Here at the Martin Insurance Team, serving the greater Evergreen Park, IL area, one of the questions we are often asked is what age should someone begin to think about buying life insurance for themselves or for their spouses or partners. Unfortunately, there is no one size fits all answer and age alone should not be a determining factor for when a person should buy life insurance. Here is what you need to know about buying your first life insurance policy. 

As a general rule of thumb, if anyone depends on you for your income or services you provide, you should have life insurance. For most people, this occurs when they move in with a life partner, get married or have a child. Without the income that you have coming in, someone else, such as your spouse or child, would be unable to live the life they have become accustomed to. Likewise, if you provide a service, such as watching your children rather than working, your spouse or partner may be put into a tight position if you were to die and they would have to pay for child care. As such, you should take into account whether anyone is dependent or reliant on you or the money you have coming in. If they are, now is the perfect time to purchase your first life insurance policy. 

When you are ready to purchase life insurance in the greater Evergreen Park,, IL area, Martin Insurance team can assist you. Contact us today to inquire about various policies and let us help you to find the one that best meets your needs, including policy limits, terms, conditions and the cost of the policy. 

Long-term disability insurance protects you in the event that you’re disabled for longer than 90 days. There’s a 25 percent chance that you’ll experience a disability period of 90 days or longer over your entire career. This type of insurance usually costs about one to three percent of your annual salary, however, there are a variety of factors that influence the actual price. If you’d like to get a quote or ask questions to a knowledgeable representative, contact Martin Insurance Team, which serves Evergreen Park, IL.

Factors That Affect Long-term Disability Insurance Cost

Coverage amount refers to how much money you’ll receive each month that you’re not getting a paycheck. As you pay your premiums after taxes, the money you get from your long-term disability policy is tax-free. It’s recommended to have a coverage amount at about 60 percent of your gross (before-tax) salary.

Benefit period refers to the length of time that your benefits will last. The longer this period is, the more your premium will be. On average, long-term disabilities last for three years, so it’s a good idea to use that number as a baseline. If it’s affordable, it’s recommended to choose a benefit period of at least five years.

Waiting period refers to how long you have to wait after becoming disabled before receiving your benefits. The shorter your waiting period is, which is referred to as the elimination period, the higher your premium is. Also, the longer the waiting period is, the less your premium is.

Age, health, your occupation, and location are also factors that influence your premium. The older you are, the more expensive your policy will be, and the younger you are, the cheaper your policy will be. Likewise, the healthier you are, the less your premium will be. If you have a risky career, your policy cost increases, as the chance of injury is greater. Finally, location is a factor, too. Generally, premiums are higher in states where people file more claims, but this isn’t always the case.

If you want to get a long-term disability insurance quote today, call Martin Insurance Team, which serves Evergreen Park, IL.

Motorcycles are a great way to have fun on the road. But in case of an accident, your insurance specialist will be there to help. The Martin Insurance Team in Evergreen Park, IL will answer all your questions about your bike.

Even if you have your eye on a trike or moped, there is good news: motorcycle insurance will likely cover it. Motorcycle insurance covers motorcycles and the following vehicles:

-mopeds
-scooters
-sport bikes
-high-performance bikes
-custom bikes
-ATVs
-Cruisers
-Motocross bikes
-Vintage bikes
-Off-road bikes
-Touring bikes

What Is Included In My Motorcycle Insurance Plan?

Most insurance packages require two parts. These are bodily injury coverage and coverage for property damage. Both of these come into action if your are ever found to be at fault after an accident.

Comprehensive and Collision Coverage

Comprehensive coverage will help you in the even that your bike is stolen. It will also help if are in an accident where you are not at fault. Collision insurance kicks in when you are in an accident with another vehicle. This type of coverage will help you repair your bike and replace your helmet and riding gear.

Total Loss Coverage

In the even that your bike is totaled, total loss coverage will pay for your bike at it’s current suggested retail price.

Coverage for Medical Payments

This type of coverage will help you pay your medical bills in the event that you are injured in an accident.

Optional Equipment

If you have made customizations to your bike, you will be able to cover them up to $30,000 for models less than 25 years old.

If you have any questions about motorcycle insurance, be sure to contact the Martin Insurance Team in Evergreen Park, IL.

