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Life Insurance
Life Insurance
Life Insurance
Get a quote in minutes - no medical exam is required! Are you 25-55? Have you given any thought to what would happen if you were no longer with your family and able to provide for them? If that's you - click here, fill out the basic info, and see if you qualify. If you qualify, you can enroll, set up payments, and get coverage almost immediately!
Medicare
Life Insurance
Life Insurance
Medicare is available to everyone over 65, but it's specific to geography. If you've ever seen those commercials that say "Check your zipcode!" that's why - a plan in Seattle will be different from Minneapolis and Minneapolis will be different from Atlanta. Schedule a meeting and learn about Medicare options in your area.
Final Expense
Life Insurance
ICHRA & QSHERA
Final Expense insurance is a type of whole life insurance, generally smaller in value than other life insurance policies, at much lower rates. Its main purpose is to make sure any expenses related to funerals or outstanding bills are not left to your estate. People with underlying health conditions can usually qualify for a policy that me
Final Expense insurance is a type of whole life insurance, generally smaller in value than other life insurance policies, at much lower rates. Its main purpose is to make sure any expenses related to funerals or outstanding bills are not left to your estate. People with underlying health conditions can usually qualify for a policy that meets both their benefit and budget needs. Schedule a meeting and learn about your Final Expense options.
ICHRA & QSHERA
Life Insurance
ICHRA & QSHERA
Tired of the same-old group benefits "solutions?" Sick of plans that change every year and cost more? Break from the hassle of managing a health insurance plan. Educate and empower your team.
Then an ICHRA or QSHERA plan is exactly what you need.
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Your Agent
Nick Woog
Nick Woog is licensed to sell insurance in 34 states and has Nick access to dozens of plans to fit most needs. The approach is simple: You'll learn what's available, how it works, and how it can work for you. You shouldn't ever feel like you're being "sold" insurance. If you are, you probably don't need it. Book an informational call today to see if what I have, and who I am, are right for you.
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NW Insurances
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Life Insurance FAQs
Who Needs Life Insurance?
Your need for life insurance varies with your age and responsibilities. It is a very important part of financial planning. There are several reasons to purchase life insurance. You may need to replace income that would be lost with the death of a wage earner. You may want to make sure your dependents do not incur significant debt when you die. Life insurance may allow them to keep assets versus selling them to pay outstanding bills or taxes.
Consumers should consider the following factors when purchasing life insurance:
- Medical expenses previous to death, burial costs, and estate taxes;
- Support while remaining family members try to secure employment; and
- Continued monthly bills and expenses, day-care costs, college tuition, and retirement.
Term Insurance
Term insurance generally has lower premiums in the early years, but does not build up cash values that you can use in the future. You may combine cash value life insurance with term insurance for the period of your greatest need for life insurance to replace income.
Term insurance covers you for a term of one or more years. It pays a death benefit only if you die in that term. Term insurance generally offers the largest insurance protection for your premium dollar. It generally does not build up cash value.
You can renew most term insurance policies for one or more terms, even if your health has changed. Each time you renew the policy for a new term, premiums may be higher. Ask what the premiums will be if you continue to renew the policy. Also ask if you will lose the right to renew the policy at a certain age. For a higher premium, some companies will give you the right to keep the policy in force for a guaranteed period at the same price each year. At the end of that time you may need to pass a physical examination to continue coverage, and premiums may increase. You may be able to trade many term insurance policies for a cash value policy during a conversion period even if you are not in good health. Premiums for the new policy will be higher than you have been paying for the term insurance.
How Much Life Insurance Do I Need?
Ask yourself the following questions:
How much of the family income do I provide?
If I were to die, how would my survivors, especially my children, get by?
Does anyone else depend on me financially, such as a parent, grandparent, brother or sister?
Do I have children for whom I would like to set aside money to finish their education in the event of my death?
How will my family pay final expenses and repay debts after my death?
Do I have family members or organizations to whom I would like to leave money?
Will there be estate taxes to pay after my death?
How will inflation affect future needs?
Some insurance experts suggest that you purchase five to eight times your current income. However, it is better to go through the above questions to figure a more accurate amount.
