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What Insurance Will I Need In Retirement?

Your insurance needs do not disappear at retirement although the coverage amounts may change. Car Insurance, home owners insurance, health insurance and life insurance all play a part in a solid financial plan. You should contact an Agent and have them conduct an Insurance preview. The last thing you want in retirement is to be paying for something that you really don't need to.

Is Cobra Health Insurance Good?

In simple terms, a COBRA health insurance is a short-term continuation of the exact same group health plan you had with your employer prior to termination from that job. So, if you liked the coverage provided by the plan prior to termination, you will still like the coverage provided by the plan under COBRA administration because it is the same plan. What you may not like is the cost under COBRA administration. Many people incorrectly assume that COBRA rates are excessively higher than the rates you paid while employed. This is incorrect. By law, your insurance rates under COBRA cannot exceed 102% of the rate you were paying before termination. So, why does the COBRA premium seem so much higher than the premium prior to termination? The answer is your employer's contribution to your health insurance. While you were employed, your employer was definitely paying a portion of yours, the employee's, health insurance premium. If you worked for a "benefits rich" employer, they may have been paying all your premium and even contributing some to your dependents' coverage. Under COBRA, the employer no longer is responsible to contribute anything to your health insurance premium. You are therefore responsible for 100% of your portion of the premium as well as that of your dependents. That is why the COBRA cost is more than you were seeing while employed. So, the real question then becomes is it cheaper for me to continue with my current group health plan under COBRA, or is there a better alternative in the personal health insurance marketplace. The only way to answer that question is to solicit quotes from personal health insurers.

What Is A Good Renters Insurance Policy?

Suggest that you contact two independent agencies in reasonable proximity to your residence and ask them to get you quotes from several of the most well-known National insurance carriers, including but not limited to: Hartford, Travelers, Met and Safeco. That will give you a good idea of how to proceed.

Why Does My Landlord Want Me To Have Renters Insurance?

I think that there are two reasons. The landlord wants you to understand fully that he is not responsible for your personal property that is in the rental unit. He is saying, if there is a fire and your things are destroyed, you are responsible, not the landlord. The second reason is liability for personal injury and property damage. If someone is injured in the unit you are responsible and need insurance to protect yourself.

Is Xarelto Covered By Medicare?

In most cases, Medicare does not cover medications unless you are hospitalized. To have coverage for your outpatient medical needs, you would need to purchase a Part D prescription drug plan. Each company offering this type of coverage has their own, unique formulary list of medications they consider to be covered expenses. It is always best to consult with an independent agent that represents many different companies to assist you in finding the absolute best coverage for your personal situation.

Does Medicare Pay For A Walker?

Yes - Medicare covers walkers under Part B as durable medical equipment (DME) when prescribed by your doctor for use in your home. Medicare will generally pay approximately 80% of the costs - you would be responsible for the other 20%. A Medicare supplement (Medigap) plan can help cover the expenses you're responsible for paying.

Why Is A Roth IRA Tax Free?

The income tax free return on a Roth IRA is an incentive to save money for retirement. It is in this context that the IRS code allows the money to be income tax free. This includes not only the money that you have placed in the contract but any earnings made on that money. This is the idea that is being pushed by the President with his My RA.

Who Is The Cheapest Car Insurance For New Drivers?

The cheapest car insurance for any driver is the policy that is in force and pays the claim when an accident occurs, regardless of the premium. In California an inexperienced driver is assigned to one of the cars in a household. That makes the premium for that vehicle increase substantially. Avoid the temptation to eliminate or reduce coverages to lower the premium. That could make your auto insurance the most expensive if it will not pay a claim or will not make you whole.

Does My Medicare Cover My Wife?

Your wife must be qualified for Medicare to receive benefits. If you are over 65 and on Medicare she can qualify based on your work history. If your wife is not yet 65 or Social Security Disability then she will have to pick up a private insurance plan until she is eligible for Medicare. She cannot be covered by your benefits.

When Does Life Insurance Kick In?

This is a good question. Do you mean when the benefits are paid out? For whole life, they build cash value over time that you can borrow against while you are living. Traditional term pays out after death, however there are term policies that pay you back all the premiums after the term is up.

What Is The Best Rated Homeowners Insurance?

Homeowners insurance premiums vary widely based on geographic location, replacement value of home, coverage amount desired, deductible chosen, your credit score, and many other factors. I always suggest getting several rates from at least 2 local independent insurance agents in your area. Make sure you compare them against each other. Ideally, you would like an A rated carrier by AMBest. Hope this answer helps!

Does The Car Insurance Cover The Driver Or The Car?

The rule of thumb with auto insurance is, it follows the driver first and the vehicle second. If you are driving a vehicle that is not yours your auto insurance will typically provide coverage for the accident first and then if the claim exceeds your coverage a claim could also be charged against the vehicle owners auto insurance coverage.

Can I Get Sr22 Insurance Without Owning A Car?

When a whole life policy is purchased on a minor, it is called juvenile whole life. New York Life actually has a Family Policy which covers both parents and includes juveniles for free. You can also purchase an individual policy and add a juvenile to it as a Rider. The method I suggest is purchasing a whole life policy for a juvenile of their own. The cost is incredibly low, and it not only guarantees insurance, but insurability for a child that may develop any of numerous illnesses, as they get older or even as a child. Gary Lane, Registered Representative, New York Life, 949 797 2424. Thank you.

Do I Need Builders Risk Insurance To Purchase A Home Where We will Do Major Renovations Before Moving In?

I don't recommend using the builder to purchase the builders risk policy on a renovation project. You need coverage on the existing structure and most builders would not be covering anything but the renovation amount. They would only be covering the amount of the renovation. Purchasing the policy yourself puts you in control of the policy and allows you to make sure that you are adequately covered. In looking at David's response, I am in agreement that you should be named as additional insured on the contractors general liability policy and also get a certificate for their workers compensation.

Will Medicare Be There When I Retire?

Ohio state minimums will go up to $25,000/$50,000 on December 22nd 2013. While this is an improvement, minimum coverage is just that: Minimum. You should work with an agent that can explain these coverages to you and provide you with a guideline for coverage based on your specific financial situation.

