Life insurance is not a one plan fits all scenario. There are quite a few different options, premiums and benefit payouts to choose from. The option that is best for you? Well, that too may change as life situations and overall goals change. Lincoln-Logan May Enterprise will help you navigate the many options and guide you to the best plan and benefit levels to protect the financial future of those you love.
Do I need life insurance?
If someone relies on you and your income (and you don’t have enough savings), you definitely need life insurance. But there are also many other reasons to purchase a life insurance policy. This could include:
- You want to use your life insurance to pay off your mortgage if something happens to you.
- You need a life insurance policy to replace your income and help support surviving family members.
- You want your life insurance policy to cover any final expenses, so it isn’t a hardship on your family.
- You want a life insurance policy to help with estate planning and increase the amount that will be left to your family members.
- You want to make a charitable gift with your life insurance payout.
Which life insurance policy should I get?
You’ve probably heard about some of the life insurance plans already. Term life, universal life. And while they are two of the top sellers, they just scratch the surface at the many life insurance plans available. Here’s a quick breakdown of some of the key plans Lincoln-Logan May Enterprise will help you explore:
Universal Life Insurance
A highly flexible, permanent plan that provides a guaranteed death benefit and strong cash accumulation.
Term Life Insurance
The most inexpensive way to get a large amount of life insurance coverage. Level death benefit term periods with guaranteed level premiums for 10, 15, 20, or 30 years. Coverage expires at age 95.
Preferred Whole Life Insurance
Fully guaranteed traditional whole life insurance plan with five premium options. Choose from Single Premium Whole Life, Annual Whole Life, 10 Pay Life, 20 Pay Life, and Life Paid Up at 65. Medical underwriting required for a preferred rate.
Simplified Issue Whole Life Insurance
Traditional whole life insurance with five premium options. Choose from Single Premium Whole Life, Annual Whole Life, 10 Pay Life, 20 Pay Life, and Life Paid Up at 65. Guaranteed cash values and premiums.
Transitional Life Insurance
Provides a high, level life insurance benefit during the years you need it the most and ends with a guaranteed, paid-up policy that will be there for the rest of your life.
Graded Death Benefit Whole Life Insurance
Traditional whole life insurance plan with four premium options. Choose from Annual Whole Life, 10 Pay Life, 20 Pay Life, and Life Paid Up at 65. Guaranteed cash values and premiums.
Single Premium Whole Life Insurance
Increases the legacy you leave to your children or grandchildren. Death benefit is tax-free.
How much life insurance do I need?
There are quite a few factors that figure into how much life insurance you need, but Lincoln-Logan May Enterprise can help guide you in the right direction. Some of the questions we will ask you include: how much debt do you have, how much do you save and spend each month, what are your long-term financial goals (including retirement and education expenses for your kids), and how much money will those left behind need without your income? You can also get an idea of the level of coverage you need by using this life insurance calculator.
For many, health insurance is offered through their employer. But as more people choose self-employment, cut back to part-time, work for small businesses or look at retiring early, health insurance quickly becomes a hot topic and one you need to figure out. Fortunately, you’re not alone in the journey. Lincoln-Logan May Enterprise will help you shop hundreds of plans on the market to figure out which network, premiums, deductibles and co-payments are best for you.
Do I qualify for a Marketplace Health Plan?
If you don’t have insurance through your employer or another group, you can purchase a health plan through the Marketplace—regardless of your medical history. Lincoln-Logan May Enterprise will work with you to understand what the Affordable Care Act means to you and which options are available.
We do have a few tips though. First, you have to purchase your selected coverage during the open enrollment period (typically this has been November—January) or qualify for a special enrollment period through certain events like losing your existing health insurance. Second, you need to find out if you have any subsidies or cost-sharing available to you. This will help you know if you purchase on or off the exchange, and can save you quite a bit of money each month in premiums.
I have Medicare. Why do I need supplemental insurance?
While Medicare helps those over 65 cover some of their health care costs, it won’t cover everything. Medicare Supplement Insurance helps close the gaps between what you need and what the government will pay without straining your budget. Plan F is typically the most popular as it covers all deductibles and coinsurance for you. But there are other options available as well. Lincoln-Logan May Enterprise will help you work through all the supplemental plans available and determine which option is best for you.
Can I add a Health Savings Account to any plan?
Unfortunately, no. Health Savings are specific to eligible insurance plans. But they are a great way to keep your insurance costs down. Health Savings Accounts are high-deductible plans that are paired with an HSA. While you do need to have some cash stashed up here for when medical expenses come your way, the nice thing about a Health Savings Account is that you get to save and pay for medical expenses tax-free. These funds also carry over year after year (unlike flex spending accounts where you lose money not spent). It’s a nice feature that allows you to save for future expenses.