Business Insurance

Open enrollment for the individual/family market is typically November 1st through December 15th of each year for a January 1st effective date..  If you do not apply for coverage during that open enrollment timeframe, you will have to wait until next year or have a Qualifying Life Event (QLE). 

Due to the many changes brought about by the Affordable Care Act (ACA), very few brokers are still selling individual/family health insurance plans.  Unfortunately, this would include Loudoun Insurance Group.  If you do not have access to an employer-sponsored health insurance plan through your or your spouse’s workplace, you will most likely have to apply directly with the carriers or through the marketplace at www.healthcare.gov.  If you qualify for government assistance, you must go through the government website to purchase the insurance. 

As of January 1, 2018, there are only two health insurance companies offering individual/family coverage in Loudoun County and most of Northern Virginia:  Kaiser Permanente and CIGNA.  Kaiser Permanente is an HMO where you are required to go to their doctors and facilities for coverage.  CIGNA has a broader network, but does not have out-of-network coverage. So as with any insurance, plan ahead and make sure you know what providers and facilities are in network for your plan before you need services.

Are you a small business owner with at least one W2 employee working 30 or more hours? 

You may be better off starting a group plan for you and your employees.  Pricing is more competitive, there are more carriers and plan options to choose from, and there is a good amount of tax savings potential for the business and your employees.  

Contact us ASAP and we will assist, but before you do, here are some of the requirements for starting these plans.  You must have at least one “common law employee” (W2, non-owner, non-spouse of owner) who is working on average 30 or more hours a week.  There is an employer contribution minimum of 50% of the employee’s premium (no requirement for contributing to spousal or dependent coverage), and there are different participation requirements that are carrier specific.

Whole Life insurance combines the security of lifetime insurance protection with the advantages of tax-deferred cash accumulation. In addition to providing a death benefit, Whole Life policies also guarantee that premiums will remain level throughout the life of the policy. This allows owners to build the cost of their coverage into their long-term financial plans.

People who purchase Whole Life generally want to ensure that when they die, money will be available to pay final expenses, fund college costs, pay estate taxes, care for an elderly parent, or simply allow loved ones to maintain their lifestyles.

Universal Life insurance combines the security of lifetime insurance protection with the advantages of policy flexibility and tax-deferred cash accumulation. The difference between Universal Life and other forms of permanent coverage is the flexibility it offers. Within certain limits, policy owners can increase or decrease their death benefit according to their changing needs without having to purchase a new policy. Likewise, owners can increase, decrease, or cease paying premiums altogether provided the policy has sufficient cash value.

Like people who buy Whole Life insurance, people who purchase Universal Life generally want to ensure that money will be available to pay final expenses, help fund college costs, pay estate taxes, care for an elderly parent, or simply allow loved ones to maintain their lifestyle.

Variable Universal Life insurance (also known as VUL) combines the security of lifetime insurance protection with the advantages of policy flexibility and tax-deferred cash accumulation through investments. The difference between VUL and other forms of permanent coverage is the flexibility and growth potential it offers. Policy owners determine how the assets within the policy are invested depending upon their tolerance for risk and the amount of time over which they will be investing.

Within certain limits, policy owners can increase or decrease their death benefit depending on their changing needs without having to purchase a new policy. Likewise, owners can increase, decrease, or cease paying premiums altogether, provided the policy has sufficient cash value. People who purchase VUL generally want to ensure that money will be available to pay final expenses, help fund college costs, pay estate taxes, care for an elderly parent, or simply allow loved ones to maintain their lifestyle.

They also like the idea of controlling how their cash values are invested and are willing to assume some market risk to create a life insurance program that adjusts to economic conditions.

Term Life is one of the simplest, most cost-effective types of life insurance. Generally, it provides the largest immediate amount of protection for the lowest cost. With Term Life, your beneficiaries are paid the entire amount of your policy (subject to your policy’s provisions) if you die during the term, which is typically from five to 30 years.

People who purchase Term Life generally have a substantial need for insurance protection during a specific period of time. They may be young and have growing families and need temporary protection now, with the option to convert to permanent coverage later.

Group Life insurance is typically offered as an employee benefit. Premiums under group policies are generally lower for younger employees, and higher for older ones. In addition to employers, some membership organizations such as unions and alumni clubs also offer Group Life insurance plans.

There are several different types of life insurance, all with a common purpose: to protect your loved ones from bearing a large financial burden in the event of your premature death. Your needs will change throughout your life, so it’s important to understand the basics and periodically review your coverage to ensure that it’s still right for you.

There are two basic types of life insurance:

• Temporary insurance, including Term Life and Group Life
• Permanent insurance, including Whole Life, Universal Life, and Variable Universal Life

If you purchase life insurance, the insurance company will pay a death benefit to the beneficiary or organization named in the policy when the holder dies. (In the case of temporary insurance, your death must be during the policy term.) The choice between temporary and permanent insurance will depend upon your personal goals and objectives.

How much life insurance do you need?

Life insurance is intended to provide for your family’s financial security, and can help bring peace of mind. Calculating the right amount of coverage to suit your situation can be difficult—and depends on your personal goals and objectives.

Most insurance companies recommend that your total life insurance coverage should equal to five-to-eight times your annual income. Many people use a combination of the types of life insurance listed below to meet changing needs over the course of a lifetime.