Financial Services & Life Insurance
Our agency offers a complete line of insurance and financial
products and services ranging from life and disability income to
group life and health insurance. These products and services are
designed to provide solutions to your personal and business financial
needs, including:
Individual Insurance
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Group Insurance / Benefits
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Annuities
An annuity can help you accumulate tax-deferred earnings as part
of your overall retirement plan. Annuities offer the opportunity
for lifetime payments and tax-deferred earnings, and provide a guaranteed
death benefit for your beneficiaries. All guarantees are
backed by the continued claims-paying ability of the issuing insurance
company.
You may want to consider investing in an annuity as part of your
long-term financial plan if:
- You're in a higher tax bracket, and want to defer additional
income.
- You've reached your deductible limit on all your retirement accounts
and wish to save more for retirement.
An annuity is different from most other retirement savings vehicles — it's
actually a contract between you and an insurance company. In return
for making one or more premium payments, the insurance company agrees
to provide you an income stream — usually during retirement.
You can elect to receive payment all at once or as a series of payments,
even for the rest of your life.
Disability
 Individual
Disability Income Protection is a must for a business owner, and
highly recommended for executives. If you are a business owner, you
should consider purchasing both group and individual policies, if
possible. As an executive, you should be sure to obtain group coverage
if it is available. Only forty three percent of large companies
provide group long term disability insurance.
Your chances are even less likely to get long term disability insurance
if you work for a small company. The cost of a plan provided by your
employer is usually less than you would pay for an individual disability
policy and often you can get coverage automatically without having
to qualify medically. If your employer doesn't provide disability
insurance then you may want to consider an individual disability
policy.
Or, you may need a personal disability insurance policy to supplement
an employer group plan. Be sure to check the group provisions carefully:
How long does the group disability insurance coverage last? How much
is the benefit? Does the disability insurance policy cover bonus
and commission income? Will the coverage continue if you leave that
employer?
A typical Individual Disability Income Protection plan starts to
pay benefits after you have been off work for 1 to 6 months, and
pays benefits for several years or until retirement age, depending
on the policy.
Disability
Insurance Quote Request
Life Insurance
Life insurance from Lo-Hud Insurance can help you secure
your family's financial future by providing the funds they need to:
cover burial expenses, uninsured medical bills, pay off your mortgage
and other outstanding debts, and maintain a comfortable standard
of living.
There are a variety of life insurance policies that we can provide.
The kind of policy you choose depends on your needs:
Term Life
Term Life Insurance is a low-cost way of providing maximum coverage
for your family. Protection is provided for a limited number of
years. The insurance expires without value if the insured lives
beyond the policy period, usually 5 to 20 years. Other policy life
periods are available, including 30 year annual renewable term.
Term insurance premiums will not increase during the guaranteed
policy time period (term) you select. Term Life Insurance pays
a death benefit only if you die during that term. Term insurance
generally provides the largest insurance protection for your premium
dollar.
Term Life Insurance remains in force for as long as premiums are
current, provided there are no misrepresentations on the application.
The insurance coverage terminates if you discontinue your premium
payments.
Individual Life Quote
Request
Universal Life
Universal Life is characterized by great flexibility. Policyholders
can determine the amount and frequency of premium payments - i.e.,
the more you pay, the less time you will need to pay. Your premiums
cover the insurance part also the savings or investment element
and the expense part. The stated interest on the investment portion
changes along with movement in interest rates; moves in 1/4 % interest
steps are typical as banks and other financial institutions make
similar moves.
Individual Life Quote
Request
Whole Life
Whole Life Insurance provides permanent protection for the whole
of life - from the date of policy issue to the date of the insured's
death, provided that premiums are paid. Premiums are set at the
time of policy issue and remain level for the policy's life. Unlike
term insurance, whole life combines insurance protection and savings
or cash value which builds over time. Cash value build-up may provide
a source for living benefits, for example, helping pay off a mortgage,
or a child's education, or cash surrender value if the policy is
ever cancelled.
Individual Life Quote
Request
These products are continually changing and we can provide you with
the latest information and policies available!
