Who needs life insurance?
A. If someone will suffer financially when you die, chances are you need life insurance because it provides cash to your family after your death. This cash, known as the death benefit, replaces your income and can help your family meet many important financial needs like funeral costs, daily living expenses and college funding. What’s more, there is no federal income tax on life insurance benefits.
What type of life insurance should I buy?
A. It’s impossible to say, because the kind of coverage that’s right for you depends on your circumstances and financial goals. But, generally speaking, term offers the greatest coverage for the lowest initial premium and is a great solution for people with temporary needs or a limited budget. Permanent insurance may make more sense if you anticipate a need for lifelong protection, or if the option of accumulating tax-deferred cash values is attractive to you. Also, it doesn’t have to be one or the other. Often, a combination of term and permanent insurance is the right answer.
I am on Medicare, do I need to enroll through the Marketplace?
A. No, if you are currently enrolled in Medicare you do not need to enroll on the Federal Marketplace for an ACA plan. These plans are for those individuals not on Medicare and generally under age 65. If you still have questions about what options are available to you with Medicare please contact your agent or our agency office and a licensed certified agent will be happy to answer your questions.
What is a Formulary?
A. A formulary is a list of drugs covered under your plan, with details about the type of coverage.
What is Uninsured and Underinsured Motorist coverage?
A. Uninsured motorist coverage protects you if you’re in an accident with an at-fault driver who doesn’t carry liability insurance. Under-insured motorist coverage, on the other hand, steps in when you’re in an accident with an at-fault driver whose liability limits are too low to cover the damage or medical expenses.