Insurance Services

Auto insurance, Home and Property Insurance, Life Insurance, Annuities, Long-Term Care Insurance, Insurance for other needs, BANKING- Checking, Savings, CD's, Mortgage

Secondary Homes - Insurance For

Most secondary home insurance policies will not cover water damage caused by ruptured pipes nor mold caused from the humidity from the water damage.

Insurance Scoring

Insurance scoring is being used by more insurance companies in determining acceptance and provide a rate commensurate w/the insurance score.

Auto Insurance Info

What you'll discover in this report:
Insider secrets on how insurance companies price your insurance. How not to get ripped off when you buy protection. How much to buy...how much not to buy. Little known facts about the six different kinds of insurance in a standard auto policy. Who's really covered...and who's not!

How to get the most for your money: 11 ways to SAVE MONEY on your car insurance. Straight answers to the nagging questions about Rental Car Insurance. There are several ways you can purchase auto insurance. You can buy it over the Internet at literally hundreds of different web sites. You can call an 800 number and buy it over the phone directly from an auto insurance company. You can call an insurance agent. In some cases, you can buy it at your bank or credit union. It's not surprising you can buy it in so many ways. After all, there are hundreds of insurance companies that sell auto coverage in your area. How do these companies differentiate themselves? Some brag about their superior service when you have a claim. Some tout how easy it is to buy from them. And, often, auto insurance companies try to compete on price, just as if you were buying a plane ticket, a CD or a soda pop.* Tip. Some people believe auto insurance is just a commodity. It's not. You're not buying a soda. You're protecting your financial well being...and the choices you make could affect you for the rest of your life. If you think auto insurance is a commodity, consider this: A person with a good driving record will pay three, five, even 10 times less than a driver with a couple of tickets, an accident or who has been cited for and convicted of driving under the influence. A person who lives in a major city - say Los Angeles, Chicago, Houston or Denver - will pay three, four, even five times more than someone who lives in a rural area or small town, even though the two have the same driving records.

Auto Insurance: How Much Should You Buy? Most states require you to have auto insurance. But they don't require you to have much. In states that have so-called mandatory auto insurance laws, all you are required to buy is a little bit of liability coverage. This is so you can pay for some of the damage your car does to other cars and other people who are not in your car. How much are you required to buy? In many states with mandatory auto insurance laws, the minimum needed is liability that provides 1) $25,000 for any person involved in an accident with you, 2) a maximum of $50,000 for all persons in the accident, and 3) $10,000 for damage to the other vehicle(s) involved. That's not much. In fact, it's next to nothing.* Tip. The minimum amount of insurance required by most states is not much. Seriously consider getting more coverage in order to protect your financial health.* Note. If you buy just the minimum coverage required by law, you are leaving your assets at considerable risk. Your car, obviously. And your home, if you are at fault in an accident that causes serious injuries to the other parties. How far do you think $10,000 will go if you total somebody's Lexus? Not far enough!