Tips on Buying Life Insurance
Make sure you feel confident in the insurance agent and company.
Decide how much you need, for how long, and what you can afford to pay.
Learn what kinds of policies will provide what you need and pick the one that is best for you.
Do not sign an application until you review it carefully to be sure the answers are complete and accurate.
Do not buy life insurance unless you intend to stick with your plan. It may be very costly if you quit during the early years of the policy.
When you buy a policy, make the check payable to the company, not the agent.
Who can take out a policy on my life?
Only someone who has an "insurable interest" can purchase an insurance policy on your life. That means a stranger cannot buy a policy to insure your life. People with an insurable interest generally include members of your immediate family. In some circumstances your employer or business partner might also have an insurable interest.Insurable interest may also be proper for institutions or people who become your major creditors.
Must my beneficiary have an insurable interest?
No. If you buy a policy on your own life, you become the owner of the policy. As the owner, you can name anyone as beneficiary, even a stranger!
What about companies that advertise “no physical exam?”
The insurance may be more expensive than if the company required a physical. Although there is no physical, you will probably have to answer a few, broad health questions on your application.
Some life insurance ads claim “you can not be turned down.” What's the catch?
Such ads are for "guaranteed issue" policies that ask no health history questions. The company knows it is taking a risk because people with bad health could buy their policies. The company balances the risk by charging higher premiums or by limiting the amount of insurance you can buy. The premiums can be almost as much as the insurance. After a few years you could pay more to the insurance company than it will have to pay to your beneficiary. Such policies may offer only the return of your premiums if you die within the first couple of years after you buy the policy.
Why is term life often called “temporary” insurance?
Insurance agents sometimes refer to term insurance as "temporary" because the term policy lasts only for a specific period. It is probably no more "temporary" than your auto or homeowner insurance. Just like term, those types of policies provide coverage for a specific period of time, and must be renewed when that period ends.
Why are some insurance agents reluctant to sell term insurance?
An agent may believe term is risky, but only because you could have a hard time buying a policy in the future if your health deteriorates or you cannot afford the higher premiums. Commissions could also be a reason for an agent who discourages term. The agent often makes less money for selling term than for other forms of life insurance.
What do I get when I buy term insurance?
You have bought and received the company's guarantee that if you die during the term of the policy, it will pay a death benefit to your beneficiary.
Does that mean I've wasted my money if I don't die?
No more than you have wasted money by buying car insurance but never having an accident. You've purchased peace of mind. With term life insurance, if you die during the term, you know the company will pay your beneficiaries.
1. How Do I Sign Up for Medicare?
Your circumstance determines how you can participate in Medicare. People who receive Social Security will automatically enrolled in Medicare Parts A and B - 65 years old is the "magic number." Before you turn 65, you should receive information and a Medicare card roughly 3 months prior to your 65th birthday. Look for mail that says “Welcome to Medicare." There's nothing else you need to do - it starts at age 65!
NOT receiving Social Security but want to enroll in Medicare, YOU need to enroll in Medicare Part B (you’ll be automatically enrolled in Part A). Everything starts at your local Social Security office to sign up for Part B. They're a great resource and you can call Social Security at 800.772.1213.
2. How Much Does Medicare Cost?
Circumstance drives cost. Medicare Part A (hospital) is free as long as you have worked 40 quarters/10 years in your working life; this is determined by your payroll taxes.
For 2022, the standard Medicare Part B premium is $170/month. This is typically taken as a deduction from your Social Security check.
There are, however, certain situations that could cause you to pay more or less for premiums. These situations are largely dependent on your income as reported by the IRS from two years ago. This is called the Income-Related Monthly Adjust Amount (IRMAA).
Also, if you have been on Medicare for a few years, you may be “grandfathered in” to a lower premium amount, which could be between $104 and $134, depending on what year you started Medicare and your specific situation.
3. What Preventative Care is Covered Under Medicare?
Medicare covers a good bit of preventive care.
