Types Of Insurance Coverage We Offer
Term Life Insurance
Term life insurance lasts for a specified number of years and then ends. You choose the term when you take out the policy, with common terms being 10, 20, or 30 years. The best-term life insurance policies balance affordability with long-term financial strength.
Types of Term Life Insurance:- Decreasing Term Life Insurance: This is renewable term life insurance where the coverage decreases over the life of the policy at a predetermined rate.
- Convertible Term Life Insurance: This allows policyholders to convert a term policy to permanent insurance.
- Renewable Term Life Insurance: This is a yearly renewable term life policy that provides a quote for the year the policy is purchased. Premiums increase annually and it is usually the least expensive term insurance initially.
Term life insurance is attractive to young people with children because parents can obtain large amounts of coverage at reasonably low costs. Upon the death of a parent, a significant benefit can replace lost income.
These policies are also well-suited for people who temporarily need specific amounts of life insurance. For example, the policyholder may calculate that by the time the policy expires, their survivors will no longer need extra financial protection or will have accumulated enough liquid assets to self-insure.
Term life insurance is for a predetermined period, typically between 10 and 30 years. Term policies may be renewed after they end, with premiums recalculated based on the holder’s age, life expectancy, and health. By contrast, whole life insurance covers the entire life of the holder. Unlike a term life policy, whole life insurance includes a savings component, where the cash value of the contract accumulates for the holder. The holder can withdraw or borrow against the savings portion of their policy, where it can serve as a source of equity.
Whole Life Insurance
Whole life insurance, also known as traditional life insurance, provides permanent death benefit coverage for the life of the insured. In addition to paying a death benefit, whole life insurance also contains a savings component in which cash value may accumulate. Interest accrues at a fixed rate and on a tax-deferred basis.
Whole life insurance policies are one type of permanent life insurance. Universal life, indexed universal life, and variable universal life are others. Whole life insurance is the original life insurance policy, but it does not equal permanent life insurance as there are many types of permanent life insurance.
Universal life insurance and whole life insurance are both permanent life insurance types that offer guaranteed death benefits for the life of the insured. However, a universal life policy allows the policyholder to adjust the death benefit as well as the premiums. As one might expect, higher death benefits require higher premiums. Universal life policyholders can also use their accumulated cash value to pay premiums, provided the balance is sufficient to cover the minimum due. Whole life insurance, alternatively, does not allow for changes to the death benefit or premiums, which are set upon issue.
Universal Life Insurance
Universal life (UL) insurance is permanent life insurance (lasting the lifetime of the insured) that has an investment savings element and low premiums similar to those of term life insurance. Most UL insurance policies contain a flexible-premium option. However, some require a single premium (single lump-sum payment) or fixed premiums (scheduled fixed payments).
Unlike term life, UL insurance policies can accumulate interest-bearing funds like a savings account. Additionally, policyholders can adjust their premiums and death benefits. Those paying extra toward their premium receive interest on that excess.
If you want to build tax-deferred savings and don’t expect to tap into the funds for a long time, universal life may be a suitable option. The cash value option that’s part of a universal life policy may be available for you to withdraw or borrow against in an emergency.
It’s a good idea to talk with your insurance provider to better understand your life insurance options. They can help you review your personal situation and long-term goals to choose a policy that’s a good fit for you and your family.
Mortgage Protection Insurance
Mortgage protection insurance is a type of life insurance designed to help pay off or reduce your mortgage balance in the event of your death, disability, or critical illness. Its primary purpose is to protect your family from the financial burden of housing payments, allowing them to remain in the home without worrying about making monthly mortgage payments.
Mortgage protection is commonly structured as a term life insurance policy that aligns with the length of your mortgage, such as 15, 20, or 30 years. The coverage amount is typically based on your outstanding mortgage balance and may decrease over time as the loan is paid down, helping keep premiums affordable.
Many mortgage protection policies can also include living benefits, which allow policyholders to access a portion of the death benefit in the event of a qualifying critical, chronic, or terminal illness. Some plans may also offer disability riders that help cover mortgage payments if you become unable to work due to injury or illness.
