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How Are Death Benefits Paid from a Life Insurance Policy

Tue, 30 Nov 2021 10:26:32 GMT

How Are Death Benefits Paid from a Life Insurance Policy

When you insure yourself under a life insurance policy, you will name a beneficiary who will receive the policy’s payout in the event of your death. This settlement is called a death benefit, and it can ease your survivors’ financial burdens in numerous practical ways.

You might decide that leaving life insurance to family beneficiaries is the best way to enable them to settle your estate. However, a death benefit is different from other types of inheritance. Here’s what you should consider when you are choosing the death benefit for your life insurance policy.

How Do Death Benefits Work?

You buy life insurance while you are still alive, but it is only designed to pay out in the event of your death. You can choose the sum of the death benefit included within the plan, and you can also choose for how long you want the policy to cover you. Some plans only cover you for a certain term of years (term life insurance) and others last for the rest of your life (permanent life insurance).

At the time of choosing the plan, you will also name the beneficiary to who you want to receive the policy funds. You cannot be both the insured and the beneficiary on the policy since you must die for the policy to pay out benefits. Should you die while the policy is in place, your beneficiary will receive the death benefit. Some life insurance plans allow you to name primary and contingent beneficiaries, and you can also instruct that each beneficiary receive a certain percentage of the death benefit.
One positive aspect of life insurance death benefits is that they are not considered part of your estate. As a result, they will not go through the probate process. Therefore, your beneficiaries won’t automatically be obligated to repay creditors or others using this money.

Still, if you want to put stipulations on how the death benefit money is to be used, then you have the option of placing the money into a trust. The trust will be the technical beneficiary on the policy, and you can set rules within the trust on how the named trustee is to distribute the money within.

You should let your beneficiaries know that you are naming them on your life insurance policy. That way, they will know that, upon your death, they need to notify the life insurer and start the claims process. At that time, they should receive the money within a few weeks. However, they will have to provide proof of your death, and the insurer might take longer to pay out benefits (or even deny a claim) if there are suspicious circumstances surrounding your passing.

If you are unsure your loved one will know what to do with your life insurance death benefit, you can let your will or attorney provide instruction to your beneficiary after your death. Additionally, your life insurance agent can help your loved one through this process.

How Does Sleep Impact Your Health?

Thu, 25 Nov 2021 10:27:43 GMT

How Does Sleep Impact Your Health?

Are you getting enough hours of sleep at night? Do you wake up each morning feeling refreshed and ready to go? For many people, that’s not the case. It’s more common for individuals to struggle through those first hours of the day, longing to be back in bed for a few more hours. The problem is that a lack of sleep—especially a chronic lack—can lead to a number of health risks.

If your health insurance claims are increasing because your health is suffering, it could be due to a lack of quality sleep. How can you reduce these risks?

Why Is Sleep So Important?

Sleep impacts many of your day-to-day functions. As a result, your brain health, physical health and emotional health can all be severely impacted if you aren’t getting enough quality hours of sleep at night.

How can you reduce the health risks associated with a lack of sleep?

Schedule sleep. Sleep can impact your ability to learn, pay attention and make decisions. For this reason, schedule sleep like you do any other component of your day. Plan to sleep six to eight hours a night.
Sleep in a quiet environment. Sleep deprivation can impact your emotional well-being and can worsen depression, risk-taking behaviors and suicidal thoughts. For this reason, ensure you get enough quality sleep in a quiet environment. The silence will ensure that your mind has time to calm down and reset itself. It helps to keep distractions out of your bedroom—avoid putting a TV or computer in that space.
Set up your room as a place for relaxation. Realize that a lack of sleep increases your risk of high blood pressure, kidney disease, heart disease and stroke. To help avoid these risks, set up your room for sleep. Be sure it is dark and keep the area a relaxing space.

Additionally, consider having a sleep study done. Sleep studies measure your sleep habits and help determine if you have any health conditions that might be impacting your ability to sleep. Many health insurance policies can cover this service if your doctor approves of it.

You can prevent complications to your health by making changes to the way you sleep. Paying attention to your sleep patterns (or the lack of them) can be lifesaving.
Your health is our priority. Contact our agency for more information on health insurance.