Does Medicare Cover Xanax?

Xanax is a prescription drug used most often to treat anxiety. Some Medicare Part D will cover at least a portion of the cost of Xanax. In evaluating prescription drug plans, including those coupled with a Medicare Advantage plan, make sure you run all your medications through the Medicare drug formulary finder.

How Long Does Long Term Disability Insurance Last?

The general rule of thumb for long term disability is to age 65. However there are disability insurance companies that offer longer or extended coverage. Then theres Lloyds of London, a company the prices risk outside the convention insurance market, in this case disability for high risk insureds or older insureds.

How To Borrow From A Retirement Plan?

Retirement monies are meant for your golden years. borrowing against your future is altering the lifestyle in your senior years. That said, there are emergencies that may be beyond your cash reserves and your retirement monies may be the only resource available. Most plans charge interest and require a repayment schedule. All loans must be repaid before any transfer to another plan. If your terminated, your loans must be repaid or the the plan administrator may issue a 1099.

When Is Home Warranty Insurance Required?

Home Warranty is not required but I highly recommend it. Home Warranty is different from homeowners in that it can cover to fix or replace equipment in your home such as your HVAC Systems or pool equipment. In most cases the warranty company will continue to fix the item before replacing and this process can be extremely time consuming and frustrating. Be sure to research the companies so that you can get a good idea of how they treat these claims

What The Cost Of Long Term Care Insurance?

Yes, Medicare covers DME supplies if they are prescribed by your doctor and are for use in your home rather than in a health care facility, long term rehab center, etc. In addition, Durable Medicare Equipment must be long lasting, used for a medical reason, and not useful to someone who is not sick or injured.

Is Health Insurance Subsidized?

Debt collectors can go after life insurance if the insurance proceeds go to the estate of the insured. If the insured person passes away with debts and their beneficiary is their estate, debt collectors can try to get their life insurance. If the insured person passes away with debts but leaves the life insurance proceeds to a person, debt collectors cannot go after life insurance from that person. The only way they can go after life insurance proceeds from the beneficiary is if the beneficiary was a co-signer to the debt.

What Is A Top Hat Retirement Plan?

M & E charges for life insurance stand for Mortality and Expense charges. They are fees that cover various risks and expenses assumed by the insurer. The M & E charge is usually calculated as a percentage of the assets held by the investment funds underlying subaccounts held by the insurance company.

How Are Qualified Annuities Taxed?

The majority of landlords require their tenants to have renters insurance with a lease provision. No state law requires renters insurance, aside from a few local laws pertaining to people with certain breeds of dogs who must maintain liability insurance. But it's certainly a good idea to have, because one break-in or fire would devastate you. Renters insurance replaces your property in a matter of days, as opposed to the years you'd have to work to replace one thing at a time as you can afford it.

How Much Is A Premium For Health Insurance?

A premium is the amount you pay to the insurance company in exchange for coverage under a given policy. When a certain type of claim is made, the insurance company is going to pay the claim instead of you up to the defined amounts as stated inside the policy - for health insurance, the policy may only state the carrier is going to cover a percentage of the claim/fixed dollar amount and you would pay the difference (your coinsurance or copayment amount) Unfortunately there's too many factors that go into premium pricing to say what an average plan costs. Your age is a big factor - the younger you are, the cheaper your premium - the older you are, the higher your premium. Also, if you use tobacco products, your premium can be increased up to 50% as well. If you're an individual buying on or off the exchange (and not securing group coverage through an employer), you need to consider the level plan you want. There are four metal plans: bronze, silver, gold, and platinum.Bronze plans generally cover about 60% of your healthcare expenses, Silver is 70%, Gold is 80%, and Platinum is 90%. So, in short, the better the benefits that you want to have, the higher the premium will be.There's also a catastrophic plan, but these are only available to individuals under age 30. If you qualify for a subsidy, the cost of your premium can be lowered as well - whether you qualify for one depends on your income. This is where an independent insurance agent can really help you. They can work with you to look at a wide range of options from many of the top carriers in the industry.

When Does Mandated Health Insurance Start?

Mandated insurance starts October 1st 2013 when Exchanges begin to operate.Insurance policies purchase on the exchange wont be effective until January 2014.Most or all Health Insurance Companies are already selling plans that meet parts of the mandate that is already in effect. Large business part of the mandate will have another to implement 2014.

Does Homeowners Insurance Cover Sewer Repair?

No, under normal circumstances sewer repair would not be covered by your homeowners insurance policy. Remember every policy is different. Please read your policy completely to understand the coverage provided and any exclusions that there may be or contact your local agent to have them go over the policy with you.

What Does Renters Insurance Protect?

Renters insurance will provide protection for your personal property, personal liability, and loss of use up to the policy levels possibly subject to a policy deductible. If you have renters insurance and your rented premise is damaged by fire, smoke, or lightning (to name some of the covered perils). Remember every policy is different. Please read your policy completely to understand the coverage provided and any exclusions that there may be or contact your local agent to have them go over the policy with you.

How Does Health Insurance Affect The Retirement Behavior Of Women?

Great question! While I do not have a degree in sociology or statistics, I can tell you what I see, working daily with retired, or near retirement aged women clients. Each and every one of them appreciate it. Most of them are no longer working, though almost all of them had expected to be. The ones that still have insurance through work or their spouses work are not burdened with the fear of being unable to get medical services. The rest of them are enrolled in Medicare, or Medicaid. Those ladies also are profoundly grateful to be able to receive medical care that is affordable. Many of those women struggle to balance medical costs with the everyday expenses of heat, food, and electricity though, as the benefits are often not enough even with Social Security to make ends meet. Without health insurance they would be in a very bad way. If this did not answer your question, (And I'll admit I'm not sure what you are asking, since having insurance or not having it probably affects them the same way it would a man, or someone younger) please feel free to contact me, I'll be happy to discuss this with you further. Thanks for asking!

What Is A Deductible For Health Insurance?

