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Archive for the ‘Life insurance’ Category

How To Get The Best Deal On Life insurance

Monday, June 11th, 2018

Use An Agent To Shop For You – We will Shop and compare options for you. Let us review the options and terms so you make an educated decision. This will help you to get the best coverage at the lowest possible price.

Opt For Term Life Insurance – The quickest way to lower your life insurance premium is to opt for a Term Life Insurance policy instead of a whole-life policy. The idea is to keep insurance as what it is, and not turn it into an investment product. Thus, you can get yourself insured under a Term Life policy at a fraction of the cost of a whole-life scheme with typically the same coverage amount. However, do not forget that Term Life Insurance covers you only for a pre-defined period.

Keep Yourself Fit – Be a low risk proposition for your insurance provider by maintaining a healthy lifestyle and keeping yourself free from addictions such as smoking, drugs, and alcohol. A good health record will result in considerable reduction in your life insurance premiums.

Consult an Independent Insurance Agent – To reduce your life insurance premium, the easiest thing you can do is to consult a good Insurance agent. Since the agent will be a pro in the insurance marketplace, he/she would be able to get you to the most affordable deal in line with your coverage requirements. A good independent insurance agent will compare different market rates for you and will also negotiate the best rates on your behalf.

Start at a young age – Insure yourself at a young age. Life insurance premiums at a young age are only a fraction of what they will be when you are well into your middle-age. The premise is young and healthy people are the lowest risk segment. The low mortality risk is a great incentive for insurance companies to insure you at lower premiums

Established in 1976, Lakeview Insurance Agency serves individuals, families and businesses in Illinois, Wisconsin, Indiana and Michigan. Located in Chicago’s Lakeview neighborhood, our company is led by its founder Charles (Chuck) Stewart.

Is Life Insurance important For Your Children?

Monday, May 28th, 2018

Chicago Life insurance

Whether or not a child needs life insurance coverage is a widely argued debate. If you examine the following information and feel that you are in a position that would benefit from life insurance being placed on your child, then this would be the best decision for you.

Many people argue that children do not need life insurance. Being as the mortality rate for children is much lower than that of adults, some people feel that such coverage is an unnecessary economic drain on a family. On top of that, insurance is given out to individuals who have something to lose in the event of the untimely death of the individual insured. Adults often provide for their family.

On the other side of the argument, some people feel that having a life insurance policy on a child is a good thing to put in place since it is never too soon to get life insurance coverage. Everyone dies, and these people will be prepared from a fiscal standpoint. As a person gets older, their life insurance premiums almost always increase over time.

Children can get some of the lowest insurance premiums offered by life insurance companies. In addition, many life insurance companies that offer coverage for children will keep the premiums the same, no matter how old the child eventually gets. There is definitely an advantage for individuals who have their insurance premiums set when they are three years old as opposed to fifty years old.

For the most part, a family’s financial situation will help them to determine which decision might be best for them. If a family has the extra money needed to pay for such a policy, it might be good for the child when it comes to the long-term experiences of their life. Specifically, it would be great for the child when it gets to the point that they would eventually need to file for life insurance coverage.

Established in 1976, Lakeview Insurance Agency serves individuals, families and businesses in Illinois, Wisconsin, Indiana and Michigan. Located in Chicago’s Lakeview neighborhood, our company is led by its founder Charles (Chuck) Stewart.

 

Things You May Not Know About Life Insurance

Wednesday, April 11th, 2018

Life insurance can be a great benefit as it provides them with many benefits. These benefits are not just when the individual passes away. There are what we call living benefits. In many cases, these can be very compelling reasons for you to consider life insurance.

1. Show Me The Money
Some permanent life insurance policies include a cash value, meaning there’s financial potential that can be applied towards college tuition or even supplemental income for retirement.

2. Allows You To Pay Less In Taxes
Proceeds are generally income tax-free to beneficiaries. And when properly structured, are not considered part of your estate and therefore safeguarded against estate taxes. Plus, there’s room for tax-deferred growth, tax-favored loans, and tax-friendly withdrawals

3. The Price is RightMost people overestimate the total cost to be almost twice what it really is. Term life insurance rate are coming down; in fact, they have never been more cost-effective.