What are some things that are covered? Medicare covers a “Welcome to Medicare” physical within the first 12 months of going on Medicare, an annual wellness exam and other screenings/tests on Medicare-established schedules. Common other preventative care includes bone mass measurements, cardiovascular screenings, breast cancer screenings, colorectal cancer screenings, glaucoma tests, flu shots, lung cancer screenings, prostate cancer screenings, and many more.
4. What is the Difference in Medigap and Medicare Advantage?
Medigap plans supplement Medicare, whereas Medicare Advantage plans take the place of Medicare. Medicare Advantage is a “privatized” version of Medicare.
Typically, Medicare Advantage plans have lower premiums in exchange for a lower level of coverage and more restrictions (i.e. networks, annual plan changes, pre-approvals, etc).
The other big consideration is that you have to be approved to get a Medigap plan if you are not in your initial open enrollment period or a valid “guaranteed issue” period. This makes your initial selection important, as you can be “stuck” on an Advantage plan unable to “qualify” for a Medigap plan if you have pre-existing conditions.
5. Do I Have to Get a Part D (Rx coverage) Plan?
The short answer is “No”. However, if you elect not to get a Part D plan, you will be subject to the Part D late enrollment penalty if/when you sign up for it at a later time. This penalty is 1% of the standard Part D premium per month that you did not have a plan. So, if you wait 5 years to sign up for a Part D plan, you’ll pay 60% more than someone else who didn’t wait.
With this in mind and with the consideration that Part D plans start at $15-20/month in most markets, it’s not a bad idea to get a plan when you are first eligible regardless of whether you “need” it at the time or not.
6. What Should I Consider When Choosing Part D?
If you are not on any/many medications, you may want to base the Part D decision primarily on the plan premiums. In other words, if you are buying a Part D plan solely to avoid the Part D late enrollment penalty, you can base your decision on the cost of the plan and upgrade later if your needs or the plan changes.
If, however, you are like most people over age 65, you take some medications. In that case, it is crucial to compare the plans based on your specific medications. Co-pays can vary dramatically from one plan to another for the exact same medication. The Medicare.gov website has a Part D comparison tool that enables you to do this very easily by entering your zip code, medications and preferred pharmacy. If you are one of our clients, we can provide this comparison information for you.
7. Is There a Good/Better/Best Company or Plan?
Once you get your Medicare questions answered, you may be ready to move on to discussing Medigap plans. Everyone wants the most coverage for the least amount of money, obviously. With Medigap plans, that is relatively easy to find because the plans are Federally-standardized. Coverage with one company is the exact same as coverage with a different company for a “like” plan (i.e. one Plan F is the exact same as another Plan F with the only difference being premium and company reputation).
So, “best” company is a function of price since all other comparative factors are the same with Medigap plans. The best way to do this is to use a broker - let them work for you!
8. Who Will Take My Medicare Supplement Plan?
With Medicare Supplement (Medigap) plans, you can go to any doctor or hospital nationwide that accepts Medicare patients. There are no networks on Medicare Supplements (Medigap plans), so if your doctor takes Medicare (your primary coverage), he or she will also take your Medicare Supplement.
Do not confuse this with Medicare Advantage plans – many people call those plans Medicare Supplements although they are not. Those plans have networks and are either PPOs or HMOs.
9. Do I need to Answer Medical Questions to Get a Medigap Plan?
This has been one of the Medicare questions that is increasing in frequency since the passage of the Affordable Care Act (ACA), which eliminated pre-existing conditions as a way to exclude people from getting a health care plan.
However, the ACA did not/does not apply to Medicare or Medigap plans. Since Medigap plans are supplemental in nature, they are not affected by the legislated reforms. Generally speaking, any time you change Medigap plans or enroll in a plan outside of your initial open enrollment window you do have to “qualify medically” by answering health questions.
10. How do I shop for a plan?
Use an expert - like me! It costs you nothing and you get all the information you need to make the most informed decision possible.
Q. What type of insurance is final expense insurance?
A. Final expense insurance is whole life insurance. That means the policy remains in force for the duration of your life, provided premiums are paid. It pays out a guaranteed death benefit to your beneficiaries, tax free.