Long-Term Care (LTC)
 Long-Term
Care is the type of care received either at home or in a facility,
when someone needs assistance with activities of daily living, such
as bathing and dressing due to an accident, an illness or advancing
age.
Rising life expectancy means that the potential need for "long-term
care" grows with every passing year of your life. The likelihood
is that you or a member of your family will need long-term assistance
due to a prolonged illness, a disability, or general deterioration
of your health and ability to perform routine daily activities. Most
long term care expenses are not covered by Social Security or Medicare,
Medicare Supplement ("Medigap"), or private health insurance.
Medicaid pays for nearly half of all nursing home care, but you must
meet federal poverty guidelines and may have to "spend down" most
of your assets on health care.
Individual Long-Term
Care Quote Request
Group Insurance / Benefits
Many businesses today face challenges in attracting and retaining
top employees. As a business owner, you know the importance of employee
benefits and their contribution to your business success. We will
work with you to develop a program tailored to your individual circumstances.
401(k) Retirement Plans
401(K) plans are tax-deferred retirement savings plans for employees.
The employer sets them up and each company has a slightly different
401(k). They are part of a family of retirement plans known as "defined
contribution" plans - the amount contributed is defined by the
employer or the employee.
When you join a 401(K) plan, you tell your employer how much money
you want to contribute to your account. This amount is deducted from
your salary before taxes are applied, so you pay less income tax.
More importantly, the money is deducted even before you have received
it, making it the easiest savings plan to contribute to. Your employer
may match a portion of your contribution. The money is invested by
the plan administrator (on your behalf) in mutual funds, bonds, money
market accounts, etc. You decide the mix of investments. They usually
have a list of investment vehicles you can choose from as well as
some guidelines for the level of risk you are willing to take. Since
the plan is an incentive for retirement savings, there is one condition:
if you withdraw the money before you are 59½ years
old, you will have to pay tax as well as a 10% penalty fine to the
IRS.
Buy / Sell Protection
If you have a partner in business, you have a need for insurance
so that in the event of death or disability, you can buy out your
partner's interest without having to take out a loan or liquidate
company assets. This is also important where children and taxes are
involved..
Group Health
 At
Lo-Hud Insurance, we are committed to health insurance for
both our commercial customers, who need group coverage for their
employees, as well as the individual or family that needs coverage.
With the changing face of health insurance in today's market, we
at Lo-Hud Insurance are staying abreast of the latest developments
that will affect the coverage you expect as well as the cost impact
upon you.
We have the best health insurance markets available in our area,
and we will always present to our customers the best options at the
best price available.
Group Health Insurance
Quote
Life Insurance for the Workplace
Life insurance is an integral part of most employee benefits packages.
When provided by an employer, employees appreciate the value of life
coverage and the additional security it provides to their families.
Employers have a wide variety of optional plan designs to customize
a Group Life plan. Optional coverages include Voluntary Life insurance,
Supplemental Life coverage, Accidental Death and Dismemberment policies,
and Dependent Life insurance. The premium paid for Group Life is
generally a business deduction, and this stand-alone contract is
usually less expensive than the life coverage provided with medical
insurance.
Group Life Insurance Quote
Key Person Coverage
Your key employees are your most valuable business asset. Their
skill, knowledge and experience are your real profit makers. Without
them, the success and growth of your business could be in jeopardy.
Key employee insurance is designed to protect your business from
the adversities associated with the loss of a key employee, manager
or executive. The death or disability of a key employee could result
in a substantial financial loss due to hiring and training a replacement,
lost sales, and/or slowed production.
Group Long-Term Care (LTC)
Long-Term Care is the type of care received either at home or in
a facility, when someone needs assistance with activities of daily
living, such as bathing and dressing due to an accident, an illness
or advancing age.
Rising life expectancy means that the potential need for "long-term
care" grows with every passing year of your life. The likelihood
is that you or a member of your family will need long-term assistance
due to a prolonged illness, a disability, or general deterioration
of your health and ability to perform routine daily activities. Most
long term care expenses are not covered by Social Security or Medicare,
Medicare Supplement ("Medigap"), or private health insurance.
Medicaid pays for nearly half of all nursing home care, but you must
meet federal poverty guidelines and may have to "spend down" most
of your assets on health care.
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