Understanding Your BOP’s Interruption Coverage

Tue, 23 Nov 2021 10:28:28 GMT

Understanding Your BOP’s Interruption Coverage

A business owner’s policy, or BOP, contains several critical elements of business insurance. Among these, you will likely find business interruption insurance—one of the most critical elements of protection any business needs. If you don’t fully understand this coverage, you might not be able to use it to your advantage. Let’s explore the topic a little closer.

What Is Interruption Insurance?

If you decide to invest in a BOP, ask if it will include business interruption protection. If this is the case, don’t let the opportunity to get coverage pass you by.

Suppose that a severe storm damages your storefront. It might break out windows, put holes in the roof and cause structural damage. When the storm passes, you are going to need to take time to repair the business. In many cases, your business will need to shut down while making the necessary repairs. That can hurt you financially if you don’t have protection. You’ll need plenty of time to repair the business, but lost time equals money lost.

Your BOP likely has property coverage, which can help you pay for the repairs to your business following a loss. However, property coverage alone won’t cover the money you lose simply through lack of operations. Therefore, you stand to lose out financially during this closure. If you don’t have appropriate insurance protection for this risk, you might even sustain irreparable losses.

Business interruption coverage can protect you in these scenarios. If a covered event causes a temporary closure in the business, you won’t lose out financially in the meantime. It will help supplement your costs and expenses incurred during the closure. It can even help you pay for:

The expenses of temporarily relocating the business
Back expenses, such as employee salaries or vendor fees
An estimated profit that you might have earned had you been able to operate

In any case, you’ll get a financial cushion during a time of a potentially significant loss. When you can’t operate, let business interruption coverage serve as a cushion to put your mind at ease.

The good news is most BOPs will automatically include interruption coverage. So, when getting your BOP, ask your agent to explain to you the details of your policy options. Most policies won’t cover every interruption expense. They will also have limits on how much money you can receive in compensation, so it’s a good idea to work closely with your agent to determine the right amount of coverage.

3 Signs that You’re a Distracted Driver and Don’t Know It

Thu, 18 Nov 2021 10:29:01 GMT

3 Signs that You’re a Distracted Driver and Don’t Know It

In the last decade, the number of auto insurance claims that arise from distracted driving accidents has increased significantly. By definition, this is an accident caused by the fact that the involved driver wasn’t paying attention to the road.

While the use of mobile devices is a big contributor to the rise in distracted driving accidents, it is only one cause of the problem. Many other distractions exist in every car that could divert the driver’s attention from the road. It’s your responsibility to monitor your habits to make sure you are only focused on one thing—the road around you.

Keep in mind these three common mistakes that can help you deduce if you are a distracted driver.

You Don’t Remember Where You Have Just Driven

Driving involves a lot of muscle memory, and when you drive the same routes regularly, then you are likely to form a habit of doing so. While your brain helps you remember what route to take, you might not actively register going through an intersection, stopping at a stop sign, or accelerating or decelerating to follow the speed limit. This could mean that you’re driving distractedly. You might simply be lost in thought, but it’s still a diversion from the road ahead of you. This distraction might occur in an instant, but in that brief time, you might have driven into a very dangerous situation.

You Are Engaged in Conversation

It’s perfectly fine to have conversations with others in the car. However, the road has to be your primary focus, and the conversation should be secondary. That’s why you should avoid having intense conversations, arguments or debates while in the car. Those things can wait until you get where you are going. Even though you can carry on a conversation while driving, a high level of intensity puts you at risk of getting into an accident.

You Engage in Manual Activities While Driving

There are a lot of other activities besides cell phone use that could lead to distracted driving. Some people apply makeup, eat or do other activities while driving. Keep in mind, even if you check your phone while stopped at a stoplight, this is still a distraction, despite that you aren’t moving.

These actions can all lead to distractions, and if you have an accident then the fault could lie with you. Often, if at-fault accidents result in insurance claims, then it is your liability coverage that will compensate all third parties (i.e. other drivers) involved in the wreck. Still, this can cause your auto insurance rates to rise, and sometimes your insurer will even cancel your coverage because you’re too high of a risk to insure. Rather than putting yourself in a situation where you could engage in distracted driving, it’s better to do what you can to avoid the risk.

