Protect What's Important With Life Insurance From Nationwide
In today’s financial environment, it’s important to know that there are some things you don’t have to worry about. Life insurance can be the foundation of financial security for you and your family. It can be the base upon which other insurance and investment decisions are built.
Different life situations call for different types of life insurance. Think about these things when you choose term, universal variable and whole life.
Life insurance death benefits help provide for the future financial needs of loved ones. If you are the beneficiary of a Nationwide policy, let us help you get started.
How Do I Choose a Life Insurance Product?
The concept of life insurance is actually pretty simple: Pay today to protect your loved ones when you're gone tomorrow.
But with so many types of life insurance out there, it can be hard to choose the right one for your situation. We can help you with this big decision.
Use our tool to find the right amount for your budget and your peace of mind.
Coverage and features to consider when choosing life insurance
Basic protection − Do you need life insurance just to provide financial support to your survivors if you die unexpectedly? Term insurance generally provides coverage at a lower cost than other types of insurance and can cover a specific length of time.
Market participation and cash value − If you need insurance protection for the long term, want the potential to build cash value (money from which you can borrow, even during your lifetime) and have a little more money to spend, consider permanent life insurance.
There are three types of permanent insurance:
Whole life insurance builds value based upon a set schedule. You'll know the exact cash value of your policy on each policy anniversary. (If you take a loan or withdrawal from your policy, of course, the cash value and death benefit will decrease.)
Universal life insurance earns a fixed interest rate on the cash value in the policy. While the interest rate may change over time, it will never dip below a guaranteed minimum rate.
Variable universal life insurance lets you invest your cash value in the stock market, so your policy value goes up or down based on the performance of your investment choices. The investment subaccount options in VUL policies are not offered for sale to the general public.
How long should your coverage last? Do you need life insurance coverage just for a specific timeframe – like while you're paying off your mortgage?
Term life insurance offers protection for a set period. All other types of insurance cover you for life, as long as the necessary premiums are paid.
Fees and charges − Before you buy, ask about the fees and charges associated with a life insurance policy, how they're calculated and what they're for.
Access to your money − Will you need to take money out of your policy in the future, for instance, to pay college tuition or to take retirement income?
Most whole, universal and variable universal products let you withdraw money from your policy or take loans.1Some, however, restrict when you can take money, how much you can take and, in the case of loans, the interest rate.
Flexible payments − Some universal and variable universal life products let you make flexible payments once youve paid enough to cover your policy charges.
Ready to take the next step?
Determining the right insurance coverage for your needs is an important decision. For help with your life insurance needs, call us at 1-866-207-9160 or find an agent in your neighborhood.
Understanding your car insurance policy can be confusing and time consuming. Let Liberty Mutual help you cut through the jargon and explain the different types of auto insurance available to you.
Bodily Injury Liability Bodily injury liability covers you in the event that you cause an accident in which another person (or people) is injured.
Property Damage Liability Coverage in case your car damages someone else's property - usually this means someone else's car, but it could be a fence, light post or other piece of property.
Medical Payments Medical Payments covers certain medical expenses if any vehicle occupants are injured in an accident.
Collision Coverage Collision coverage is an optional coverage that covers damage to your car caused by impact with another car or object.
Comprehensive Coverage Comprehensive car insurance coverage is also an optional coverage that covers damages to your car caused by something other than a collision - like theft, fire, etc.
Better Car Replacement With this optional coverage, if your car is totaled we'll give you the money to replace it with a car that is one model year newer and has 15,000 fewer miles on it.*
Understanding Bodily Injury Coverage
What is Bodily Injury Liability? Bodily injury liability provides coverage in case you cause an accident in which another person (or people) is hurt. It covers the damages that you're legally responsible for, and provides a legal defense if someone sues you for damages.
Bodily injury coverage is mandatory in most states, and most states have a minimum limit, so be sure to check your state insurance information.
What does Bodily Injury Liability cover? Bodily Injury liability limits are typically shown like this: $50,000/$100,000.
This is meant to represent the highest amount per person and per accident that your insurance company would pay if you had to use this insurance.
