Articles by RDU Insured

At What Age Can You Drop Disability Income Insurance?

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Disability income insurance replaces some of your income if you become ill and unable to work. But how long do you need to keep it? When you reach a certain age, do you no longer need disability income insurance?

Should You Drop Disability Income Insurance Based on Your Age?

Self-employed wooden instrument maker carving a violin; for information on Raleigh disability income insurance from Hunt Insurance.

Several factors influence when you might discontinue disability income insurance—and your age when the events occur varies by individual circumstances. Disability income insurance supplements your employment income, so regardless of your age if you’re still working, you might need the coverage. Consider a few scenarios.

  • Your retirement age – When you fully retire, you don’t have employment income. And you might not need disability income insurance if you become ill after retirement. If your retirement benefits are enough to supplement your income, you can consider discontinuing the insurance. Still, if you retire and are under age 62, you might decide to keep disability income insurance until you receive social security benefits.
  • Your employment type – If you’re self-employed, consider if you have enough savings to cover an extended illness that prevents you from working. Otherwise, it may be wise to keep the policy until it expires.
  • Social Security income benefits – If you think your Social Security benefits are enough, and you don’t think you’ll need extra income if you become disabled, it might be time to drop your policy. If you are disabled, you can find out if you qualify for social security disability benefits.
  • Policy expiration – Most disability income insurance policies end at age 65 when you begin to receive retirement benefits, social security benefits, or both. Many policyholders decide to keep disability insurance until the policy ends.

Is Keeping Disability Insurance a Waste?

Although it may seem that keeping disability insurance is a waste of money, consider some statistics from the Centers for Disease Control and Prevention (CDC):

  • Each year about 43 million people have emergency room visits.
  • Six in ten U.S. adults have a chronic disease.
  • Four in ten U.S. adults have two or more chronic diseases.
  • The leading causes of death and disability include heart disease, chronic lung disease, cancer, stroke, Alzheimer’s disease, diabetes, and chronic kidney disease.
  • Lifestyle risks for chronic illness include smoking, excessive use of alcohol, poor nutrition, and lack of exercise.

A healthy lifestyle helps prevent chronic illness, but there’s no guarantee. An accident or unexpected illness can happen to anyone. Disability income insurance eases the stress of being unable to work and losing your income.

What If Your Job Provides the Insurance?

If your employer provides disability income insurance, you may not need to purchase insurance from an external source. But consider your circumstances, financial responsibility, and family size with the factors below:

  • Amount of coverage – What percentage of income replacement is available with your employer-sponsored insurance?
  • Coverage period – When does coverage begin and end if you become disabled and cannot work?
  • If you’re no longer an employee – If you leave the company or lose your job, what happens to your disability income insurance? Will you lose it?

On average, disability insurance premiums are three to four percent of your income. You can customize coverage to match your needs. Read our disability income insurance page for information on what a policy can cover.

At Hunt Insurance, we’ll give you a free, no-obligation quote. We communicate openly and honestly to prevent you from being over- or under-insured. Call or e-mail us to start the conversation.

How Do You Know If You Qualify for Disability Benefits?

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Social Security Administration (SSA) provides disability benefits–or Social Security Disability Income (SSDI) to people who have a qualifying disability and are unable to work for a year or more.

Do You Qualify for Disability Benefits?

Man in a wheelchair and working on a laptop in the kitchen; for information on who qualitifes for disability benefts

The Social Security Administration establishes the qualifications for SSDI. Benefits are not available for partial or short-term disability. You’ll find details on the SSA website. Some of the requirements include:

  • Previous employment in jobs covered by Social Security
  • Current unemployment due to your illness or injury
  • An injury or illness that significantly limits or restricts your ability to do any work-related activities, including lifting, standing, sitting, and concentrating for at least 12 months
  • An injury or illness that meets the criteria on the SSA’s list of qualifying medical conditions

What Should You Know About Social Security Disability Benefits?

Although you may need and apply for social security benefits, there are important factors to consider:

  • Each year more than 60 percent of disabilities are denied.
  • If your illness meets the qualifying medical conditions defined by the Social Security Administration, consult with an SSDI attorney to ensure your application and supporting documentation meets the requirements. It will prevent your case from being denied due to incomplete or insufficient details.
  • An SSDI claim can be approved in 30 to 90 days. Some cases take up to two years before you receive benefits.

