Life Insurance
Certified Life Insurance Agency in Logan County Illinois
Life insurance is not a one-size-fits-all product. Every scenario is different and there are numerous options, premiums, and benefit payouts to choose from. How do you decide which option is best for you? Your needs may change as life circumstances and overall goals change. Lincoln Logan/May Enterprise will guide you through the maze of options and recommend the best plan and benefit levels to protect your financial future and those of your loved ones.
Benefits of Life Insurance
Do I Need Life Insurance?
If someone depends on you and your income (and you don’t have enough savings), you should consider purchasing life insurance. There are also many other reasons to purchase a life insurance policy. Life insurance has many benefits if something were to happen to you. These benefits include:
Guaranteed Protection
Life insurance is a necessary protection that you can guarantee will be there for your loved ones when needed.
Pay Off Mortgage
You want to use your life insurance to pay off your mortgage if something happens to you.
Income Replacement
You need a life insurance policy to replace your income and help support surviving family members.
Covers Final Expenses
You want your life insurance policy to cover any final expenses, so it isn’t a hardship on your family.
Estate Planning
A life insurance policy can help with estate planning and increase the amount that will be left to your family members.
Tax-free Benefit
A life insurance policy is generally considered tax-free so your beneficiaries will be able to benefit from every penny.
Benefits of Life Insurance
Do I Need Life Insurance?
If someone depends on you and your income (and you don’t have enough savings), you should consider purchasing life insurance. There are also many other reasons to purchase a life insurance policy. Life insurance has many benefits if something were to happen to you. These benefits include:
Guaranteed Protection
Life insurance is a necessary protection that you can guarantee will be there for your loved ones when needed.
Pay Off Mortgage
You want to use your life insurance to pay off your mortgage if something happens to you.
Income Replacement
You need a life insurance policy to replace your income and help support surviving family members.
Covers Final Expenses
You want your life insurance policy to cover any final expenses, so it isn’t a hardship on your family.
Estate Planning
A life insurance policy can help with estate planning and increase the amount that will be left to your family members.
Tax-free Benefit
A life insurance policy is generally considered tax-free so your beneficiaries will be able to benefit from every penny.
Different Life Insurance Plans Available
You’ve probably heard about some of the life insurance plans already. Term life and universal life are two of the top sellers, but they only scratch the surface of 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:
A highly flexible, permanent plan that provides a guaranteed death benefit and strong cash accumulation.
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.
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 is required for a preferred rate.
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.
Provides high-level life insurance benefits when you need it the most and ends with a guaranteed, paid-up policy that will be there for the rest of your life.
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.
Increases the legacy you leave to your children or grandchildren. The death benefit is tax-free.
How to Determine How Much Life Insurance You Need
There are several factors that go into determining how much life insurance you need, but Lincoln Logan/May Enterprise can point you in the right direction. We will ask you questions about how much debt you have, how much money you save and spend each month, what your long-term financial goals are (including retirement and education expenses for your children), and how much money will be left behind to your loved ones. This life insurance calculator can also help you determine the amount of coverage you require. Many people get their health insurance through their jobs. However, as more people choose self-employment, work part-time, work for small businesses, or consider retiring early, health insurance quickly becomes an important topic you must understand. Fortunately, you are not traveling this road alone. Lincoln Logan/May Enterprise will assist you in comparing hundreds of plans to determine which network, premiums, deductibles, and co-payments are best for you.
Marketplace Health Plan
If you don’t have health insurance through your employer or another group, you can buy through the Marketplace regardless of your medical history. Lincoln Logan/May Enterprise will assist you in understanding what the Affordable Care Act entails and the various options available to you. However, we do have a few suggestions. To begin, you must purchase your desired coverage during the open enrollment period (typically November—January) or qualify for a special enrollment period due to certain events, such as losing your current health insurance. Second, you should determine whether you are eligible for any subsidies or cost-sharing. This will help you decide whether to buy on or off the exchange, which can save you a lot of money each month in premiums. Don’t worry if any of these terms or concepts seem confusing or overwhelming. Our team is here to provide you with expert guidance and support every step of the way. We’ll help you thoroughly understand your options so you feel in complete control of your financial future.
Can Health Savings Accounts Be Added to Any Plan?
Unfortunately, you cannot add a Health Savings Account (HSA) to any plan. Health Savings are only available for eligible insurance plans. However, having an HSA is an excellent way to reduce your insurance costs. A high-deductible health plan (HDHP) is a health plan that combines traditional medical coverage with an HSA. Not only does this combination provide an insurance coverage but also a tax-free way to aid in saving for future medical expenses. These funds are also carried over from year to year (unlike flex spending accounts, where you lose money that isn’t spent). If you are interested in this option, our team at Lincoln Logan/May Enterprise would be glad to discuss it with you and guide you through your options. Our priority is to find the best combination of plans to guarantee you maximum coverage at an affordable price—security without breaking the bank.