Mortgage protection insurance is ideal for homeowners who want peace of mind knowing their loved ones will not be forced to sell the home or struggle financially during a difficult time. Unlike lender-provided mortgage insurance, this coverage pays benefits directly to your beneficiaries, giving them flexibility in how the funds are used.
Health Insurance & Supplemental Protection
Health insurance plays a critical role in protecting both your physical well-being and your financial stability. While traditional health insurance helps cover routine medical care such as doctor visits, prescriptions, and preventive services, it may still leave gaps when unexpected health events occur. Supplemental health insurance options are designed to help fill those gaps by providing additional financial protection during serious illnesses, accidents, hospital stays, or periods of lost income.
These plans are not meant to replace your primary health insurance, but rather to work alongside it—helping reduce out-of-pocket expenses, cover non-medical costs, and provide peace of mind during challenging times. Supplemental coverage can be especially valuable for individuals and families who want added protection beyond standard medical benefits.
Types of Supplemental Health Insurance:- Critical Illness Insurance: Critical illness insurance provides a lump-sum cash benefit if you are diagnosed with a covered serious illness such as cancer, heart attack, stroke, or other life-altering conditions. Unlike traditional health insurance, these benefits are paid directly to you and can be used however you choose. This flexibility allows you to cover medical deductibles, experimental treatments, recovery expenses, travel costs for specialized care, or everyday living expenses while focusing on recovery.
- Hospital Indemnity Insurance: Hospital indemnity insurance pays a fixed benefit for hospital admissions, daily hospital stays, intensive care unit (ICU) confinement, or outpatient procedures. These benefits are paid regardless of other insurance coverage and can help offset costs that often arise during hospitalizations, such as copays, deductibles, transportation, childcare, lodging, and household bills. This coverage can be especially helpful for individuals enrolled in high-deductible health plans.
- Accident Insurance: Accident insurance provides financial support when unexpected injuries occur due to accidents. Covered benefits may include emergency room visits, ambulance services, fractures, dislocations, surgery, physical therapy, and follow-up care. Accident insurance helps reduce the financial burden of sudden injuries by covering expenses that may not be fully paid by traditional health insurance, allowing you to recover without added financial stress.
- Disability & Income Protection Insurance: Disability and income protection insurance is designed to replace a portion of your income if an illness or injury prevents you from working. Short-term and long-term disability coverage can help ensure continued financial stability by assisting with essential expenses such as rent or mortgage payments, utilities, groceries, and other daily living costs. This type of coverage is crucial for protecting your income—the foundation of your financial security.
Supplemental health insurance coverage provides an added layer of protection that can make a significant difference during times of medical uncertainty. By offering cash benefits and income support, these plans help prevent health-related events from becoming financial crises.
Selecting the right combination of health and supplemental insurance depends on your personal health risks, occupation, income, and long-term financial goals. Working with a knowledgeable insurance professional can help you evaluate your options and build a comprehensive plan that protects both your health and your financial future.
Car Insurance
Comprehensive Protection for Your Vehicle
Car insurance is essential for protecting you, your passengers, and your vehicle from financial loss due to accidents, theft, vandalism, or natural disasters. It covers repairs, replacement costs, and liability if you are responsible for injury or damage to others. Whether you’re driving across town or across the country, having the right car insurance provides peace of mind and protection on the road.
Liability, Collision, and Comprehensive Coverage
Car insurance policies typically include liability coverage for bodily injury and property damage, as well as optional collision and comprehensive coverage for your own vehicle. These coverages work together to ensure that you’re financially protected from a wide range of potential risks, whether caused by a collision, theft, storm, or even an unexpected event like a falling tree branch.
Real-Life Example: Why Car Insurance Matters
Imagine getting into an accident that damages not only your car but also another driver’s vehicle. Without insurance, you would have to cover all repair costs, medical bills, and legal fees out of pocket. With the right car insurance in place, your policy helps manage these expenses, protecting your finances and reducing stress during difficult situations.
Customizing Your Coverage
Car insurance isn’t one-size-fits-all. From choosing higher liability limits to adding coverage like roadside assistance or rental reimbursement, customizing your policy ensures you have protection that fits your lifestyle and driving habits. Working with an experienced agent helps you build a plan that covers what matters most.