So for example, if your limit was $100,000/$300,000 and you caused an accident that injured other people, your insurance would pay for up to $100,000 of one person's medical bills and up to $300,000 for more than one person.
How much coverage do I need? When choosing your Bodily Injury liability limits, you should consider all of your assets, including your home and future earnings. Why? Because if you don't have enough coverage to protect all of your assets, those assets could be at risk if you're liable for damages that exceed your coverage limit.
Understanding Property Damage Coverage
What is Property Damage Liability? Property Damage covers you if your car damages someone else's property. Usually this means damage to someone else's car, but it could be any property. If you were to accidentally hit someone's fence, or run into a light post, this coverage would pay to replace it or repair the damage for which you are legally responsible.
What does Property Damage Liability cover? If you have a property damage limit of $50,000, that means that if you cause damage to someone else's car (or other property) in an accident, Liberty Mutual would provide up to $50,000 to repair or replace it. If the damage were to exceed your limits, you would be responsible for those costs.
How much coverage do I need? When choosing your Property Damage liability limits, you should consider all of your assets, including your home and future earnings. Why? Because if you don't have enough coverage to protect all of your assets, those assets could be at risk if you're liable for damages that exceed your coverage limit.
Understanding Medical Payments Coverage
What is Medical Payments coverage? If you were ever in an accident in which you got hurt and had to be taken to the hospital, Medical Payments coverage would be the part of your policy that would pay for the cost of the ambulance ride and certain other medical expenses regardless of who was at fault for the accident. Medical Payments also covers passengers in your car. Family members living with you at the time of the accident also have coverage as pedestrians or when riding in other cars.
What does Medical Payments cover? If you were involved in an accident and had to be taken to the hospital, where you then spent two nights recovering and those costs added up at $2,500, but you only had $1,000 of Medical Payments coverage, you would be responsible for the remaining costs.
How much coverage do I need? Medical Payments coverage is not intended as a substitute to health insurance. Coverage limits are typically low and are meant only to help you cover your immediate medical expenses.
Understanding Collision Coverage
What is Collision Coverage?
Collision coverage covers damage to your car in a variety of situations. If you hit another car - the damage to your car would be covered by this part of your policy. For example, if you hydroplane on a wet road and hit a tree, damaging your front bumper, Collision coverage would take care of the repair costs - less your deductible.
Collision is an optional coverage and to include it on your policy, you must also purchase Comprehensive coverage. If you lease or finance your car, your bank may require Collision coverage.
What should my collision deductible be?
When choosing a collision deductible, or if you want to purchase collision coverage at all, it's important to think about the age of your car and how much you think repairs might cost you.
A collision deductible is the amount of money you would be comfortable paying out of pocket if a collision ever caused damage to your car. So if you hit a concrete barrier while trying to park and you had a $500 deductible, you would pay $500 out of pocket for the repairs and Liberty Mutual would handle the rest of the repair costs.
Understanding Comprehensive Coverage
What is Comprehensive Coverage?
Comprehensive coverage covers losses resulting from incidents other than collision. For example, you are covered if your auto is stolen or damaged by flood, fire or vandalism. Ever had a tree limb fall on your car during a storm? Or had someone break into your car? That's what this coverage is for.
If you own or lease your car, your bank may require you to carry Comprehensive Coverage.
What should my comprehensive deductible be?
When choosing a comprehensive deductible, or if you want to purchase comprehensive coverage at all, it's important to think about the age of your car and how much you think repairs might cost you.
A comprehensive deductible is the amount of money you would be comfortable paying out of pocket if you ever suffered this kind of loss. So if your car was stolen and you had a deductible of $500, you would pay $500 out of pocket and Liberty Mutual would handle the rest of the expenses.
Federated’s group health insurance plans called Federated Health Choice® (FHC) arespecifically designed for small- to medium-sized businesses. Our plans are available in these states (highlighted in maroon):
Contact your Federated representative in these states for more information or a quote for Federated Mutual® group health insurance plans. See Locate Your Federated Representative.
Federated offers business owners affordable employee benefit plans with choices. Our plans include these features:
Plans of choice – Preferred Provider Organization (PPO) – You choose your provider – no referrals needed, no gatekeepers.
