imsumit18/insurance_training_data huggingface dataset:
You can apply for a Medigap plan up to 3 months before your Medicare Part B effective date - you must have both Medicare Part A & Medicare Part B to buy a Medigap plan. Once you have an established Medicare Part B effective date, you will have a 6-month open enrollment period to buy any Medigap plan from any carrier with NO medical underwriting. After this point, you can buy a new Medigap plan whenever you would like (there are no annual enrollment periods for Medigap plans), however, you would have to go through medical underwriting if you don't qualify for a special enrollment period or a guaranteed-issue right. The best overall time to buy will be your initial open enrollment period when you're new to Medicare and just starting Part B coverage. Determining which Medigap plan is right from you and which carrier to apply for the plan through can be a bit more involved than some may realize. It's not all about price as some may believe. You need to look at the carriers' premium rating methods (community, attained, or issue age rated), their rates, their rate increase history, their service history, and other factors. It's best to consult with an experienced Medigap broker who can help you determine which plan and carrier will be most suitable to your desires, needs, and budget. I hope the information is helpful - please feel free to contact me for assistance with your Medigap coverage needs, including providing quotes and plan comparisons, and if you have any other questions. Thanks very much.
You can figure out how much your car insurance will cost by going online and comparing quotes. You'll have to provide some basic information such as the type of car you drive, your age, zip code etc... Also, as experienced brokers, we can be contacted directly and we will "shop" the top-rated carriers for clients. Of course, if you have existing coverage, don't cancel a policy unless you are already approved for new coverage.
Your employment status does not effect your eligibility for individual health insurance coverage. The important question is how long have you been unemployed? With the closing of the 2015 open enrollment period on February 15th an individual has to experience a "change of life status event" in order to enroll for coverage before next year's open enrollment period. Loss of group health insurance coverage from a previous job is a change of life status event. You have 60-days after a change of life status event to enroll in individual coverage. You should have the option of enrolling directly with a major medical insurance carrier in your state or through the government health insurance marketplace. It should be noted that if you have recently lost employer based health insurance you should have the ability to continue your coverage through your former employer's group health plan for some period of time. This will vary depending upon your state of residence and the size of your employer. If you worked for a company with 20+ employees they are subject to the Federal COBRA continuation guidelines and you could continue your coverage through them for up to 18-months as long as you pay the entire monthly premium in a timely manner. You have 63-days after termination of employment to exercise your COBRA continuation privilege. If you worked for a company with less than 20 employees then state continuation rules would apply and these do vary from state to state.
Yes they can. You individually cannot be targeted for a rate increase, but across the board rate increases may occur. To lessen the possibility, do your research and make sure your coverage is placed with a company with a long track record of writing long-term care insurance with minimal rate increase history.
The best time to secure long term care insurance is when youre young and healthy, especially if you have a family history of chronic illness or nursing home confinement. Most advisers begin addressing long term care insurance with their clients and prospects around age 50. But in reality, most pre retirees purchase long term care insurance in their early 60s.
If you have a homerowners/renter/condo policy in force at the time the property is in transit, then there could be some coverage extended from that policy. With the carriers I represent, most cover 10% of the contents limit "off premisis". This means if you had a policy with $100,000 in contents coverage, there could be $10,000 of coverage in a situation like this. I have one carrier who provides 100% of the policy contents limit anywhere in the world. Ifthere is no policy in force while the property is in transit, check with the moving company to see what options they have available. Most all policies have specific language to property "off-premisis" so most definately call your local independent agent and ask the specific amount your policy provides for the situation you descirbed.
That's kind of a tough question to answer becuase many homeowners policies cover a multitude of things. In general terms if you house catches on fire, is broken into, is damaged by wind hail or lightning, your pipes burst, some body trips and falls on your proprty and gets hurt you could have a claims situation on your homeowners policy. This is just scratching the surface as every policy is different in every state. Most carriers add in a bunch of "extra" coverages too. To truly know what your homeowners policy covers, you need to do two things 1) Call you local independent agent and discuss you policy with them 2) Actually read your policy. I know reading a legal contract is your idea of fun night curled up by the fire, but it is in your best interest to actually read your entire policy, know what it includes and excludes and ask your agent about things you have questions on....
