Life/Annuities
Life Insurance Quote Forms
Looking for coverage? Click any of the following links to submit a quote for quick, accurate and affordable rates.
Life Insurance Information
Annuity
Looking for coverage? Click any of the following links to submit a quote for quick, accurate and affordable rates.
Annuities Information
What is an annuity?
An annuity is a long-term investment between you, the annuitant, and an insurance company, the annuity issuer. Under this contract, you pay after-tax funds to the annuity issuer, who then invests your principal to meet your financial objectives and pays you or your beneficiary back with earnings (subject to the claims-paying ability of the issuer).
If you have a fixed annuity, your interest rate is guaranteed. With a variable annuity, your earnings are linked with the fluctuating performance of your investments and may be worth more or less than your principal when redeemed. In addition, you have added control in how your money is invested, creating a higher potential for growth. However, this option comes with a higher risk in return.
Unlike other investment plans, there is no limit to how much you can invest in an annuity. Your funds will steadily grow with a tax-deferred status, and you pay your regular tax income rate on only your earnings upon withdrawal.
What annuity options are available?
An immediate annuity can begin paying you right away. You can choose whether you want your income guaranteed for a specific time period or if you want lifelong payments. The amount of your payments is calculated based on your principal and your life expectancy.
A deferred annuity is broken up into two phases:
1. Accumulation: This is when you add money to your annuity, whether you pay in a lump sum or you make a series of payments. You can continue to let your account grow tax-deferred for an indefinite amount of time.
2. Distribution: This is when you begin withdrawing money from your annuity whether you take out systematic withdrawals or you annuitize to supplement your finances with a regular stream of income for life.
Why buy an annuity?
An annuity is a good investment option for individuals who are willing to take a bigger risk in hopes of earning a bigger payout. Your earnings can then be used for supplemental income during retirement, guaranteed financial independence as you age, or a monetary legacy to leave behind for your loved ones. An annuity can help you continue living comfortably well into old age.
Contact us to learn more about planning your future with an annuity. We are happy to answer your questions and help begin your investment process today.
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Auto/Home
Auto and Homeowners Insurance Quote Forms
Looking for coverage? Click any of the following links to submit a quote for quick, accurate and affordable rates.
Auto and Homeowners Insurance Information
Working with Spectrum Insurance, in Schaumburg, IL
allows you to shop the market and not just rely on one insurance carrier’s products.
We offer coverage with the following carriers:
Travelers
The Hartford
Encompass
Safeco
American Modern
State Auto
Rockford Mutual
These are just a few of the carriers Spectrum Insurance has affiliations with.
In addition, Spectrum Insurance also offers the following types of coverage:
Auto and Home Insurance
Renters Insurance
RV and Watercraft
Personal umbrella policies
Home office coverage
Valuable property/Artwork and Jewlery
Antique and show cars
Flood insurance
Sr-22 filling
Vacant land
Remember, combining your Homeowners, Auto & Umbrella Insurance
can save you up to 15%
Group and Individual Health
Health Insurance Quote Forms
Looking for coverage? Click any of the following links to submit a quote for quick, accurate and affordable rates.
Group Health
Level Funded Group Health Insurance: The Future of Health Care.
Individual Health
The Future of HealthCare in the United States: The past, the present and what’s to come.
Medicare/Long Term Care
Confused about the different Medicare Insurance options? We have the answers.
Spectrum Insurance Services in Schaumburg, IL is your one stop shop for all your Medicare needs
Medicare
Medicare is a fee-for-service health care program for seniors, in which the government pays health care providers
directly for services that fall under Parts A and B of Medicare benefits (see below). However, if you are looking for more coverage than Original Medicare, you can purchase one of our Medicare Advantage Plans to receive all your
Part A and Part B benefits.
Medicare is divided into four categories
This allows you to customize your personal coverage when shopping for a comprehensive policy.
- Part A (hospital insurance): Covers hospital care, emergency services, nursing home care, home health services and hospice.
- Part B (medical insurance): Covers medically necessary services and supplies used for diagnosing and treating medical conditions, and preventative services for illness prevention and/or early detection. Examples include ambulance services, mental health care, outpatient procedures and clinical research.
- Part C: Combines Parts A and B and often part D as well.
- Spectrum Insurance Services in Schaumburg, IL is Part D certified Insurance Agency.
What Medicare options are available?
Original Medicare offers coverage for services and supplies that are considered to be medically necessary, such as doctor visits, lab tests and wheelchairs. There are several alternative plans you can choose from for additional coverage, and each plan must offer at least the same coverage as Original Medicare.
There are two Medicare plans that we can assist you with.
1. A Medicare Advantage Plan, also known as Part C, combines Part A and Part B as a replacement to Medicare for more comprehensive health care coverage. This plan can be customized with additional coverage, such as a prescription drug program (Part D), vision and dental.
2. A Medicare Supplemental Plan, also known as Medigap, has a higher premium but supplements the coverage gaps and deductibles that Part A and Part B leave behind.
Contact Spectrum Insurance today to learn more about coverage options,
we are happy to assist you in determining which Medicare options work best.
Workers Compensation
Workers Compensation Information
Workers compensation laws were created to ensure that employees who are injured on the job are provided with fixed monetary awards. This eliminates the need for litigation and creates an easier process for the employee. It also helps control the financial risks for employers since many states limit the amount an injured employee can recover from an employer. Workers Compensation Insurance is designed to help companies pay these benefits. As a protection for employees, most states require that employers carry some form of Workers Compensation Insurance. Workers Compensation Insurance is not health insurance. Workers Compensation is designed specifically for injuries sustained on the job.
In most states, if you have employees, you are required to carry Workers Compensation coverage. Even in non-mandatory states, it can be a very good idea, particularly if you have many employees, or if they are engaged in hazardous activities.
Do I need workers compensation insurance?
Employers have a legal responsibility to their employees to make the workplace safe. However, accidents happen even when every reasonable safety measure has been taken.
To protect employers from lawsuits resulting from workplace accidents and to provide medical care and compensation for lost income to employees hurt in workplace accidents, in almost every state, businesses are required to buy workers compensation insurance. Workers compensation insurance covers workers injured on the job, whether they’re hurt on the workplace premises or elsewhere, or in auto accidents while on business. It also covers work-related illnesses.
Workers compensation provides payments to injured workers, without regard to who was at fault in the accident, for time lost from work and for medical and rehabilitation services. It also provides death benefits to surviving spouses and dependents.
Each state has different laws governing the amount and duration of lost income benefits, the provision of medical and rehabilitation services and how the system is administered. For example, in most states there are regulations that cover whether the worker or employer can choose the doctor who treats the injuries and how disputes about benefits are resolved.
Workers compensation insurance must be bought as a separate policy. Although in-home business and business owners policies (BOPs) are sold as package policies, they don’t include coverage for workers’ injuries.
