Monthly Archives: April 2023

Three misconceptions out there about long-term care insurance

Long-term care insurance is crucial if you want your finances and have confidence that you’ll get the healthcare you need down the road. At Colling Insurance Services Inc., we provide long-term care insurance in Lakewood, CO. 

Being accurately informed about long-term care insurance is important. Unfortunately, misconceptions about this type of coverage are common.

Consumers only very rarely end up needing long-term care insurance

Assuming that you’ll never need long-term care is a bad idea. Even if you are very healthy, you could experience an accident or an unexpected illness that leaves you in need of costly long-term care. 

My Medicare plan will cover long-term care.

Your Medicare plan may cover long-term care in certain situations. However, you cannot always rely on Medicare to cover long-term care costs. How much Medicare coverage you receive for long-term care costs depends on what type of injury/illness you experienced and what Medicare plan and supplements you have. 

Purchasing a separate long-term care insurance policy gives you more confidence that any long-term care costs you face will be covered. 

Only the elderly need long-term care insurance.

Long-term care is associated with the elderly. However, even young, healthy individuals can benefit from having long-term care insurance. Individuals at any age could experience a severe injury that leaves them handicapped and needing long-term care. 

If you want to learn more about long-term care insurance, we’re here for you. Consumers in Lakewood, CO can get a long-term care insurance policy quote from us at Colling Insurance Services Inc.

Understanding Life Insurance Payouts: Taxes, Timing, and Tips

Navigating life insurance payouts can be complex, but understanding the process is crucial. As a trusted insurance provider in Lakewood, CO, Colling Insurance Services, Inc. is here to clarify a few key aspects of life insurance payouts, including taxes, timing, and valuable tips.

It’s essential to consider the tax implications of life insurance payouts. Generally, death benefits paid to beneficiaries are tax-free. However, certain situations may involve taxes, such as when the payout is part of the policyholder’s estate. To understand the tax implications specific to your policy, consult with a tax professional or one of our knowledgeable agents at Colling Insurance Services, Inc.

The timing of life insurance payouts can vary based on factors like policy type and claim processing time. Beneficiaries often receive payouts within weeks or months after the insurance company gets the claim and necessary documentation. To ensure prompt payouts, policyholders should inform beneficiaries about policy details and provide clear instructions for filing a claim.

Navigating life insurance payouts becomes easier by keeping essential tips in mind. Periodically review your policy to ensure it aligns with your current needs and those of your beneficiaries. Update your beneficiary information as life circumstances change, and store policy documents in a safe, accessible place. Let your beneficiaries know where they can find these documents. If you have questions about your policy, consult with a trusted insurance agent like those at Colling Insurance Services, Inc.

Our team at Colling Insurance Services, Inc., serving Lakewood, CO, is committed to helping you understand life insurance payouts. Don’t hesitate to contact us for more information or assistance with your life insurance needs.