Great question! The answer is most often yes, if your home has a sloped roof, and your particular policy provides for that coverage. If your roof is flat, that is probably a different story. Typically with a flat roof, the risk for ice or snow damage is greatly increased, so your policy is either much more expensive, or that damage is excluded. Call your agent to be certain in either case. Good luck! Thanks for asking!
The fine for not having car insurance will vary from state to state. Each state sets their own penalties for not having auto insurance. You could find out this information on your states department of motor vehicles website or possibly through your states insurance commissioner website or contact your local police department.
It is important to talk to your insurance professional about the specific terms and conditions of your policy, but generally speaking, theft is a named covered peril in most Home Insurance policies. This would include theft of your personal property from within your home of course, but also includes theft of your property outside of your home. Personal property outside of your home is usually covered up to 10% of the total personal property amount listed in your policy. If covered, the loss settlement would be subject to your deductible. The claims specialist will also be looking for a copy or a police report.
Yes, someone can cash in their life insurance if there is cash value in the policy. If it is early in the years of a cash value policy (Whole Life or Universal Life), surrender charges will be subtracted from the cash value. There are other options for many policies that you may want to explore. E.g. you could possibly make your policy into a reduced paid up policy. You would not have the cash value to spend, but you would still have some life insurance for which you no longer have to pay a premium. Visiting with your agent can be helpful in making the decision whether or not to cash in your life insurance.
Yes, you can do a 1035 exchange on the cash value of a permanent life insurance to an annuity. Some people choose to do this because of the higher gains of an annuity, or because they no longer need life insurance. But sometimes it is better to 1035 your life insurance to another life insurance policy. There is no going back, so be sure to review all the consequences with a trusted financial advisor before making this decision.
Technically you can pay for it as long as she agree's and signs the application. She will also need to qualify. If she is in good health there should be no problem. The premium will be based on her age. Sit down with an agent knowledgeable in Care Resource Planning and determine the best plan of action in planning for the care of your mother when she needs it most.
You can cancel a renters policy at any time. Simply contact the company directly or the broker that sold you the policy and request a cancellation. You will typically be charged with the coverage you used and receive a credit based on the portion of the coverage you paid for and did not use.
The only thing that separates this from other policies is the word survivorship. What this means is that the policy covers at least 2 individuals and it only pays a benefit with the last one dies. Survivorship policies are usually smaller face amount policies taken out by couples with larger estates. The reason they do this is to use the death benefit to cover or offset estate taxes for their heirs. I have personally not seen one done with a universal life policy. Reason being is the cost. In a majority of cases, it would probably be more cost-effective to use a traditional whole life policy for this purpose.
No, Medicare does not pay for LPC's, or Licensed Professional Counselors, at this point in time. Legislation has been proposed to include payment for LPC's under Medicare part B. As of now, only Licensed Clinical Social Workers, PhD Psychologists, and Psychiatrists are able to be reimbursed by Medicare for persons needing counseling.
If you actually buy Term Life Insurance, you get to pick the term, be it one year, five years, ten years, or even twenty years. But you need to pay the premium every year, or it will end. 97% of folks do not continue to pay and it ends for them. They then have to get another policy, only to find it costs more because they are older, or is not even available because of their health. A man in his 30's put off buying until last week, only to find he had developed MS and had to pay a much higher premium. He was lucky to be able to get insurance at all. Do not put off buying insurance. Something is always better than nothing. Getting Permanent Whole Life Insurance is the safest. The rates never go up and you can keep it your entire life, so long as the premiums are paid. A quality agent can help you determine what you can afford, and how to arrange a variety of possible alternative options. Gary Lane, Agent for New York Life, 949 797 2424. Thank you.
In California the auto policy is issued to a family. If they reside at the same address and are in fact members of your household they can purchase insurance on their car, especially if you appear on the title of the car. However, their problem will become your problem in most cases
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.
The answer is it depends. If you are dependent upon your parents for your income and expenses or in business with your parents then yes there is an insurable interest. However, if there is not a clear insurable interest then that answer would be no. If the answer is yes, your parents must be in agreement to purchase life insurance even if you are making the payments. They have to be underwritten and sign the applications and contracts.