Little Known Fact: There Are Seven Distinct Coverages in an Auto PolicyAuto insurance is a product with six distinct coverages. Let's look at them here: 1st/Bodily Injury Liability - This pays the medical and other expenses of those people injured or even killed in accidents you cause. This is required by most states, usually with a minimum coverage of $25,000 for any person involved in an accident with you and no more than $50,000 for all the persons in the accident. 2nd/Property Damage Liability - This covers the damage your car causes to property. Usually, that's the other car or cars involved in the accident, but it also covers damage you do to any object you hit; garages, buildings, lampposts, fences, whatever. This is also required in most states, usually with a minimum coverage of $10,000. 3rd/Collision - This is for damage done to your car when it collides with other vehicles (your fault) or other objects (again, your fault). 4th/Comprehensive - This covers damage to your car resulting from something other than a collision with another vehicle. For example, damage caused by vandals or a wind-blown tree hitting your car. It also includes coverage for theft. 5th/Personal Injury Protection (PIP)- This pays medical, and even funeral, expenses for you as well as members of your family and passengers in your car if it is involved in a collision, regardless of who caused the accident. It also covers you as a pedestrian if a vehicle hits you. 6th/Uninsured/Underinsured Motorist - This pays for injuries to you and, in some policies, damage to your car if you are hit by a driver who doesn't have insurance - or by someone who doesn't have enough insurance to cover your losses. In most states, more than 10% of motorists don't have any insurance. In some states, as many as three out of 10 drivers don't have coverage. Many of those who do have insurance don't have enough to cover the damages and injuries that would result in a major collision. If you don't have this coverage, which is often referred to as UM/UIM, you are taking a risk. UM/UIM also provides coverage for any injuries you suffer if you are hit while walking or riding a bicycle by a driver with inadequate or no insurance. 7th/Medical PaymentsCoverage- provides payments for related injuries due to driving under the influence of non lawful substance. If this is the case, PIP coverage can be declined by the carrier and limited to Med pay. Most carriers offer low limits on this coverage for obvious reasons. There are Even More Coverages Available...There are some additional coverages you can buy. You can purchase towing coverage, which will pay the costs if your car needs to be transported after an accident. If you're a member of an auto club, you don't need this coverage. You can buy rental reimbursement, which will pay for a rental car while your vehicle is being repaired. (If the accident was not your fault, the cost of the rental car is automatically picked up by the other person's insurance company upon request.)What are the Various Options for These Different Coverages?While there are seven main coverages in an auto insurance policy, there are numerous options to consider for each coverage. How much insurance do you need? Bodily Injury Liability, you can buy the minimum required by law, say $25,000 per person, $50,000 per accident. Or you can buy limits as high as $500,000, even $1 million. Remember that someone you hit can sue you for everything you have.* Tip. If you have a home, own stock and have a decent income, you should probably buy, at minimum, limits of $250,000 per person, $500,000 per accident. If you have more than $300,000 in assets, you should buy higher limits or an umbrella policy. Consult with your professional agent about this!Many auto insurance companies now sell what are called combined single limit (CSL) coverages, which have no per-person limit. If you buy, say, $500,000 CSL, that means your policy will pay a maximum of $500,000. All of that could go to one person, if needed.Some companies include property damage liability in the CSL, which means that if you total someone's antique car, your policy could pay up to $500,000 for property damage. CSL coverage costs more than traditional limits, but it can be worth it if you have significant assets.* Tip. Many insurance agents believe CSL is so important to have, they strongly urge their clients to buy it if it is available. Property Damage LiabilitySeveral years ago, $25,000 was considered the maximum most people needed for this coverage. Not anymore. There's a lot of $50,000, $60,000, even $70,000 cars and sport utility vehicles on the road these days.* Tip. Because of all the super-expensive cars on the road today, you should seriously consider at least $100,000 of coverage, assuming you don't have CSL coverage; $200,000 might be preferred. Ask for the price difference-usually minimal $. Collision-Consider how much you can afford to pay to have your car fixed if you have an accident. Auto policies have several deductible options. Some insurance companies offer deductible buy back with accident free renewal.* Note. A deductible is the part you pay before the insurance kicks in. You can buy deductibles of $100, $250, $500, even $1,000. The lower the deductible, the more this coverage will cost. Unless you're planning to have a lot of accidents, it's probably a good idea to have a deductible of at least a couple of hundred dollars. (By the way, the deductible does not apply if someone else at fault hits you and that person's insurance is used to pay for your car's damages.) Comprehensive-Like collision, there's a deductible with comprehensive, although it is often lower. For example, if you have a $500 deductible for collision, your comprehensive deductible will be, say, $500.* Note. While collision and comprehensive will pay for damage or loss to your car, neither coverage will pay for everything on or in your vehicle. Most policies exclude things like CB radios, two-way radios, car phones, cassettes and CDs. If you add special features to pickups, vans or SUVS, these things probably will be excluded as well. In fact, it's a good idea for you to talk to your insurance agent about any high-tech equipment or special features you have added to your vehicle. Many, perhaps even most, of these features aren't covered in the standard policy. It is possible, however, to obtain special coverage for any high-tech equipment or special features your vehicle may have. Your agent can advise you of the options. Personal Injury Protection (PIP)-The minimum required by NY State is $50,000. Recommend max out on this coverage and ask about OBEL (Optional Basic Economic Loss). OBEL insurance gives an additonal $25,000 in cash benefits to cover costs and losses incurred during the hospitalization and lost work time. With OBEL coverage, you get to choose how the funds are used. If you lost time at work, you may not have an income to support your family during your recuperation time or in the event of death. (Side note-look into disability and life insurance) Some people elect not to buy this coverage because they believe their health insurance coverage is enough. That's true - to an extent but a huge mistake if you ever need OBEL.* Note. Unlike your health insurance, PIP coverage can reimburse you for income lost as a result of injuries suffered in an auto accident. However, PIPs coverage is not nearly as comprehensive as most health insurance plans. PIP coverage, which usually costs less than $100 a year, is probably a good buy for most people. PIP coverage also provides protection for passengers in your vehicle for medical expenses incurred and income lost. In some states, medical payments coverage is not relevant. These are states that have so-called no-fault auto insurance systems. Basically, regardless of who's at fault, your insurance company pays for damage to your car and/or injuries you incur. Personal injury protection is included as part of your coverage. Uninsured/Underinsured MotoristFor most people, it's a good idea to have the same limits for UM/UIM as you have for bodily injury liability. But remember, UM/UIM coverage is for you. It pays for your injuries and, in some policies, damage to your car if the person at fault in an accident with you cannot. Since it's wise to base your liability limit on what you have to lose, you should do the same with UM/UIM.Who is Covered When You Buy Auto Insurance?All the coverages in your auto policy apply when you are driving, but they also apply when other people are driving your vehicle. The coverages are actually for the car, not the person.* Note. If someone is going to be a regular user of your car, that person's name needs to be added to the policy. Your insurance company wants to know who's going to be using the car. After all, you could be a great driver with no tickets or accidents, but your spouse, your teenage child, or your reckless cousin could be a lousy driver.If you let these people drive your car without telling your insurer and these people keep getting in accidents, your insurance company isn't going to be happy. In fact, they may cancel your policy.* Tip. It's not wise to risk losing your policy by failing to disclose who's driving the insured vehicle. Keep in mind, however, that if you add drivers with lousy records or who haven't had much driving experience, your premiums will go up.Any parent of a driving teenager can tell you this; teenagers are notorious for getting tickets and having accidents. They are also very inexperienced drivers. As such, when your child gets his or her license, your insurance premiums will go up when he or she is added to the policy.If you buy all six of the major auto insurance coverages, your policy will cover you in most instances in which you cause damage or injury to your car, yourself and your passengers, or drivers and passengers in other vehicles.But not all.* Note. The standard auto insurance policy has some "exclusions," which is insurance-ese for, "We won't cover that." Here are some examples where your auto policy won't provide coverage: If you intentionally try to cause damage to your car or another vehicle. This includes liability coverage.If you are using the vehicle to transport other people for a fee. (This does not apply to car pools where the expenses are shared.)If you are using the vehicle for certain business activities. This does not include traveling to see clients or taking a standard business trip. If your vehicle sustains damage caused by normal wear and tear, freezing, mechanical or electrical breakdown, or road damage to tires.If your car is damaged because of radioactive contamination, intentional or accidental discharge of nuclear weapons, war, insurrection, rebellion or revolution.Important Question: What are You Using Your Vehicle for?You can get sideways with your insurance company because you haven't been upfront about how you are using your vehicle. For example, do you drive your car to work? If so, you will pay more for auto insurance than if you take mass transit. In fact, the further you have to drive to work, the more you will pay.* Tip. If you drive to work and tell your insurance company you don't, you have basically committed fraud. Resist this temptation, even if it might save you a few dollars.* Example. Say you have an accident on the way to work. Say, also, that you have told your insurance company you don't drive to work. Your insurer could technically argue that it is not obligated to provide coverage and you've given them a good reason to cancel your policy. Honesty is the best policy when it comes to insurance. Insurance fraud is a huge problem in this country; claims are frequently padded with nonexistent damages; accidents are staged and injuries are faked.* Fact. It is estimated that fraud accounts for as much as 25 cents to 30 cents of every auto insurance premium dollar. Think about that. If even half the auto insurance fraud in this country were wiped out in the next year, you would pay 12% to 15% less for your next policy. Personal Car for Business, Company Car for Personal UseDo you use your personal car for business? Do you have access to a company car? If the answer to either question is yes, you could have potential coverage gaps.* Example. Let's say you use your personal car for business. It's possible your employer is providing some coverage for you through your employer's commercial auto policy. Some coverage. In most cases the coverage is for liability only, and often this commercial auto policy doesn't even apply until the limits on your personal auto policy are exhausted. (This is what insurance people call "excess" coverage.)* Tip. You should talk to your employer about what, if any, coverage is available to you through the company's commercial auto policy. That way, if you have an accident while on company business, you know who (or which insurance company) to call.If you use your personal car for regular business purposes - trips, visiting clients, etc. - your personal auto policy probably provides enough coverage for these activities. (Assuming you have "enough" coverage to begin with.) But what if your car is actually a source of revenue? You make deliveries, for example. In that case, you likely need a commercial auto policy as well.* Note. If you have an accident while delivering a product or using your car as a taxi, your personal auto insurer may deny your claim. Talk to your agent to make sure you have coverage for all the business activities for which you use your car.What about company cars? They can be an insurance problem, if you use the company car for business and pleasure, particularly if you don't have a car of your own. If you don't have a car, you probably don't have a personal auto policy. If you don't have a car (or personal auto coverage) and use a company vehicle for pleasure, you are inviting disaster if you have an accident during a pleasure trip.* Tip. If you are in this situation, you should have what is called a non-owned personal auto policy.Such a policy can also come in handy if you don't have a car and you rent a vehicle on a trip. Your non-owned auto policy will cover you and your rental car if you have an accident. Otherwise, you would probably need to buy coverage from the rental car company, coverage that is very, very expensive.* Tip. You can have coverage gaps even if you have a personal auto policy and use a company car for pleasure or if your spouse or children use the company car for pleasure. Find out from your employer the extent of coverage that is available for your corporate car. Once you know the extent, talk to your insurance agent about any additional coverage you might need.Contact for info: briensullivan@allstate.com or 516-883-2100
Posted by Brien Sullivan Agency at 5:45 PM 0 comments

