Life insurance is a contract between you and an insurance company, where you pay regular premiums, and in return, the company provides a lump-sum payment, known as a death benefit, to your beneficiaries upon your passing. This payment can be used to cover expenses such as funeral costs, mortgage payments, and other financial needs.

There are primarily two types of life insurance: Term life insurance, which provides coverage for a specified period (e.g., 10, 20, or 30 years), and Whole life insurance, which offers lifelong coverage and includes a savings component that builds cash value over time.

The amount of life insurance you need depends on your financial obligations, such as mortgage payments, outstanding debts, future education costs, and your family's living expenses. A general rule of thumb is to have coverage that is 5-10 times your annual income, but this can vary based on individual circumstances.

Yes, many life insurance policies offer flexibility. You may be able to adjust your coverage amount, convert a term policy to a whole life policy, or add riders for additional benefits. It's important to review your policy regularly and discuss any changes with your insurance advisor to ensure it continues to meet your needs.

Your aim should be to insure yourself and your family against the most serious and financially disastrous losses that can result from an illness or accident. If you are offered health benefits at work, the plans’ literature can answer most of your questions, so you can select the plan that best fits your needs. Your management or your company’s benefit specialists can answer additional questions you may have.

If you purchase individual coverage, buy a policy that will cover major expenses and pay them to the highest maximum level. Save money on premiums, if necessary, by taking large deductibles and paying smaller costs out-of-pocket.

Although many policies cover most medical, hospital, surgical, and pharmaceutical bills, no single policy covers everything. Consider additional single-purpose policies like long-term care or disability income insurance. If you are over 65, a Medicare supplement policy may fill in the gaps in Medicare coverage. Any one of our experienced agents can answer your questions in more detail.

I’m planning to keep working after age 65. Will I be covered by medicare or by my company’s health insurance?

If you work for a company with 20 or more employees, your employer must offer you (through age 69) the same health insurance coverage offered to younger employees. After you turn 65, you may choose between Medicare and your company’s plan as your primary insurer. If you stay enrolled in the company plan, it will pay first – for benefits covered under the plan – before Medicare is billed. In most cases, it is to your advantage to accept continued employer coverage.

Be sure to enroll in Medicare Part A, which covers hospitalization and can supplement your group coverage at no additional cost to you. You can save on Medicare premiums by not enrolling in Medicare Part B until you finally retire. Bear in mind, though, that delayed enrollment is more expensive and entails a waiting period for coverage.

Yes, under the Affordable Care Act, insurance companies are not allowed to deny coverage to anyone for a pre-existing medical condition. There are no more medical underwriting questions to answer prior to acceptance.

Ask the insurance company why the claim was rejected. If the answer is that the service isn’t covered under your policy, and you’re sure that it is covered, your next questions should be to the provider – be sure they entered the correct diagnosis or procedure code on the insurance claim form. Also check that your deductible was correctly calculated.

On-Marketplace coverage must be terminated through the Marketplace. Off-Marketplace, insurance company direct coverage, can be terminated by contacting the insurance company directly.