The key to Northern Insuring Agency, Inc.’s disciplined approach is having highly qualified professionals lead you through a time proven process. We work with our clients intimately to develop a personal insurance plan.
The result? Intelligent, individually tailored solutions.
Have an insurance question? We can help!
We enjoy helping customers with their insurance questions, call us today for more information at 800.807.6542
Please be advised, some products and services may not be available in your area.
Disability Income Insurance
When a physical injury keeps you from working, disability insurance can help get the bills paid. In reality, disability insurance is as important as (and in some cases, even more important than) life insurance. There are many kinds of disability policies and options.
However, the basics are simple. The first variable is the desired monthly benefit amount. Most disability policies have a fixed monthly benefit that does not increase with time, although you can purchase additional coverage with a rider that would increase the benefit payment by a scheduled amount or with inflation.
The second variable is the definition of disability – whether it is “own occupation” – the inability to perform the duties of your specific occupation, or “any occupation” – the inability to perform the duties of any job for which your education and training make you qualified.
The third variable is the waiting period, or the amount of time you must be disabled before benefits begin. These waiting period can range from 30 days to one year. The longer you wait the less your disability policy will cost.
The fourth variable is the benefit period. or how long you will receive monthly benefits once your policy starts paying. The benefit period can range from six months to life, depending on what you choose as well as what your insurance company is willing to offer you.
In addition to these variables, there are other coverage features, as well as a variety of riders.
There are many types of life insurance to fit individual needs and circumstances.
The following are some of the basic types of life insurance available:
- Term – The simplest form of life insurance. You purchase coverage for a specific price for a specified period. If you die during that time, your beneficiary receives the value of the policy. There is no investment component.
- Whole Life – The policy covers your “whole life”, not just a set period. Premiums remain level throughout the life of the policy, and the company invests at least a portion of your premiums. Some firms share investment proceeds with policyholders in the form of a dividend. Many companies will offer “a relatively low guaranteed rate of return”, but in reality pay at a rate in excess of the guarantee.
- Universal Life – You decide how much you want to put in over and above a minimum premium. The company chooses the investment vehicle, which is generally restricted to bonds and mortgages. The investment and the returns go into a cash-value account, which you can use against premiums or allow to build. There are generally two types of Universal Life policies. With Type I or Type A, the cash account goes toward the face value of the policy on the death of the policyholder. With a second variety, sometimes called Type II or Type B, the beneficiary receives the face value of the policy plus all or most of the cash account. While Type II is meant to provide a partial hedge against inflation, it demands higher premiums than Type I as you get older.
- Variable Life – With a variable life policy, there is usually a wider selection of investment products, including stock funds. As with a universal policy, returns on investments can offset the cost of premiums or build in the account. Depending on the type of policy, the beneficiaries will either receive the face value of the policy or the face value plus all or part of the cash account.
Long Term Care Insurance
Long Term Care is something you may need when you can no longer perform activities of daily living or everyday tasks by yourself.
For example, there may come a time when you need help getting dressed, eating or bathing. It may also include the kind of care you would need if you have a severe cognitive impairment like Alzheimer’s Disease. With most policies, you can receive this care in a variety of settings, including your home, an assisted living facility or a nursing home.
Most plans let you select the amount of 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, from custodial to skilled.
Looking to simplify the complicated for your Medicare coverage?
For more information or questions you may have regarding Medicare Advantage, Medicare Supplement or Stand-Alone Part D Plan enrollment, coverages or to make an appointment to discuss Medicare coverage in general, contact Kristi Johnson at firstname.lastname@example.org or call 518-561-7000 Ext. 155
*Disclaimer: Calling the number above will direct you to a licensed sales agent.
Three Locations to Better Serve You
*Our Whitehall office has moved to Glens Falls!*
Monday – Thursday 8:00 am – 4:30 pm, Friday 8:00 am – 2:30 pm
171 Margaret Street
Plattsburgh, New York 12901
Glens Falls Office
136 Glen Street
Glens Falls, New York 12801
69 Market Street
Potsdam, New York 13676
Phone: (315) 769-2404