SSDI vs. Disability Income Insurance

Disability income insurance is an insurance policy that you purchase. It is a way to replace part of your income if you are ill or injured and unable to work. Your disability insurance policy will specify which illnesses quality for benefits.

If you’re currently employed and not ill or injured, act now. Consider disability income insurance as a way to help you plan wisely. The statistics show why:

  • Each year, 5.6 percent of Americans will experience a short-term disability due to pregnancy, illness, or injury.
  • One of four 20-year-olds will experience a short-term disability before they reach age 65.
  • Only 48 percent of Americans say they have enough savings to cover three months of expenses if they become disabled and unable to work.

What Can You Expect with Disability Insurance?

Disability insurance doesn’t replace 100 percent of your income. Most plans offer 50 to 70 percent of income coverage. The average cost of coverage is three to four percent of your income. You select coverage and add-on features based on your income, your family’s needs, and your budget. But if you’re injured or become ill, disability income insurance limits mounting debt and increases your peace of mind.

Get Guidance Before You Decide

If you’re thinking about disability income insurance, John Hunt of Hunt Insurance in Raleigh-Durham can help. He removes the guesswork with clear, transparent explanations to help you decide if disability income insurance is right for you and your family.

Start the conversation. Contact us by phone or submit the contact form on our secure website.

For details, read the disability income insurance page on our website.

What Happens to Term Life Insurance at the End of the Term?

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What happens to term life insurance at the end of the term—or coverage period—for which you purchased it? When the term ends, so does your life insurance policy. But what happens next depends on the type of term insurance policy you purchased. Some of the options might surprise you.

What Is Term Life Insurance?

Photo of a mother, father, boy, and small dog, outdoors on a path and posing for a photo.

A term life insurance policy provides coverage for a limited period—or term. The duration of a plan is usually 1 to 30 years. Although most insurance companies offer policies in increments of ten years, some offer five-year plans. Several factors influence your premiums, including:

  • Age
  • Health
  • Lifestyle
  • Medical history
  • Occupation

Five Types of Term Life Insurance and What Happens at the End of the Term

There are different types of term insurance, and not all of them are reviewed below. Your options depend on what’s offered by the insurance company you choose.

1. Level Term

Your premiums are fixed, or level, for the entire term, regardless of whether it’s 1, 10, 20, or 30 years. Your premiums, in part, depend on your age when you purchase the policy. As you age, it’s more expensive for a company to insure you, so your premiums for a new policy will be higher. But they will be fixed throughout the term.

End of term

Most level term policies allow you to apply for renewal or convert to a whole life or universal life policy. But renewal isn’t guaranteed, and you’ll likely need a medical examination.

2. Increasing Term

The death benefit increases each year—usually within 2 to 10 percent. As the payout for your beneficiary builds over time, your premiums will increase. Rising premiums make this option less accessible than level term life insurance. But if you’re young, you might like the idea of having some coverage now and increasing it as you age.

End of term

Depending on your age, you might have the option to convert to a permanent life insurance policy. Conversion is often allowed throughout the length of your plan, except during the first year.

3. Decreasing Term

Decreasing term life insurance is only available through a few insurance companies. The terms are 1 to 30 years, premiums are fixed, and the payout for your beneficiaries decreases over time. Some people refer to decreasing term insurance as mortgage protection insurance, because your survivors can use it to pay off a mortgage or other debt.

As an alternative, you can buy level term life insurance and decrease the face value of your policy as you pay off debts over time. What’s best for you? Compare the cost of premiums for level and decreasing term insurance. And compare the payout your beneficiaries will receive if you die.

End of term

Before the term ends—and when it ends—some plans offer the option to convert it to a whole life insurance policy that builds cash value.

4. Renewable Term

You can purchase term life insurance that guarantees your right to renew the policy. Depending on the insurance company and policy, short- and long-term plans are available. But the premiums for annually renewable policies increase over time.