4. More Valuable Than You Think
Imagine a family of four living off a single 60k annual income. If that income was to suddenly disappear at the age of 40, it accumulates to a total loss of 1.2 million over only 20 years. That’s well over the amount the average person could save on their own.

5. It’s Portable
Most life insurance products can follow you from job to job. This allows you to adjust limits and other terms as you need to.

6. Receive A Guaranteed Income In Retirement
While you are alive, you can also get an annuity from permanent life insurance instead of later providing a death benefit to relatives and others.

Established in 1976, Lakeview Insurance Agency serves individuals, families and businesses in Illinois, Wisconsin, Indiana and Michigan. Located in Chicago’s Lakeview neighborhood, our company is led by its founder Charles (Chuck) Stewart.

How Much Life Insurance Do You Really Need?

Tuesday, March 27th, 2018

We understand that a conversation about life insurance is not always an easy one, but should be part of your long-term planning. There are many good reasons to consider purchasing life insurance. Life insurance gives your loved ones the resources to pay off debt, continue living the same standard of living and provides added financial security.  Also remember, the tax-free proceeds from life insurance will provide your loved ones with a tangible expression of your concern and thoughtfulness.

After you have decided to purchase life insurance, it brings us to the most significant question, that is how much life insurance do it need? That question depends on many factors.

  1. How much will be required to meet my family’s financial obligations?
  2. How much debt do you have other than your mortgage?
  3. What are the future income needs of my family?

Once you know this, we can provide you with limit and pricing options. Here is an example for you to consider.

After Tax Monthly Income    $5,000

Mortgage/rent                          $1,200

Expenses                                    $3,000

Savings                                      $   800

Under this example, it takes around $5,000 of after-tax income to sustain your family. If you are gone, we might expect your family to need that same amount of after-tax income still. You would need an investment amount of $500,000 to see an average return of 10% or $50,000 annually. We understand that investment returns change over time, but this is a reasonable approach.

We recommend term life insurance which is very cost effective.  The price is based on how much coverage you need, current age, and length of time you would like the coverage. You pay as you go and can drop the policy at any time. Usually, term insurance is purchased in 5, 10, or 15-year terms, but again you don’t have to renew. It is cost effective to purchase a longer policy term, as it locks in the premium.

Medicare Basics for the New Enrollee

Monday, March 12th, 2018

If you are new to Medicare, it may seem like there is a lot to learn and absorb. We are here to help you. Keep this information close to you, and then call us today.  We are always available to answer your Medicare questions.

Medicare was created to provide health insurance for all people 65 years of age or older. It has gone through many changes over the years. More recently, a new program was added to help cover prescription drug costs.

Here are some Medicare facts to remember:

  1. Using an agent does not cost you any more.
  2. When you are first eligible for Medicare, you have a 7-month Initial Enrollment Period to sign up for Part A and/or Part B.
  3. January 1 to March 31 each year is the standard enrollment period. If you didn’t sign up for Part A and/or Part B when you were first eligible, and you aren’t eligible for a Special Enrollment Period (see below), you can sign up during the General Enrollment.
  4. Once your Initial Enrollment Period ends, you may have the chance to sign up for Medicare during a Special Enrollment Period. If you are covered under a group health plan based on current employment, and that plan ends, you can call us for enrollment options

The Affordable Care Act puts consumers back in charge of their health care. Under the law, a new “Patient’s Bill of Rights” gives the American people the stability and flexibility they need to make informed choices about their health.

We provide Medicare solutions through the following insurance companies:

BlueCross BlueShield of Illinois
Mutual of Omaha
Humana
UnitedHealthCare

To discuss Medicare options specific to your needs, contact our life & heath benefits department at (773) 871-8000 ext.3413 or Dhanusiak@lakeviewins.com

This is not a complete listing of plans available in your area. For a complete listing, contact Medicare at (800) MEDICARE or www.medicare.gov

Is Your Chicago Business Prepared For The Future?