Being properly insured is a very important responsibility that all people share. While most people have auto insurance, home insurance, and medical insurance, there are other types of insurance that are necessary as well. One type of very important insurance to have is life insurance. For those that are in the Evergreen Park, IL area, there are several different factors to take into consideration when determining how much life insurance is needed.

Income Replacement

When you are looking to build a life insurance policy, your first thing to think about how much of your income will need to be replaced by your loved ones. Ideally, you should have a life insurance policy that is at least 10 times the amount of your annual income. This would provide a substantial amount of money for your family to live off of if you pass away untimely.

Mortgage and Other Debt

Another factor to take into consideration when you are building a life insurance policy is the amount of money you have on your mortgage and other debt. It would be very beneficial for you to have an additional amount on your life insurance policy to pay off this amount. This would take off a significant financial burden for your family.

Future Expenses

Finally, you also need to factor in future costs that your family will incur.  This can include providing additional life insurance proceeds to pay for college education costs or help support your spouse in retirement.  

Since building a life insurance policy is such a big decision, those that are in the Evergreen Park, IL area should consider working with the Martin Insurance Team.  The Martin Insurance Team will be able to provide you with support to better understand your insurance needs and get you into a policy today.  

Before selecting a life insurance policy, consider your income and the ongoing cost of living.  It’s recommended that you obtain benefits equal to five to eight times your current salary.  Other factors, such as your age, the number of dependents you have, and your financial goals (like retirement) will help you decide on a policy that’s right for you.  A Martin Insurance Team agent serving the Evergreen Park, IL area can advise you about the different types of coverage available.

Calculate Income and Expenses

First, calculate the amount of income you will need to pay for annual expenses (mortgage, utilities, food, clothing).  Next, add the sources of income that would be available to your family upon your passing, such as your spouse’s earnings, pensions, and Social Security.  Subtract the total annual income from the annual amount of income you need (Step 1 minus Step 2).  Multiply the result by the number of years you want to provide coverage for your dependents.  Add to that figure the full amounts of any lump-sum expenses that your family would be responsible for, such as funeral costs, medical bills, or student loans.  The final number gives you the amount of coverage you need.

Other Considerations

Other factors, such as marital status and the ages of your children, may affect how much insurance you purchase.  Single parents with young children may opt for a higher level of coverage, especially if they are the family’s sole breadwinner.  If you’re married and your children are grown and able to support themselves, you may want a plan that provides only for your surviving spouse.

If you live in Evergreen Park, IL, and have questions about life insurance, a Martin Insurance Team agent can help you explore your options.

Many people in Evergreen Park, IL have misconceptions about the different types of disability insurance available to them.  Some believe disability insurance is only for short-term issues. Others only know about long-term disability insurance. The Martin Insurance Team believes both types are important. Here’s why you would choose one, the other, or both.

Short Term Disability Insurance and What It Covers

Short-term disability coverage can last from a few weeks to a year. These benefits come into play if you suffer from a lengthy illness or injury that needs a little time to heal.

When the disability insurance starts providing coverage, it will only do so for the length of time specified in the policy, or until you max out the coverage amount. Short-term disability insurance can also cover things like childbirth.

Long-Term Disability Insurance and What it Covers

Long-term disability insurance works in much the same way, but it covers you over a greater length of time. After the claim process, a long-term plan can pay out benefits for years, or even a lifetime.

The types of disability claims long-term coverage supports can include things like musculoskeletal disorders, cancer, and cardiovascular diseases. In many cases, a long-term plan can kick in when a short-term claim ends.

Evaluating Your Need for Individual Disability Insurance

Many people receive disability insurance through their employers. Unfortunately, employer group plans aren’t always enough coverage if you find yourself with a short or long-term health issue. And it’s just as unfortunate many people don’t find this out until it’s too late.

Evaluating your need for disability insurance in Evergreen Park, IL requires a thorough review of your occupation, lifestyle, and budget. No one policy will work for everybody.

That’s why it’s important you speak to the Martin Insurance Team about which options will work for you specifically. Whether it’s short or long term, we can help you get the coverage you may need. Contact us today for more information about individual disability insurance.