National PPO Networks – Network doctors available to you while traveling, on vacation, or for children away at school.
Catastrophic transplant coverage – Full policy limits apply – no hidden sublimits.
Open formulary list for prescription drugs – No list that omits certain drugs.
Case management for catastrophic claims – We work with you and your providers to make sure care is appropriate and cost-effective.
Claims service with personalized, individual attention – When you call our claims office, you speak with a friendly, caring person.
Value-added premium savings choices
Many plan designs and options – Numerous plan design options available, choose from a variety of deductible, coinsurance and copay plan designs.
Defined Reimbursement Plans (DRP) – A DRP offers options to help you and your employees control health care expenses.Freedom Services provides administration services for our DRP.
Quality service – Local marketing representatives offer quality products and service for all lines of coverage you choose to purchase from Federated.
Medical management program – Helping you get the right care at the right time in the rightsetting. Federated partners with a utilization management program to help you make an informed decision about the appropriateness of the care you receive.
Prescription drug plan – Federated works with Express Scripts, a leading provider of prescription benefit services in the United States. As one of the nation’s leading prescription benefit managers, they are recognized as being at the forefront of pharmacy and medical cost management. Use of preferred brands on your drug list may save you money.
Vision discount program – Federated offers this program through Careington International, one of the largest, most comprehensive, privately-held discount health care companies in America. The program provides significant savings opportunities across a broad spectrum of vision products and services.
More than 100 local, state, and national trade associations recommend Federated’s group products to their members.
Many employers like to offer their employees dental coverage along with their group medical benefit. Group dental insurance is available to businesses with five or more employees covered under a Federated Group Medical Plan.
Benefit options available
$500 for each covered individual (per calendar year)
$1,000 for each covered individual (per calendar year)
$1,500 for each covered individual (per calendar year)
$2,000 for each covered individual (per calendar year)
Calendar-year deductible
For each insured family member - $50
Aggregate family deductible - $100
The deductible does not apply to preventive services.
Coinsurance
Dental plans written after 2006 pay 100 percent of preventive services
Dental plans written prior to 2007 pay 80 percent of preventive services
Dental plan pays 80 percent of basic services
Dental plan pays 50 percent of major services
Contact your Federated representative for more information on all Federated Group Plans.
You can include life insurance among your employee benefits with a Federated Group Life Insurance plan. This important protection is available to businesses covered under a Federated Group Medical Plan.
Level amount option
Employer chooses a flat amount of coverage for all employees, with amounts between $15,000 and $50,000 (or up to $100,000 if 10 or more employees are enrolled).
Class-based amount option
Employer chooses the schedule. The amount for each employee is based on the employee’s occupation or position – $15,000 to $50,000 (or up to $100,000 if 10 or more employees are enrolled).
Accidental death and dismemberment coverage is included for both the level amount and class-based options.
Contact your Federated representative for more information on all Federated Group Plans.
Disability income protection is important to your employees if they can’t work because of an illness or injury. Federated offers a group disability income plan, available to businesses covered under a Federated Group Medical Plan.
You can select from Weekly Income Benefit schedules for 26 weeks:
$100
$150
$200
$300
$400
$500
The amount in the schedule is paid for time lost from work due to illness or injury not covered by workers compensation.
Payments are limited to two-thirds of an employee’s weekly earnings up to a maximum of $500.
Contact your local Federated representative for more information on all Federated Group Plans.
Health Care
Patient Protection and Affordable Care Act (“PPACA” or “ACA”)
Enacted March 23, 2010 The highly publicized health care reform bill (Patient Protection and Affordable Care Act (PPACA or ACA) – what is commonly known as Health Care Reform (HCR) is now law and the arduous task of interpretation and implementation has begun.
ACA only created the outline for what will happen over the next several years – most provisions take effect in 2014 and many do not come into play until years after that. It is only as regulations implementing ACA are written that we are beginning to know what it really means. Regular updates will be posted to this website. This site will provide you with links to information from the various sources involved in implementation of HCR. This information will help you determine how ACA may affect you and your employees.
