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Life Insurance and Health Insurance in Ohio


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Term Insurance

Term Life Insurance provides life insurance for a limited period of time or “term”. Term life insurance provides only “pure” insurance protection and does not have any savings features typically found in cash-value type life insurance policies. Term insurance offers relatively low premiums, especially in Ohio during a policy's early years. Most term policies have renewal features that are fairly routine and automatic as long as you can live with the rising premium levels as you and your policy get older together.

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Whole Life Insurance

With Whole life insurance, part of your premium goes toward the insurance portion of your policy, a small part of your premium goes toward administrative expenses, and the balance of your premium goes toward the investment or cash portion of your policy.

The Whole life policy provides insurance coverage for the entire life of the insured regardless of how many years premium is paid. Premiums may be paid throughout the insureds entire life or for a portion of his/her life. Ordinary, or straight life, is how the policy is referred to if the insured pays premiums throughout his/her entire life. Limited Life, is how the policy is referred to when premiums are to be paid over a specified period of time. (30 years or until age 65) The cash value portion of Whole life insurance belongs to the insured. You can take it out in the form of policy loans or you can cash the policy in. The interest you accumulate through the investment portion of your policy is tax-free until you withdraw it. Premiums with Whole Life insurance are fixed, regardless of your age or health. The premiums with Whole life insurance are higher as opposed to term insurance. The reason for this is that the policy has investment features as well as death benefits. The cash portion of the Whole life policy builds slowly during the first several years because most of the premium goes to cover commissions and administrative expenses. Because of this slow buildup Whole life insurance is not recommended if the policy will be held for less than five years. Akron and surrounding areas ( Cuyahoga Falls, Barberton) have become popular places for whole life coverage.

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Univeral Life

Universal life is a variation of Whole life insurance. The difference between the two is that with Universal life the pure insurance part is separate from the investment portion of the policy. Universal life's investment side is invested in money market funds whereas Whole life is invested in bonds and mortgages. The cash value portion is set up as an accumulation fund. Investment income is credited to the accumulation fund.Rates are not based on the fact that you might live in a certain state or county (Ohio, Summit) for example. The death benefit portion (term insurance) is paid for out of the accumulation fund. The cost of the Term insurance is paid for on a mortality basis ( age and amount of coverage). Unlike Whole life the cash value portion grows at a variable rate. With Universal life the insured can vary his annual death benefit and the annual premium.

There are two different types of Universal Life Insurance:
Option A: There is a level death benefit, upon the death of the insured, no matter when it happens the insurance company will pay the same amount.
Option B: The death benefit is equal to a specified amount plus the policy's current cash value. Usually with this option the death benefit increases.

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Variable Life Insurance

Variable Life Insurance is a form of whole life Insurance. A portion of the premium goes to the term insurance part of your policy; a part goes toward administrative expenses; and a portion of your premium goes toward the investment portion of your policy. With Variable you may choose how the funds in the investment side are invested (stocks, bonds, mutual funds). You may only choose the investment vehicles that your insurance companies manages.

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Disability Insurance

Disability insurance replaces your income should you become disabled or unable to work. Many people have some form of disability insurance through their employer. Disability policies are offered in two forms, one that covers short term disabilities(five years or less), and one that covers long term disabilities (to age 65 or lifetime). The longer the term the higher the premium. Most policies offer various waiting periods to help reduce premiums. Your occupation and your monthly income is what the insurance companies take into account to develop the price. Sometimes they will take into account your state of residence ie Ohio or even county like summit.

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Traditional Health Insurance

Fee-for Service: Under this policy in Ohio you have complete autonomy when it comes to choosing doctors, hospitals, and health care providers. You can refer yourself to any specialist without getting permission and the insurance company doesn't get to decide whether the visit was necessary. They usually involve more out-of-pocket expenses such as a deductible and coinsurance percentages (80%). They often include a ceiling for out-of-pocket expenses, after which the insurance company will pay 100 percent of any costs.

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Preferred Provider Organizations (PPOs)

PPOs have made arrangements for lower fees with a network of health care providers. PPOs give their policyholders a financial incentive to stay within that network. Staying within the network means less money coming out of your pocket and less paperwork. These can range form county to county like summit to portage Ohio.

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Health Maintenance Organizations (HMOs)

HMOs are the least flexible type of health insurance plan. In exchange for a low co-payment, low premiums and minimal paperwork, an HMO requires that you only see its doctors, and that you get a referral from your primary care physician before you see a specialist. In general you must see HMO-approved physicians or pay the entire cost of the visit yourself. HMOs have the best reputation for covering preventive care services and health improvement programs. Summa is one of the popular ones In the Akron, Barberton and Cuyahoga Falls area.

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What is LTC?

Long term care is something you may need if you can no longer perform everyday tasks by yourself. For example, there may come a time when you need help getting dressed, eating or bathing. It also includes the kind of care you would need if you had a severe cognitive impairment like Alzheimer's disease.  You can receive this care in a variety of settings, including your home, an assisted living facility or a nursing home. Rates for the Akron, Barberton, and Cuyahoga Falls, Ohio area are very competitive.

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Why would i ever need LTC?

The need for long term care usually arises from age or chronic illness, injury or disability. In fact, approximately 60% of us who reach age 65 will need long term care at some time in our lives. But it's not just a retiree's issue.

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It Can Happen at Any Age

Many people don't realize that the need for long term care can strike at any time.  Statistics show that 40% of people receiving long term care services are working age adults, between the ages of 18 and 64.  Would you be prepared for long term care, if you suddenly required it? In Ohio this has become one of the biggest growing industries. Places like Akron, Barberton and Cuyahoga Falls all have some sort of assisted living centers.