What Is a Health Insurance Deductible?

Tue, 16 Nov 2021 10:29:35 GMT

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Everyone needs health insurance, now more than ever. With the COVID-19 pandemic in its second year, there has never been a better reminder that taking care of your health is key to remaining well and safe. The right health insurance can help make certain you receive both routine and critical medical care affordably at the time you need it.
Though health insurance substantially reduces your out-of-pocket burden for medical expenses, it does not eliminate that burden. Most care requires some degree of cost-sharing, meaning you must cover a portion of the expenses yourself. One of these personal costs may be your deductible. A deductible is a specific cost burden that will accompany certain medical procedures or services. Here’s how it works

How Do Deductibles Work?

A deductible is a fixed, yearly amount that you must pay for medical expenses before your health insurance will cover the remaining costs of care. Deductibles are designed to lessen the cost burden posed to medical insurers. By sharing some costs, insurers can continue to offer affordable premiums and more expansive coverage to all of their policyholders.

For example, suppose that your health insurance plan has a $2,000 annual deductible. This means that you will have to pay up to $2,000 out of pocket in a single year before your insurance plan will cover certain costs of care. After you have paid off the deductible, then your plan will cover additional eligible expenses. In this example, if you received a $5,000 surgery bill, you’d pay $2,000 and your insurance would cover the rest. Once your plan renews, the deductible obligation starts over.

When Do I Have to Pay It?

Health insurance deductibles do not necessarily apply to every medical expense you might face. Some plans require you to pay 100% of the costs of care until you have met your deductible while others exempt certain care from the deductible obligation.

Most plans exempt regular checkups, medically necessary services and preventative care from deductible rules. You may only have to pay the necessary copayment or coinsurance regardless of whether you still owe money on your deductible for a checkup, lab work, vaccination or other routine care. This enables you to still receive the care that is most necessary for you to stay well, without facing an undue cost burden.

Your deductible will still often apply to certain care costs, such as inpatient care expenses, certain imaging services or other care that your insurer might not deem medically necessary. You can examine precisely how your plan outlines your own deductible obligations by reviewing your explanation of benefits document. This will outline exactly how and when the deductible will apply.

For further information on your health insurance deductible, contact our agency today!

Business Insurance for Hairdressers and Beauticians

Thu, 11 Nov 2021 10:30:04 GMT

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If you’re a beauty industry professional, you might feel challenged when you start your search for the right commercial liability insurance benefits. Many in the industry automatically assume that they wouldn’t have a reason for a customer to file a lawsuit. But, the fact is that this risk exists in all aspects of all businesses at all times. Here are a few things to know about purchasing business liability insurance as a hairdresser or beautician.

Professional Liability Insurance for the Beauty Industry

Professional liability insurance isn’t just for doctors or lawyers. It helps those in the beauty industry protect themselves in any situation where a customer sues due poor treatment or service.

For instance, imagine a situation where a hairdresser leaves a chemical on a customer’s hair for too long. This can cause significant and long-lasting damage. It’s the day before the woman’s wedding, and she sues for emotional distress. Your professional liability insurance would pay for attorney’s fees and court costs to defend against the lawsuit. Additionally, if you have to settle with the impacted individual, your liability insurance can provide the settlement money. This example shows the importance of carrying professional liability coverage.

General Liability Insurance for the Beauty Industry

It’s imperative for beauty professionals to carry a high amount of general liability insurance. This coverage helps in the event of an incident that causes a client to sue you for property damage, slander or bodily injury.

Consider, for example, a customer who burns themselves on a hot curling iron while at your salon. Or, perhaps there’s a situation where you’re helping a bride get ready for her big day, and a hair straightener malfunctions, causing a fire that damages the venue. General liability insurance protects you against lawsuits and claims in these instances.

Deciding How Much Coverage You Need

When purchasing insurance for your salon, determining how much coverage you actually need is essential. The professional liability and general liability policies should be sufficient in most cases, but extra coverage may be beneficial. Talking with an agent can help you choose the coverage to fit your particular needs best.