Monday, January 22nd, 2018

Business Insurance and Risk Management Trends

Every business faces risks of various kinds. If you have employees you have the risk of employee injury. You most likely buy workers’ compensation to protect yourself from this risk. No owner or manager wants to believe that their business is exposed to great risks; however, many situations may expose your company to lawsuits, liability and substantial expenses. An unfortunate number of these situations go unnoticed by many business owners until it is too late.

Comprehensive risk management is important to the overall success of your business. Unaddressed risks may result in uninsured losses that could potentially cost your business thousands of dollars.

A good risk management plan starts with reviewing your potential risks then developing a plan to treat or manage these risks. Commercial insurance is a good tool that can address many of your business risks. However, many business owners often don’t consider the following risks.

Some Important Business Risks to Consider

The risk of being sued by employees – There are many state and federal laws that protect worker’s rights. These include harassment, discrimination, retaliation, and civil rights. We can provide you with a quote for employment practices liability insurance that will address many of your employment risks.

The risk of lost income – If you have a loss or damage to your building you may not be able to resume operations for a period of time. Your business is at risk for lost revenues. Business income insurance can offer protection.

Cyber liability risk –  If your business accepts electronic payments, handles sensitive customer information or stores key information on the internet, you are at risk. Cyber liability insurance protects against these risks, and is an important coverage option to explore for many businesses.

We Offer a Fresh Perspective to Your Business Risks

As part of our service we can review and examine your business operations and help you identify the important business risks. Then we will design a risk and insurance program tailored to meet your needs. The goal of risk management is to protect your business from being vulnerable. Many business risk management and insurance programs focus on keeping the company viable and reducing financial risks.

To ensure that you enjoy protection no matter how your business grows or shifts positions, be sure to check with your insurance agent if you make any changes. Putting a little effort into your business insurance renewal can reap rewards in the form of better coverage and lower premiums. Established in 1976, Lakeview Insurance Agency serves individuals, families and businesses in Illinois, Wisconsin, Indiana and Michigan. Located in Chicago’s Lakeview neighborhood, our company is led by its founder Charles (Chuck) Stewart.

Life Insurance Provides Options For Buy-Sell Agreement

Friday, January 12th, 2018

There is considerable planning that goes into running a business. This is especially true if there is more than one partner involved in the business. It is important to have a clear understanding and agreement if something should happen to one of the owners. Buy-sell agreements among co-owners or present and future owners of a closely-held business are intended to assure the smooth future transition of its ownership. They provide the mechanism, and, if properly funded, the means, to effect a change in control and a transfer of interests upon the occurrence of a number of events, beginning with death, disability and retirement.

Here are some of the benefits of a buy-sell agreement:

  • Provides recovery for partners and heirs
  • Tax advantages
  • Provides for transfer of ownership and wealth
  • Creates fair and market value exchange of ownership

What can be a trigger for a buy-sell agreement?

  • Death, disability, retirement, divorce, loss of license, termination, and voluntary transfer of ownership.

How is a buy-sell agreement funded?

Any buy-sell agreement requires a decision regarding the type of insurance policy to purchase. The initial choice is between term and whole life insurance. The ability to maintain life insurance throughout a shareholder’s life is important. Of course there are other methods of funding including; cash, borrowing, and stock, but the most common is insurance.

We recommend you consult with an attorney and tax professional as part of your planning process.

Established in 1976, Lakeview Insurance Agency serves individuals, families and businesses in Illinois, Wisconsin, Indiana and Michigan. Located in Chicago’s Lakeview neighborhood, our company is led by its founder Charles (Chuck) Stewart.

 

 

 

 

Chicago Life Insurance

Thursday, November 16th, 2017

So, you’ve decided to purchase life insurance. Well then, you have made a good decision! If you have dependents, you know that you must provide for them long after you are gone. Buying life insurance shouldn’t be a budget buster either. Take a look at the following options which can help you save big time!

We will give you free life insurance quotes. Naturally, you will want to talk to an agent. There are four types of life insurance plans from which you can choose: Term Life, Whole Life, Universal Life, and Variable Universal Life.

Term Life is the most affordable as it lets you lock in a fixed rate for the length of the policy [typically 10 or 20 years], but it does not have any cash accumulation. You are not able to borrow money from your Term Life policy.