End of term

Although you won’t need an exam, you may be required to complete a health history form to renew your policy. Your age and current health will affect your premiums. And your new policy may not be renewable. Insurance companies vary with plans that renew automatically vs. renewing upon your request.

5. Return-of-Premium Term

Although the policy functions as a level term life policy with fixed premiums, the premiums are much higher.

End of term

If you outlive the term, your insurance company will return all the premiums you paid throughout the life of the policy. Exclusions apply if you cancel the policy or borrow money from it and don’t pay it back. Your plan might give you options: continue coverage—but your premiums will be much higher—or convert the policy to permanent life insurance.

Get Professional Advice That Works

You can find a term life insurance policy that ends with a predictable outcome. You’ll get the most out of your term life policy by consulting with an insurance agent who works to understand your financial needs and will help you find a plan that matches them. John Hunt of Hunt Insurance provides term life insurance for the Raleigh, Durham, and Chapel Hill areas. He can help. Call us for a consultation or a hassle-free quote at 919-840-8418.

What Happens to Your Life Insurance If You Leave Your Job?

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Photo of a Hispanic man holding a newborn baby. His adolescent son is leaning over his shoulder and looking at the baby, too.

If you leave your job, what happens to your life insurance depends on the type of plans your employer offers. Group life insurance—or employer-sponsored insurance—can have options to port or convert your plan. But not all plans have these features.

Life Insurance After You Leave Your Job

Whether or not you can keep your life insurance if you leave your job depends on the conditions of the insurance plan. Conversion and portable plans allow you to retain at least a portion of the insurance.

Conversion

Some group life insurance policies allow you to convert to an individual plan if you leave your job. You can convert without a physical exam or medical questionnaire. Common options are whole life or universal life insurance.

  • Whole Life – The insurance will be in effect for your entire—or whole—life. The premiums are fixed and won’t change with your age or declining health. Although premiums are higher than term life insurance, your policy can build cash value. You can borrow from the accumulated cash value or use it to pay insurance premiums.
  • Universal Life – Universal life insurance combines affordability with permanence. It offers the lower premiums of term insurance, but like whole life insurance, it lasts for the remainder of your life. The plans your employer provides may—or may not—build cash value.

Portability

Portability allows you to continue your life insurance plan if you’re laid off or voluntarily leave your company. You’ll have term life insurance protection for a period that is specified by your plan. Depending on the policy, you can take all or a portion of the coverage after you leave your job. The plan might specify—in dollars—the minimum and maximum amount of coverage that you can continue for yourself, your spouse, or a child.

If Neither Option Is Available

If your employer offers life insurance that cannot be converted or ported, you lose your coverage when you leave your job.

Is Employer-Sponsored Life Insurance Enough?

Eighteen percent of consumers only have group life insurance coverage that is employer-sponsored. Two factors can help you determine if your employer-sponsored coverage is enough:

  • Portability or conversion – If your employer offers life insurance that you can’t convert or port after you leave the business, consider purchasing additional coverage. Ask the human resources team at your job about the cost of premiums if you separate—voluntarily or involuntarily. It may be less expensive to purchase a personal term life insurance policy.
  • What’s needed to sustain your survivors? – Funeral expenses, replacement income, education costs, and more can affect how much money you want to leave your beneficiaries. For a list of current and anticipated expenses to consider before you buy an insurance policy, read our blog post, Did You Buy Too Much Life Insurance? What Now?

John Hunt, insurance agent and owner of Hunt Insurance of Raleigh, Durham, and Chapel Hill, sponsors this post. Call us for a hassle-free quote: 919-840-8418.

Did You Buy Too Much Life Insurance? What Now?

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Photo of white male with a trimmed beard sitting on a couch and looking at a computer; for information on how to determine if you bought too much life insurance - from Hunt Insurance, Raleigh.

Think you bought too much life insurance? LIMRA’s 2019 report shows that about 57 percent of Americans have life insurance. And 32 percent of those who have insurance only have group insurance, which is usually not enough. But what about your situation? Is the policy you purchased much more than you need?

How Much Insurance Is Too Much?

Several factors influence how much insurance you need.