Home Insurance

What you’ll discover in this report:  How your home may not be fully rebuilt – even though you have insurance!  11 ways to save money on your home insurance –  SIX primary kinds of insurance in your home policy? Yes…and the right decision for each one  The secret to brushing off a lawsuit  How your jewelry and other personal property are NOT covered – and what to do about it!  Why what’s not covered is more important than what is  And more!Your home is probably your most valuable asset. It is also a huge risk for you financially. What if something happens to it? A fire? A flood? Vandalism? Will your insurance policy actually pay for the damage? Will it pay for ALL of it?What if someone visiting you slips and falls and suffers a serious injury? And sues you? An accident like that could put a dent -- or worse -- in your financial security.For most people, insurance is a mystery. They know they need to have insurance for their homes (mortgage lenders require it), but they don’t understand the protection provided by the policy. And, more importantly, they don’t understand what their policy does NOT cover and what to do about that.All homeowner's insurance is not created equal. In fact, almost none of it is. There are thousands of different products out there, from hundreds of insurance companies. And your policy includes literally dozens of options and decisions you must make that determine how much insurance protection you actually have. Your home policy is not a commodity. It’s something tailored specifically to your needs and desires.Six Primary Coverages Provided By Your Home PolicyYour home policy protects you in six primary ways. You’ll find these listed on your policy’s “Declarations” page. Here’s what they mean to you.DwellingThe word Dwelling in your home policy essentially refers to your home itself. It includes attached structures, as well … like an attached garage. The Dwelling Limit (or Amount of Insurance) stated on your Declarations page indicates the most the insurance company will pay to replace your home if it’s destroyed by a covered claim. Is it enough? Warning: Don’t make the mistake of thinking your home is fully covered just because you have an insurance policy! You must make sure your Dwelling Limit is enough to rebuild your home. How?Contact our office and one of our agents can run a replacement cost estimate that calculates the cost to rebuild your particular home. Be sure to adjust the amount of insurance for your dwelling appropriately. If you don’t you may not have enough insurance to replace your home if disaster strikes.Note: Some policies include built-in protection above the stated Dwelling Limit – usually a percentage of the Dwelling – just in case the estimate is too low. Be sure to discuss this with us as an additional protection feature. It’s probably worth having.Other StructuresThe most common Other Structures are sheds, stand-alone garages (known as “detached” garages in insurance terms), barns, pool houses, etc. These structures are not directly attached to your home, the “dwelling”.Other Structures have their own protection limit – the most your company will pay to rebuild them – as stated on your Declarations page. This limit will be significantly less than the dwelling limit … usually 10% - 20% of the dwelling For most people that’s plenty of insurance for other structures. But not for everyone. You need to know what it would cost to rebuild or replace those structures if they’re destroyed. Discuss it with the licensed professionals in our office. You can buy more protection for your other structures if you need it. Personal PropertyYour personal property is all your stuff – furniture, clothing, electronics, appliances, etc. It, too, has its own protection limit stated on your Declarations page. And, again, this amount is the most the insurance company will pay to replace your personal property.Your personal property limit is usually 70% - 75% of your dwelling limit. However, you can adjust this upward if you need more protection, Discuss your options with us. We're here to help!Regardless of the protection limit for your personal property, there’s a very important question you must get answered. How is your property protected … on an “actual cash value” basis or a “replacement cost” basis? The difference is huge!In very basic terms, if your property is protected on a replacement cost basis the insurance company will replace your old stuff with new stuff. For example, if your 5-year old TV is destroyed in a covered claim, the company will pay for a brand new TV. That’s a good deal for you.But if your property is protected on actual cash value basis, an “allowance for depreciation” is applied to the cost of a new TV based on the age of your destroyed TV. The result is you get a settlement amount less than the cost of a new TV. To buy a new TV you’ll have to come up with the difference out of pocket. Not as good a deal for you.Clearly, insuring your personal property on a replacement cost basis is much better protection than actual cash value. Sometimes it costs a bit more, but not always. Make sure you know how your policy works and check the price both ways. Make the right decision for you.Loss of UseIf your home is badly damaged you won’t be able to live in it while it’s being fixed or replaced. That means you may have to pay rent somewhere while you’re also paying your mortgage. The Loss of Use coverage on your home policy pays those additional expenses for you. Your Declarations page may state a dollar limit for this coverage, or it may state a time limit. If there is a dollar limit, this is the most the insurance company will pay for these expenses. If there’s a time limit, your insurance will pay all covered expenses regardless of the amount but only for the specified period.LiabilityYour liability coverage pays if someone sues you for their injuries due to a covered claim. When we think of such accidents we most commonly think of injuries that occur on your property – someone slips and falls, a dog bite, etc. However, the liability protection under your home policy extends beyond your property to your everyday life. For example, your home policy could also protect you if you knock someone over with a shopping cart at the grocery storeLiability insurance is all about protecting your assets from someone who sues you. So, you should have at least as much liability insurance as your financial worth. However, more than that may be prudent, and you should discuss your needs and risks thoroughly with a licensed agent in our office. Your current liability limit will be stated on your Declarations page.Medical Payments to OthersThis pays medical bills for a guest who is injured on your property or in another covered claim. The idea is to do the right thing for someone – pay their medical bills – and then hope they don’t sue you. This protection is inexpensive, but could save you major hassles by preventing a lawsuit. It’s What’s NOT Covered That Will Hurt YouImagine your home is damaged. You call your insurance agent to report the claim. And then you hear the worst news possible, “I’m sorry. That’s not covered by your policy.” Now, you have a real problem.The unfortunate truth is no insurance policy covers you for everything that could possibly happen to you or your property. However, with a little bit of understanding you can make sure you have the protection you want … and make sure your claims get paid by the insurance company.Beware: It’s Not Always CoveredJust because you have an insurance policy that doesn’t mean your home is covered for everything. Your home policy doesn’t cover you against every “cause of loss”. What’s that? Fire is a cause of loss. High wind is a cause of loss. These are also known as “perils” in insurance terminology.A standard home policy excludes many causes of loss. That is, it does NOT protect you from certain perils – like earthquake, flood and surface water, termite damage and many more. That means if your home is damaged by one of these excluded perils your policy will not respond. You have no insurance against them.If you want insurance against some of these perils, you can buy it … like earthquake or flood insurance. However, some excluded perils are not insurable … like insect damage. Be sure to discuss your policy exclusions with an agent in our office and buy the protection you really need. Don’t be caught by surprise after the damage is done. It’s too late to buy insurance then.Special Limits On Personal PropertyAs if your home policy wasn’t complicated enough already it includes “special limits” of protection for some of your personal property. A “special limit” reduces the protection specifically available for certain types of property.Property subject to a special limit typically includes … property used for business … cash & coin collections … jewelry & furs … guns … silverware … and more.Additionally, some of these special limits apply only if the property is lost or stolen – making things just a little more confusing.For example, the standard home policy typically includes only $1,000 of protection for stolen jewelry. If your $2,500 diamond engagement ring is stolen you’ll get only $1,000 from the insurance company. Ouch! And, if the stone falls out of the ring and is lost, there may be NO coverage at all!The bottom line is it’s very important you fully discuss these conditions and special limits with your agent and buy the protection you need. Otherwise, you could find yourself with a very nasty surprise … an unpaid claim!Conducting Business At HomeWARNING! Your home policy has very strict limits and rules about business conducted at home. The protection offered by your policy is severely limited if your claim arises from business activities. Your business property has very little coverage. And in some cases you may have no liability protection at all.This is not something to take lightly and just assume everything will be fine. Be sure to discuss your home business activities with a licensed agent in our office to make sure you’re still protected.Other Exclusions and OptionsThe standard home policy excludes protection for many things. But then the insurance company gives you an opportunity to buy some of them back.Additionally, you have the option of increasing protection where you personally need it.There are literally dozens of optional coverages available in your home policy. Here are some of the more common options available to you.Identity Theft – many home insurers now offer protection for Identity Theft in their home policies. This will help pay the expenses you incur to restore your identity if it’s stolen.Water & Sewage Backup – the standard home policy excludes damage caused by a water or sewage system backup. You can buy this protection if you want it.Ordinance & Law -- pays the increased costs of repairing or rebuilding your home that are a result of changes in local building codes. For example, your home has single paned windows. After a loss, the local building department requires double-paned windows. This endorsement pays for the increased cost required by the new building code. Important for older homes-should be considered.Packaged Endorsements – often times an insurance company will package the optional coverages people most commonly buy into a single endorsement. That means for a lower price you can get several optional coverages added to your policy.There are many more optional coverage and exclusion buy-backs your agent can explain to you. Take a few moments to understand them and make good decisions about your protection.Contact for info: reliable.insurance.guy@gmail.com or 866-467-9888