Car insurance rates on a 19 year-old will vary, depending on where you live, your driving record, the type of car you own and your coverage. It could be quite cheap or fairly expensive, if there are multiple violations. As an experienced broker, our job is to shop all of the top companies for customers and utilize our websites to research and compare the best choices.

Where Can I Find Cheap Auto Insurance In Arkansas?

Cheap auto insurance in Arkansas is available from many sources. The best way to save money on your car insurance rates is to shop with the help of a broker and their website. Since there are dozens of reputable carriers, unless you have experienced and unbiased help, it may be more difficult to find the best prices. As an experienced broker, we tend to spend a lot of time researching and comparing top-rated companies for consumers. Prices and discounts often change so we always have to monitor many insurers. However, the benefit to consumers is they know they are always viewing the lowest prices.

Does Renters Insurance Cover My Garage?

Renters insurance covers your belongings whether they are in your garage or in your apartment or wherever they are as long as the loss is covered under the policy subject to your deductible. It has to be a covered peil such as fire, theft, vandalism, lightening, wind or other perils specified in your policy.

Does Medigap Cover Eye Exams?

Medigap plans do not provide coverage for routine eye exams and eye glasses. In short, you will need to secure coverage under a separate vision insurance plan to to cover routine services. Medicare Part B can provide coverage for some preventive and diagnostic eye exams for people at high-risk of certain conditions (e.g. diagnosing retinopathy in diabetics or mascular degeneration for age-related conditions). In combination with a Medigap plan, these exams can be covered at 100% (Medicare Part B - 80%, Medigap - the remaining 20%). You can check out the medicare.gov website for more specific information regarding condition/risk requirements for Medicare to pay benefits.

How Long Does It Take To Get A Home Insurance Binder?

Under normal circumstances this takes only a few minutes. That doesnt mean that the entire application is completed but the agent usually as authority to extend coverage until the underwriting is completed. A key to prompt binding of coverage is to have the agency needing the binder communicate directly with the agent. For example, the title company should speak directly to the agent that way the binder will meet the specific needs of the borrower and can be handled promptly.

Where Can I Get Insurance Without A Car?

The average cost in the country for a health insurance plan (overall) is estimated to be about $328 per month - however, this is only reflective upon a silver level plan (not all 2014 state figure averages are available yet).While you can try to come up with an "average" cost, there's too many factors that go into premium pricing to say how in relation that compares to an individual as compared to the overall group. In short, an "average" premium is a rather useless figure to the individual. It's only representative to a large group - you could have people paying a small nominal amount (after factoring in subsidies) per month to several thousand dollars per month. Even for that there's a ton of information to sift through to get an accurate representation. Under the Affordable Care Act, you have the options for bronze, silver, gold, and platinum level plans (as you go up in metal, the price goes up, but provides better benefits) - some areas also have a catastrophic plan available. In addition, your age and zip codes are big factors as well. The younger you are, the cheaper your premium - the older you are, the higher your premium. Also, if you use tobacco products, your premium can be increased up to 50% as well. I always recommend consulting with an experienced broker regarding your personal health coverage. We can work with you to look at a wide range of options from many of the top carriers in the industry and find the plan that's going to be best suitable for your needs. Please let me know if I can be of further assistance. Thanks very much.

Can A Term Life Insurance Policy Be Cashed Out?

Probably your term policy cannot be cashed out. There are term life policies that do develop a small amount of cash value; however, these policies often have restrictions as to when and how the policy can be surrendered for cash. If you want cash value in your life insurance program then speak to a licensed life insurance agent about permanent life insurance.

Can Car Insurance Companies Drop You?

Yes, if you do not pay your premiums or no longer meet the carriers standards the carrier can either cancel or non-renew your policy typically with as least fourteen days notice. Contact your local agent to discuss the details of the drop notice. They may be able to help you understand the reasons behind your coverage being dropped or non-renewed.

Can My Ex Have Life Insurance On Me?

Not only can your ex-spouse buy a life policy on you, but should, particularly if you are paying alimony or child support. Your ex-spouse should apply for and own the policy. Then there is never any question about premium payment and beneficiary changes. Your ex-spouse has a distinct insurable interest. Of course this procedure needs your cooperation. If there are bad feelings you might consider the consequences if the court were to order you to cooperate or buy the insurance for your ex-spouse.

How Much Does A New York Life Insurance Agent Make?

Almost everyone age 65 and older qualifies for Medicare. If you are a US citizen or legal resident who has at least 10 years of earned wages in the Social Security system you qualify for Medicare. You must have lived in the US for at least 5 years You may also qualify based on your spouse's time in Social Security

Does Renters Insurance Cover Garage Theft?

If the garage is part of the premise that you rent, you may coverage through your renters policy. Your personal property is covered up to a dollar amount specified within the policies limits. Please read your policy completely to understand what coverage is provided and exclutions that there may be.

Can An Illegal Immigrant Get Car Insurance?

The short answer is it depends upon the state. One of the most basic principles of insurance is a person/company must have an insurable interest in the property. In order to have an insurable interest in an automobile a person must have a valid drivers license and sometimes a registration. If a state allows an illegal immigrant to obtain a drivers license, then that person can obtain auto insurance. If the person cannot obtain a drivers license from that state, he cannot obtain auto insurance and even being behind wheel is illegal. Political debates aside, an illegal immigrant should find a state where he/she can register for a drivers license and get auto insurance. This not only benefits them because they will get property and liability coverage, but it will also benefit other drivers because it provides them something to recover from in the case of an accident.

Can I Use My Health Insurance In Another State?

You can use your health insurance in another state, it just depends on whether it will be considered in or out of network. If it is an emergency, most companies willtreat it as an I network claim. If it is for a random MD visit, then it will most likely be treated as out-of-network

Will Medicare Pay For Life Alert?

Medicare covers items that are considered medically necessary. This includes diagnosis and treatment of medical conditions caused by accident or illness. Medicare will also cover some DME (durable medical equipment) if prescribed by a doctor as part of your treatment plan. Services such as Life Alert are not considered medically necessary.

Can I Use HSA To Pay For Long Term Care Insurance?