  • Your annual income – If you’re active in the workforce and anticipate pay increases over the term of your insurance policy, account for projected increases in your calculation.
  • Additional income – Remember to include social security income, rental property, real estate, investments, and other funds that you’ll leave for your survivors.
  • Existing policies – If you have any existing policies, factor them in. Keep in mind that if you have a group policy through your employer, it might not be valid if you change employers. Depending on the circumstances, you may be able to convert the group policy to an individual one, but the premiums after you leave the business can be costly.
  • Current and anticipated expenses and debt – Loans, credit card debt, mortgage payments, medical bills, health insurance premiums, and other expenses–factored them into the amount of income you need to leave your survivors. Funeral and burial fees can cost up to $10,000, so include them in the equation.
    • Burial/final expenses
    • Caregiving for an aged or ill relative
    • Business purposes
    • Charitable gift
    • Estate taxes/liquidity
    • Family financial responsibility
    • Funds for college education
    • Income replacement
    • Pay off mortgage
    • Raising a child
    • Replace a policy
    • Supplement a group coverage plan
    • Tax advantages save/invest
    • Wealth transfer
  • Multiply the highest number—your expenses or income—by 10 to 15 – If you earn $60,000 each year—or if your family spends that amount—your life insurance policy should provide at least $600,000 for your family. Some families choose up to 15 times their income or expenses to cover unexpected events.

Did You Overdo It?

If possible, purchase enough insurance to replace your income and cover expenses for 10 to 15 years. If 10 to 15 times your expenses or income is about $800,000 and you purchased a $3,000,000 policy—or multiple policies that value that amount—you’ve probably bought too much life insurance.

Is It Too Late?

If you think you’ve bought too much life insurance, what can you do about it now? Talk to a trusted life insurance provider or investment advisor who can examine the terms of your plan and determine if you’re able to sell the portion you don’t need. You might be able to turn some of the cost of the premium into income.

Before you buy your next insurance policy, talk with an independent agent. You’ll receive personalized service and straightforward advice to plan for your loved ones’ future. Contact Hunt Insurance today.

Is Term Life Insurance a Waste of Money? 4 Ways to Tell If It’s Right for You

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Outdoor photo of a young blonde woman with her young son on her back; for information on Raleigh-Durham term life insurance from John Hunt Insurance.

Many people wonder if term life insurance is a waste of money because it’s active for a limited amount of time—or term. When the policy ends, if you still want coverage, you’ll need another one. So, what’s the point in making the purchase?

Why Choose Term Life Insurance?

Term life insurance isn’t a waste of money. Although it doesn’t accrue cash value, it’s an affordable option when you’re on a budget, need payments that generally stay the same, or need coverage for a limited period.

1. Consider the facts

  • According to LIMRA’s 2019 Insurance Barometer Report, 43 percent of Americans don’t have life insurance.
  • Term insurance is the most common type of insurance that consumers purchase. During the 2019 study period for the LIMRA report, 71 percent of purchasers chose term insurance.
  • A July 2019 mortality trends report published on the Center for Disease Control website indicates that between 2012 and 2017, U.S. death rates increased for all adults between ages 25-44 in all ethnicity and race groups.

2. It’s affordable

  • Term life insurance costs less than whole life insurance, which is active throughout your lifetime.
  • You can purchase life insurance for the years you need it most.
  • Some people purchase term life insurance policies in succession to match the demands of their budget vs. a single permanent policy.

3. Fixed payments

Level term life insurance policies have set payments that don’t increase during the term. When the policy ends, if you decide to purchase a new one, your age, declining health, or the length of the policy will affect the cost.

4. Weigh the financial advantages

If you don’t have adequate insurance, a term life insurance policy isn’t a waste of money. Consider some of the ways that the funds will help your beneficiary:

  • Business purposes
  • Charitable gift
  • Estate taxes/liquidity
  • Pay for burial expenses
  • Pay for college education
  • Pay off mortgage
  • Replace a policy
  • Supplement existing group coverage

What Are the Types of Term Life Insurance?

Three common types of term life insurance include level, renewable, and convertible.

Level

Level term life insurance is available from 10 to 30 years, in five-year increments:

  • 10
  • 15
  • 20
  • 25
  • 30

Renewable

Features of renewable term life insurance include:

  • Terms are offered in increments of one or five years
  • No need for a medical examination or evidence of the state of your health
  • Age-based premiums

Convertible

What should you know about convertible term life insurance?

