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.

You work hard to be self-employed and if something happens to you even for a short amount of time, your business could suffer. The Martin Insurance Team in Evergreen Park, IL would like to give you some useful information that could help you better understand the need for disability insurance.

What is Disability Insurance?

If you are unable to work because of a major illness or accident, disability insurance may cover the cost of a portion of your income. This is helpful if you are counting on your profits to pay the mortgage, utilities, and grocery bills.

Types of Disability Insurance

• Short-term disability – covers a short amount of time, usually 2 to 5 years. If you are planning a major surgery or having a child, short-term disability is a great solution. This type of plan could cover you for the amount of time you will be out of work.
• Long-term disability – is a plan that involves a longer amount of time out of work. If you are suddenly unable to work for years, long-term disability is a good option to have. Because you never know when you will be disabled, it’s a good idea to look into long-term disability coverage.

What You Should Know

Before purchasing disability coverage, there a few questions you should consider.

• What percentage of your salary will you receive if you have to be out of work?
• How much money will you be able to live on and for how long?
• Which disabilities are covered? (Some plans only cover specific disabilities)

Make sure you are covered. Talk with one of the Evergreen Park, IL agents at the Martin Insurance Team to determine which disability insurance covered would be right for you and your business. You can also discuss various other insurance plans that you may need including auto, home, and business insurance.

When it comes to insuring your ride, be it a car or a motorcycle, it is always best to understand the limits of how much insurance you truly need. That being said, the amount of coverage needed is going to vary greatly between a car and a motorcycle and knowing the difference can make choosing your insurance far easier. For those in the Evergreen Park, IL area, the agents with Martin Insurance Team can help you to determine just how much insurance you need.

For those that ride a motorcycle, you might notice that the insurance is far cheaper than that for a car. There are a few reasons why this is. The first is that motorcycles are not a year round vehicle. This means you do not need to buy as much insurance for them as you would a car that you drive all year long even in inclement weather. Another reason that coverage is less expensive is that a motorcycle is going to do far less damage in a wreck than a car might.

For those that ride motorcycles instead of cars, you are going to need considerably less coverage than you would for a car. Another reason you might need less coverage is that your motorcycle is going to cost less to replace in the event of an accident than a car would. Overall, it is going to cost less to insure your motorcycle and you are going to need less coverage overall than you would for a car. Another thing you need to consider is the price of your motorcycle as well. The most expensive the cycle, the more expensive the coverage and the more coverage you need overall. For those in the Evergreen Park, IL area, the agents with Martin Insurance Team can get you the coverage you need.

Not many things in life are guaranteed. You never know what to expect. However, when you purchase life insurance from the Martin Insurance Team, which serves Evergreen Park, IL and the surrounding area, you receive not just one, but many guarantees. 

1. Guarantee There’s Money to Bury You 

You don’t want to leave your loved ones with the tab from your funeral. You don’t want to leave them wondering how they’re going to pay for your viewing, tombstone, funeral services, plot and other expenses. When you have a life insurance policy that adequately covers these expenses, you have a guarantee that your funeral expenses are covered.  

2. Guarantee Your Loved Can Pay Expenses 

You might leave your loved one with expenses such as unpaid loans and credit cards. If you have any type of debt, you don’t want to leave your loved ones with these expenses. If you have a mortgage that doesn’t have a clause that it’s paid off after you pass, you could leave your loved ones with an expense they can’t afford, and they could lose the house. You also want to leave your loved ones enough money to pay bills if you’re the breadwinner of the family. All of this will be guaranteed if you plan ahead and purchase insurance. 

3. Guarantee You Have a Legacy to Pass on 

Whether your family expects it or not, you want to leave them something to know you were thinking of them. Life instance is a guarantee your loved ones receive something after you pass. 

4. Guarantee Your Family Doesn’t Have to Worry 

After you pass, your loved ones have to worry about covering the cost of your funeral. They also have to worry about paying the bills and any other expenses you left behind. By having everything taken care of before you pass, you’re guaranteed your family won’t have any extra frets and will be able to grieve over your loss.  

5. Guarantee You Don’t Have to Worry  

Life insurance is also a guarantee you don’t have to worry about what happens when you’re gone while you’re still alive.  

To get a quote for a life insurance policy, so you have some guarantees in life, contact the Martin Insurance Team, serving Evergreen, Park IL, at 708-330-4404.

Documenting your personal property via a home inventory is the best way to keep track of what you own and its value. A home inventory can serve many purposes to include the following:

Documentation of Personal Effects

A home inventory is a great way of keeping track of your personal effects and their value. In addition to making a list of your goods, you should photograph expensive items such as heirlooms, costly paintings, and antiques, posh jewelry, furs, electronic equipment, etc. to document their value. Keep all receipts from the purchase of expensive goods as well as any documentation proving an item’s historical or cultural value. Your inventory should include a detailed description of personal effects that are important to you. In the event of theft, damage or loss, you will have a written account of your goods and a good idea of their intrinsic value.

Estate Planning

A home inventory can be extremely useful in estate planning as it provides you with an up to date current of your personal assets. You can use this inventory when making decisions on what items to bequeath to family or friends upon your demise or what to donate to a good cause. A home inventory can help streamline the estate planning process.

Insurance Claims

A home inventory can help simplify an insurance claim in the event of damage or loss of valuable goods due to fire, theft, flood, etc. Providing written (and photo) documentation of lost goods and their value to your Martin Insurance Team agent in Evergreen Park, IL will help facilitate your claim and enable you to receive a fair settlement.

Learn more about how a home inventory can aid in making an insurance claim by talking to a Martin Insurance Team representative in Evergreen Park, IL today.