Yes, you can use HSA to pay for long term care insurance premiums. There is a limit on the premiums for LTC insurance that can be paid through your health savings account. The instructions for your Section A (Form 1040) of your tax return will tell you the limit of premiums that can be deducted for your age group that year.

How Can We Find Out What Insurance Company Insurances My Neighbor's House?

Long Term Disability Insurance is important because most people do not have enough savings to cover being off of work for over 3 months or more. The benefits of Long Term Disability Insurance can pay until retirement, if you get that type of plan. If someone were to become permanently disabled in their younger to middle age years, that is a lot of years of income coming in. Without that income, many years of living on only Social Security Disability can cause financial devastation to even the wealthiest of families.

What Is Auto Insurance Stacking?

There is no need to "fix" long-term care insurance because it is not broken. However, our current system of how we as a societyassist the growing number of elderly who may have no one to take care of them is in need of serious repair. Right now, if one cannot afford the cost of long-term care, they must become "indigent", that is to say, have less that about $2,000 in liquid assets and make less than $35/mo.(those numbers are adjusted annually and may not be accurate).Assets excluded from the equation are one's house, one's car, and approximately $91,000 in savings or checking for spousal support. If you have more than that you have to "spend down" in order to qualify for government assistance (Medicaid - in CA, Medical). The problem is thatthose programs are not well-funded and may not have sufficient funds when the current baby-boomer demographic hits the age when many will need expensive long-term care. The private sector provides a solution to this problem in selling long-term care insurance to the general public. However, while highly valuable, it is also highly priced. In fact, the middle class, for which it was originally designed to help, have been priced out of the market. Agents are challenged to come up with coverage that middle class folk can afford. The state and federal government's solution is Medicaid. However, without reform, Medicaid - a partnership between the federal government and the states - will likely run out of money within the next 10-15 years. No one wants that to happen, but no one is doing anything about it right now. A congressional commission has been meeting since the beginning of summer 2013 on the matter of long-term care and should be coming out soon with recommendations for confronting the problem of how we help our elderly die with dignity.

What Is The Dwelling Amount On Home Insurance?

There are plans available for anyone. Usually if a person is in very bad health there will be a graded death benefit for the first two or three years. The healthier you are the better your rates. If a person is very healthy that person can get preferred rating. If a person has Aids or some other serious disease they would have to go guaranteed issue and pay higher rates.

Does Medicare Cover Home Care Assistance?

Under certain conditions, Medicare Part A will cover intermittent or part-time home health care provided by a skilled nurse. Again, Medicares requirements for receiving home care are quite strict. Medicare will pay for home health care to treat an illness or injury only if a person meetsallof the following requirements: A doctor must determine that medical care is needed at home and must make a plan for such care. The person needs intermittent skilled nursing care, physical therapy, speech therapy, or occupational therapy. The person is homebound, which means generally unable to leave home (when a person leaves, it must be infrequent and for a short time only, such as to go to a doctors appointment). The home health care agency must be Medicare-approved. Keep in mind that unlike Medicares nursing home benefit, a person does not need to be admitted to a hospital first in order to qualify for Medicare home health care. In addition, services will be provided on an intermittent or part-time basis only by a visiting nurse, therapist, or home health aide. Medicares home health care benefit does not pay for 24-hour full-time care. Medicare generally limits its home health care benefit because the program is only designed to serve individuals who need intermittent care for a relatively short period of time rather than care on a daily basis. Once a person is receiving Medicare home health care, his or her plan of care will be reviewed at least every 60 days. If the persons health changes and care is no longer needed, the home health agency will notify the individuals doctor, who must then contact Medicare. From that point, home care will no longer be covered by Medicare. The Medicare home health care benefit will not pay for homemaker services such as housekeeping, shopping, and cleaning. It also does not pay for custodial carethat is, help with meeting daily personal needs such as bathing, toileting, transferring, or eating. Because most people who need long-term care need custodial care, financial practitioners should point out this shortcoming to clients. Many people who do qualify for Medicare home health care benefits still need to pay for additional custodial care in order to live comfortably and independently at home.

How Much Do Life Insurance Agents Make In Illinois?

Medicare Part D prescription drug plans are sold by private health insurance companies. Each plan is going to have a formulary (the list of drugs a plan will cover). Not every formulary is going to cover every drug. You can look up which plans cover your prescriptions on Medicare.gov using the "find health & drug plans" tool.

Can You Get Medicare While Working?

Yes, you can be on Medicare while working. Many people do postpone going on Medicare if they're still working because they may have group health insurance available to them through their employer. Self-employed individuals will usually go on Medicare when they turn 65 unless they have group coverage available through their spouse's work. Some may decide to go on Medicare if they're 65 and still working because they want a more predictable health expense structure and/or want to lower their premiums.

What Is A Life Insurance Quote?

Great question. Insurance lingo can be very confusing, especially when shopping and trying to compare prices. Here are a few words that can cause some confusion, and how us agents usually mean them. 1. QUOTE = the price we think you will get based on what you told us. If you are looking for a medically underwritten policy and were not asked many health details, chances are that quote is not very accurate. You can also tell if someone is following a script. There are so many nuances in each person's situation, that if you find an agent who quotes you more by experience and knowledge than "if a, then b", my opinion is that you will get a more accurate quote and end up with a better rate. 2. RATE = the price you actually end up paying. Another word is PREMIUM. This is your cost after all the underwriting has been done and your final rate has been determined by the insurance company. 3. RATING = this refers to the health rating. Examples are Preferred, Standard, Table C. It is what you are rated after the underwriter reviews all your health information. I hope that helps. Feel free to contact me or post any more questions you might have.

How To Check Medicare Eligibility For Providers?

As a general rule, a "tummy tuck" is viewed as cosmetic surgery and is not covered by health insurance polices. However,obesity is becoming an increasing problem in our nation.This has resulted in a growing number of people who have reached health or life threatening levels of morbid obesity for which they have had either prescription and/or surgical treatments that result in extreme weight loss. In some cases the weight gain has stretched the person's skin to such an extent that after their extreme weight loss following treatment their skin does not return to normal levels and the person is left with folds of skin which can, in some cases, become sources of medical problems themselves (e.g. - severe rashes and infections). In these extreme circumstances the insurance company may agree that it is an issue of medical necessity that this issue be surgically addressed and the will approve coverage for the removal or lifting of this excess skin tissue. This has been the only circumstance where I have seen an insurance carrier approve what might be construed as a tummy tuck.