Do you own a hair salon, beauty parlor or makeup studio? Contact us today to discuss your business insurance needs and options.

Choosing a Life Insurance Beneficiary If You Are Single

Tue, 09 Nov 2021 10:30:32 GMT

Choosing a Life Insurance Beneficiary If You Are Single

If you have life insurance, then you will name a beneficiary. The beneficiary is the person who will receive the death benefit payout upon your death. You want your life insurance to help your survivors move on financially. However, choosing the right beneficiary might feel like a big challenge, particularly if you are single.

Still, if you are single and are in the process of getting life insurance, you have a lot of freedom to choose the beneficiary who you think will be most capable of settling your final expenses. Choosing a beneficiary for your policy is completely up to you. Still, you should put appropriate thought into naming the right recipient.

Consider how the following individuals might benefit from your policy:

Your children. If you have children, then they may be the best options to name as beneficiaries. You can even structure your policy so that each child receives a certain percentage of the funds. If the children are still minors, you may wish for the funds to pay into a trust that is overseen by a named trustee, which can help to care for the children’s needs until they reach a certain age.

Other dependents. Are you taking care of an elderly parent? What about a disabled adult child? These individuals might benefit from being named your life insurance beneficiary. However, you might still need to put this money into a trust because this individual might not be able to make financial decisions for themselve

A charity. You can leave?the funds from a life insurance policy to a charity if that is what you like. The money can be donated to the charity at the time of your death, in your memory.

Your estate. The funds can be funneled into your estate. This means the money is split to pay your creditors and then split with your heirs. This gives you the least amount of control over your life insurance money and if you fail to name a beneficiary on the policy, then the money will default to your estate anyway.

Plus, there are countless other people who you might decide to make beneficiaries on your policy—friends, siblings, business partners or extended relatives. In reality, the decision of who to name as a beneficiary is entirely up to you, and as a single individual, you have a lot of room for leverage.

The choice of beneficiaries is an important part of life insurance decisions. And, it always helps to have more than one listed on the plan (in case the first person cannot accept the funds). Take a few minutes to discuss your needs with your loved ones so you can make the best decision going forward.

6 Signs Your Brakes Need Repair or Replacement

Thu, 04 Nov 2021 10:30:56 GMT

6 Signs Your Brakes Need Repair or Replacement

When your car brakes, then you are initializing a complex system of mechanical components that will work together to bring your vehicle to a stop. The average car weighs about 3 to 5 tons, and the fact that your brakes help stop this heavy machine within a few meters, countless times per year, is a testament to their reliability. You need your brakes to always be there for you at a moment’s notice.

However, everything mechanical will have problems from time to time. Periodically, you will need to have your brakes serviced, repaired or replaced. Consider six of the warning signs that will usually indicate that it’s time for a brake check:

You Hear a High-Pitched Squeal

Brake pads contain a metal component known as an indicator. Over time, the pads will wear down and expose the indicator. At this time, the exposed indicator will rub against your rotator, causing a loud, high-pitched and unmistakable squealing sound. This is a clear indicator that you need to change your brake pads.

The Brake Warning Light Turns On

Your brake warning light is designed to turn on when problems within the braking system are detected. Sometimes, the light will come on and turn off sporadically, which can make drivers feel tempted to ignore the signal. However, even one light-up of the brake light is an indicator that you need to make an appointment with the mechanic.

The Brake Pedal Goes to the Floor

Sometimes, you might be depressing your brake pedal only to feel the pressure give way and the pedal goes to the floor. This could mean that you have a bad master cylinder. You need the master cylinder to work appropriately to have appropriate brake pressure.

Your Brakes Pulsate

Brake rotors sometimes become warped or corroded, which can lead to you feeling a pulsating vibration when you try to stop the car. You might need to replace the brake rotors or to have them turned. Turning involves smoothing the rotor by shaving metal off.

Your Brake Fluid Looks Milky

At times, condensation in the line can make your brake fluid have a milky color. At this time, you should change the fluid because letting it stagnate could do damage to the master cylinder and wheel cylinders. Your owner’s manual will include directions to help you locate the fluid container under your hood.

