Our faqs
Frequently Asked Questions (FAQs)
At L&M Financial, we believe clarity and confidence go hand in hand when making important decisions about your insurance and financial future. That’s why we’ve compiled this list of frequently asked questions—to provide quick, clear answers to the most common concerns our clients have.
Whether you're exploring life insurance, protecting your income, planning for retirement, or securing your family’s health, these FAQs are designed to guide you every step of the way. If your question isn’t answered here, don’t worry—our licensed professionals are just a phone call or message away and are always ready to help.
contact nowHealth & Medical Insurance
What is health insurance and why do I need it?
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What’s the difference between individual and family health plans?
Individual plans cover one person, while family plans bundle coverage for spouses and children. Both can include ACA-compliant options, dental, vision, and more—tailored to your household needs.
What’s the difference between ACA and short-term health insurance?
ACA plans offer comprehensive, government-regulated coverage, while short-term plans provide temporary, flexible protection.
Can I get dental and vision coverage with my health insurance?
Yes, we offer bundled plans and standalone options for both dental and vision care.
Do you help with health insurance enrollment?
Absolutely—we guide you through every step of the enrollment process.
Life Insurance
What is life insurance and how does it help?
Life insurance provides financial support to your loved ones in the event of your passing. It helps pay for expenses like funeral costs, debts, and future needs such as college or retirement.
What type of life insurance is best for me?
It depends on your goals. We help you choose between term, whole, or universal life based on your needs and budget.
Is a medical exam always required?
Not always—some policies offer no-exam options, especially for smaller coverage amounts.
Can I buy life insurance for my parents or spouse?
Yes, with their consent. It's a smart way to ensure family protection.
Disability & Income Protection
What is disability income protection?
This insurance replaces a portion of your income if you’re unable to work due to illness or injury—so you can keep up with bills, mortgage, and daily living expenses.
Why do I need disability insurance if I’m healthy?
Disability can happen unexpectedly. This coverage protects your income if illness or injury prevents you from working.
What’s the difference between short-term and long-term disability insurance?
Short-term covers you for a few months; long-term can provide income for years or even until retirement.
Long-Term Care Insurance
What does long-term care insurance cover?
It covers services like assisted living, nursing homes, and in-home care when you’re unable to perform daily activities. It helps protect your savings and ensures dignified care in later years.
What does long-term care insurance cover?
It helps pay for nursing homes, assisted living, and in-home care services not covered by health insurance.
What is a hybrid LTC policy?
It combines life insurance and long-term care benefits for added flexibility and value.
Annuities & Retirement Planning
What is an annuity?
An annuity is a financial product that provides steady, guaranteed income during retirement. It’s a powerful tool for long-term financial security and often offers tax-deferred growth.
How do annuities work?
Annuities grow your money tax-deferred and can provide guaranteed lifetime income during retirement.
Are annuities safe?
Yes—many are structured to protect your principal while offering stable returns.
Estate Planning
What is estate planning and why is it important?
Estate planning helps you legally structure how your assets are managed and distributed after death or incapacitation—ensuring your wishes are honored and your family is protected.
Do I need estate planning if I don’t have many assets?
Yes—estate planning ensures your wishes are followed and protects your loved ones, regardless of net worth.
What’s included in an estate plan?
It typically includes a will, trust, power of attorney, and healthcare directives.
Personal Insurance
What types of personal insurance do you offer?
We offer auto, home, renters, umbrella, identity theft protection, and more to safeguard your belongings, lifestyle, and personal liability.
What types of personal insurance do you offer?
We provide home, auto, renter’s, flood, umbrella, and even identity theft protection.
Can I bundle my home and auto insurance?
Yes—bundling often saves money and simplifies coverage.
Business & Employee Benefits
Do you offer group benefits for small businesses?
Yes—we specialize in affordable, customized group health and retirement plans.
Can you help with business insurance too?
Absolutely—we offer full coverage for property, liability, workers’ comp, and more.
General & Service-Related
How do I get started with L&M Financial’s services?
Simply contact us for a free consultation. We’ll assess your needs, explain your options in plain language, and build a personalized plan that fits your goals—whether it’s health coverage, retirement planning, or life insurance.
Are you licensed outside of Illinois?
Yes—we’re licensed in 18+ states including California, Florida, Texas, Virginia, and more.
How do I schedule a consultation?
Call us at 847-519-1154 or contact us online for a free consultation.