 p.m. CST.

No. These plans are usually guaranteed issue so no one can be turned down. If you’d like to know more, a friendly Standard Life and Accident agent can help answer your questions. Call 888.290.1085, Mon.-Fri., 8:00 a.m. to 4:30 p.m. CST.

Limited Benefit insurance* pays fixed benefit amounts for common medical expenses like doctor office visits, ER visits, diagnostic tests, x-rays, surgery and more. It also pays lump sums for serious illnesses like a cancer diagnosis and other critical illnesses or accidental death.

If you have a high deductible major medical plan, the benefits from your limited benefit plan can be used to help pay deductibles or coinsurance.

If you’d like to know more, a friendly Standard Life and Accident agent can help answer your questions. Call 888.290.1085, Mon.-Fri., 8:00 a.m. to 4:30 p.m. CST.

*Limited Benefit insurance is not considered Minimum Essential Coverage under the Affordable Care Act (ACA) and you may be subject to tax penalties if you do not have some form of ACA compliant major medical coverage.

Short-Term Limited Benefit insurance* is temporary insurance that pays fixed benefits for common occurrences like doctor visits, X-rays, wellness visits and hospital stays. These plans are purchased on a month-to-month basis and provide limited benefit coverage for up to 12 months.

Short-Term Limited Benefit insurance is not comprehensive medical coverage and is primarily intended for those who only need temporary coverage like college graduates seeking employment, those who are between jobs or have retired early and are waiting for Medicare benefits to begin.

If you’d like to know more, a friendly Standard Life and Accident agent can help answer your questions. Call 888.290.1085, Mon.-Fri., 8:00 a.m. to 4:30 p.m. CST.

*Short-Term Limited Benefit insurance is not considered Minimum Essential Coverage under the Affordable Care Act (ACA) and you may be subject to tax penalties if you do not have some form of ACA compliant major medical coverage.

You can purchase another policy if your health has not changed and you qualify. However, any condition treated during the term of the previous policy will not be covered under the new policy if approved. If you’d like to know more, a friendly Standard Life and Accident agent can help answer your questions. Call 888.290.1085, Mon.-Fri., 8:00 a.m. to 4:30 p.m. CST.

Unfortunately, many primary health insurance policies do not cover all cancer related treatment and expenses. While some plans may help to cover the major aspects of cancer treatment, there are generally many day-to-day expenses that are not included in the plan.

If you’d like to know more, a friendly Standard Life and Accident agent can help answer your questions. Call 888.290.1085, Mon.-Fri., 8:00 a.m. to 4:30 p.m. CST.

Supplemental Cancer plans cover expenses such as radiation and chemotherapy, hospital confinement, surgery and anesthesia, ambulance service and hospice stays. Some plans include benefits to help off-set the expense of drugs and medicine, and the cost of certain experimental treatment programs. If you’d like to know more, a friendly Standard Life and Accident agent can help answer your questions. Call 888.290.1085, Mon.-Fri., 8:00 a.m. to 4:30 p.m. CST.

Transportation and lodging is an often overlooked expense that can quickly add up for cancer patients and their families. Some supplemental cancer plans offer benefits for ground and air transportation, and lodging necessary for treatment outside your home city. If you’d like to know more, a friendly Standard Life and Accident agent can help answer your questions. Call 888.290.1085, Mon.-Fri., 8:00 a.m. to 4:30 p.m. CST.

If you have ever seen an itemized hospital bill you know how expensive hospital stays can be. From the fees of the doctors and specialists to the charges for individual aspirin, the cost of any item not covered by your insurance can quickly add up and is your responsibility. In some cases, hospital bills can take years to pay off. Hospital Indemnity coverage pays a daily benefit for each day you are confined that can be used to cover these costs.

Hospital indemnity insurance pays benefits if you are admitted to a hospital for a covered stay, plus a separate daily benefit for each day you are hospitalized. The plans also pay benefits for ambulance service and surgery. If you have a hospital stay of at least one day and then require rehabilitation, your plan will pay a daily benefit for treatment in a covered facility.*

Your benefits will be paid directly to you unless you assign them to be paid to the hospital or rehabilitation facility, and you are free to use them however you choose. You may need help with out-of-pocket expenses like coinsurance and deductibles, and other costs not covered by your primary health insurance such as private room charges, travel and lodging expenses, childcare, and monthly bills like cell phones and other household expenses. Best of all, the plans pay in addition to any other insurance you may have including workers’ compensation.

If you’d like to know more, a friendly Standard Life and Accident agent can help answer your questions. Call 888.290.1085, Mon.-Fri., 8:00 a.m. to 4:30 p.m. CST.

*Subject to plan requirements and annual maximum limitations.

The address for filing a claim is located on the member’s ID card. If you do not have or cannot locate your ID card, simply mail a copy of your bills to the Claim Department, P.O. Box 10546, Springfield, MO 65808-0546. Be sure to write your plan number on your bills.

For more information, contact the Health Claims Department at 800.899.6503.

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