11 Ways to save money on auto Insurance

So you’re shopping around for auto insurance. What do you need to know? Well, there are lots of ways – at least 11 – that you can save money. Many of these money-saving ideas may apply to you.One Insurer, Multiple Policies – Do you have a homeowners,condo,co-op or renters insurance policy? If so, is it with the same insurance company that provides your auto insurance? If the answer is no, you’re paying too much – for both policies. Almost every insurance company that sells auto insurance wants its policyholders to also buy dwelling insurance from that company. These insurers offer so-called multi-policy discounts. Usually, these discounts are at least 10% and some insurers apply the discounts to both the auto and the homeowners/renters policy.Tip. Talk to your agent about multi-policy discounts. Good Driver, Good Price – It’s no secret that the better your driving record, the less you will pay for auto insurance. But did you know that most people qualify as “good drivers” and are eligible for discounted premiums? Some good drivers pay a lot more than others, however. Many auto insurers are actually a collection of several insurance companies in which each caters to a certain type of driver. The worst drivers go in one company, the best in another, and a lot of people wind up in one of the middle companies.These middle people pay less than the worst drivers, but more than the best. The thing is, many of these middle people have driving records that are just as good as those who are insured by the companies that offer the lowest rates. Yet these middle people are paying more. Why? The usual reason is that they don’t know any better. No one told them which insurance company in the group had the best prices. And, odds are, no one even told them there was a group of insurance companies. If you have a spotless driving record, there’s no reason you shouldn’t be paying the lowest price a group of insurance companies has to offer. * Tip. Make sure you’re getting the best discount for your driving record. Talk to your agent. And remember, be a safe driver. It will save you money. The Beauty of the Bus (or Other Mass Transit) – Do you drive to and from work? If you do, you are literally paying a premium to do so. Insurance companies charge you significantly higher premiums if you drive to work. And, the longer your commute (in miles, not minutes), the higher the premium. * Tip. Some drivers should consider mass transit. Yes, there’s a price there, too. But you will reap the savings of gas and lower insurance costs. Low Mileage, Low Price – On average, people drive 1,000 to 1,250 miles a month. That is what insurance companies consider average use. * Tip. If you drive less than the average, you could be eligible for low-mileage discounts, which some insurers offer. High-Profile, High-Cost – The type of car you drive is a major factor in what you pay for insurance. Is your vehicle a magnet for thieves? Is it more expensive to repair than most cars? If the answer to either of the last two questions is yes, you’re paying more than the average car owner for insurance. * Note. To get detailed information on your vehicle(s) – or a vehicle you’re thinking of buying – write to the Insurance Institute for Highway Safety at 1005 North Glebe Rd., Arlington, VA 22201 and ask for the “Highway Loss Data Chart.” Raise Your Deductible – The deductible is the amount you pay before insurance kicks in if you have a claim. For example, if you have a $250 deductible and you have an accident in which your car sustains $1,000 in damage, you pay the first $250 and your insurer pays the balance, $750. The lower the deductible you choose, the more you pay in premiums. If you have assets, you can probably afford to absorb at least $250 - $500 if you have a claim. * Tip. If it’s been years since you’ve had an accident, you may be better off raising your deductible and paying less each year for insurance. Drop Unnecessary Coverages – Let’s say you have an older car, one not worth very much. There’s really little point in having collision and comprehensive coverages. You don’t have much to protect. Remember, too, that you have to subtract your deductible from any potential payout you might get. * Tip. As a general rule, any car worth less than $1,000 shouldn’t have collision and comprehensive coverage. Between the deductible and the extra expense of these coverages, the cost is probably greater than the benefit. How much is your car worth? An auto dealer can tell you, or there are plenty of books that have values of vehicles going back many, many years. Discounts, Discounts, Discounts – Auto insurance companies offer several discounts for a variety of reasons. The car has automatic seat beats, air bags, anti-lock brakes, anti-theft devices, etc. The driver is a good student, which is especially valuable if you have teenage children who will be on your policy. * Tip. Make sure you are taking advantage of all the discounts available to you! Taking the Defensive – Many insurance companies also offer discounts to those who have recently taken defensive driving courses. Low-Cost and High-Cost Areas – Are you planning to move? If you are, you should take into account the cost of insurance. Generally, the more urban the area, the higher the premium. The costs can vary even within a community. * Fact. Rates can vary greatly from state to state. If you’re living in New Jersey, Massachusetts or Hawaii, you’re paying several times more, on average, than you might in North Dakota, South Dakota or Idaho. Credit Where Credit Is (Or Is Not) Due – Is your credit record better than your driving record? If you have a good credit record, you could be eligible for discounted premiums from several auto insurance companies. * Fact. Many insurers now use your credit history as a major factor in determining what to charge you for auto insurance. In some cases, with some companies, you could save money by shifting your business to an insurer that uses credit as a rating factor – even if you have a so-so or poor driving record. There is another side to this coin. If you have a poor credit history, you could save money by moving your auto insurance to a company that does not use credit as a rating factor. Many insurers do not use credit as a factor.* Tip. Regardless of your credit status, you should talk to your agent to make sure you have the best situation given your credit record, good or bad. For more info contact us at Reliable.insurance.guy@gmail.com or 866-467-9888

Life Insurance

What you'll discover in this report:How to make sure your family is really protected! Cut through the confusing "insurance jargon" and know what a life insurance policy really says! The different kinds of life insurance policies...what they're good for, when to use which one Why smart consumers use life insurance...and the mistakes that other people make too often ...and much more! How to protect your family if you die...Life insurance is a simple concept -- you buy a policy that pays to your beneficiary or beneficiaries when you die -- but the decisions of what kind life insurance to purchase, how much of a death benefit and how much you pay are extremely complex.* Note. There are more than 2,000 companies selling life insurance in this country. Some are very good, financially solid companies; others are not so sound. A company's financial strength is vitally important to you because, hopefully, no one is going to collect on your life insurance for a long time.You want to make sure your life insurer will be around for the long haul. How do you do this? You can consult a seasoned insurance professional, which is probably your best bet, or you can look at how various independent organizations "rate" the life insurers you are considering. Ratings are like school grades, A+, A, A-, B+, etc. In general, it's wise to stick with companies that are rated A or better by most rating organizations.Many Purposes for Life InsuranceLife insurance is far more than just a decision of how much to buy. Depending on your financial situation, life insurance can be used for a variety of purposes, such as:estate planning accumulating cash transferring wealth achieving estate tax liquidity. Life insurance is like auto insurance in that you can buy a lot of it or not very much of it. Life insurance differs from auto insurance in that, depending on the type of policy you buy, you can pay a lot or a little for basically the same death benefit. Keep in mind, though, that the younger and healthier you are, the less you will pay for coverage. Life insurers like to have their policyholders around for a long, long time.* Tip. So how much life insurance do you need? It depends. One common benchmark says your death benefit should be about six to eight times your annual earnings, but there are a variety of factors to consider:Other income sources. The size of your family. Whether your spouse works and his or her earning capacity now and in the future. The number of people who are financially dependent on you and for how long. The death benefits your family will receive from Social Security and any life insurance plan through your employer. And any special needs such as mortgages, college education funds and estate planning.Make Sure Death Benefit Is AdequateWhat kind of life insurance should you buy? That also depends. But keep this very important principle in mind:* Tip. Whatever type of policy you buy, make sure it provides enough of a death benefit to meet your family's needs if you aren't there. When you consider buying life insurance, calculate what your family must have in terms of a death benefit. Don't lose sight of this number.What kinds of life insurance policies are there? There are several, but keep in mind that the terms and costs of the policies vary widely among insurers.There are two basic types:term life, which is good for only a certain period of time, and, cash-value, which is "permanent" insurance that also includes a buildup of value in cash in addition to your death benefit. You can borrow against your cash value. You can even take out some of that cash value, but your death benefit will be reduced. What exactly is "cash value?" It's the part of a permanent life insurance policy not needed for so-called "mortality expenses." The greater your risk of dying, for whatever reason, in the near term, the greater your mortality expense to your insurer.When young, healthy people buy life insurance, they have a very low mortality cost to their insurer (which is why life insurers are so willing to provide coverage to the young and healthy).What You Need to Know about Term Life Insurance...Term life policies provide coverage for specific periods of time, sometimes as little as one year. While you usually can renew term life policies for one or more terms even if your health has changed, there's potentially a big risk here if you get sick during the term.* Tip. If your health does change, you probably won't be able to buy another term without watching your premium skyrocket. You should ask your insurer or agent what the premium will be if you continue to renew the policy.* Note. You should also ask whether you will lose the right to renew the policy when you reach a certain age. Because this coverage is fairly cheap, it's often a good option for young people in good health who can't afford to buy "permanent" coverage.Here are a couple of term life policy options:Yearly Renewable Term Life -- This is coverage for a longer term, five, 10 or 20 years. The longer term also means that the costs to cover you are spread out so that you will avoid the potential for huge annual premium increases. Convertible Term Life -- This is yearly renewable with the option to convert to a permanent policy in the future. The coverage, which often has the lowest cost and highest death benefit options of term insurance, can be a good choice for younger people who can't afford permanent coverage but who need a large death benefit and the option to convert to a permanent policy down the road. What you need to know about Cash Value Life Insurance...Cash-value life policies have premiums that are higher at the beginning than they would be for the same amount of term insurance.The part of the premium not used to cover the yearly cost for mortality and other expenses is invested by the company and builds up a cash value that you may use in a variety of ways. Here are some specific examples of cash-value life insurance:Whole (or Ordinary) Life -- Like other cash-value policies, this is permanent coverage. The cost is literally stretched out over your entire life, or what the insurance company expects your entire life period to be. Life insurers have tables that tell them how long, on average, someone of your age and physical health will live. Say you want $500,000 in coverage. The insurance company's rates are based on how much they need to charge you in order to allow the company to recoup the eventual death benefit while you are alive. The premium and the death benefit don't change much in whole life policies. You pay so much a month for a given death benefit. However, dividends to policyholders can increase the coverage or decrease the premium. Universal Life -- This is the flexible life insurance. You can change your premium and your death benefit at any time, although a substantial increase in the coverage usually requires you to prove you are still in good health. Variable Life -- This is a hybrid whole/universal coverage in which the death benefit is dependent on the investment performance of the insurance company's assets. And you get to choose the investment vehicle -- money market fund, bond fund or stock fund -- for your premium. * Note. If your investments do well, your policy's cash value and death benefit will increase. If not, they'll go down, but most variable life policies won't let your death benefit drop below a certain level. However, it's possible a company will charge you for a guaranteed death benefit.Which type of policy is best for you? In general, if you have significant assets, it's better (and less risky) to have some sort of cash-value policy. But which one? It's more important to buy the coverage from an insurer that has the best chance of performing well in the future; an insurer that has low actual expenses and mortality costs. Such an insurer will be able to offer better terms, including higher death benefits, higher cash value and lower premiums.* Tip. But, again, there are more than 2,000 companies selling life insurance in the United States. As a result, you have thousands and thousands of options. This makes it even more imperative that you have a trained insurance professional analyze your financial situation and determine what kind of policy, from which insurer, is best for you.Contact for info: reliable.insurance.guy@gmail.com or 866-467-9888

