Creating Income for a Lifetime
Contact Us
info@prestonsquared.com
Oregon
(503) 547-7397
4550 Kruse Way, Plaza II Suite 125
Lake Oswego, OR 97035
Washington
(360) 984-6164
4001 Main Street, Suite 322
Vancouver, WA 98663
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Medicare Plans
Original Medicare (Part A & Part B) doesn’t pay for everything. Medicare plans are offered by private insurance companies and designed to reduce your out-of-pocket costs. They can also provide additional coverage beyond Original Medicare for things like dental, vision and prescription drug coverage.
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Long-Term Care Plans
Unlike traditional health insurance, long-term care insurance is designed to cover long-term services and supports, including personal and custodial care in a variety of settings such as your home, a community organization, or other facility.
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Life Insurance Plans
Life insurance provides a tax-free lump sum of money to loved ones in the event of death, allowing them financial protection and the ability to maintain their standard of living as they continue toward their financial goals. It’s a value asset that gives peace of mind that they’ll be taken care of.
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Annuities
An annuity is a long-term investment designed to help protect you from the risk of outliving your income. Through annuitization, your purchase payments (what you contribute) are converted into periodic payments that can last for life.
Guaranteed Income for Retirement
An annuity is a contract between you and an insurance company in which you make a lump sum payment or series of payments and, in return, receive regular disbursements, beginning either immediately or at some point in the future. Annuities can provide virtually guaranteed income for life, and for a price, you can even get inflation protection. For this reason, annuities can be appropriate for investors with extremely low risk tolerance. Typically you should consider an annuity only after you have maxed out other tax-advantaged retirement investment vehicles, such as 401(k) plans and IRAs. If you have additional money to set aside for retirement, an annuity’s tax-free growth may make sense, especially if you are in a high-income tax bracket today.
Immediate
An immediate annuity is a contract under which you give a company a lump sum of cash and they agree to give you a fixed amount of money per month, starting immediately. Generally, immediate annuities are intended to create lifelong income streams, but there are some that only pay for a set period. Some of the advantages are things like long-term stability, tax-deferred income, and monthly income payments for the rest of your life. This type of annuity is most appropriate for people who are already retired and are looking for peace of mind regarding their retirement income.
Deferred
Pre-retirees and other people who don’t need the money right away may want to consider a deferred annuity, which delays payment by a number of years but makes higher guaranteed monthly payments. It’s designed for long-term savings and, unlike an immediate annuity, which starts annual or monthly payments almost immediately, investors can delay payments from a deferred annuity indefinitely. During that time, any earnings in the account are tax-deferred.
Fixed
Fixed annuities pay guaranteed rates of interest, which makes them appealing to investors wary of the stock market’s ups and downs. What also makes them appealing are their low investment minimums – usually $1,000 to $10,000 – and the fact that the interest they pay escapes taxation until you make a withdrawal. While interest rates tend to be lower, they’re somewhat predictable.
Frequently Asked Questions
Is there a fee for P2 services?
No, we do not charge a fee to the client for our services.
How long has P2 been offering insurance products?
P2 has over 20 years of combined industry experience.
What is the difference between a Medicare Supplement Policy and a Medicare Advantage Plan?
A Medicare Supplement policy, sometimes called “Medigap,” is a private insurance policy that can help pay for some of the health care costs that Original Medicare doesn’t cover. Medicare Advantage Plans are network-based plans offered by private insurance companies that have a contract with Medicare and provide additional benefits beyond Original Medicare like vision, hearing and dental benefits.
How do you qualify for a Medicare Advantage Plan?
You must have Original Medicare Part A and Part B, live in the plan service area and not have End-stage renal disease requiring dialysis.
Does Medicare pay for long-term care services?
No, Medicare covers medical expenses related to illness or rehabilitation. Skilled Nursing is covered by Medicare for up to 100 days if you qualify for a skilled medical need. Long-term care services involve someone needing assistance with activities of daily living such as bathing, dressing, grooming and eating.
How do you pay for long-term care services?
People rely on a variety of payment sources which include personal funds, private financing options like long-term care insurance or government programs like Medicaid.
At what age should I consider long-term care insurance?
There are no age requirements to purchase long-term care insurance. However, because of health changes that take place most often after people reach their 50s, we advocate that long-term care planning start in your 50s.
Why do I need permanent life insurance?
The need for life insurance persists long after the kids have graduated college or the house has been paid off. As long as premiums are paid, permanent life insurance provides a lifetime of protection. Also, a permanent life insurance policy will accumulate cash value on a tax-deferred basis and the death benefit is tax free to the beneficiary. Once approved, your policy cannot be cancelled by the insurer and the insurance will remain in-force regardless of your health status.
What is a final expense insurance policy?
A final expense insurance policy is used to pay for funeral services and a burial when the named insured dies. Although the policy is called “final expense insurance,” it is no different from a traditional life insurance policy with a small monetary value.
How does an immediate annuity vary from a lifetime income annuity?
When you buy an immediate annuity, you choose the number of years that your guaranteed income stream will last. A lifetime income annuity provides guaranteed income for as long as you are alive.
How can a lifetime income annuity provide financial peace of mind?
It’s a way to diversify your portfolio and make sure that your basic retirement expenses will be covered. For most retirees, the overriding concern is for a secure income stream for the future. The annuity pays principle and interest for your entire life. In this way, the lifetime income annuity operates much like a pension plan from a former employer.