The Irwin Agency offers a wide-array of insurance products to help safeguard your assets, life or savings and ensure your goals are met. We offer products through multiple companies which allows us to ensure you are getting the best rate, return or features available at the time of your purchase. The Irwin Agency specializes in the following insurance products:
- Fixed Annuities
- Fixed Index Annuities
- Medicare Supplement Insurance
- Life Insurance
- Irrevocable Funeral Trusts
- Long-Term Care Insurance
Fixed Annuities – Conservative investors who are more interested in protecting the principal of their investment and receiving a competitive fixed rate of return may be more comfortable with the safety offered by a traditional fixed-dollar annuity. With a deferred fixed annuity, you lock in an interest rate for an initial period, normally one to three years. When the period ends, the insurance company designates a new rate of return for the succeeding period. Most deferred fixed annuities have a minimum guaranteed rate that will be paid regardless of economic conditions.
Fixed Index Annuities – Fixed Indexed Annuities (FIA) offer a minimum guaranteed interest rate combined with an interest rate linked to a market index. FIAs also have the potential to earn returns better than traditional fixed annuities when the market is rising, however FIAs are not stock market investments but insurance contracts.
FIAs are long-term investments. FIAs are not stock market investments. If you surrender your FIA early, you may have to pay a significant surrender charge. As with any withdrawals from tax-deferred annuities before 59 1/2, a 10% tax penalty will reduce or eliminate any return.
Medicare Supplements – Medicare pays for many, but not all, healthcare services and supplies. A Medicare Supplement or Medigap policy, sold by private insurance companies, can help pay some of the healthcare costs (“gaps”) that Medicare doesn’t cover, like copayments, coinsurance and deductibles. Some Medigap policies also offer coverage for services that Medicare doesn’t cover, like medical care when you travel outside the U.S. If you have Original Medicare and you buy a Medigap policy, both plans will pay their share of Medicare approved amounts for covered health care costs. Medicare doesn’t pay any of the costs for a Medigap policy.
Life Insurance – Life insurance is a form of insurance that pays monetary proceeds upon the death of the insured covered in the policy. Essentially, a life insurance policy is a contract between the named insured and the insurance company wherein the insurance company agrees to pay an agreed upon sum of money to the insured’s named beneficiary so long as the insured’s premiums are current.
Irrevocable Funeral Trusts – An ‘Irrevocable Funeral Trust’ is a trust you create for your final expenses. It is a single premium life insurance policy that is offered by a select group of insurance companies – placed into your ‘Trust’ for safe-keeping until you pass away. Because the policy itself is owned by your ‘Irrevocable Funeral Trust’, it offers tax-free benefits, protection from inflation, and can be shielded from confiscation by Medicaid or nursing homes.
Long-Term Care Insurance – Long-term care insurance is an insurance product that helps provide for the cost of long-term care beyond a predetermined period. Long-term care insurance covers care generally not covered by health insurance, Medicare or Medicaid.
Long-term care insurance generally covers home care, assisted living, adult daycare, respite care, hospice care, nursing home and Alzheimer’s facilities. If home care coverage is purchased, long-term care insurance can pay for home care, often from the first day it is needed. It will pay for a visiting or live-in caregiver, companion, housekeeper, therapist or private duty nurse up to 7 days a week, 24 hours a day (up to the policy benefit maximum).