Question 1

What is the purpose of life insurance?

Accepted Answer

Life insurance provides financial protection for your loved ones or business partners in the event of your death. It helps cover living expenses, debts, and other financial obligations, offering reassurance that their future is more secure.

Question 2

I have life insurance through work. Why would I need more?

Accepted Answer

Group life insurance from your employer is a helpful start, but it often isn’t enough to meet your full financial goals. A personal policy can offer more comprehensive protection, covering things like mortgage payments, education costs and long-term income replacement. Plus, it stays with you even if you change jobs.

Question 3

What if my health isn’t great?

Accepted Answer

You may still have options. Some policies, like guaranteed issue or simplified issue life insurance, require little to no medical exams. A Huntington insurance professional can help you find a solution that fits your situation.

Question 4

How much coverage do I need?

Accepted Answer

That depends on your income, debts and goals — like funding education, protecting a business, or leaving a legacy. A common starting point is 10 to 15 times your annual income. We’ll help you think through what’s right for you.

Question 5

What if I use tobacco or cannabis products?

Accepted Answer

You can still get life insurance. Premiums may vary based on usage, but some carriers offer non-tobacco rates. Being honest about your habits helps us find the right fit for your needs.

Question 6

Can I change my policy if my circumstances change?

Accepted Answer

Yes. Many policies allow you to adjust coverage, convert term to permanent, or change premium payments. A Huntington insurance professional can help you review your options and make updates as your life evolves.

Question 7

Are life insurance payouts taxable?

Accepted Answer

In most cases, life insurance payouts (death benefits) are not taxable to the beneficiary. However, exceptions may apply, such as if the benefit is part of an estate that exceeds the federal estate tax exemption or if the policy is transferred for value. A tax advisor can help you understand your specific situation.

Question 8

What does disability insurance cover?

Accepted Answer

Individual disability insurance provides income replacement if you’re unable to work due to illness or injury. It typically covers a portion of your lost income, helping you manage living expenses, medical bills, and other financial obligations during the period you are disabled and unable to earn your regular income.

Question 9

Why would I need an individual policy if I have one through work?

Accepted Answer

An individual policy stays with you even if you change jobs. It often offers higher coverage limits, more comprehensive benefits, and tax-free payouts when premiums are paid with after-tax dollars, unlike many group policies, which may be taxable.

Question 10

How much disability insurance do I need?

Accepted Answer

A good rule of thumb is to replace 60% to 80% of your after-tax income. Consider your monthly expenses, savings, and any group coverage you already have. High earners may need individual coverage to fill the gap left by group policy caps.

Question 11

What is the waiting period before benefits begin?

Accepted Answer

This is called the elimination period. It’s the time between when you become disabled and when benefits start. It can range from a few days to several months, depending on your policy and budget.

Question 12

Can I get coverage if I have a preexisting condition?

Accepted Answer

Possibly. Coverage may be limited or exclude certain conditions, but a Huntington insurance professional can help you understand your options.

Question 13

Are disability insurance benefits taxable?

Accepted Answer

If you pay for your individual policy with after-tax dollars, the benefits are usually not taxable. Always consult a tax advisor for guidance based on your specific policy and situation.

Question 14

What does long-term care insurance cover?

Accepted Answer

It typically provides coverage for services such as assistance with activities of daily living (bathing, dressing, eating, toileting, and transferring), home health care, nursing home care, assisted living facility care, and adult day care.  These services are typically not covered by health insurance or Medicare.

Question 15

When should I consider buying long-term care insurance?

Accepted Answer

The earlier, the better. Premiums are lower when you’re younger and healthier. It is also important to consider purchasing it before you need care, as preexisting conditions may impact your eligibility for coverage. Many people begin exploring options in their late 40s or early 50s.

Question 16

What are alternatives to long-term care insurance?

Accepted Answer

You can self-fund, rely on Medicaid, or consider hybrid policies that combine life insurance or annuities with long-term care benefits. A Huntington insurance professional can help you compare options.

Question 17

Can I get coverage if I already have health issues?

Accepted Answer

It may be possible, but coverage could be more expensive or limited. The older you are, the harder it may be to qualify, which is why earlier planning is key.

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