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Hamada Wealth Management Group, LLC was founded to assist our clients in every aspect of their financial lives. We’ve provided the most personal service available, thus earning a reputation for excellence in our industry. We strive to help our clients reach financial stability while guiding them towards financial independence. One of the ways in which we do this is by providing best-in-class life insurance, long-term care (LTC), and asset protection to Arizona residents.
In the most simple terms possible, life insurance is a contract between an insurance company and an individual. Basically, the individual pays a premium in exchange for a lump-sum payment to the person’s beneficiaries in the case of the insured’s death. This lump-sum payment is called a death benefit.
Life insurance is a tool you can use to manage the risk inherent in life. You need life insurance if there are people in your life that rely on you financially. Life insurance will allow you to continue to provide financially for your family after you pass and even reduce your heirs' financial risk.
Think about your car or homeowner’s insurance, you wouldn’t want to face car or home repairs without the help those policies provide, right? Life insurance is the same type of protection, but it protects you from an accident or unforeseen event instead of your car or home.
The way life insurance policies do this is by decreasing your passing's financial impact on your family. Life insurance will help your family cover funeral expenses, pay outstanding debts, resolve remaining mortgages, afford educational costs, and replace lost income sources. Most importantly, life insurance gives you and your family peace of mind.
Our first priority is helping you take care of yourself and your family. Long-term care insurance, (also known as LTC), helps you and your family pay for long-term care services in whole or in part. Long-term care normally begins coverage between 60 to 90 days after a LTC event occurs, normally with the loss of two of six ADLs (activities of daily-living), and or dementia or cognitive disability. With an LTC policy, you pay a premium (either a monthly, quarterly, semi-annual, or annually), and in the event you need long-term care, your costs are covered as specified in your policy. Certain long-term care policies may also give you choices about what LTC services you or your family member may receive and where you may receive them at.
What does (LTC) Long-term Care Insurance cover?
Long-term care policies can vary in respect to premiums and benefits. Most policies cover the cost of:
Getting life insurance is extremely important, especially for those in Arizona; our life expectancy is an average of about 80 years. In fact, Arizona was ranked 18th out of 50 states in the highest life expectancy.1
Like most states, Arizona doesn’t regulate life insurance policies, but specific provisions govern things like free-look time, illustration requirements, underwriting, and medical exam requirements. This is an essential factor to be aware of when shopping for life insurance in Arizona. Fortunately, Hamada Wealth Management Group can take the burden of understanding all of this off your shoulders and provide guidance on the best policies for your circumstances. However, we will give you an idea of just what those differences are in the next section.
In Arizona, the entire insurance industry is regulated by The State Insurance Code of Arizona. The code is used to regulate claims, and it also protects Arizona life insurance consumers in several ways. Perhaps the most important being the Grace Period. In Arizona, life insurance companies are required to give the insured at least 30 days after the premium due date to make a payment on your policy before they initiate the policy's cancellation.
The other side of that coin is that Arizona companies that offer life insurance also have some protections through the state. Essentially, these regulations are to prevent insurance fraud and keep rates lower for consumers.
1 US states with the highest and lowest life expectancy