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Archive for the ‘Personal insurance’ Category

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.

 

Chicago Disability Insurance Part One

Tuesday, May 22nd, 2018

Why You Need Disability insurance

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

Most people do not realize that their chances of becoming disabled are greater than their chances of dying prematurely. Yet they are more likely to buy life insurance than disability insurance. For this reason, people in the insurance industry call disability “the forgotten risk.’ According to statistics from the Journal of the American Society of Chartered Life Underwriters, if you are age thirty to fifty-five, your chances of becoming disabled are two to three times greater than your chances of dying.

If you are thirty-five years old, you have a 50:50 chance of experiencing a disability lasting last 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.

At Lakeview Insurance Agency, we pride ourselves on our great customer service. We are an independent, individually owned insurance business that treats our clients like family. We understand that claims, changes, emergencies and accidents happen – and we’re dedicated to helping you deal with them. Our agents and customer-service representatives are ready, willing and very able to help you. Any questions or problems? Please call us at (773) 871-8000 or drop us a note.

Short Term & Long Term Disability

Thursday, April 19th, 2018

Most people insure their material possessions—their homes and cars, for example. But many of these same people don’t insure what is probably their most valuable asset — their ability to work and earn income. Disability insurance is designed to replace your income should you become unable to work at your current job. Disability insurance is important because it can ease the financial burden on a household when someone has a serious illness or injury. There are two basic kinds of disability insurance:

Short-term disability insurance covers a percentage of your lost salary should injury or illness knocks you out of work for more than a few days. Payments generally kick in when you have exhausted any available sick leave. Duration of benefits varies by policy, but six months is typical.

Long-term disability insurance is a more typical insurance product in that it protects you from catastrophic illness or injury, including tragic twists of fate that permanently end your ability to earn a paycheck.  These policies usually pick up where short-term disability policies leave off. Some last only five or 10 years, but you want one that covers you until age 65.

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.

At Lakeview Insurance Agency, we pride ourselves on our great customer service. We are an independent, individually owned insurance business that treats our clients like family. We understand that claims, changes, emergencies and accidents happen – and we’re dedicated to helping you deal with them. Our agents and customer-service representatives are ready, willing and very able to help you. Any questions or problems? Please call us at (773) 871-8000 or drop us a note:

 

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
AARP 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

Do I Need Insurance Form My Condominium?

Friday, March 9th, 2018

If you own a condominium you need the same kind of insurance as any homeowner does. You also own personal property like clothes, guns, electronics and furniture that needs to be insured.

The condo association’s insurance usually covers the common areas you share with others in your building (walls out), like the roof, basement, elevator, boiler and walkways for the association’s liability and physical damage, but not much more. These policies are intended to protect the association owner for direct damage to their property. Condo associations should also have Directors and Officers Insurance to protect against alleged or actual financial losses from third parties including individual condo owners.

That leaves a lot of items to be covered under a condo owner’s property policy. Condo owner insurance typically covers what the condo association’s insurance doesn’t; personal property, liability, the owner’s portion of the building, and loss of use. Condo owners also can purchase added coverage including water backup, flood, earthquake, umbrella, fine arts, and jewelry insurance.

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.

An independent insurance agency, we represent more than thirty top insurance carriers

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.

 

 

 

 

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

Halloween Safety Tips

Tuesday, October 24th, 2017

In the next few days, we will be watching children scramble from house to house in search of the elusive Halloween treat.  However, keeping our kids safe as they are out Halloween night is always a concern.  A little pre-planning can prevent unfortunate accidents that could turn out to be tragic.  Remember, your homeowner’s insurance will cover you in most cases should someone trip and fall on your premises.

Here are some pointers for ensuring your house is a safe place for trick-or-treaters on Oct. 31.

  • Provide healthier treats for trick-or-treaters such as low-calorie treats and drinks. For your guests, offer a variety of fruits and vegetables.
  • Be sure walking areas and stairs are well-lit and free of obstacles that could cause someone to fall.
  • Keep candle-lit jack o’lanterns and luminaries away from doorsteps, walkways, landings, and curtains. Place them on sturdy tables, keep them out of the reach of pets and small children, and never leave them unattended.
  • Remind drivers to watch out for trick-or-treaters and to drive safely.

 

Safety tips for kids

  • Never, ever, go into a house.
  • Costumes should be short enough to prevent children from tripping and falling
  • An adult or an older responsible child should always accompany young children. Even older children should go trick-or-treating with an adult, or with friends.  Never go out alone.

 

  • Only go to homes with a porch light on.
  • Plan costumes that are bright and reflective.
  • Do not eat homemade food.
  • Examine all candy.  If it has been opened, toss it out.
  • Use a flashlight.

 

Sources: http://www.nsc.org/, https://www.aap.org, https://www.cdc.gov

At Lakeview Insurance Agency, we pride ourselves on our great customer service. We are an independent, individually owned insurance business that treats our clients like family. We understand that claims, changes, emergencies and accidents happen – and we’re dedicated to helping you deal with them. 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.

An independent insurance agency, we represent more than thirty top insurance carriers.

 

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Office Contacts
Ph: 773-871-8000 Fax: 773-871-8062
lakeviewins@lakeviewins.com

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

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