Can A 78 Year Old Get Life Insurance?

The obvious answer is your lifetime. The whole life policy is actually an endowment policy and does have a maturity date (100-120.) If you reach that age the company will no longer require premium payments. Permanent insurance has tremendous flexibility and if you want to quit paying at some specific age, a current policy can become paid-up for a reduced face amount.

Can I Open A Car Insurance Company?

There are two main expenses you're responsible for in Medicare Part B - the monthly premium ($104.90 for those with incomes of $85,000 or less, or $170,000 or less for those married filing jointly on their tax returns. The premium is higher if you're above these income levels) and the deductible. I believe you're referring to the Medicare Part B deductible. The deductible for 2014 is $147 (no change from 2013). Original Medicare (Parts A & B) takes care of approximately 80% of the cost for your healthcare. A medicare supplement is great to add to Original Medicare for those on a fixed income as it can help take care of the other 20% and create a much more predictable expense structure for your healthcare.

Does Virginia Require Renters Insurance?

As of this date and to the best of my knowledge renters insurance is not required in any state. A landlord may through the rental agreement require any tenant to carry renters insurance. Renters insurance is typically very low cost and can provide protection when you need it. With renters insurance you not only cover your personal property but also adds liability coverage in the event that someone is hurt while at your residence.

How Long Will It Take To Get Car Insurance?

If you have all of the information that is required by your local agent to get you a quote and you have the ability to pay the required downpayment you could have auto insurance coverage within minutes. When you go to see your local agent make certain that you have the vin numbers of the vehicle(s) that you are looking to cover and the driver's license numbers of the person(s) to be covered.

How Much Is The Medicare Approved Amount For Eyeglasses?

Unfortunately, Medicare does not pay for eyeglasses. The only situation in which eyeglasses are covered by Medicare is when cataract surgery is done. Then it will pay for one standard pair of glasses following surgery. To find out what amount is allowed for that expenditure you can ask your Medicare provided or call 1-800-MEDICARE.

Does Federal Government Offer Disability Insurance?

The federal government offers two programs Social Security Disability Insurance (SSDI) that is payroll deducted, so it is classified as an earned benefit and Supplemental Security Income (SSI) that is means tested by income and assets.

Where Can I Buy Health Insurance For An Individual?

You can buy health insurance from an experienced broker and their website (perhaps your best option) or the .gov website, where you may talk to a newly-hired and inexperienced worker. It's important to understand all of your options, get a federal subsidy if you deserve it, and speak to an unbiased expert in the field. That's why we can help you best! The Obamacare subsidy is available during Open Enrollment and through specific exceptions. However, there are affordable options available if you miss Open Enrollment.

Is Life Insurance Considered Income?

No, life insurance is not usually considered income for income tax purposes. If you receive the death benefit in regular payments rather than a lump sum, the interest only will be considered income. There are some caveats to this, especially with cash value policies. But generally speaking, life insurance is not counted as income.

Why Would Someone Be Denied Life Insurance?

No, the Estate Recovery Act pertains only to Medicaid recipients who were over age 55 and received benefits for a certain period of time, or received certain services paid for by Medicaid (nursing home, prescription drugs, and others). Beginning in Jan, 2010, estate recovery is not allowed for Medicare Savings Expenses paid by the state.

Can My Brother Drive My Car Without Insurance?

Short term disability last for as long as you are continually unable to work due to a covered medical condition, or until the policy benefit period it met, whichever is less. Every policy is different. You make a decision about the length of the benefit period when you purchase the policy. Policies with longer benefit periods cost more than those with shorter benefit periods. You may be able to choose between lengths of 3, 6, 12, or 24 months.

What Does Social Security Disability Insurance Cover?

Social Security Disability Insurance pays a monthly benefit to people who cannot work due to a disability. The benefit is paid in cash to the recipient to use as they wish; it is not paid to an institution or entity. An injury or illness that causes the person to be unable to work is covered.

How Does Private Disability Insurance Affect Social Security Disability?

An escrow account is usually setup for you when you buy a new home, and this account is used to pay your property taxes and your homeowners insurance. Your monthly payment will include our principal and interest payment to the mortgage lender, as well as 1/12 of your yearly property taxes and homeowners insurance. When payment is due, your lender will make the payment on your behalf from the escrow account.

Is Medigap Or Medicare Advantage Better?

It depends on your personal situation. I personally like Medigap if you can afford the premiums. With Medigap you will not have to worry about networks, you can go to any doctor that accepts Medicare, and your out of pocket exposure will be much less. Medicare Advantage is a good choice for those with limited funds or those who live in an area where there are strong networks, as long as you do not travel outside the area for extended periods. Medicare Advantage has the Prescription coverage embedded in the plan (in most cases) and can have very low or no premium. A good independent agent who handles both Medigap and Medicare Advantage can help guide you. Make sure the agent handles most of the plans in your area and takes time to ask about your personal situation.

Which Life Insurance Should I Buy?

Product suitability is always a consideration when considering product lines that have such diverse application. Life insurance is generally purchased for indemnification or inheritance planning, but can be used as supplemental retirement income. Term life insurance is an excellent for temporary coverage for temporary financial exposure to your beneficiaries. For permanent liabilities, many planners use guaranteed universal life insurance. For supplemental retirement income there are several crediting methods: for interest rate crediting you can use participating whole life or current assumption universal life. If you desire access to domestic and/or foreign indices, you should review indexed universal life insurance. If your risk tolerance permits, you could consider variable universal life with access to separate sub accounts that use marker equities and bond instruments.

What States Have State Disability Insurance?

The states that either mandate or carry state disability insurance are New York, Rhode Island, California, New Jersey, Hawaii, and the commonwealth of Puerto Rico. Of these, only California directly offers purchase of disability insurance from the state. An SDI tax that is charged to employees is what funds it.

What Does A Health Insurance Premium Mean?