Although disability insurance is an essential cover, few people bother to buy it. Regardless of where you work, you are at risk of getting into an accident which can render you disable and unable to attend your day job.

It is important to note that accidents are not the only major causes of disability. You can get a minor accident at your daily day job in a manufacturing company or a printing firm. Such an accident can later cause more complications rendering you completely disable or partially disabled. Cancer heart diseases and back injuries can also cause temporary disability rendering you unfit for work.

Martin Insurance Team offers disability insurance cover to cater for your bills if you are rendered disabled by diseases or an accident. Among the covers offered to the residents of Evergreen Park, IL, include;

Short-term disability policy– this cover your bills or rather replaces your income or a few months. It covers unto 52 weeks after the accident. The insurance company will give you the benefits on a weekly basis.  This cover takes care of your most essential needs such as food, school fees, and rent.

Long-term disability policy– Under this cover, the insured received a monthly payment? Benefit for up to ten years. This cover comes in handy when a disability was anticipated to be short-term but extend above one year.

Martin insurance team has taken an active role in educating the people of Evergreen, IL, about the available disability policies and goes a step further to educate them on who should get a cover and why.

Although every person should have a disability insurance cover, the working young adults with small families should prioritize it to protect their family’s income. So, if you need this cover, please feel free to contact us through our website.

 

 

 

 

 

Planning for retirement is of the utmost importance. You might get some retirement assistance from your employer in Evergreen Park, IL. Otherwise, it’s up to you to make the necessary plans. Tax-free retirement insurance can help you to plan more effectively for the future. There are simply some things you need to know about the insurance.

It’s Part of a Life Insurance Policy

In order to obtain tax-free retirement insurance in Evergreen Park IL, you need to look at the right life insurance policy. Life insurance, in general, is often ignored. People don’t see the benefit and therefore they don’t look at policies. However, if you look past term life, you can actually obtain a cash value from it, which allows you to apply the cash towards your retirement.

The Amount Varies

The amount of tax-free retirement income that you want will vary from everyone else. As such, when you buy the insurance policy, you need to look at what you need. Much of it will depend on your other sources of retirement income. You might be receiving money from Social Security, pension, an IRA, and much more.

By working with Martin Insurance Team, you can learn more about how much you need your insurance policy. An agent will make some calculations and help you with the entire process.

It’s a Worthwhile Investment

You want to live out your Golden Years in style. The only way to do that is to have enough money at retirement. Tax-free retirement insurance is just that – tax-free. It allows you to have more money coming in once you retire so that you can live the life you want to live.

Call Martin Insurance Team now and let one of our agents help you find a policy.

 

Being diagnosed with a chronic or terminal illness is a life-changing event. But did you know it can also affect your health insurance?

How Your Diagnosis Affects Coverage

Recent legislation has mandated that most health insurance plans should offer certain minimum coverages. The types of treatment covered and the amounts your insurance company will pay towards those costs can vary widely. Always check with your insurance provider before agreeing to pay for treatments.

Whether your plan is employer-sponsored or privately purchased, these things are usually covered by your insurer.

• Visits to your primary care physician, and any specialists to which you are referred
• Lab tests
• Prescribed medications
• Rehabilitation services like physical and occupational therapies
• Hospitalization

Managing the Costs of Chronic and Terminal Care

Keep in mind that deductibles and co-pays will vary based on the specifics of your insurance contract. The experts at Martin Insurance Team can help you find a plan that fits your health care needs in the Evergreen Park, IL area.

Copays and deductibles can demand a large investment for those who need constant or specialized care. These tips will help you manage your out-of-pocket costs associated with your diagnosis.

• Ask your doctor to prescribe generic versions of medications.
• A health savings account (HSA) can help reduce out-of-pocket costs on co-pays for treatments, therapies, co-pays, and other costs associated with managing your condition.
• Consider higher premium plans. You might think you’re saving money by choosing plans with lower monthly payments, but your plan may not provide the level of coverage needed to manage serious illnesses and injuries. Plans with higher premiums usually have lower deductibles and copays, which save you money in the long run.

If you’re in the Evergreen Park, IL area, contact the experts at Martin Insurance Team. They are here to make sure your health insurance covers all of your needs.