Life Insurance

Life insurance provides financial protection for your loved ones or business partners in the event of your death, helping to ensure they can cover living expenses, debts, and other financial obligations. It offers some reassurance knowing their financial future is secured even if you are no longer there to provide for them financially.

While group life insurance at work provides a basic level of coverage, it is rarely sufficient to meet all of your financial needs and goals. Additional personally owned life insurance can provide comprehensive financial protection for your dependents, covering expenses such as mortgage payments, children's education, and long-term income replacement. Keep in mind that individual policies remain with you even if you change jobs, offering you more stability and control over your family or business protection.

If your health is not optimal, you can still explore options like guaranteed issue or simplified issue life insurance policies, which typically require minimal or no medical exams. Consulting with one of our insurance professionals can help you find the best solution for your unique situation.

The amount of life insurance coverage you need depends on factors like your income, debts, and financial goals, such as funding your children's education, protecting a business, leaving a legacy, or just protecting your family's financial future. A common guideline is 10-15 times your annual income.

If you use tobacco or cannabis products, you can still obtain life insurance, but premiums may be higher depending on the product you use, and the frequency. Some carriers will even offer non-tobacco rates. Regardless, it is important to be honest about your usage, as insurers have policies tailored for these situations and our insurance professionals can help you find the appropriate solution.

There are numerous options to solve for your unique needs, and your professionals at Huntington Insurance can help you find the solutions to best meet your needs:

Term Life Insurance: Provides coverage for a specified period of time, offering a death benefit if the insured dies within the term, with no cash value component.

Whole Life Insurance: Offers a lifetime coverage with a death benefit and a savings component that accumulates cash vale over time.  Premiums are fixed.

Universal Life Insurance: Combines a death benefit with a flexible savings component, allowing policyholders to adjust premiums as well as coverage amounts.

Variable Universal Life Insurance: Includes a death benefit and a savings component that can be invested in various market-based options, with cash value and death benefit fluctuating with market performance.

Simplified Issue: Requires no medical exam, offering a faster application process with higher premiums and lower coverage amounts.

Guaranteed Issue Life Insurance: Available without medical underwriting, with higher premiums and lower coverage amounts, designed for those who may not qualify for other types of life insurance. The death benefit may be graded for the first few years of the contract.

Yes, and it is important to review your policies regularly to keep up with your major life events and changing needs. Your insurance professional at Huntington Insurance can review your policy options and consult with your insurance provider to make needed changes. Depending on the type of policy you choose, you may be able to increase or decrease coverage, convert a term policy to a permanent one, or adjust premium payments and death benefits in policies with adjustable terms, like universal life insurance.

Generally speaking, life insurance payouts, or death benefits, are not taxable to the beneficiary, making it an efficient estate planning tool. However, there are exceptions, such as if the payout is part of an estate that exceeds the federal estate tax exemption or if the policy is transferred for value. Always consult with a tax advisor for specific circumstances.

Individual disability insurance provides income replacement if you become unable to work due to illness or injury. It typically covers a portion of your lost income, helping you manage living expenses, medical bills, and other financial obligations during the period you are disabled and unable to earn your regular income.

An individual policy offers personalized coverage that remains with you if you change jobs. Individual policies often provide higher coverage limits, more comprehensive benefits, and are not affected by changes in employment or employer decisions. Additionally, the benefits from individual policies are often tax-free if you pay the premiums with after-tax dollars, whereas group policy benefits are often taxable.

To determine how much disability insurance you need, aim to replace 60-80% of your after-tax income, considering your monthly living expenses, savings, and any existing group coverage. Keep in mind that group policies often have a cap on the coverage amount. This cap is typically a percentage of your salary, up to a maximum monthly benefit limit. For high earners, this cap can result in a benefit amount that is insufficient. Individual DI coverage is necessary to bridge the gap and help ensure adequate income replacement.

The waiting period, or elimination period, is the period you must wait before your disability insurance benefits kick in after becoming ill or disabled. This waiting period is customized based on your needs and budget, ranging from a few days to several months depending on the terms of the policy.

It is important that you consult with an insurance professional to understand the availability and extent of coverage for your specific situation. It may be possible to purchase disability insurance, but coverage for the pre-existing condition may be limited or excluded.

Generally speaking, if you pay the premiums for an individually owned disability insurance policy with after-tax dollars. The benefits you receive from that policy are usually not taxable. That means if you become disabled and start receiving benefits, you typically do not have to report those benefits as taxable income. It is important to consult with a tax professional who can provide personalized advice based on your specific circumstances and the details of your disability insurance policy.

Long term care insurance is designed to help cover the costs associated with long-term care services, which are usually not covered by health insurance or Medicare. It typically provides coverage for services such as assistance with activities of daily living (bathing, dressing, eating, toileting, and transferring), home health care, nursing home care, assisted living facility care, and adult day care. Specific benefits and coverage will vary depending on your individual needs, budget, and policy selected.

It is recommended you purchase long-term care insurance when you are in good health and at a younger age, as premiums tend to be lower. It is also important to consider purchasing it before you need care, as preexisting conditions may impact your eligibility for coverage. Many customers begin looking at long term care solutions in their late forty's.

Alternatives to traditional LTC include self-funding your long-term care expenses, relying on Medicaid. There are additional options which include utilizing life insurance policies with long-term care riders, or hybrid policies that combine long-term care coverage with life insurance or annuity benefits.

It may be possible to purchase LTC if you have health issues, but it may be more challenging and expensive to obtain coverage. As you age, it also becomes more expensive, and the greater the likelihood of experiencing health issues that may make qualifying for coverage more challenging.