This is the term used to describe the monthly obligation you pay to have the policy. Think of it in terms of "payment". Premiums will vary on a policy depending on the type of policy it is, the deductible, the co payment, whether you have dental or vision, etc. Most people keep policies longer the more affordable a monthly premium is to their budget.

Who Sells Mortgage Life Insurance?

The lender that provides your home loan is typically the vendor that sells mortgage life insurance to you, as well. When death occurs, the lender is paid the benefit of the policy, so that their portion of your loan is paid off. Life insurance can be used to cover a mortgage, however. It is more competitively priced than mortgage insurance and the death benefit does not decrease as your loan decreases. The beneficiary is the person of your choice. They can use the money to pay off the mortgage, or else spend it on other things if it makes more sense to keep the mortgage.

Can I Buy Health Insurance With A Pre-Existing Condition?

No, unfortunately, refraction is not covered by Medicare. Refraction, or the part of the eye exam in which you look at a chart of letters while looking into a machine called a phoroptor, is usually used to determine the need for eyeglasses. Medicare considers this a routine procedure and therefore does not cover it, even though at times refraction is used for medical purposes.

Can I Get Life Insurance With Hypertension?

Yes, you can get life insurance with hypertension. If your life insurance is well controlled with one medication, you can be rated as good as Preferred or even the class higher than that, if your other health details and build fit that. If you are on more than two medications, if your hypertension has been uncontrolled recently, and/or if you have some other health conditions connected to your hypertension, you may be rated up or need to take a simplified issue policy. A good impaired risk life insurance agent can shop the best companies for your hypertension details, because different company rates differently.

Does AARP Have Auto Insurance?

Many different Insurance Companies offer Lifetime Annuities. The best thing to do is to use an independent agent to shop the current rates to find the best current rate for you. It is important to use a company with strong financial ratings. For a Lifetime Annuity I recommend at minimum an A rating.

Does Obamacare Cover Medigap?

No, Obamacare does not cover Medigap, or any other Medicare related expenses. In fact, Obamacare actually calls for over $700 BILLION in cuts to the Medicare system over its first ten years, a budgetary item that places the benefits available to our country's senior citizens at tremendous risk. The benefits of Obamacare are only available to those under the age of 65, which basically equates to this law taking money away from caring for our nation's seniors to secure coverage for younger individuals, at least those younger Americans that do not make enough income to cover the cost of coverage themselves.

What Is The Difference Between Life Insurance And Health Insurance?

The short answer is, it depends on the company. Some companies will pay with the notification from a funeral home. In that case a check could be in route within 24 hour or so. However, most insurance companies require a certified death certificate along with their claim forms. The process and time in getting the death certificate can vary by state and county. A Life Insurance agent will be able help you with the claims process at no charge.

When Does Health Insurance Become Mandatory?

You will have to buy a health insurance plan by January 1st 2014 or pay taxes that are a part of the Affordable Care Act (aka: ObamaCare). In order for guaranteed issue Heath insurance to work, the must require everyone to buy it or else everyone who is healthy would just wait until they were sick to buy it.

Does Medicare Cover DME Supplies?

You can buy life insurance on other people if there is an insurable interest and the other person is willing to sign the application as the insured. An insurable interest means that the policy owner or beneficiary must stand to suffer a direct financial loss if the insured passes. Examples of this are spouses, business partners and children/parents.

Does Life Insurance Cover Alcoholism?

That is a great question! The answer is yes, unless the answer on the application about drinking was falsified, (generally along the lines of "have been told they have, been treated for, or prescribed medication for alcohol abuse/dependency or addiction?", or "been asked to reduce the intake of or discontinue use of drugs or alcohol?") or the death occurred as a result of a crime committed while under the influence. Many policies will not pay if the death occurs because of criminal activity, and drunk driving would fall under that category. If the death occurs from long term chronic abuse, the policy should pay, but I'd have your agent confirm that for you. Thanks for asking!

Is Medicare Likely To Run Out Of Money?

The short answer is no. Medicare will not run out of money. Any government program will never run dry as long as DC has the ability to print money. But since 2008 Medicare has paid out more every year than it has in the trust fund. Some projections say the trust fund will run dry by 2024 while others as soon as 2016

How To Find Out How Much Life Insurance Someone Has?

If you are asking about a living, breathing person and you have no ownership in the life insurance policy, then there is no real way for you to find out other than ask them and hope they will tell you. If the person has already died and you are trying to find out if there is life insurance, you should start by looking at their checking account records. A bank draft from a checking account is usually the way it is discovered. The listed beneficiary will be able to get the information from the insurance company once they provide a certified death certificate.

Can Auto Insurance Companies Drop You?

It can vary a lot from one person to the next, and even what city and state you live in. In my area of the country (the mid-west) I would save an average person spends from $60 - $150 / month for full coverage car insurance. Your credit will play a role in your rate as well as your driving record and even what other drivers might have access to your car.

Is A Drug Overdose Covered By Life Insurance?

Generally speaking, an irrevocable life insurance trust (ILIT) is set up my those who wish to fund it, i.e. the grantors. Thegrantorsset up the trust, pay premiums into the trust and the trust purchases life insurance for the trustbeneficiaries The grantors are required to have an arms lengthagreementwith the trust and cannot benefit from it directly. Before moving forward setting up an ILIT, consult your estate and probate attorney toestablishyour suitability as grantor.

Who Is Uninsurable For Life Insurance?

Can you get life insurance if you are ill? That is a very good question. We tend to think of those who have serious diseases as most unlikely to get life insurance. But in reality, those who are undergoing testing for an (as yet) undiagnosed illness, those who are in the beginning stages of treatment for a newly diagnosed illness, or those who are awaiting surgery or treatment, are likely to be postponed until their illness is diagnosed or showing stable control. Once the health condition has been under control for a while, they will have a much easier time finding a life insurance policy that will cover them. The length of time that stability must be shown depends on the illness. For blood pressure or diabetes, 3 to 6 months of control is sufficient with some companies. For MS, most companies like to see at least a year of stability, although coverage can be obtained shortly after diagnosis. Cancer is usually postponed until a year of remission or more. Many people first consider applying for life insurance when they become ill. Contact a good impaired risk agency with lots of choices to find something you can get now and/or for the future.