Renters Insurance

What you'll discover in this report:Surprising secrets about what's covered in a standard Renters Policy! The most dangerous myth about renters insurance What to do before you ever have a claim Protecting your jewelry, art, computer equipment and other valuables that may not be covered! Renters Insurance demystified! What are you really getting? Find out here... Busting the Myths about Renters InsuranceIt is one of the most commonly repeated myths about insurance. Renters don't need insurance because their landlord's policy provides coverage for the renters' property.No, it doesn't. Further, if someone slips and falls in your apartment or rented home, your landlord's insurance usually won't provide any coverage for you if you are sued.Renters insurance is basically like homeowners coverage without coverage for the structure.* Note. Renters insurance provides coverage for your possessions and for liability if someone injured while on your premises sues you. Renters insurance also covers any of your possessions when they are away from your residence, including in your car.In addition, renters policies provide what are called additional living expenses. If some catastrophe covered by the policy -- fire, bursting pipes -- makes the place you are renting uninhabitable, the policy will pay some of the costs you incur to live somewhere else while the residence is being repaired.The coverage is usually limited to either a specific period of time, say 12 months, or what the insurance company considers a "reasonable length of time." Also, there is a cap on the amount of additional living expenses the insurer will pay, usually a percentage of the total liability limits.LLike homeowners insurance, renters policies do not cover damage or losses resulting from flooding, landslide or earthquake -- although it is possible to buy coverage for these risks separately.Actual Cash Value vs. Replacement Cost for rentersLike homeowners insurance, there are two options for covering your possessions:Actual cash value, which is the replacement cost of an item minus depreciation. Replacement, which allows you to buy a new item to replace the one lost, stolen or damaged, no matter how old that item is. * Note. Because replacement cost is better coverage, it costs more. Usually about 10% to 15% more.Speaking of cost, renters insurance is fairly cheap when compared with other personal insurance policies. Usually, you can get a decent policy for about $200 a year, depending on where you live. If you choose higher limits for your personal property and liability coverage, you could pay up to $400 a year.The policy has dollar limits on certain types of items. For example, there is usually a $1,000 limit for jewelry and anywhere from a $3,000 to $10,000 limit for computer equipment. If you want higher limits, you can purchase an endorsement, or "floater," to the basic policy.Like homeowners insurance, renters coverage has a deductible -- the amount you will pay before insurance kicks in. The higher the deductible, the less your policy will cost.You probably should have the same liability limits on your renters policy as you do on your auto insurance policy. Like your auto policy, you want to make sure your renters insurance will cover all your assets if you are sued.If you are renting with a roommate or roommates, it's probably best to include all your roommates on the policy. In addition, if you are living and renting with a significant other, many insurance companies will allow you to obtain joint coverage, just as if you were married.If You Rent: How to Keep Track of What You Own...* Tip. Like homeowners, you as a renter should have a written and visual inventory of all of your possessions. For items of significant value, you should write down the model numbers, serial numbers, date of purchase and price. Make a written copy of your inventory and keep it at another location, along with your photographs and/or video of the items. A safe deposit box is a good place to keep such records.* Note. If one of your "possessions" is a dog, you may find it more difficult to get coverage, particularly if that dog is a Rottweiler, Pit Bull or Doberman.* Tip. Finally, remember that many insurance companies give discounts to those who have multiple policies with a given insurer. Shop around, or have your agent shop around, for insurance companies that have the best rates, discounts, etc., for renters and auto insurance if both are placed with the same company.Contact for info: reliable.insurance.guy@gmail.com or 866-467-9888

Condo?Co-Op Insurance

What you'll discover in this report:Surprising secrets about what's covered in a standard Condo/Co-op Policy! The most dangerous myth about Condo/Co-op insurance What to do before you ever have a claim Protecting your jewelry, art, computer equipment and other valuables that may not be covered! Condo/Co-op Insurance demystified! What are you really getting? Find out here... Busting the Myths about Condo/Co-op InsuranceIt is one of the most commonly repeated myths about insurance. Condo/Co-op owners don't need insurance because their association provides coverage through the master fire policy for the Condo/Co-op property. Your master fire policy for your building will provide coverage for the basic unit with general liabilty. You need to ask your association for a copy of the policy. If you have a unit that has a betterment/improvement made to it, it would not be covered under the master fire policy. You can ask for increased coverage on your own condo/co-op policy with an increase in betterment/improvement(sometime listed under dwelling)coverage. Examples, had upgrade in kitchen cabinets/granit counter tops, upgrade in bathrooms.No, it doesn't. Further, if someone slips and falls in your condo/co-op, your master fire insurance policy usually won't provide any coverage for you if you are sued.Condo/Co-op insurance is basically like homeowners coverage without coverage for the structure.* Note. Condo/Co-op insurance provides coverage for your possessions and for liability if someone injured while on your premises sues you. Condo/Co-op insurance also covers any of your possessions when they are away from your residence, including in your car(this is called off premises theft-OPT).In addition, Condo/Co-op policies provide what are called additional living expenses. If some catastrophe covered by the policy -- fire, bursting pipes -- makes the place you are living uninhabitable, the policy will pay some of the costs you incur to live somewhere else while the residence is being repaired.The coverage is usually limited to either a specific period of time, say 12 months, or what the insurance company considers a "reasonable length of time." Also, there is a cap on the amount of additional living expenses the insurer will pay, usually a percentage of the total liability limits.Like homeowners insurance, condo/co-op policies do not cover damage or losses resulting from flooding, landslide or earthquake -- although it is possible to buy coverage for these risks separately.Actual Cash Value vs. Replacement Cost for condo/co-op. Like homeowners insurance, there are two options for covering your possessions:Actual cash value, which is the replacement cost of an item minus depreciation. Replacement, which allows you to buy a new item to replace the one lost, stolen or damaged, no matter how old that item is. * Note. Because replacement cost is better coverage, it costs more. Usually about 10% to 15% more.Speaking of cost, condo/co-op insurance is fairly cheap when compared with other personal insurance policies. Usually, you can get a decent policy for about $200 a year, depending on where you live. If you choose higher limits for your personal property and liability coverage, you could pay up to $400 a year.The policy has dollar limits on certain types of items. For example, there is usually a $1,000 limit for jewelry and anywhere from a $3,000 to $10,000 limit for computer equipment. If you want higher limits, you can purchase an endorsement, or "floater," to the basic policy.Like homeowners insurance, your coverage has a deductible -- the amount you will pay before insurance kicks in. The higher the deductible, the less your policy will cost.You probably should have the same liability limits on your policy as you do on your auto insurance policy. Like your auto policy, you want to make sure your condo/co-op insurance policy will cover all your assets if you are sued.If you have a roommate or roommates, it's probably best to include all your roommates on the policy. In addition, if you are living with a significant other, many insurance companies will allow you to obtain joint coverage, just as if you were married.If You own a condo/co-op: How to Keep Track of What You Own...* Tip. Like homeowners, you as a owner should have a written and visual inventory of all of your possessions. For items of significant value, you should write down the model numbers, serial numbers, date of purchase and price. Make a written copy of your inventory and keep it at another location, along with your photographs and/or video of the items. A safe deposit box is a good place to keep such records.* Note. If one of your "possessions" is a dog, you may find it more difficult to get coverage, particularly if that dog is a Rottweiler, Pit Bull or Doberman.* Tip. Finally, remember that many insurance companies give discounts to those who have multiple policies with a given insurer. Shop around, or have your agent shop around, for insurance companies that have the best rates, discounts, etc., for condo/co-op and auto insurance if both are placed with the same company.Contact for info: reliable.insurance.guy@gmail.com or 866-467-9888

