FAQs about Life and Health Insurance
Q. Cost of Life Insurance. How much does life insurance cost?
A. Term Life Insurance is very affordable. It can be purchased for different lengths of time, like 10, 15, 20, 25 or 30 years. By picking the smallest number of years you can hold down the cost. Also, your good health will dramatically reduce the premium. A healthy male age 45 can buy $250,000 of life insurance for only $33.97 a month.
Q. Medicare. I just moved to Maine and need to change my Medicare Advantage Plan. Do I have to wait until Open Enrollment to sign up?
A. No. You have a Special Enrollment Period when you move to Maine and for a number of other reasons like losing you Group Insurance.
Q. Office Location. Is your office hard to get to and will I have convenient parking?
A. You bet! Our office is right at Exit 5 off I-395 and on Parkway South in Brewer across from the new Police and Fire Station. You can park practically at the front door of the building in a private parking lot.
Q. Do you sell Annuities?
A. Yes we do. Annuities are a great way to accumulate interest without paying taxes. Annuities are a great way to make sure you will not outlive you money. There are many types of Annuities and many ways they can be used correctly. But there are also incorrect uses for them. So, it is best to deal with a professional (like us) and be properly informed before you invest.
Q. Can I buy health insurance anytime I want it?
A. The best answer is NO. But it isn’t the complete answer. There are special exceptions and “life changing” conditions that will affect your ability to enrollment in a good plan. If you need coverage give us a call. The government imposes penalties for not having “creditable” coverage and the penalty goes up each year you wait.
Q. Do I have to buy a Prescription Drug Plan after I turn 65? I don’t take any medications.
A. You should. That’s the best answer. If you don’t, you are subject to a stiff extra premium when you buy a plan. We can help you with the comparison.
Q. I heard on TV that some Life Insurance Policies can help me avoid paying income taxes. Is this true?
A. Sure is! In fact the wealthy have been doing this for years. The news media are just catching up. Now average blokes like you and I can have these plans, too. It gets a bit involved, so you should request a sit-down to learn all you should before you make the decision to buy. I might even be able to rearrange my schedule and see you this afternoon!! Give me a call.
Q. Every time I talk to an insurance agent, I get a different story. Who can I trust?
A. It would seem self-serving to say me, but I will. I have spent years in the insurance business and have sold just about every type coverage. I have quite a few grey hairs now. I don’t need to make every sale in order to pay my bills. If I don’t know for certain, I will find out. If I don’t recommend a product, I will tell you. If it is over my head, I will recommend a taller person to help you!