Who Can Drive Your Car Under Your Insurance?

All listed divers on your policy can operate your vehicles (assuming they are on your policy). Also, if you give permission to another person to drive your vehicle, and they are licensed and in good standing, they should be covered (assuming at-fault state). If another person steals your vehicle, you are covered for the damages they cause, although the insurer will certainly attempt to recover funds from them.

What Are The Qualifications For Medicare In Rhode Island?

A creditor may demand to be named as a loss payee on a life insurance policy. If you agree to that arrangement the company will, upon your death, contact the creditor to determine the amount needed to satisfy the obligation. That is then sent to the creditor with the balance being distributed to your beneficiary (ies.)

How Much Would Car Insurance Cost For A Ford Mustang?

In order to answer that question an agent would need to know the year, make and model of the Mustang. The coverage's desired. Who is the driver or drivers which would include date of birth and drivers license number. After obtaining this information a quote can be obtained. I don't have to state the obvious but a base model Mustang and a Salene Mustang will have completely different rates. Also a 50 yr old driver vs. a 20 year old driver will have a difference in rate not to mention the driving record.

Does The Federal Government Have Disability Insurance?

Yes, the federal government has disability insurance called Social Security Disability Insurance. You pay into it when you pay your Social Security taxes. If you are 31 or older, you must have worked at least 5 of the last 10 years to qualify for SSDI benefits. If younger, the requirement is lower. You must also be determined medically disabled.

Does Life Insurance Pay For Your Funeral?

Life insurance can be used to pay for your funeral or for any other purpose for which your beneficiary uses it. If you purchase a life insurance to fund your final expenses, leave the death benefit to a beneficiary who knows your wishes, or you can even leave it directly to the funeral home.

How Much Life Insurance Do I Need?

Video Transcript: Today's question is, "How much life insurance do I need?" Well, you need to take all your financial obligations in indebtedness, all your future obligations like college, retirement, other areas that you think that you want to talk about or even charitable intent. You need to take all those totals, plus the loss of income. Because if I'm not there to generate income, what happens to my spouse or my family? I need to be able to generate income for them to live on. So what I'm looking at, all the ideas of "How much do I need?" I want to take all these areas into consideration; financial indebtedness, future obligations, maybe some charitable intent, and to replace the income from the person who's died. Well, that's our consumer question for today. If you have any questions, just submit them to www.insurancelibrary.com.

What Are The Benefits Of Having Renters Insurance?

That is a great question! The best reason to have renter's insurance is that they pay to replace the things that you have that become stolen or destroyed. Most of us do not have that kind of money. Another is that if your apartment was unlivable due to damage, the policy often covers your stay at a hotel until adequate repairs have been made. The last, and probably best benefit is that it is one less thing to have to worry about. I hope that helps, thanks for asking!

How Much Does Life Insurance Cost For Seniors?

The cost of life insurance for seniors is much higher than for persons in their 20's and 30's, because the mortality rates for seniors are much higher than for young adults. However, if you are a senior person in good health, or with a very well controlled health condition, there are companies that will cater to you. E.g. Getting type 2 diabetes at age 70 could enable you to still get Preferred rates with a few companies, whereas that would not be likely if you got type 2 diabetes at age 20. If you are a senior in good health and you want more coverage than just for your funeral, it can be worth it to use a medically underwritten policy. But be prepared to have an EKG, answer simple questions to test memory (e.g. who is the president of the US), and have all your medical records reviewed. Using an agency that specializes in senior life insurance can help you jump all the hurdles to get your best rate. For small, no exam final expense policies, the rates for seniors will depend a lot on your age and whether you are male or female. You can expect to pay from $50/mo to $200/mo for a burial policy, on average.

What Does A Life Insurance Blood Test Look For?

A life insurance blood test is mainly looking for signs of illness, nicotine, or drug use. Many people are unaware that they have a health condition when they apply for life insurance. Life insurance exams periodically expose type 2 diabetes or high cholesterol, and enable the applicant to be treated before serious damage results. And, of course, there are those who try to hide drug or nicotine usage. So those three things are the main thing a life insurance exam looks for.

Will Medicare Pay For Blood Transfusions?

Yes, you can. However, the no exam aspect only applies to the blood and urine tests. Insurance carriers still look at your medical history. When applying for a life policy insurers tend to look at two aspects health wise. They review your medical history as far back as a decade through both your doctor (chart notes) and the Medical Information Bureau (think of it as similar to a credit report.). They also take blood and urine samples (possibly an ECG as well) to get a "snapshot" of the day the examiner visited. This level of information allows a more complete risk review when pricing a policy. The rule of thumb is the more questions asked the lower the cost of the policy. The fewer questions asked the more expensive. So a no exam company will probably have greater premiums charged than a full exam company for the same person. Sometimes this is a considerable amount of money paid out to skip the exam.

How Hard Is It To Get Disability Insurance?

How hard is it to get disability insurance? Well let's qualify it this two ways. First is it hard to get a poor disability policy? No, it's really easy and as long as nothing happens to you, you'll never know if was money wasted or not. If something happens however, that's when you find out. The other choice is a good disability policy with a real solid definition of disability that doesn't find ways to reduce or even take away your benefit. Those will be hard to get, underwritten tightly and work fantastic if needed. Why so hard to get? A payout on a disability policy that has that strong definition could pay out into the millions when a COLA rider is attached to it and with the strong definition, a person could still collect while working in another field. The RISK to the insurer is high, so they underwrite tight.

How Much Is Health Insurance For Two People?

Group Variable Life Insurance (or GVUL) is a combination of term insurance with a cash component that allows you to allocate your money into "separate" investment accounts. Depending on the carriers, those choices allow for mutual funds, etf's and bond funds, as well as a Guaranteed Principal Account (GPA). Many times the coverage is Corporate Sponsored which means that the employer pays the term cost and you the employee has the option to contribute through payroll deduction or bank draft. GVUL is a what Suzy Orman would call, buy term and invest the difference, except that the difference is placed in a product that you don't pay taxes on while it grows (because it is inside the life insurance) and when you take it out (if done properly) can be taken out tax free.