  • Offers the ability to convert to a permanent policy
  • Conversion is available for a limited time
  • Premiums will increase if you convert to a permanent policy

Who Purchases Term Life Insurance?

There are plenty of people who don’t think that term life insurance is a waste of money. It appeals to people with varying backgrounds and circumstances, including:

  • Retirees who want coverage until retirement income is available
  • People who desire supplemental coverage to pay off a mortgage, provide college funds for surviving children, or provide additional income for a spouse
  • Young people who want to take advantage of lower premiums based on their age and good health
  • Anyone on a budget with limited funds for purchasing insurance

How Much Does Term Life Insurance Cost?

Several factors influence the cost of life insurance, including:

  • The amount of coverage required to care for the needs of your survivors
  • Your age and gender
  • Your health history
  • Your family health history
  • Your occupation
  • Your hobbies
  • Whether or not you smoke or use recreational drugs

You can ask for a free quote from multiple sources to compare your options and costs.

Contact Hunt Insurance of Raleigh-Durham, NC for a hassle-free quote.

Read about different types of term life insurance on our blog post, What Happens to Term Life Insurance at the End of the Term?

High or Low Deductible? Choosing Your Medical Insurance

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Photo of couple looking at a website on a laptop for information on North Carolina insurance deductibles from Hunt Insurance of Raleigh.Are you exploring your options for health insurance or thinking about switching plans? It’s important to know what coverage each plan provides. You also need to understand plan deductibles and how they affect your wallet.

What Is a Deductible?

The insurance deductible is the amount you have to pay for medical care before your insurance plan pays toward the bill. For example, if your deductible is $2000, you must pay $2000 toward your medical and pharmacy bills before your insurance plan starts to pay for them. Some plans have certain medical services for which benefits are provided before you meet the deductible.

What Is Co-Pay?

Co-pay is usually a fixed amount that you pay a provider at the time you receive services. For example, your co-pay for a visit to your primary care doctor may be $25, and the co-pay for a medical specialist, such as an allergist may be $15.

What Is Co-Insurance?

Co-insurance is the amount that you are responsible for after your insurance plan pays its designated portion. For example, if your plan pays 70% of your hospital bills, you are responsible for paying the remaining 30% of the bill.

How Do You Decide?

Is it better to have a plan with a high deductible or a low deductible? Several things factor into that decision, and the answer depends on your health and your budget.

High deductible

  • Insurance plans with a high deductible have a lower monthly premium. Your monthly bill for insurance coverage will be lower.
  • If you get sick or have an accident, you will have to pay more up front than with a low-deductible plan. If you frequently need medical care, you may quickly meet the deductible. If you are healthy, it will probably take longer to meet it.
  • Keep in mind that some high-deductible plans provide limited services before you meet the deductible.

Low deductible

  • The monthly premium, or cost, for your  insurance coverage will be higher.
  • If you experience a sudden illness or an emergency, your insurance plan will provide benefits sooner.
  • Your co-pays or co-insurance for office visits, prescriptions or hospitals stays may be higher.

 

Before You Choose a Health Insurance Plan

Before you choose a health insurance plan, think about:

  • Your budget
  • The status of your, and your covered family members’, health
  • The cost of the monthly premium
  • The Deductible, and if you can afford it
  • Co-pay amounts
  • Co-insurance amounts

Speak with an experienced insurance agent to discuss your options for medical insurance and compare the plans.

This post is sponsored by Hunt Insurance of Raleigh.

We are an independent, African-American owned insurance agency.

Concierge Medicine, Direct Primary Care, or Health Insurance?

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Concierge Medicine, Direct Primary Care, or Health Insurance?

Photo of five medical professionals with an african american doctor in the front for information on Raleigh concierge medicine and direct primary care, from Hunt Insurance.An increasing number of doctors are exploring opportunities to offer concierge medicine or direct primary care. Instead of using your health insurance for basic healthcare, you join the doctor’s health plan—either through a concierge company or the doctor’s in-office plan—and pay an annual fee. These plans are not health insurance. Most patients use their health insurance to cover emergencies, more costly medical expenses, and hospitalization.