Protect yourself and family (Umbrella Coverage)

What you'll discover in this report:How easy and common it is to be the target of a lawsuit How to get massive protection for just pennies a day What you should know about what's not covered with Umbrella Insurance Tips on how to SAVE MONEY Insurance jargon demystified! What are you really getting? Find out here... ...and much, much more! If insurance is for a rainy day, umbrella insurance is for a storm! A day when someone hits you with a lawsuit for hundreds of thousands, even millions, of dollars.Think it can't happen to you? Just think for one minute about how lawsuit-crazy this country is. You can't pick up a newspaper these days without reading about somebody suing somebody else for . . . anything. You read the article and say, "That's crazy. There's no way somebody should be able to sue for that."Well, guess what? The courts are clogged with these "crazy" lawsuits, and sometimes the person bringing the lawsuit wins. But, do you really need coverage for crazy lawsuits? Maybe not.But remember, a lot of lawsuits aren't crazy at all. Some get settled. Actually, most get settled. Often, the person being sued winds up having to pay the person who brought the lawsuit. Not to mention the fees the defendant has to pay to his or her attorney.How Far Will Your Current Protection Really Go to Protect You?* Example. Say you're at fault in an auto accident that causes serious injuries to the driver and/or passenger(s) in the car you hit. Your auto insurance has liability limits of $100,000 per person and $300,000 per accident. (Which are pretty common limits, by the way, even for people with a lot of assets.)How far do you think $100,000 will go, particularly if the persons involved suffer injuries that keep them from working for months, or years? The accident victims could sue you for medical bills, lost income, even pain and suffering. In this scenario, $100,000 is not nearly enough coverage.Guess what happens if, say, you are hit with a judgment for $250,000 in the case of one person involved in the accident. Your auto liability insurance will cover the first $100,000 -- and you're stuck with the rest. Again, that doesn't include the legal fees you have to pay to your attorney. And, in some cases you might have to pay all or part of the legal fees the other party or parties incur. Ouch.Umbrella insurance is for these very rainy days. While it may seem unnecessary, it really isn't, particularly for people with homes and other significant assets to protect. Do you really want to hand over your house and/or gains in the stock market to someone you injure in an auto accident? It could happen. But it doesn't have to.Umbrella Insurance: Massive Protection for Pennies a DayBecause it is designed for those very rare rainy days, umbrella insurance is cheap. It is also versatile. Umbrella insurance provides additional coverage not only for your auto policy, but also your homeowners or renters policy. Umbrella insurance covers things auto, homeowners and renters policies don't.In the insurance world, there's something called "personal injury." This is not damage to someone's body, but to his or her career or reputation.* Example. Imagine you say in public that a certain person is a lying, cheating, no-good so-and-so. Maybe you really believe this to be true, but the person is very offended. He or she can sue you for slander (if you say it) or libel (if you write it). If this happens, your umbrella policy will provide coverage, including legal fees, up to the limits of the policy.Umbrella insurance also covers personal injuries such as invasion of privacy, wrongful entry, wrongful eviction, false arrest, false imprisonment and malicious prosecution. Some umbrella policies will provide coverage if you are sued because of your service on the board of a civic, charitable or religious organization.* Note. Umbrella insurance doesn't cover everything. For example, if you are sued and the court assesses punitive damages against you, those damages won't be paid by your umbrella insurance. What are punitive damages? They are damages awarded to someone in order to punish the person being sued. Punitive damages are awarded for outrageous, totally reckless conduct -- at least what a judge or jury perceives to be outrageous, totally reckless conduct.You can usually buy umbrella policies with $1 million limits for $300 to $400 a year. If you need more than $1 million limits, you can usually buy each extra $1 million of coverage for $150 to $200. Think about this. For only a few hundred dollars, you can increase your per-person liability limits 10 times, 20 times, even 30 times -- and it applies to both your auto and homeowners/condo/co-op or renters policies as well.Umbrella Coverage: How It Works...Umbrella insurance actually "sits" on top of your auto and homeowners or renters liability coverage. Say you have a per-person liability limit of $250,000 on your auto policy. Say also that you cause an accident in which a driver or passenger in the other car is ultimately awarded $500,000.Your auto policy will pay the first $250,000, and your umbrella will kick in the remainder. Well, almost the remainder. Like auto policies, umbrellas have deductibles. Usually anywhere from $250 to $2,500. But a deductible of even $2,500 is a small price to pay if you're hit with a $250,000 judgment.Because umbrellas are over the top of the auto, homeowners/condo-co-op or renters liability limits, some insurers offering umbrella policies require you to have your auto and residence policies with these companies as well. That's not typically a problem because most insurers are happy to be able to provide someone's auto, homeowners/condo/co-op or renters, and umbrella insurance.Most insurers offering umbrella coverage require you to have liability limits of a certain amount on your auto and homeowners policies. Typically, this minimum is $300,000 for homeowners and $250,000 per-person for auto.You could chose to increase your auto and homeowners liability limits to, say, $1 million for each policy. But not every auto and homeowners insurer offers such high limits.* Tip. An umbrella policy is usually a cheaper option than increasing the limits on your auto and homeowners insurance. Plus, you get the additional "personal injury" coverage that is not available in your auto and homeowners or renters policies.Contact- reliable.insurance.guy@gmail.com or 866-467-9888

