The most common reasons for purchasing life insurance include coverage of debt, specifically a mortgage, replacing lost income for survivors and making sure there are funds available for education of children.
How you actually determine how much life insurance you need is really a personal decision. We recommend you find a Professional Independant Life Insurance Agent you can trust. Some people search for coverage based on advertisements and end up calling a Captive Agent. Be aware they are obligated to "sell you" products from one company and have quotas to meet. This limits your options tremendously. Instead, elect to have an honest discussion about what you hope to cover with your life insurance and what your financial capabilities are and make your decision from there. Independant Life Insurance Agents, available to you at Infinitus, are highly trained to fully research your needs and guide you towards a plan that's right for you using an extensive portfolio of "A" rated Carriers.
I have "free" life insurance at work, why would I ever need to shop for life insurance?
Employer sponsored life insurance is a wonderful benefit to receive as an employee. Nonetheless, just because life insurance is offered through work doesn’t mean that your family is adequately protected in event you die.
There three questions you MUST ask of your employer sponsored life insurance policy:
- Am I responsible for premium payments and if so can I pay more to get more life insurance? - How is the amount of life insurance determined? Is there a fixed benefit or is the life benefit paid as a multiple of my salary? - Is the policy portable or convertible? If so how will this affect my premium? Will there be a big increase in cost?
Get the answer to these three questions from your human resources manager and then consult a life insurance professional to determine if you are adequately protected. Don't hesitate to ask for copies of the information in writing and read the fine print. Feel free to contact Infinitus, if you need assistance understanding the contractual verbiage, including the "fine print" commonly found in group life policies.
I keep hearing I'm losing benefits due to the Affordable Care Act. What really happens to Medicare Under Health Reform?
The affordable care act makes changes to Medicare that most likely will improve your benefits and your access to primary care services. Some significant changes include:
Coverage Gap Savings: If you reach the coverage gap in 2010 you will receive a one-time rebate check of $250 from Medicare. In 2011, you will be able to get a 50% discount on brand-name drugs and a 7% discount on generic drugs in the coverage gap. There will be additional savings in the coverage gap each year until it's completely closed by 2020. Preventive Care: Beginning in 2011, Medicare will pay for an annual checkup, including a physical examination and a total elimination of cost sharing for appropriate preventive services and screenings.
Question: How can I apply for Medicare?
The easiest way to apply for Medicare is by using our online application.
If you do not wish to apply online, make an appointment by calling us at 1-800-772-1213(TTY 1-800-325-0778) 7 a.m. to 7 p.m., Monday through Friday. If you already get Social Security benefits, we also will enroll you in Medicare Parts A and B. However, because you must pay a premium for Part B coverage, you can turn it down. We will mail you all the information you will need a few months before you become eligible.
Note: Residents of Puerto Rico or foreign countries will not receive Part B automatically. They must elect this benefit.
What is the difference between Original Medicare and Medicare Advantage?