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What It Is and What It Isn't

What It Is
Long term care is the type of care that you may need if you can no longer perform activities of daily living by yourself, such as eating, bathing or getting dressed.  It also includes the kind of care you would need if you had a severe cognitive impairment like Alzheimer's disease.  Care can be received in a variety of settings, including your own home, assisted living facilities, Ohio adult day care centers or Akron hospice facilities. Long term care can be covered completely or in part by long term care insurance.  Most plans let you choose the amount of the coverage you want, as well as how and where you want to use your benefits.  A comprehensive plan includes benefits for all levels of care, custodial to skilled.

What It Isn't
Long term care isn't the type of care that you receive in the hospital or your doctor's office. It isn't the medical care you need to get well from a sickness or an injury. It isn't short-term rehabilitation from an accident or recuperation from surgery.  Long term care is not always administered in a nursing home.  In fact, more than 80% of all people receiving long term care assistance are not in nursing homes. Some live right here in Akron or Cuyahoga Falls.

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Benefits of an Equity Index Annuity

Choosing the right accumulation vehicle for Ohio retirement can be difficult. With so many choices, which product will be right for you? On one hand, you want the safety and guarantee of principal and credited gains. On the other hand, most people prefer the potential of higher returns by being linked to the market—the return potential that a fixed-rate investment cannot offer. This was the decision that retirement savers had in the past—(1) receive the guarantee of principal and a minimum amount of interest or, (2) link oneself to the market with the potential of higher returns, but also accept the downside risk to your principal. Now you can have the best of both worlds; guarantee of principal and the potential of market-linked growth with no risk due to market downturns. Midland National offers the index annuity concept: a concept designed to help you reach your retirement goals.

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Safety and Guarantee of Principle

An index annuity provides you with all of the best features of a traditional fixed annuity:

GUARANTEE OF PRINCIPAL
Unlike most securities or mutual funds where your account balance can fluctuate due to market performance, premium deposited into an index annuity is guaranteed to never go down due to market downturns. A contract holder of an index annuity from Midland National participates in market-related growth without market-type loss.

MINIMUM GUARANTEED CASH VALUE (MGCV)

In addition to the guarantee of your principal, the index annuity contains a Minimum Guaranteed Cash Value (MGCV) which grows independently of your Accumulation Value at a specific interest rate. This value provides a standard of comparison for your annuity values throughout the life of the annuity. Thus, in a worst-case scenario where the stock market made a downturn or achieved no growth during the entire surrender period, you would be guaranteed to receive your original amount of premium back plus a minimum amount of interest.

THE POWER OF TAX DEFERRAL
All annuity values accumulate on a tax deferred basis until withdrawn. Therefore, your money can grow faster because you earn interest on dollars that would otherwise be paid as taxes. Your principal earns interest and the interest compounds allowing you to accumulate more money over a shorter period of time, thereby earning a greater return on your investment.

To view the chart,

LIQUIDITY FEATURES
Midland National provides you with opportunities to withdraw funds at any time (subject to any applicable surrender charges and IRS penalties). Index annuity contracts generally allow for some form of penalty-free withdrawals up to 10% of the full Accumulation Value once each contract year after the first contract anniversary. In addition, Midland National offers certain riders* that increase liquidity in certain circumstances. *Riders are not available in all states or for all products.

GUARANTEED LIFETIME INCOME
Midland National can provide you with a guaranteed income stream with the purchase of an index annuity. You have the ability to choose from several different income options, including payments for a specified number of years or income for life, no matter how long you live. With nonqualified plans, a portion of each income payment represents a return of premium that is not taxed, thereby reducing your tax liability from your income payments.

STRENGTH
All Midland National tax-deferred annuities are backed by the financial strength of Midland National, and its investment portfolio. All Midland National index annuities are backed by the financial strength of Midland National and its investment portfolio, which emphasizes high-quality bonds that provide safety, liquidity and competitive rates.

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Potential Of Stock Market-Linked Growth

While the index annuity concept offers many features of a traditional fixed annuity, it has a rather unique feature that allows a potential of stock market-linked growth without the potential of any market-type loss. In contrast to a securities-type product or mutual fund where the investor bears the market risk, the index annuity concept insulates the contract holder from any risk of market downturns.

WHAT IS INDEXING?
Earnings on an index annuity from Midland National are based on stock market-like performance from certain indices. But what is indexing? Indexing is simply an investment strategy that mirrors the performance of select securities, such as the Standard & Poor’s 500® Index. The S&P 500® is a collection of 500 select industry leaders and thus a benchmark for U.S. Stock Market performance. An index annuity is linked to the performance of this type of market index, without the risk of directly participating in stock or equity investments. With indexing, you can participate in a diversified passive investment strategy: a link to the market and its potential gains without subjecting yourself to the potential downfalls of the market.

INDEX ANNUITY VS. MUTUAL FUND/VARIABLE ANNUITY COMPARISON
The following is a comparison of how features are treated within a Midland National index annuity and most mutual funds or variable annuities (VAs) in the marketplace today.

EXPECTATIONS FOR THE INDEX ANNUITY CONCEPT
The concept of an index annuity is a simple one: allow the potential for market-linked gains without exposure to the market risk. Contract holders enjoy the guarantees and safety of principal even while being linked to market growth. However, they should not expect index annuities to mirror the exact performance of any stock market indices. Since an index annuity uses a passive investment strategy, it will not mirror the exact return of the stock market index. The index annuity from Midland National is a powerful financial tool designed to meet your long-term retirement needs. Get the best of both worlds with an index annuity today!

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