Supplemental Work Benefits

Voluntary BenefitsAs the U.S. health coverage environment evolves, working Americans increasingly are turning to voluntary employee benefits to supplement core coverage. Voluntary benefits can offer added financial security to employees, with no direct costs incurred by employers. Through comprehensive voluntary benefit products employees are gaining access to enhanced coverages that otherwise might not be available to them.DisabilityVoluntary disability insurance provides benefits over and above basic health insurance, offering eligible employees income protection insurance in the form of benefits that partially replace income lost as a result of a disabling non-occupational accident or illness. When such an event takes away the ability to bring home a paycheck, voluntary disability insurance coverage can help fill the gap as payments may be used for any purpose including ongoing bills such as rent, mortgages, educational expenses, food, and car payments.Plan variables may include:◦Combination benefits covering accidents, sickness or both◦Coverages including off-the-job coverage, 24-hour coverage or both◦Elimination periods, which are the number of continuous days (beginning with the first day of total disability) before any monthly benefit amount is payable◦Benefit periods for which monthly income benefits are payable after the elimination period ends (such periods often include choices of 90 days, six months, one year, two years or three years)◦Portability, depending upon whether the plans are offered on an individual or group chassis and the length of time an employee is employed before employment is terminated (either voluntary or involuntary)◦Optional riders covering categories such as emergency accidents, outpatient sickness, hospital indemnity and COBRALifeVoluntary life insurance plans allow employers to provide, at no cost to them, life insurance to eligible employees at rates that reflect group economies of scale. Some products offer “life and lifestyle” insurance in one policy, which can be accessed when health, life and death circumstances require. Considered life insurance, such products allow employees to receive a benefit while living.Two primary types of life insurance are term life and whole (or permanent) life.Term life insurance, an original or “pure” insurance form, offers protection for a specified period of time and builds no cash value. If the insured dies during the specified term, policy benefits are paid to beneficiary/ies. Products offer varying durations and benefit amounts and often include embedded benefits for terminal illness and AD&D. Coverage durations can be annual renewable or “level” for periods such as 10, 15, 20 and 30 years, during which the premiums remain unchanged. Coverage may be portable and riders for items such as critical illness/total disability, quality of life, increasing death benefits, AD&D and families are often available.Whole life insurance can play a role in meeting current as well as future financial needs. Consisting of a permanent life insurance policy that protects the policyholder through his/her life, whole life insurance offers a completion of premiums at a predetermined age. Features of whole life plans include premiums that remain level throughout the life of the policy, guaranteed renewable protection that cannot be reduced and accumulated cash values that can be withdrawn (upon the policy’s surrender), borrowed against as a loan, annuitized or used to purchase extended or reduced paid-up insurance. Some whole life plans may also include dividends paid annually and guaranteed cash values.HealthAs health care costs continue to rise, the value of supplemental insurance coverage increases. Voluntary health insurance serves as supplemental insurance to an individual’s existing health insurance plan, helping employees meet their financial obligations when they are hospitalized or incur expenses when receiving outpatient or inpatient treatment. Cash benefits can be used to help offset the loss of income, experimental treatments, transportation to doctors and treatment facilities, or for normal living expenses.AccidentOffering protection beyond basic health coverage, voluntary accident insurance provides supplemental on- or off-the-job coverage and may cover deductibles and other services standard health care coverage may not provide. Some voluntary accident insurance products can be both a reimbursement and an indemnity insurance policy – expense reimbursements paid are for actual charges or up to the maximum amount stipulated per selection.Embedded benefits of accident insurance may include:◦Accident medical expense◦Ambulance benefit◦Hospital confinement◦AD&D◦Optional benefits/riders such as accident total disability, hospital intensive care, bone fracture and dislocation, and coverage for spouse and childrenSpecified Disease/CancerWhen an individual is first diagnosed with cancer, heart attack or stroke, his or her life is interrupted in many ways: physically, emotionally and economically. Employers demonstrate their concern for their employees who face such challenges by offering voluntary specified disease (including cancer) insurance. Such plans help an individual’s ability to maintain adequate earnings for everyday living expenses.Benefits for voluntary specified disease insurance including cancer expense policies may be paid either through a lump sum or an annually restorable policy.Premiums for lump sum policies do not increase with age and are typically payable until the policy is paid up at a specified age (or predetermined number of years), or until a claim is incurred. Often, specified disease lump-sum policies offer a return of premium rider, which allows premiums to be refunded if the policy remains continuously in force and no claim is paid during the term of the policy.Lump sum cash payments typically allow benefits to be used for any purpose, including:◦To help offset the loss of income◦Deductibles, copayments and scheduled benefit limitations◦Treatments considered experimental◦Transportation expenses to and from doctors and treatment facilities◦Normal living expenses (mortgages, car payments, utility bills, child care, groceries, credit card bills, etc.)Annually restorable policies help offset expenses incurred for treatment of covered diseases. Payments typically are more focused toward inpatient or outpatient services as well as supplies and treatments such as hospital room and board; drugs and medicines; laboratory services; and medical or surgical services.Features of such plans may include:◦Annually restorable benefits◦Travel and wellness benefits◦Payment in addition to other coverage◦No deductibles◦Portable coverage◦Issue ages (often ranging from late teens to early 70s)◦Family coverage◦Guaranteed renewable for lifeAdministrative Services (Section 125)Benefiting both employers and employees with potential tax savings, Section 125 of the Internal Revenue Code allows employees to designate pretax dollars toward insurance premiums, medical care and dependent care expenses. These funds are not subject to Social Security, Federal and most state taxes, thus lowering an employee’s tax liability. In turn, lower payrolls can potentially reduce employers’ payroll tax costs and, in turn, reduce Federal and/or state unemployment tax contributions and workers’ compensation premiums.Contact- reliable.insurance.guy@gmail.com for more info or 866-467-9888

Key Man Lif Insurance

Though Keyman Insurance is a fairly new form of insurance and there is no proper legal definition for it, it is deemed an important form of Business Insurance, getting increasingly popular and rather significant nowadays. Businesses always need investments, and lenders more and more often require that a business carries a Keyman Insurance in order to protect their loans in the company. Even if Keyman Insurance is not a requirement to secure financing, the added credibility your company will enjoy with your investors is certainly worth the cost of this insurance policy.Keyman Insurance is also called Key Person Insurance, or Key Executive Insurance. As these names imply, this is generally an insurance policy, which is designed to protect a business in the event of the death or extended incapacity of an executive or key member of business specified on the policy. By obtaining a Keyman Insurance, a business ensures compensation for financial losses that would arise from the death of the valued member of the business, and also facilitates business continuity.The major goal of Key Person Business Insurance is to minimize the negative impact of the death, disability or trauma of a key employee, keep the business running and assure creditors and customers that the company is in the similar position and capable of operating as usual. In other words, Keyman Insurance helps to preserve the value of your business and its continuation by replacing the knowledge and work of an insured key employee. Such policies cover the expenses of finding and training a proper replacement for a key person, which in its turn, ensures that the business plan is being carried out as scheduled.Keyman Insurance compensates losses with a fixed monetary sum specified on the insurance policy. Mind that the policy term does not extend beyond the period during which the key person remains valuable and useful for the business. They have traditionally been 10- or 20-year term insurance policies but recently there have been Universal products that if structured correctly are fantastic tools to grow cash value as well as getting all the benefits of the term policy.Now, who is the keyman? A key person is someone who makes a significant contribution towards the profitability of the business and whose loss will inevitably cause financial ruin to the business. The skills, knowledge, energy, and capital of a few individuals can be crucial for the success of the company and therefore can make them uniquely valuable to this company. Most companies have at least one employee who can be considered key to the general success of the business, and the loss of this person’s services would result in business interruption or failure.A key person directly associated with the business can be the founder of a company, a Partner, a majority stockholder, a salesperson, the entire management team, a key project manager or some other professional with specific skills or knowledge. Basically, a key person is someone who has an expertise specific to the business or someone responsible for providing a significant portion of business profit.Absence of a key person could not only significantly impact the profitability and stability of the company; it could also question the future progress of business, and adversely affect existing business goodwill and credit standing. For instance, due to the loss of the key person in an international trade business, trade credit arrangements and years of goodwill and trust can be quickly destroyed. New arrangements require considerable amount of time and effort, which inevitably involves lost business profitability.The owner and beneficiary of the policy is the employer, while the life insured is the key employee. The latter wouldn’t receive any benefit from the existence of the policy. The employer would receive the death benefit proceeds tax free. Proceeds from Keyman Insurance can be used in order to find, recruit and train new skilled professionals for the company. Keyman Insurance benefits are also used to buy out the insured person’s shares or interest in the company.Premiums for Keyman Insurance are normally based on such factors as the amount of coverage, age, physical condition, and overall health history of the covered individual. Costs can be fairly low in case the key person is young and in good shape. Premiums are not tax-deductible.Before a business owner decides to purchase Key Person Insurance, it is necessary to assess the value of key employees. You need to determine how much coverage you will need. In order to estimate the value of the key employee, you should consider such factors as anticipated profit losses, the amount of sales the key employee generated for the company, and the costs of replacing the key employee.Good planning is essential. Creating a business-continuation plan outlining the way your business will survive a loss will help you determine what type of insurance protection you require. All insurance policies within a business must be integrated with the overall plan of the business.Start-up companies tend to rely on the skills and energy of the most valued members of their team more than any other companies. They are a start-up company’s most valuable assets. The death or disability of a key employee of a start-up company may result in business failure. Purchasing a Keyman Life and Disability Insurance on the key people will protect the start-up business from a potential disaster. Moreover, when making a decision whether or not to fund a company, venture capitalists, banks and other lenders usually require Keyman Insurance for the startup companies. It allows them to protect their investments. In case the insured accident occurs, the Keyman Insurance payment goes to the start-up company or directly to the venture capitalist.Keyman Insurance may be just as crucial to “niche” category businesses: research firms, companies with special contracts and businesses with proprietary systems and patents. Their key employees are crucial for the success of their businesses, as they have unique niche expertise, which is hard to replace.Usually businesses have prearranged agreements which include the instructions for the event of the death or disability of a shareholder or business owner. Key Person Insurance is the most efficient and cost effective means to fund these agreements.Contact info: reliable.insurance.guy@gmail.com or 866-467-9888