Your Brake Lines Are Rusty

Rusted brake lines can become disjointed and cause fluid to spill. Brake lines have a very thin protective coating that will wear out over time, and which can expose the metal under the coating to rust. A small amount of rust is okay, but heavy flaking or bubbling rust is not.

Avoid costly repairs and possible brake failure by recognizing the signs of problem brakes. If your brakes feel weak and require more stopping distance than usual, get them checked.

4 Common Homeowners Insurance Mistakes

Tue, 02 Nov 2021 10:31:10 GMT

4 Common Homeowners Insurance Mistakes

Whether you are buying your first home or moving to a new home, you have to make sure that your homeowners insurance needs are met. Homeowners insurance isn’t always easy to understand, and it does have its fair share of unique terms. It is sometimes easy to make mistakes when setting up your policy, and this might affect how much money you are entitled to receive from a settlement.

Try to avoid making the following mistakes when putting together your homeowners insurance policy.

Overestimating How Much Home Insurance You Have

It’s common for homebuyers to only purchase a basic homeowners insurance policy and expect it to cover them against any potential property loss. However, the most standard coverage won’t always cover you.

In general, your dwelling insurance limits should be worth at least 80% of your home’s replacement cost value. Should your home be destroyed in a catastrophic event, then this coverage can help you rebuild your home similar to how it was before the hazard. Keep in mind, certain types of damage, such as earthquake and flood damage, will not be covered under your standard dwelling insurance.

Waiting Too Long to File a Claim

If you ever have to file a claim on your homeowners insurance, then you need to do so promptly. If you wait months (or even years) then your insurer will have a harder time verifying your claim, and as a result, they might decline to cover you. Most filing periods cut off from 30 to 90 days past the loss occurrence. The earlier you file, the sooner you will get a settlement for your losses.

Having a Deductible that is Too High or Too Low

Your dwelling and possessions coverage will likely contain deductibles, which are dollar amounts that you must pay for losses before your insurance will pay. So, if you have a $500 possessions deductible, then you must pay for $500 worth of damage to your possessions out of pocket before insurance will cover any damages. A deductible that is too high can make it difficult to pay when you need to. On the other hand, a deductible that is too low can result in high premiums.

Not Notifying Your Insurer of Changes

When you make changes in your home, you must notify your home insurer. For example, if you add a new wing to the home, then you must notify your insurer. This will guarantee that your policy will provide the appropriate coverage. Failing to notify the insurer could result in a lack of coverage later on.

Don’t forget, while it is important to save money on home insurance, it is also important that you consider other aspects of coverage. It’s imperative to have the right balance of coverage, rather than the cheapest policy altogether. Our agents will help you ensure that you always have the perfect balance of coverage.

5 Surprising Car Insurance Savings Opportunities

Thu, 28 Oct 2021 10:31:32 GMT

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There are many ways to save money on auto insurance. Many vehicle owners assume they will get the lowest rate available as soon as they request a quote. That is not always the case.

Being a smart driver means knowing what discount options are available to you. You may find a wide range of savings opportunities to help reduce your premium. Nothing is more important than being a safe driver. These five areas can help reduce costs, though.

#1: Don’t text and drive.

Consumer Reports found that insurers are raising rates for drivers who text and drive. If you receive a citation for this, you can expect your rates to jump. The organization found drivers saw a 16 percent increase in their rates when they had a citation. Any type of distracted driving citation could raise your rates.

#2: Driving less can cut your costs.

You know driving less and walking or biking more is good for the environment. It can help you save money, too. If you do not drive your vehicle often, let your car insurance company know. They will likely ask you for your approximate yearly mileage.

#3: Be picky about discounts offered for technology.

Technology is a growing area of development in vehicles today. In the future, car insurance providers will have more data to make key decisions about just how safe a driver is.

Let your insurer know about the technology your vehicle offers. This includes things like collision preparation systems, IoT connectivity, and features like driver alertness monitoring. Connected vehicles may also be able to allow their insurer to track their driving. In doing so, they could see a cost savings for reduced driving.