What Is Renters Insurance Coverage?

A check is a check is a check. It will clear like any other check in 3-5 business days. If you need money before the check clears you could go to the bank for a short term loan and use the policy as collateral once the life insurance company has confirmed you as the beneficiary.

How Much Is Life Insurance For A 60 Year Old?

There's many factors that go into the premium calculations for life insurance to say what coverage will cost for a 60 year old - it will be different for every person due to a number of factors including their age, amount of coverage they want, how long they want the coverage for, their risk classifcation, and whether they're applying with full underwriting or non-medical term coverage. At age 60, you'll have term life insurance options for 10, 15, 20, or 25 years - 30 years term insurance would not be available due to age - you would need to look at permanent programs to secure coverage longer than 25 years. If you want to consider coverage beyond 25 years, I would suggest looking at a Guaranteed Universal Life insurance policy (GUL). If you're looking for something in the $100,000, 10yr term insurance range, you could be looking at premiums as low as $28 per month (at preferred plus risk class) to over $100+ per month (if you're table-rated), it ultimately depends on the risk classification you qualify for. $250,000, 15 yr term can be as low as $82 per month or over $154 per month at standard risk class. So on and so forth. However, any numbers I quote without more details regarding your medical history will be useless. The risk classification is the MOST critical factor in determining the cost (premium) of a life insurance policy. The risk class depends on a number of factors including whether you're male or female, your medical history, prescriptions you take, your height/weight profile, any tobacco usage, family medical history, and other factors. Please keep in mind - every carrier has different underwriting guidelines, and each may offer a different risk class for a given medical profile - e.g. company A may offer preferred (featuring lower rates) and company B may only offer standard (featuring higher rates). You should always consult with an experienced life insurance broker before applying for ANY coverage. Brokers can shop the case for you among a number of insurance companies to see which one will work best for your program and help you structure a policy that will best serve your needs and your budget. I hope the information is helpful - please feel free to contact me for help and if you have any other questions. Thanks very much.

When Does Health Insurance Cover A Tummy Tuck?

Homeowners insurance should start the day that you take ownership of your house. For most people its the closing day on the sale of the home. Homeowners policies renew annually after that. Don't wait until the last minute to get your homeowners insurance setup because it could delay the closing date on the house.

What Happens When A Life Insurance Policy Matures?

Life insurance maturity generally refers to the contract ending point where coverage ends and any cash values are distributed. In our modern application of life insurance maturity dates extend to age 121, with some life insurance companies using language and not age as their maturity date, i.e. the life of the insured. Any cash values that exceed basis in a policy maturity event are subject to ordinary income tax.

What Is Covered By A Retirement Plan At Work?

There are employer sponsored qualified plans that may be in place that cover, or more accurately, offer employee participation like a the popular defined contribution plan called a 401(k) under The Employment Retirement Income Security act of 1974 or ERISA. Being covered under a 401(k) may include a employer contribution match.

What Do I Need For Homeowners Insurance?

The question is a little vague. If you are asking what do I need to get a price for homeowners insurance, then you will need several pieces of information. You will need to know the year the home was built, the square footage of the home, the physical characteristics of the home and your personal information. If you are asking about coverage, call a local agent and they can help you decide what policy and endorsements are right for you.

What's Covered In Homeowners Insurance?

Let me add a few comments here on how the coverages are usually presented on a Declaration page of a Homeowners policy. First there is the party being insured and who the company is that is providing the insurance. Then there is a specific term for the coverage to begin and end. Then there are many ways to then itemize the coverage, but here are some basics. The policy is usually divided into two Sections .Section I deals with property insurance and Section II Liability Insurance, so within the section I coverages there are usually four parts Coverages A,B, C, D. Coverage A is the Dwelling Coverage. This can be sold on an Actual cash value basis ( very infrequently, but watch out for it ) usually on a 100 % of the dollar value of the estimated cost to replace the house itself. This is often difficult for consumers to understand, but no one really cares about the market value. What is important is the replacement cost and replacing one house destroyed is usually a lot more expensive then building one new in a subdivision. Make sure you have enough coverage. This is not an exact science so many companies offer extensions to increase the coverage beyond the stated value. Next is Coverage B : These are the other structures appurtenant, outbuildings, fences, Gazebos unattached garages etc. Coverage C is usually Personal Property or Contents Coverage. This is very important to understand :You want replacement cost coverage not Actual Cash Value, ACV. The easiest way to think of this is the ten your old large and 200 lb TV. The ACV is going to be next to nothing. There is no continuing interest in buying that type TV anywhere. But replacing it with a new TV with light weight plasma features is what you want. Coverage D is Additional Living Expense. This can be stated two different ways or a mixture of the two. Some companies list a maximum dollar limit available. Others list a maximum time limit and still others list a maximum time limit and dollar limit. This covers the additional cost of living elsewhere while your home is reconstructed. It can also come into play if a Governmental authority won't let you near your home for safety reasons ( i.e. forced evacuation form an impending hurricane).This coverage does not pick up the cost of things you would normally pay out of pocket, but the additional things and costs necessary to keep your household going while your home is repaired. The next set of coverages comprise Section II or liability coverage. Coverage E is very broad and covers such things as an injury to a child by your dog, or an inadvertent collapse of you deck with guests on it etc. Coverage E then is is sold in increments of 100,000 usually. The difference in price from say 300,000 to 500,000 is usually only a few dollars a year. If you have an umbrella policy, you may be required to carry a minimum of 500,000 in coverage. Coverage F is Medical payments coverage. This is usually quite nominal and is used to cover minor incidents where fault may not be much of an issue, but you feel obliged to pay for the medical bill. For example a neighbor picks up your mail for you while you are gone and trips on your garden hose. The injuries are not serious, but do require a couple stitches . The limit is low because the much more serious incidents would require negligence or absolute liability and would fall under Coverage E. I hope this helps. If you are in AZ.CA,TX, MO, or GA we'll be glad to assist you with placing your homeowners coverage.