Types of Insurance

Just Right Solutions provides you with tailored insurance solutions for your life, health, and business.  We offer whole life and term life insurance policies to give you the coverage you need at a price you can afford.   We also offer Medicare and Medicaid coverage, as well as private health insurance plans.  Call us today to get started on finding the right insurance plan for you.

Health Insurance Types

There are generally six types of private health insurance that are available for purchase in the United States.   These policies are known as:

1. Fee-for-service plans: These are also known as indemnity plans, and they allow you to choose any doctor or hospital you want.  You pay a fee for each service you receive, and the insurance company reimburses you for a portion of the cost.
2. Health maintenance organizations, (HMOs): With an HMO, you typically must choose a primary care physician, (PCP), who manages your care and refers you to specialists as needed.  HMOs usually require you to receive care from providers within their network, except in emergency situations.
3. Preferred provider organizations, (PPOs): PPOs give you more flexibility than HMOs in terms of choosing doctors and hospitals.  You can typically see any provider you want, but you’ll pay less if you choose a provider in the PPO&rsqo;s network.
4. Point of service, (POS) plans: These plans combine elements of both HMOs and PPOs.  You choose a PCP who coordinates your care, but you can also see providers outside the network for a higher cost.
5. High‐deductible health plans, (HDHPs): HDHPs have lower premiums than traditional plans, but you’ll need to pay a higher deductible before your insurance covers any costs.  HDHPs are often paired with health savings accounts, (HSAs), which allow you to save money tax‐free to pay for healthcare expenses.
6. Catastrophic health insurance: This type of plan provides coverage for major medical events, such as a serious illness or injury, but doesn’t cover routine care.  These plans have lower premiums than other types of insurance but require you to pay more out of pocket if you need medical care.

Life Insurance Types

Basically, there are two types of life insurance policies.  One type offers a limited number of years of coverage while the other covers the insured person all of their life if the preminums are paid on time.

1. Term life insurance: Term life insurance provides coverage for a specific period of time, usually between one and 30 years.  If the policyholder dies during the term, the death benefit is paid to the beneficiaries.   Term life insurance is typically less expensive than permanent life insurance, making it an attractive option for those who need coverage for a limited time period or have a tight budget.
2. Permanent life insurance: Permanent life insurance provides coverage for the duration of the policyholder’s life, as long as the premiums are paid.  There are different types of permanent life insurance, including:
• Whole life insurance: Whole life insurance provides a death benefit and also includes a savings component, known as cash value.  The cash value grows tax‐deferred over time and can be borrowed against or used to pay premiums.
• Universal life insurance: Universal life insurance also provides a death benefit and a savings component, but it offers more flexibility than whole life insurance.  The policyholder can adjust the death benefit and premium payments as needed, and the cash value earns interest based on market rates.
• Variable life insurance: Variable life insurance provides a death benefit and a savings component, but the cash value is invested in stocks, bonds, and other securities.  This means that the cash value can fluctuate based on market performance, which can be risky but also potentially more rewarding.

Burial Insurance

Burial insurance, also known as final expense insurance or funeral insurance, is a type of insurance policy that is designed to cover the costs associated with a person’s funeral and burial.  The policy typically pays out a fixed sum of money upon proof of the insured person’s death.  These monies can be used by the deceased person’s beneficiaries to pay for funeral expenses such as coffins, burial plots, and other related costs.

Burial insurance policies are often marketed to older adults or people with pre‐existing medical conditions who may have difficulty obtaining traditional life insurance policies at reasonable prices.  These policies typically have lower coverage amounts and higher premiums than traditional life insurance policies.  Yet, they can provide peace of mind to those who want to ensure that their funeral expenses will be covered and that their loved ones will not be burdened with the costs of their final arrangements.