#4: Get a new policy when you are an older teen.

Here’s a surprising way to save on auto insurance for your teen. As your teen reaches 18 and 19 years old, have the teen request a new quote from a new insurer. Doing so could help them save. Also, note that girls tend to qualify for lower rates sooner than boys

#5: Going green could cost you green.

Electric vehicles are still very expensive. If you have a hybrid vehicle, you will often pay more for insurance compared to the same model in standard design. This may change in the future. However, you may want to consider this before you buy a new electric car.

Talk to your auto insurance provider to find out which discounts can help you save. Ask for the money savings – they do not always give you ever discount.

General Liability Benefits Within BOPs

Tue, 26 Oct 2021 10:31:54 GMT

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As a business owner, you are responsible for ensuring a successful work environment and maintaining smooth operations. You want a safe, honest and secure business, but dissatisfied customers are going to come around from time to time. Sometimes, they could even take legal action against your business. As such, it’s crucial to know how you can respond to these incidents. The answer might be to turn to your commercial general liability insurance—also known as your CGL policy. Here’s how this form of coverage works.

CGL insurance includes benefits that can offer assistance if your business is found responsible for harming others or their property. However, CGL policies do include limitations. With this in mind, it’s important to know when you might need to expand your standard benefits.

CGL Policies as Part of BOPs

Many small business owners get their CGL insurance through business owners policies—also called BOPs. Generally speaking, BOPs contain many of the most essential types of insurance that businesses need. Since a CGL policy is among these vital forms of coverage, it is likely included in your BOP.

What Does a CGL Policy Cover?

Most BOPs that offer CGL insurance include a few basic types of protection. Though all policies differ, the most well-known coverage includes:

Property damage coverage —If you accidentally cause harm to someone else’s belongings, this coverage can help you pay for the cost of those losses.
Bodily injury coverage —Should someone get hurt on your commercial property, then this coverage can compensate them for their recovery costs. This insurance is sometimes called slip-and-fall coverage, seeing as it can protect you if someone falls and hurts themselves at your business.
Legal assistance coverage —If you harm someone and they sue you, this coverage can help cover the costs of a lawyer and other related legal fees.
Products/completed operations coverage —If you sell products or provide services, this coverage can supply protection if these offerings end up causing harm to others.
Medical payments coverage —Someone could get hurt at your business, but it might not be your fault. Regardless, this coverage can help compensate the injured party. This type of insurance might even help you avoid a lawsuit.
Personal injury coverage —Someone else might accuse you of committing libel, slander, advertising injury, copyright infringement or other similar misconduct. This coverage can help you respond to such an event. /ul>
In many cases, it’s common to have to supplement your BOP’s CGL policy with additional coverage. Your trusted business insurance agent is here to help you secure this coverage. Call us to create your customized liability insurance portfolio.

Get Your Flu Shot Now

Thu, 21 Oct 2021 10:32:16 GMT

Get Your Flu Shot Now

There’s never been a more critical time than now to protect yourself against the flu. Even with widespread public health initiatives and disease prevention, the flu remains a potent and deadly threat to the American public. As the COVID-19 pandemic continues to be a worldwide health hazard, it’s essential to do all you can to prevent any instance of illness, the flu included.

Fortunately, the flu vaccine provides powerful, accessible protection against this widespread seasonal illness. Even if you’ve never had the flu, that doesn’t mean you are immune to it. This simple immunization serves as one of the best and most surefire disease prevention mechanisms this flu season.

Getting a Flu Shot? Use Your Insurance!

The Affordable Care Act requires most health insurance plans to cover a yearly flu vaccine as a preventative service. The flu vaccine is crucial in disease control and prevention. Under the law, insurers must cover these items at no cost to the insured patient.

Use caution when verifying your insurance coverage for a flu vaccine. You may have to follow specific insurance regulations to get a free shot, and some older plans still might not cover the cost of the vaccine in full. For example, you might have to visit a particular provider within your insurance network to receive the vaccine.
State health departments and other regulators have put various programs in place to help uninsured and underinsured individuals get flu shots. Contact your insurer or your local health department to see if you qualify for a free or reduced-cost vaccine.