Motorcycle Insurance
Essential Protection for Riders
Motorcycle insurance offers critical protection for riders, their bikes, and others on the road. It provides coverage for accidents, theft, vandalism, and liability if you’re involved in an accident that causes injury or damage. Riding without insurance exposes you to financial risk and legal penalties — motorcycle insurance gives you the freedom to enjoy the road with confidence.
Coverage Options for Every Rider
Motorcycle policies can be tailored to include liability coverage, collision and comprehensive protection, uninsured/underinsured motorist coverage, and even custom parts and accessories coverage. These options ensure that your bike — and the gear and upgrades you’ve invested in — are fully protected from accidents and unforeseen events.
Real-Life Example: Why Motorcycle Insurance Matters
Imagine your motorcycle gets stolen while you’re dining out, or you lay it down avoiding a road hazard. Without the right coverage, repairs or replacement could cost thousands of dollars. Motorcycle insurance helps you recover quickly, covering repairs, medical expenses, and losses so you can get back on the road with minimal financial strain.
Protection Beyond the Basics
A good motorcycle policy does more than protect your bike. It protects your lifestyle, your finances, and your future. Choosing additional coverages like trip interruption insurance, towing, and rental reimbursement ensures you’re ready for whatever the road brings, wherever your adventures take you.
Homeowners Insurance
Homeowners insurance provides financial protection for your home and personal belongings against unexpected events such as fire, theft, vandalism, and certain natural disasters. In addition to protecting the physical structure of your home, these policies also offer liability coverage, helping safeguard you from financial loss if someone is injured on your property.
What Homeowners Insurance Typically Covers:- Dwelling Coverage: Protects the structure of your home, including walls, roof, and built-in systems, against covered perils such as fire, windstorms, and hail.
- Personal Property Coverage: Covers your personal belongings, including furniture, clothing, electronics, and appliances, if they are damaged or stolen.
- Liability Protection: Provides financial protection if you are legally responsible for injury to others or damage to their property.
- Loss of Use (Additional Living Expenses): Helps pay for temporary housing, meals, and other expenses if your home becomes uninhabitable due to a covered loss.
Homeowners insurance is essential for protecting one of your largest financial investments. Whether you own a single-family home, condominium, or townhouse, the right policy helps ensure that unexpected repairs or legal expenses do not create a significant financial burden.
Coverage and premiums are influenced by factors such as the location of the home, construction type, replacement cost, deductible amount, and optional endorsements. Additional coverage options may include flood insurance, earthquake insurance, scheduled personal property coverage for high-value items, and extended replacement cost protection.
While homeowners insurance is often required by mortgage lenders, it also provides peace of mind by helping protect your family’s financial stability. Reviewing your coverage regularly ensures your policy continues to align with your home’s value, lifestyle changes, and long-term financial goals.
Medicare Insurance
As you approach retirement, understanding your Medicare options becomes essential to protecting your health and your budget. We specialize in helping seniors and those eligible for Medicare find the right coverage to match their medical needs and financial goals.What Is Medicare?
Medicare is a federal health insurance program for people aged 65 and older, as well as certain individuals under 65 with qualifying disabilities. While Original Medicare (Parts A and B) provides basic hospital and medical coverage, many people choose to enhance their coverage through additional Medicare options.Our Medicare Solutions Include:
- Medicare Advantage Plans (Part C): All-in-one plans offered by private insurers that combine Parts A and B, and often include prescription drug coverage, dental, vision, and wellness benefits.
- Medicare Supplement Plans (Medigap): Help cover the out-of-pocket costs not paid by Original Medicare, such as deductibles, copayments, and coinsurance.
- Medicare Prescription Drug Plans (Part D): Standalone plans that help cover the cost of prescription medications, available to those with Original Medicare or certain Advantage plans.
Why Choose Velion Group for Medicare?
- Unbiased Guidance: We work with a wide range of trusted insurance carriers to find plans tailored to your individual needs and budget.
- One-on-One Support: Our licensed Medicare specialists will guide you through the entire process—from understanding eligibility to enrolling in the right plan.
- No-Cost Consultations: You’ll receive expert advice at no cost to you. We’re here to serve—not sell.