Q. Is final expense insurance the same as burial insurance?
A. Yes, final expense insurance is also known as burial insurance. It’s also called funeral insurance, simplified issue whole life insurance, and modified issue whole life insurance.
Q. Who needs final expense insurance?
A. Although final expense insurance sounds like a good thing for everyone to have, you really only need it if you don’t have sufficient insurance coverage elsewhere and/or don’t have enough savings to cover funeral costs and end-of-life expenses.
Q. Is final expense insurance hard to qualify for?
A. No, final expense insurance is usually easy to qualify for, even if you have some health issues, because policies are small.
Q. Do I need a medical exam?
A. Final expense insurance doesn’t typically require a medical exam. However, you will need to fill out a medical questionnaire as part of the application process. The medical questionnaire will likely ask about your health over the past two years and may include questions specific to diseases like cancer, heart attack or stroke, congestive heart failure, diabetes, HIV/AIDS, Alzheimer’s or dementia. It will also likely ask about any prescription medications you take.
Q. Is final expense insurance expensive?
A. Because coverage amounts are small, premiums for final expense insurance are less than premiums for traditional whole life insurance, ranging from $30/month to over $100/month. However, for the amount of coverage you get, final expense insurance is considered more expensive. In other words, you pay less but you also get less for your money.
Q. Will my premium go up as I get older?
A. Most final expense policies have level premiums, meaning once you purchase a policy, you’re locked into that price for life and it won’t go up. However, the longer you wait to purchase a policy, the more expensive your premium will be.
Q. When is the best time to purchase final expense insurance?
A. The younger and healthier you are, the better final expense insurance rates you’ll receive. Some insurance companies will issue policies to any age group, but others only issue policies if you’re over a certain age, like 55 or 65. Insurance companies may also cap applications at a certain age, like 85.
Q. How much is the death benefit?
A. The death benefit of a final expense policy varies, based on how much coverage you want and how much you are approved for. Most insurance companies cap final expense policies around $50,000. Average end-of-life expenses are around $20,000, but it’s beneficial to check in your area to get prices for funeral costs and consider what arrangements you’d like so you have a clearer picture of how much coverage you’ll need. Also keep in mind that funeral costs and end-of-life medical costs are rising, and you’ll need to account for inflation.
Q. How soon will my policy pay out to my loved ones?
A. Final expense insurance, like all forms of life insurance, is not subject to probate. Policies are paid out quickly after you pass away, usually within a few weeks. Money passed down through a will or estate, on the other hand, may be subject to probate and can take months to process.
Q. What can the death benefit be used for?
A. Although the death benefit of a final expense policy is usually spent on funeral and burial costs and medical bills, your beneficiary may choose to spend it however they wish. Some people use final expense insurance money to help pay taxes like an estate tax, to pay outstanding debts, or to cover living expenses while they take time off work to grieve.
Q. Do final expense policies earn cash value?
A. Because they are a type of whole life insurance, final expense policies may earn cash value. But because the policies are small, cash value accumulates very slowly and usually isn’t significant.
Q. Can I borrow from my insurance policy?
A. If your policy has accumulated cash value, you can borrow from your final expense insurance policy in the form of a tax-free policy loan. You’ll be charged an interest rate on your loan, but you determine the payback terms. Any unpaid loans will be deducted from your death benefit when you pass away.
Q. Can I add insurance riders to my final expense policy?
A. Yes, you can add insurance riders, or supplemental insurance coverage, to your policy. Common riders include accidental death, disability riders and chronic or terminal illness riders. These allow you to access your death benefit while you’re still living or increase the death benefit payout when you pass away, and can be added for a small fee. Some riders are included at no additional cost, but vary by insurer.
Q. Can I buy final expense insurance for someone else?
A. Yes, you can buy final expense insurance for anyone with whom you have insurable interest. This means you would be financially impacted by their passing. It’s common for adult children to buy final expense policies for their parents or to buy policies for their own children. Often, when buying final expense insurance for children, you have the option of transferring ownership of the policy to them when they reach adulthood. It’s also possible to add a child insurance rider onto your own whole life insurance policy that covers all your children under the age of 18.
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