Getting the Vaccine and Preventing the Flu

Before receiving your flu vaccine, there are a few things to keep in mind:

Get the most updated vaccine. To ensure you receive full coverage for your flu shot, make sure you’re getting the correct vaccine. The flu vaccine changes from year to year, so always get the most recent version.

Ask which shot your insurer covers. For example, one form of the flu vaccine, the flu mist, was a non-shot alternative to the traditional immunization. However, questions about the reliability of this method have caused many insurers to drop coverage for the mist. If your insurer is one of them, you may only qualify for a free vaccine if you get the traditional shot.

Plan to get your flu shot early in the season. It is best to get your flu shot earlier in the flu season. The flu vaccine usually takes full effect a couple of weeks after you get the shot. If you’re already sick, you won’t benefit from it. So, make sure you’re healthy, and then get the shot when it first becomes available.

Prepare for mild symptoms. After getting the vaccine, you may experience mild symptoms, such as headaches, fever and lethargy. This is normal as the vaccine takes effect in your body and your immune system begins to produce antibodies. The symptoms should diminish within two to three days of receiving the shot.

We have answers to your questions on health insurance coverage for flu shots. Contact our agency today for more information.

Can I Go Without Health Insurance?

Tue, 19 Oct 2021 10:32:36 GMT

Can I Go Without Health Insurance?

Health insurance can be expensive, and as of 2021, there is no longer a federal requirement that you have to buy health insurance. You will not face fines for not carrying coverage.

Choosing to go uninsured isn’t recommended—and for a good reason. The average cost of health insurance for a single person in the U.S. is around $495 a year (about $41.25 a month), while the average cost for an American family is around $1,779 a year (about $148.25 a month). This may seem expensive, but it’s critical to compare health insurance premiums to the cost benefits you will receive from buying a policy.

The True Cost of Health Care

Getting health insurance is encouraged due to the expensive nature of health care services today. A single hospital stay can cost an average of more than $15,000, this is an expense many are not ready to pay for. While you may be able to schedule payments for expensive medical bills, it isn’t always feasible—especially when added to other everyday medical costs such as medications, check-ups, doctor visits, etc.

Consider just a few of the average costs of common health care services (without insurance):

Ambulance services: $400-$1,200
Physician visit: $300-$600
Urgent care visit: $100-$200
Baby wellness visits: $100 ($660+ for all seven recommended visits)
Pediatric immunizations: $620
Having a baby: $10,800
Prenatal care: $2,000
Specialty care nurseries (for premature births and other complications): $144,000
Physical therapy: $75-$150 per session
Heart valve replacement surgery: $170,000
Spinal fusion surgery: $35,000

Plus, if you were to suffer complications related to these conditions, the outstanding costs are likely to be even higher than average.

For example, a single person gets into a car wreck and needs emergency services. They’re transported by ambulance to a hospital and rushed into immediate spinal fusion surgery. Once out of surgery, they not only need to stay in the hospital for a few days to recover, but they will also need prescription medication and physical therapy. On the low side, the victim could be facing a bill of at least $35,000 (on top of recovering physically and emotionally from the incident).

Growing Health Care Costs

Unfortunately, these prices only seem to be growing due to a few factors, such as:

Service price and intensity
Population growth
Aging among the population
Growth in chronic diagnoses in population groups across the United States
Medical service utilization

Health insurance won’t always cover the entire bill, but it can take enough weight off your shoulders to make it worth consideration. Therefore, you will benefit exponentially from this coverage in ways you didn’t even expect. You will be able to go to the doctor for routine care, which can help you better preserve your health for a longer time.

Home Rebuild Cost Analysis

Thu, 14 Oct 2021 10:32:49 GMT

Home Rebuild Cost Analysis

When the time comes to consider which type of home insurance to buy or how much coverage you need, think twice about just renewing the coverage you currently have. In many situations, your coverage can become ineffective or provide insufficient coverage to meet your needs if a significant issue occurs on the property. Be sure to take a closer look at your home insurance plan to ensure it offers the right level of coverage for your home right now. If it doesn’t, you could face financial loss later when you have to file a claim.