Whole Life offers policy holders lifetime coverage, guaranteed level premiums, tax-deferred accumulation of cash values. In other words you can borrow off the policy if you need the cash.

Universal Life offers policy holders Lifetime coverage, flexible premiums and death benefits, tax-deferred accumulation of cash values. Rates are adjustable.

Providing for family members after your death is one of the most important reasons to include life insurance as part of your financial planning. You can receive your free life insurance quote by shopping online today; don’t delay

Established in 1976, Lakeview Insurance Agency serves individuals, families and businesses in Illinois, Wisconsin, Indiana and Michigan. Located in Chicago’s Lakeview neighborhood, our company is led by its founder Charles (Chuck) Stewart.

Individual Life Insurance Vs. Company Sponsored Plans

Thursday, November 9th, 2017

Chicago Life insurance

We often get asked the question; “is it better to buy my company provided life insurance or buy life insurance on my own?” As with most things insurance-related, there are big variations in life insurance coverage and price. We recommend you consider looking at an individual plan first. Let’s look at some of the differences between group life insurance plans and individual plans.

Group plan problems

  • Group plans tend to have higher premiums
  • Rates may change from year to year
  • Group life insurance cannot be tailored to your individual needs
  • You have a limited amount of coverage you may buy
  • You do not have a choice of insurers
  • Group insurance is not portable, you can’t take it with you if you change jobs

Individual plans benefits

  • You can shop around to get the best deal
  • Premiums are generally less
  • You have the option of higher limits
  • Premiums can be locked in over a long period of time
  • The policy is portable and can be adjusted as your life needs change

The safer and smarter move is to buy life insurance on your own today. If you are interested in the deal offered through work, at least compare your costs for that group plan to what you can qualify for in an individual policy.

Established in 1976, Lakeview Insurance Agency serves individuals, families and businesses in Illinois, Wisconsin, Indiana and Michigan. Located in Chicago’s Lakeview neighborhood, our company is led by its founder Charles (Chuck) Stewart.

To discuss your life & health insurance needs, contact our life & health benefits department at (773) 871-8000 ext.3413 or Dhanusiak@lakeviewins.com

Why You Should Consider Chicago Disability Insurance

Sunday, October 22nd, 2017

If you and your loved ones depend on your salary for financial support, then you probably need disability income insurance. Think about it, if you were to become disabled, even for a few months, how would you and your family manage? Disabling illness or injury is one of the leading causes of personal bankruptcy in the United States. Just like any other form of insurance, disability insurance (short term or long term) promises compensation in the eventuality of an injury or handicap that prevents the policy owner from continuing his/her normal occupation.

If you are thirty-five years old, you have a 50/50 chance of experiencing a disability lasting three months or longer before you retire. One in seven workers will become disabled for more than five years before he or she reaches age 65. Many people mistakenly believe that the government or Worker’s Compensation will pay them an income if they become disabled. Actually, more than 80% of the people who apply for Social Security disability benefits are rejected. Social Security does not pay benefits for partial or short-term disability. Your disability has to either last a year. or be expected to last a year, before you can collect Social Security. Worker’s Compensation pays only if you were injured on the job and benefits are often limited to a few years.

If your employer doesn’t offer a group plan or you don’t like what you’re offered at the office, you can shop around as an individual. But keep in mind that, without a group, your price is based on your unique situation and needs.

Leave a legacy of love. Whether you need to secure a loan, are doing estate planning or just want to ensure your family is provided for if your life is cut short, life insurance can provide this protection.

Health insurance is only half the story. If health insurance pays your doctors and hospital, who will pay you when you become ill or injured? Income protection insurance does just that. Your best asset is your ability to earn a living. Call us today to see how affordable it is to protect it.

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lakeviewins@lakeviewins.com

Lakeview Insurance Agency of Illinois, Ltd.
3438 N. Southport Ave.
Chicago, IL 60657 map
Walk-Ins Welcome

Lakeview Insurance Agency of Illinois, Ltd.
1167 Wilmette Avenue, Ste 201
Wilmette, IL 60091 map
By Appt Only

After-Hours Emergency Claims
Ph: 773-502-8888
lakeviewins@msn.com