The good news is that annuity income is usually reported by the insurance company issuing the annuity. When they make a disbursement they also issue appropriate documentation to assist in filing your taxes. They send identical information to the Internal Revenue Service. Generally speaking when money is withdrawn from an annuity it is treated as interest and then taxed as ordinary income until the interest is exhausted and only the basis (the sum of premiums paid) remains. That money can be recovered free of income tax. If the annuity is annuitized, that is paid out in monthly installments either over an extended period of time or the lifetime of the annuitant, then an exclusion factor is determined and applied to each payment. A part of each payment will be taxed as ordinary income. The bad news is that these principles apply to non-qualified annuities held by individuals and these barely touch all the situations that can arise and the taxation of those unique situations. While this response is not meant to take the place of legal and accounting professional advice it should alert you to some of the complexities of taxing annuities. The most obvious situation is when an annuity is held as an asset of qualified pension plan. This includes defined benefit plans; defined contribution plans (401(k), IRAs and many others. The income taken by these plans is taxed as ordinary income unless it is taken prior to age fifty-nine and a half. If taken earlier it could be subject to a penalty tax of an additional ten per cent. Where annuities taxation becomes complex is when deferred annuities are transferred. That is when a person gives another person an annuity on their life, or the life of a third party. The basic rule is that the transfer is treated as surrender and taxed accordingly. The annuity that is transferred is treated as having been fully paid. It then has a basis of the value that was taxed. For estate planning reasons the ownership of an annuity is sometimes held by a trust and this leads to another set of taxation considerations involving the non-natural person rule. Who is going to be taxed is the basic issue and this can be quite tangled. Of course there are exceptions to all of these rules. Taxation is fairly straightforward if the annuity is annuitized. State laws concerning probate can create some unexpected outcomes and taxation. When an individual owns an annuity and the annuitant is another person, perhaps a spouse, the death of the owner triggers the beneficiary provision and another third person could suddenly own the contract upsetting the intentions of the couple, even if it is a child. Many of the taxation rules are specific to individual insurance companies and it is wise to carefully make sure that the company you select from whom to purchase the annuity follows the procedures that will maintain your plan and keep taxation as uncomplicated as possible. Absent all other plans, the IRS frequently calls for a liquidation of a transferred annuity within five years. The key is the desire to get the tax question settled.
Many people choose to purchase life insurance in amount that is 10 times their annual salary. Some people add up the important things in their lives that would be threatened if they were to pass (e.g. possible loss of home, children being unable to attend the college of their choice) and purchase a policy that would replace the funds needed for those things. If you are purchasing your policy for a specific purpose, such as your funeral or to pay the inheritance taxes on your estate, you can purchase the policy for the anticipated amount. The amount of life insurance you should have varies for each person. Visiting with a good life insurance agent can help you make that determination.
That's a great question! An insurance agent most often works off of a payment that is made to them when they sell a policy or product for the company - called a commission. These commissions can be fairly sizable, or very small, depending upon the sale. Therefore, in most cases, the earnings of the insurance agent depend entirely upon their ability to sell, and the product commission that is paid upon the sale. I believe the vast majority of agents will tailor the right product to the needs of the client, but there will unfortunately always be a few that are more interested in commission than client. You are always wise to have an idea of what it is that you want, and if you feel pressured, to ask for time to think it over. Follow your instincts. If you were considering a career as an agent, be aware that the start up period can be really lean until you've gotten your client base built, and you may need to have another source of income, especially if you were accustomed to a steady paycheck. Once you get rolling, if you are motivated, honest, and good with your clients, you can make a very comfortable living. Anything I can do to help, I'm happy to - feel free to contact me. Thanks for asking!
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.
To set up an Irrevocable Life Insurance Trust (ILIT), it is best to use an attorney who is an expert at tax laws to set up the trust. Then use a respected life insurance agent to help you obtain a policy, or transfer existing life insurance, into the trust. You will need to choose a trustee to administer the trust (this could be the lawyer). Working together, you will get a trust that works for your lifetime.
If car insurance is mandatory, there are two possible entities that make it so - either your State Department of Motor Vehicles or your auto loan or leasing company. Usually these days it is both. Most states require car insurance as part of their procedure for registering a car. In all cases if you have a loan, the lender will require you to carry both Comprehensive and Collision coverage in order to be sure that their interest is protected. If you are leasing your car, not only will Comp and Collision be required, but Liability coverage as well.