Concierge Medicine

According to Concierge Medicine Today, there are about 12,000 concierge doctors throughout the U.S. There are concierge medicine companies, and doctors can join them to and become part of the network. Patients join the plan and pay an annual fee. The average cost per patient is about $138 per month. Some costs are lower, and some are significantly higher. In return for the annual fee, doctors promise personalized primary care. Depending on the medical practice, doctor’s visits may or may not be included in the annual fee, and your insurance company is billed for the visit. If your doctor is offering this option, speak with him or her about the details of the plan.

Direct Primary Care

Direct primary care is modeled after concierge medicine. In contrast, fees are assessed directly by the practice. Unlike concierge plans, the physician has not enrolled with a concierge medicine network. As a result, monthly membership costs are lower. Primary care, preventive care, urgent care, and chronic disease management are included in membership. Insurance is usually not accepted by these practices, and for more costly medical expenses, patients pay out of pocket. In turn, medical claims are submitted by the patient to the insurance company. Speak with your doctor about the details, if this plan is being offered to you.

How does the patient benefit? When doctors don’t have to file insurance claims, their costs can be cut by as much as 40%. Doctor’s fees are lower, and the savings are passed on to the patient.

Is Concierge Medicine or Direct Primary Care for You?

Photo of a pros and cons chalk board for Raleigh health insurance, concierge medicine, direct primary care information from Hunt Insurance.
Weigh the pros and cons

That depends. Patients with health insurance plans that have high of out-of-pocket costs for lab work, x-rays, vaccines, and the like may benefit from concierge medicine or direct primary care. Concierge or direct care physicians often negotiate lab fees to offer patients lower rates than they would through health insurance plans. Also, patients with high-deductible plans (out-of-pocket costs for you before the plan starts providing coverage) may benefit by using one of these options and saving on the cost of primary medical care, and reserving the high deductible for specialty care and emergencies.

If you have an insurance plan with low deductibles and co-pays, concierge medicine or direct primary care may not be for you. Although it may be offered to you, weigh the pros and cons. Remember that these plans usually cost at least $1000 per year, in addition to your health insurance premiums. If your doctor switches to a concierge or direct care plan, and you don’t want or cannot afford it, you may have to switch doctors, or your case may be transferred to a physician’s assistant or nurse practitioner in the office.

Alternatives to health insurance aren’t affordable for everyone. If you already have health insurance, it may be all you want or need. If you don’t have health insurance, discuss your plan options with a trusted agent. In an emergency, it’s better to have limited coverage for emergencies or critical illness than no coverage at all. If you are presented with the opportunity for concierge or direct primary care, carefully weigh the costs, what the plan includes and excludes, and your projected medical expenses.

Life Insurance – No Exam Required

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Getting Life Insurance With No Exam Required

Photo of a stethoscope, clipboard, and medical form for Raleigh-Durham, NC life insurance without an exam for Hunt Insurance.That’s the preference for most people. Explore your options, apply for life insurance, and receive it without an exam. If that’s how you feel, there are a few things to consider.

Factors to Consider for Exam-Free Life Insurance

In many cases, you can get life insurance without an exam. There are options in term and whole life insurance. Your agent can explain the details. Below are some of the factors to consider.

Term Life Insurance without a Medical Exam

Term life insurance provides coverage for a limited period of time, or term, usually between ten and thirty years. When the term expires, you will need another policy, unless you have a policy that is renewable or that can be converted to whole life insurance. There are few things to consider, though, and we’ll talk about some of them.

  • Age – Most often, plans are available for applicants who are between 18 and 70 years old.
  • Premiums – They are based on the age of the person being insured. When the term of the policy is over and you need another policy, the rates may significantly increase, based on your age. Depending on your plan, premiums may be level for the entire term, increase after a specified time, or gradually increase. Premiums increase, because as we age, we are more expensive to insure.
  • Health History – A review of your health history will likely be required.
  • Occupation and Lifestyle – The nature of your job and the health risks involved, as well as any hobbies you have that may be extreme, can affect the cost of your premiums and the insurance you qualify for.
  • Limited data gathering – At times, a urine sample may still be required.
  • Coverage amount – There can be a cap on the amount of insurance you can get without an exam. The amount varies, depending on the insurance provider.
  • Cost – At times, your premiums will be higher than they would be if you consent to an exam.
  • Limitations – The policy main have limitations for an initial period.

