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    September is Life Insurance Awareness Month

    Posted: September 26, 2021

    6 Life Insurance Myths Debunked by Kelly

     

    Myth #1: Life Insurance Costs Too Much

    It is less than you think!  Costs depend on a number of factors, including your health, age, tobacco use, and gender.  As one example, a healthy 35-year-old male can expect to pay about $20 per month for $250,000 on a 30-year term.

     

    Myth #2: I’m single and young, so I don’t need life insurance

    Single people often forget that they need at least enough life insurance to cover the costs of debts, medical and funeral bills. If uninsured, you may leave behind unpaid expenses for your family. Don’t forget, the earlier you buy life insurance, the better because the premiums are based on age and your health is on your side!  

     

    Myth #3: My Term Life Insurance Coverage at Work Is Sufficient

    This one comes up A LOT.  You should know in most cases; coverage goes away if or when you leave the employer.  This means if you quit, get fired, or RETIRE you will lose the coverage.  Put that in perspective with the premium quoted in Myth #1 and you’ve just cost yourself significantly more in premium.  Most people retire in their 60’s.  That same estimate quoted in Myth #1 will now cost $105 per month for a 20-year term vs the 30-year term. 

    Also note, the amount of coverage is generally restricted to 1–2 times the salary, which in most cases wouldn’t be sufficient to meet the expenses of dependents in case of the unfortunate incident of death.   

     

    Myth #4: Only Breadwinners Need Life Insurance Coverage

    The cost of replacing the services formerly provided by a deceased homemaker can be higher than you think.  Insuring against the loss of a homemaker may make sense, especially when it comes to cleaning and daycare costs.  Put into perspective some of the responsibilities of the homemaker…getting kids dressed, fed, off to school, back from school, off to extra-curricular activities, cleaning, homework, and dinner.  Go to www.care.com for an estimate of these services.  The average costs range from $15-$20 per hour, costing you $2,400 per month for a typical 8-hour day.  Wouldn’t it be easier to buy a life insurance policy for $20 per month??

     

    Myth #5: I Have Existing Health Issues. I Cannot Get Life Insurance.

    There’s more to it!  There are a number of other variables that insurers look at before offering coverage at certain rates for specific health problems. Although premiums may be slightly higher, most life insurance companies are willing to offer you coverage if you are suffering from conditions like diabetes, high cholesterol and arthritis. Past history of cancer; no problem. Depending on the stage and how many years in remission you can qualify for a standard rate!  The point is, it doesn’t hurt to ask.  Most carriers provide pre-screening which allows an agent to get an idea if the carrier will offer coverage and at what cost before submitting an actual policy. 

     

    Myth #6: It’s Only Good for Funerals & Inheritances

    That’s just not true! An unfortunate stigma attached to life insurance is that of death. Traditionally, people bought life insurance for its death benefits, and these benefits are why many still do. But, life insurance offers several living benefits

    • Cash value could be used to supplement retirement income
    • Help pay for college tuition
    • Benefits paid from life policies aren’t subject to tax.
    • Immediate expenses such as medical bills, taxes, loans
    • Payoff mortgage debt
    • Payoff student loan debt

    With more parents being listed as a co-signor for student loan debt, many people purchase a term life insurance to cover the debt for the length of the loan.  This way, should the unexpected happen, the parent is not stuck holding the debt.

     

    Assurant Health Exits the Market

    Posted: June 11, 2015

    Assurant Health just announced they will exit the Individual Medical and Short Term Medical markets effective JUNE 15th.  If you have a policy with Assurant Health, contact me to discuss your options.

    Tax Filing Special Enrollment Period (NOW through April 30th)

    Posted: March 24, 2015

    The tax filing special enrollment period is now open available for plans on and off the Marketplace.  In order to qualify for the special election period

     

    *You had to pay a penalty for 2014

     

    *Are not currently enrolled in a plan

     

    Application submitted March 15th-April 15th will take effect May 1st and April 16th-30th will take effect June 1st

    Open Enrollment AGAIN??

    Posted: February 28, 2015

    A Special Election Period (SEP) for individuals and families that did not have coverage in 2014 and qualify for assistance, can apply for coverage March 15th-April 30th.  In order to qualify…

    *You must not be enrolled in a plan currently

     

    *Attest that when you filed your 2014 tax return you paid the penalty for not having health coverage (1% of your income or $95/adult in the household and $47.50/child)

     

    If you apply during this time, coverage will take effect May 1st.

     

    Open Enrollment has ended…now what??

    Posted: April 9, 2014

    In order to make changes to your policy or to obtain new coverage you MUST qualify for a “special election period”.  Qualifying events that entitle you to a special election period are listed below.

     

    *Birth/adoption

    *Marriage

    *Loss of employer sponsored health insurance

    *Exhaustion of COBRA

    *A dependent turning 26 and is currently covered under their parent’s plan

    *Your current plan is up for renewal outside of open enrollment

    *Change of income resulting in newly eligible/ineligible for a tax credit

    *Loss of eligibility to Medicaid or CHIP

    *Divorce/legal separation

    *Death of the primary policyholder

    *Gaining status as a citizen

    *No longer incarcerated

    Questions
    Questions

    Feel free to email or call me with any questions or comments about my services or if you have any insurance related inquires.

    Contact
    Contact

    Phone: 708.444.0050
    Email: kelly@kellyburkeinsurance.com

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