Medicare Part A will pay for blood transfusions given in a hospital or skilled nursing facility setting. Medicare Part B will pay for blood transfusions given to outpatients. However, neither pays for the first three pints within a calendar year. If you have Medicare Advantage, contact your plan to see if it provides additional coverage for blood transfusions.
PCN stands for Processor Control Number. In short, this is one of the identifcation codes related to your prescription drug plan that the pharmacy needs to determine if the prescription will be covered under your drug plan and how it would be paid, if covered. I hope the information is helpful - please feel free to contact me for assistance with your coverage and if you have any further questions. Thanks very much.
When you own a home you assume certain risks. One risk is that you are responsible if anyone is hurt on your property. Another risk is that your home could burn or be destroyed in one of several others ways. Under either scenario you loss might exceed your ability to absorb. Perhaps you have taken a mortgage to buy the house and as soon as it is destroyed you must make full payment. These are a couple of the things that a homeowners insurance policy does. In exchange for a premium, the company agrees to handle lawsuits, and repair and reconstruct your home.
I assume you are doing business with a trusted insurance agent, if not, find one. Selecting limits is the chief concern. You want enough coverage so that a lawsuit for bodily injury or property damage will not bankrupt you. Then, you want enough personal property coverage to replace the essential things that you own, furniture, clothes, appliances etc. While the premium is important, having the right coverage is critical.
The answer is probably "yes". Medicare is "too big to fail". Working taxpayers paid for Medicare with payroll taxes for years and expect Medicare to be there when they retire. Medicare will survive, but don't expect it to be anything like the current plan. You will pay more in taxes while you are working, higher premiums, deductibles and out of pocket once you are covered by Medicare.
I just asked this question of several companies for someone I know and the answer is yes. The rating will the same as if you were not pregnant, if in the first trimesters. There are also no exam policies that you can get all the way through the third trimester.
They can not force you to get the coverage but they can choose not to let you rent there. The coverage is well worth the cost. in most cases it is as little at $10.00 a month this protect you and also any damages that you may cause to the building. Example ouwl be if you left something on the stove and you caught the building on fire .
The qualifications for Medicare in Rhode Island are the same as in other states, since Medicare is a federally administered health insurance program. Very broadly speaking, you must have contributed to Medicare through taxes for at least 10 years PLUS be 65, be on Social Security Disability for 24 months, have End Stage Renal Disease, or have Lou Gherig's Disease to get on Medicare.
In my opinion the best Medigap insurance plan is the one that delivers the most value for the premium charged. Usually it is any plan OTHER THAN Medigap plan F. Medigap Plan F is the most expensive (and most popular) but it also pays the highest commission to the agent. Most of my clients are satisfied with the premium savings and value they receive from Medigap plan G or plan N. #GeorgiaMedicarePlans
There are so many factors in pricing your lifeinsurance, it's impossible to estimate the cost. How much do you need? How long do you need it? What gender are you? Are you smoker? Are you healthy? Is your family health historygood? Do you have dangerous recreational activities? Is your motor vehicle record clean? Do you have substance abuse problems with drugs oralcohol? Do you have a felony? Is your credit good? Just to name a few of the factors that enter into the price tag of lifeinsurance.
The simple answer is yes, you can have two or even more life insurance policies in force at the same time. The main restriction on the amount of life insurance you can have is how much you are worth. When you apply for any insurance policy, they will ask what other plans you have in force. If you are asking for too much insurance combined between all of your plans (this amount varies based on the company but is often 20-25 times your annual income), they may deny your request.
There's many options for mobile home insurance. Some companies will write this on a standard HO-3 form. An example of a price on a $100,000 value of the "dwelling" would be around $350-$500/yr depending upon claims, credit & location of the home.
Getting a child Whole Life Insurance gets them insurance that can be theirs all their lives, regardless of their future health, or whether they even become uninsurable. And at their age, the cost is so low, it makes a perfect gift from a grandparent or certainly their parents. New York Life is advertising their Grand Parent Gifting Program this time of year. It sure beats video games. Gary Lane, Registered Representative, New York Life, 949 797 2424. Thank you.