Minnesota Benefit Association - Minnesota Township Program

Public Employee & Elected Official Retirees

Many of the same great products we offer public employees are still of great value to retired public employees and retired elected officials. Call us today to learn how the following tools can help you and your family in your retirement:

Retired members:

Medicare Supplement – Adding important coverage to your enrollment in Medicare.
Long Term Care Insurance – Protecting your health choices and finances into your retirement. - Special public employee discounts available.
Senior Dental with optional vision coverage – Available to members age 50 and over.
Auto and Homeowners Insurance – Keeping your important investments protected.
Annuities – Adding to your retirement income portfolio.
Banking – Keeping track of your hard earned money.
Life Insurance – Providing financial protection for your loves ones.
Travel Medical Insurance – Protecting your travel investment.

Family members:

Scholarship program – Supporting your grandchildren’s higher education needs.
Term Life Insurance – Providing financial protection for your family.

Medicare Supplement:

Every year over 2.5 million Americans reach age 65. Medicare deductibles and co-insurance requirements leave seniors exposed to significant personal financial risk when medical services are needed. Medicare supplement plans are designed to fill Medicare coverage gaps. MBA represents several fine companies, including Mutual of Omaha, Blue Cross Blue Shield of MN.

Long Term Care:

The odds that a person will have a serious house fire during his or her life are 1 in 1,200. The chances that same person will require long-term care is 1 out of 2. MBA can bring quality long-term care insurance plans from Genworth Financial (formerly GE Financial), John Hancock, MetLife, Mutual of Omaha.

Annuities:

What are the different types of Annuities?

Fixed vs. Variable Annuities

Fixed Annuity

Pays stable guaranteed rate of return
Monthly payment is set and guaranteed
You may want to consider this type of annuity if closer to retirement

Variable Annuity

Invests money in the stock or bond market
Assumes more financial risk for potential higher rate of return
Individuals who are younger and have more time to benefit from the stock market may consider this type of annuity

*MBA does not work with Variable Annuities

Deferred vs. Immediate Annuities

Deferred Annuity

Income taxes are deferred until withdrawal of money
No limits to annual annuity contribution-flexible payments
Death Benefit-your beneficiaries will not receive less than the amount contributed to the annuity

Immediate Annuity

Contribute one lump sum-single payment
Can begin receiving income almost immediately
Client can receive payments for the rest of their life

Why should you consider an Annuity?

Social Security and Pensions may not be enough to cover living costs after you retire. According to the Social Security Administration in 2002 the Social Security monthly check on average was $876.
Retirement plans, such as 401(k), are limited in the amount of money they can contribute.
Inflation and an increase in the cost of living can quickly deplete any retirement resources.
Even if people plan for retirement with the above items it is becoming more often the case that people outlive their savings.
Annuities are tax-deferred until you start taking money out of it.

Life Insurance:

What are the different types of Life Insurance?

Term Life Insurance

Term Insurance
Term Insurance provides low cost protection for a pre-specified period of time, usually 1, 10 and 20 years or even longer. When the term is up, this type of policy ends unless the policy is renewed. It is the cheapest form of life insurance and is for people who need a large amount of insurance for a temporary period of time.

Return of Premium Term
Return of Premium Term is a type of Term Insurance that allows you to get your premium back if the term comes up. Return of Premium term still pays your beneficiaries a lump sum upon your death, but in the event the term comes up before you die, you can collect your premium back, rather than loosing that money.

Permanent Life Insurance

Whole Life Insurance
Whole Life Insurance provides protection as well as cash value for you and your loved ones to help you with your goals or to provide financial security for your loved ones upon your death. With Whole Life Insurance your family is covered from the day you purchase it until the day you die as long as you continue to pay the premiums. The premium that is paid is fixed and the cash value that is built up over time is tax-deferred. With Whole Life Insurance there is also the potential to collect dividends.

Universal Life Insurance
Universal Life Insurance is a flexible plan that allows you to adjust the premium payments and death benefits depending on your needs. Universal Life Insurance also allows you to accumulate cash value, which you may withdraw or borrow against at anytime to support your needs. It is important that you understand your contract and annual statements to keep track of your annual interest and accumulated cash value.

Survivorship
Survivorship is typically associated with Universal Life Insurance, but can also be associated with Whole Life Insurance. Survivorship Life Insurance, also know as “second-to-die” insurance, covers you and your spouse under the same policy. The proceeds are payable after the second death to your beneficiaries. With this policy your family can be guarded from part of the estate tax liability after you die. Premiums on this policy are generally lower than paying premiums for two individual policies.

Companies MBA works with to provide Life Insurance:

AIG

Assurity Life

Genworth Financial

Security Life

United of Omaha