There are different options for term life insurance. Find an experienced agent to discuss them.

Whole Life Insurance With No Exam

There are insurance companies, some often advertise on TV, that offer whole life insurance without an exam. Some even advertise guaranteed coverage. What are the limitations? Consider some of them.

  • Age – An age range for qualification will be specified. Many plans are offered up to age 75.
  • Coverage – It’s limited, and it’s usually under $100,000.
  • Premiums – They are based on the age of the insured. If you don’t have a level premium plan, the cost will increase as you age. The older we get, the more it costs to ensure us. Premiums will initially cost more that term insurance, but will be less costly than having to renew a term plan or change plans after the plan expires.
  • Health History – A review of your medical history will likely be required.
  • Occupation and Lifestyle – If you have a job that puts your health at risk, or if you have risky, extreme hobbies, they will be factored into the cost of your insurance.
  • Limited data gathering – You may need to provide a urine sample.
  • Coverage amount – There may be a limit on the amount of insurance you can get without an exam. This will vary, based on the plan and insurance company.
  • Cost – Your premiums may be higher than they would be if you had an exam.
  • Limitations – For a specified period, the policy may have limitations.

Whole life insurance has different options. Discuss them with an experienced agent and weigh the pros and cons.

Do You Really Need Insurance Without An Exam?

Maybe. It depends on the coverage amount you want, your age, your health, and other factors. If you’re healthy, good results from an exam can result in lower premiums. If you’re nervous about having an exam, ask your agent what’s involved, how long it will take, and what qualifications the examiner has. The final decision is yours, of course. Get quotes from two or three insurance agents to discuss your options—with and without an exam.

This post is sponsored by Hunt Insurance of Raleigh, NC.

 

 

 

Affordable Care Act – Obama Care Enrollment Deadline

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The Affordable Care Act (ACA / Obama Care) enrollment deadline date is January 15, 2016 at 11:59 Pacific Time.  The broader deadline to avoid paying a fine for not having health insurance is January 31, 2016. Although you’re not required to sign up, if you don’t, you’re subject to a fine. Depending on your circumstances and income, penalties can range from several hundred dollars to more than $1000.

If you’ve already enrolled, and you’ve done so before December 17, 2015, your coverage is effective January 1, 2016.

Having Trouble Deciding Which Healthcare Plan to Choose?

Picture of a man working on a laptop for Raleigh ACA Obama Care health insurance help from Hunt Insurance.If you’re like many people, you have put off enrolling in health insurance because you’re not sure what to choose or how to work your way through the Healthcare.gov website. We can help.

Remember, the Healthcare.gov website is for people who don’t have medical insurance through a job, Medicare, Medicaid, the Children’s Health Insurance Program (CHIP), or another source. This means that you are able to explore your options through an insurance carrier or an insurance agent.

The assistance of an experienced professional can simplify the process for you. You will be able to compare plans, costs, and decide which plan is best for you and your family.

Health Insurance – Some Factors to Consider

  • What does the plan cover? – Find out if the plan covers services such as doctor’s visits, hospitalization, prescriptions, physical therapy, emergency care, orthopedic services, and other care you need or expect to need.
  • Which providers can you see? – Many plans require you to go certain doctors or hospitals. If you go to a medical provider outside of the plan’s network of doctors, you will have greater out-of-pocket costs. Or you may be responsible for the entire costs.
  • What are your co-pays and deductibles? – Determine how much you will have to pay for doctors visits, prescriptions, and other care. Will you have to pay a certain amount of medical expenses on your own before the plan starts to provide benefits?
  • What about out-of-state care? – If you travel out of the state or out of the country, find out what your plan will pay if you need medical care.

There is a lot to consider, but an insurance professional can help you understand your options. Get assistance now to avoid ACA/Obama Care penalties for failure to enroll.

This post is sponsored by Hunt Insurance of Raleigh, NC.