Sandy Gilkey Insurance Agency

Fast Fact: Medigap comes through private insurance companies and aims to fill in the “gaps” left in the traditional Medicare coverage.

The face value of a life insurance policy is the death benefit the policy will pay. If you take out a $100,000 life insurance policy, $100,000 is the face value. That value can change over time as you borrow from the policy or increase the amount of coverage you have. Face value is not the same as cash value, which is the excess premiums you’ve paid plus interest earned, which accumulates in the policy’s cash value account.

Condominium insurance provides coverage for your unit where your condominium association insurance stops. Your association typically insures the building and other common areas. You are responsible for the interior of your unit. Typically you need personal property and liability coverage in addition to coverage for your floors, walls, cabinets and fixtures that your association's insurance probably will not cover.