To estimate your insurance needs, consider a home rebuild analysis. This will help you get an accurate idea of what it would cost to rebuild your home at today’s construction costs. Update your home insurance policy to reflect the true cost so that if an event occurs in which your home is at risk of damage, you will have the coverage available to minimize those losses. Update your home insurance policy at least once every year or so to reflect changes in construction costs.

How Can You Ensure You Have Enough Coverage?

Determining if there is enough homeowners coverage in place to protect against a significant loss is a considerable undertaking. If your home is impacted by fire or destroyed in a storm, for example, then the amount of damage present can warrant the need to not only replace what you’ve lost, but also to rebuild your property. That is why a home rebuild cost analysis is necessary.

This type of process helps to identify the costs of rebuilding your home, not just covering its value. Rebuilding your home includes coverage for the construction process. With a home rebuild cost analysis, it becomes easy to learn what the true cost of rebuilding your home will be. Unfortunately, most people do not have enough coverage to completely rebuild their homes with no out-of-pocket expenses to them. However, with a home rebuild cost analysis, you can better calculate what that amount of money would be.

It’s also important to consider the replacement value of your home versus the actual cash value. Depreciation can have a significant impact on your actual cash value claim. For example, if your siding needs to be replaced at 15 years old, but it has a 20-year lifespan, you will be expected to cover most of the roof’s cost. Replacement value, on the other hand will cover rebuilding costs, regardless of depreciation. It’s important to take all costs into consideration.
Do you have enough coverage? Contact us for more information on home insurance.

BOPs and Commercial Property Insurance

Tue, 12 Oct 2021 10:33:14 GMT

BOPs and Commercial Property Insurance

Most small business owners choose to invest in business owners policies—also known as BOPs. Put simply, BOPs can help business owners easily optimize their commercial insurance. BOPs usually contain several types of insurance, including commercial property coverage. This is an important form of coverage, as it can protect your business assets and possessions when damaging incidents occur.

Why BOPs Are Valuable

BOPs generally cater to the needs of small businesses. Through BOPs, business owners can obtain several types of coverage all in one package, thus ensuring cohesive insurance. BOPs are usually more affordable than separate policies.

To start, most BOPs usually offer commercial property, general liability and business interruption insurance. However, policyholders can usually add extra coverage to work in conjunction with their BOPs. Doing so can allow them to properly expand their business insurance benefits.

Commercial Property Coverage in a BOP

The commercial property insurance within a BOP can help protect any property owned by your business. Some items this policy might cover include:

Buildings
Furnishings and certain fixtures
Equipment and materials
Inventory

Should a hazard damage or destroy this property, your BOP’s commercial property coverage can pay to help you rebuild, restock or replace lost items. A variety of hazards might qualify for claims under your coverage, such as:

Fires
Theft and vandalism
Storm damage

Commercial property insurance can then indemnify you for the costs caused by the lost property. This means you won’t have to spend hard-earned income trying to recover from a loss. That way, you can easily get your business back on its feet.

Limits, Exclusions and Deductibles

Keep in mind that your BOP’s commercial property insurance won’t cover every type of property from all potential losses. Consider these policy limitations:

Policy limits—When you sign up for your BOP, you can choose the value of commercial property coverage that you want to carry. This reflects the maximum amount that your policy will pay for your physical property losses. It’s important that you choose a value that reflects the cost of the property you own—including buildings, inventory and equipment, among others. Be sure to verify the cost and value of your property through appraisal or research.

Exclusions—Commercial property insurance will not extend to all property-related losses. For example, this coverage might not insure certain specialty equipment or outdoor items. Such a policy also won’t cover damage from certain hazards, such as floods or any intentional damage you may cause.

Deductibles—Most commercial property coverage comes with a deductible. The deductible is a flat amount that your business agrees to pay for property damage before your insurance pays out for a claim. If the damage falls below the cost of your deductible, then you will not receive coverage for your losses.

When putting together your BOP, remember to talk to your agent about how to optimize your commercial property coverage. By carefully crafting your policy, your business will receive maximum financial benefits.