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15 Cards in this Set
- Front
- Back
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COBRA
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if you leave a company this act says you can pay the full premium and keep your co. health insurance for 18mos after you leave
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elimination period
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how long you have to be disabled before insurance kicks in, longer = lower premiums
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waiver of premium
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for LTD, don't have to pay premium once you are disabled
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COLA
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cost of living allowance
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term insurance
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pure life insurance, you pay premiums and if you don't die they keep the money, premium price increases with age, CHEAP
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permanent life insurance
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premium= insurance premium + investment side fund that grows tax free
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ART
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annual renewable term- always renewable but price goes up each year, you'll always be insurable but will you want to pay that at 80?
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Whole insurance
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type of perm insurance- company controls side funds
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Universal life insurance
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perm with company controlled side fund that you can borrow against, flexible premium, you can chose not to pay premium and borrow from cash value account
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variable universal life
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stock market rates of return, risky, you control investments, limited, borrow against if you pay interest, can die if you underfund
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What in your VUL premium?
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insurance premium, investment subaccounts, and contract expenses
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Split dollar
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not life insurance, you split the cost of the life insurance, the rights to the death benefit and the cash value ownership
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Level insurance
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premiums stay even for 10 or 20 years and jump up very high
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Cafeteria plan
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flexible spending account, up to $5000 from pay pretax, put in plan and employer reimburses you
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health savings account
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medical retirement account, tax deductible, dip in whenever, if you retire and don't have insurance anymore this will cover you, up to $5000/year
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