Providing for Your Family in Their Time of Need
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.
A Tax-Free Safety Net
There are many benefits of life insurance that make it a necessary part of any financial plan. No matter how you use it as part of your safety net, life insurance is affordable protection that gives your loved ones a benefit payout that is tax-free. It provides peace of mind for: protecting future plans like college and retirement for your beneficiaries; paying off debt like a mortgage, credit cards or student loans; estate and inheritance planning to leave something behind for children, grandchildren, or charities; and covering end of life expenses like funerals, which have an average cost of nearly $10,000.
Term Life
Term life is considered the simplest, most accessible insurance policy. Term life lasts for a predetermined period of time, known as the term. When the term is up, the policy expires. If you die before the term is up, a set amount of money, known as the death benefit, is paid to your designated beneficiary. The death benefit can be paid out as a lump sum, a monthly payment, or an annuity. Most people elect to receive their death benefit as a lump sum.
Whole Life
Whole life insurance is considered to be a type of permanent life insurance because it does not expire. It has a death benefit but also a cash value, which is a tax-deferred savings account that is included in the policy. The cash value accrues interest at a predetermined fixed rate. Each month, a certain portion of your premium will go into the cash value of the policy, which offers a guaranteed rate of return (The exact amount that goes into savings is determined by your individual policy). The policy’s cash value grows over time.
Universal Life
Universal life has a cash value, just like a whole life insurance policy. Premiums paid go toward both the cash value and the death benefit. But there’s a twist: the policyholders of universal life policies can change the premium and death benefit amounts without getting a new policy. If your financial situation changes, the ability to make adjustments within your policy is appealing. This feature is one of the main attractions of a universal policy and comes at an added cost.
Most shoppers decide between term and whole life insurance. Term life is the right choice for a majority of people because it’s affordable and straightforward. However, whole life, with its cash value and permanent status, can be useful for final expense planning and people with complicated finances. We can help you decide which is the best option for you.
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.