Commercial Fleet or Non-Fleet

Warning! Warning! A plain vanilla Business Auto Policy (BAP) does not serve as a substitute for a Personal Auto Policy (PAP). Unless you’re in a company car on business, the BAP doesn’t cover liability and medical payments. This is not a cruel trick; it protects your company from liability for non-business accidents. So you borrow my car to pick up your child at soccer. No coverage.If you insure your auto under a PAP, you and your family have liability coverage and medical payments for non-business accidents.Can the BAP be endorsed to function like a PAP? Yes, there are two drive other car (DOC) endorsements to effect this change. One is for corporations and the other is for unincorporated businesses. Your agent can arrange the proper endorsement for your needs. However, don’t avoid a PAP just to save premiums or for tax reasons.Generally, a PAP can suffice for a sole proprietor with private, passenger-type vehicles only. A private passenger vehicle owned or leased by a corporation, partnership or other business organization is a different story. You must use a BAP.Business Auto Coverage FormsMost businesses carry the ISO Commercial Auto Program liability coverage along with a CGL. The auto policy and the CGL may be packaged together; however, they remain separate policies. The auto risk and the premises risk are not combined into one policy. The Business Auto Policy (BAP) has three close relatives:■the Truckers policy■the Garage policy■the Motor Carrier formThese policies are very similar to the BAP. They are altered to meet the differing needs of those in a garage business and those in a trucking business.A Garage policy is used for service stations, public parking facilities, trailer dealers and others involved with auto activities.The Truckers policy is for those who offer for-hire trucking.The Motor Carrier form is used for organizations that haul their own goods and the goods of others. This form also covers the interchange of semi-trailers. The federal act regulating motor carriers can make certain insurance coverages and limits mandatory. We’ll look at basic business auto coverage.Note. Auto here is used to mean a land motor vehicle, trailer, or semi-trailer designed for travel on public roads.* Tip. It’s not simple to insure business autos. Be sure to give your agent all the details of your business vehicle use. IMPORTANT: Don’t forget to report any changes that occur.Symbols & The BAPNo longer are we dealing with special, standard, and the like. The Business Auto Policy uses symbols 1 through 8 to indicate vehicle coverage for claims. Symbol 1 gives any auto coverage. The insured is covered for owned, rented, borrowed autos and an auto just used by the insured. This is the most common coverage.Symbol 7, the other most common symbol, covers only specifically described autos. Newly acquired ones, under 7, are given coverage only if the insurer insures all owned autos. Symbol 7 also covers a new vehicle that replaces a covered one. This feature only works if the acquired auto is identified to the insurance company within 30 days.Symbol 8 covers only hired, leased, rented or borrowed autos and not owned autos. That’s good for a business that doesn’t own an auto.Symbols may be combined to serve certain coverage needs. Now, if the coverage symbol insures the auto, is the driver insured?Who Is Insured Under A BAP?You or the firm, as the named insured, is an insured for any covered auto. Anyone else using a covered auto you own, hire, or borrow with your permission is an insured. Exceptions? Of course.the owner or anyone else from whom you hire or borrow an auto an employee if the covered auto is owned by that employee or his family persons working in an auto business that is not yours a partner if he or she owns the autoThese exclusions appear complex. In reality, they confirm that your policy doesn’t cover other auto owners; in other words, get your own insurance for your own car or coverage for your garage business. WAIT, you and your business are still covered!Employees as a category are covered as insureds by a BAP; however, they may not collect as claimants from the policy if:■they are entitled to Workers Compensation benefits, or■they are covered by Employer’s Liability InsuranceThis prevents double recovery and keeps Workers Comp the exclusive means of compensating an injured employee. As mentioned, we’ll cover more later on Workers Compensation. Leased employees, but not temporary employees, are covered as drivers of a covered auto.Some Answers For “When & Where Covered”The coverage territory includes:■the United States, its territories and possessions■Puerto Rico■Canada■transportation between those placesSpecial coverage exists for the growing business with Mexico. For you travelers, the BAP gives coverage anywhere in the world. This covers private passenger type autos leased, hired, rented, or borrowed without a driver. The time constraints on this are 30 days or less.Note. The policy only pays if a lawsuit is held in the basic policy coverage territory.One other territorial factor is covered by the BAP. This is the variation in auto insurance required by the 50 states and the other territory covered. The BAP automatically adapts to the financial requirements beyond the borders of your home state. United we stand—until it comes to drivers licenses, license tags and financial responsibility laws.BAP ExclusionsExpect to see three exclusions when you deal with commercial autos:■intentional acts■racing■warInsurance excludes intentional acts almost universally. Insurance is not for helping people who have intentionally caused others bodily injury or property damage. Racing insurance coverage is available from what we call specialty markets. These markets specialize in providing insurance for unusual risks.War acts are too great a risk for private insurance companies. After the World Trade Center disaster in 2001, insurance companies attempted to exclude terrorist acts. Why? Because they realized one event could be too costly for any insurance company. To insure these acts would require premiums to drastically increase. Some states have allowed a terrorist exclusion. Others have not. Perhaps the federal government will create a reinsurance pool to support private insurance companies. Maybe then insurance can offer you coverage for terrorist acts.Coverage: One For You, One For ThemTwo matters of coverage may surprise you. One regards property in your care, custody, and control. This property is not covered. Liability insurance pays for damages to others’ property, not property you control. Items in your hands are rightfully a property, not a liability risk. Your property, bailee’s and transportation insurance cover items in your care, custody, or control.A person making a liability claim against you may be surprised to find out they cannot collect on “diminishing value.”Example. Say your truck negligently hits my brand new Belchfire 8, a car I just love. I claim that even though the car can be repaired, it will never be worth what it was before the accident. A number of jurisdictions do not allow diminishing value damages. This subjective loss of value does not affect the use value of the car.A Little Pollution CoverageThe Commercial General Liability (CGL) coverage strictly limits pollution coverage. This is true with the BAP as well. Awareness of pollution problems has led to a dramatic rise in claims against polluters. The insurance industry was not prepared to support these claims. No premium had been collected and the extent of the losses was unknown. Thus, separate pollution coverage was developed. This meets the need of firms involved with polluting materials.What pollution coverage does the BAP offer us?Example. There’s an accident on a road and gas or other vehicle fluids leak out. You are covered for cleanup charges required by government. This doesn’t include claims arising from the spill of cargo or trash.Example. Your truck is on the property of another to collect pollutants. It hits a pollutant container, spilling its contents. You are covered by the BAP. No coverage for pollutants on or in the truck. A little confused? When in doubt, get pollution coverage.Supplementary Payments & Your DutiesSupplemental payments are what the insurance company will spend. They don‘t reduce the limits you use to pay claims. The insurer will pay the following:■all of the court costs■some money for taking time off of work to help■the cost of a bail bond related to an accident covered by the policy. The limit on bail bonds is $2,000. The insurance company won’t acquire the bond for you.Your Duties Under The BAPGive prompt notice of accidents that fall under BAP. Include whatever details you can about other people and property involved. Don’t assume responsibility for an accident. Be sure you cooperate fully with the insurer. Part of this cooperation is forwarding legal papers from the other side immediately to the insurer. Another part is notifying the police of stolen property.* Tip. Never admit liability to anyone. You may lose your coverage. Fault is a legal decision for the courts.Medical Payments CoverageContrary to your PAP’s Medical Payments section, BAP Medical Payments is an endorsement. This is because few businesses take medical coverage. Workers Comp usually takes care of that. It can be a good idea in these cases:■if you are an individual named insured■if your firm carries passengers■if your business allows customers to drive your autosHow Do I Cover Vehicle Damage?The BAP includes coverage for damage to your property, not just liability. Therefore it’s not a monoline policy. The physical damage coverage is referred to as first party coverage. The liability coverage is referred to as third party coverage. The third party claimant is not a party to the insurance policy. So it’s logical.The physical damage coverage for your autos and their equipment is available. With this, you’ve got a choice of collision/overturn and comprehensive coverage for six named perils. The Specific Causes of Loss coverage includes:1.Fire, lightning, or explosion2.Theft3.Windstorm, hail or earthquake4.Flood5.Mischief or vandalism6.Sinking, burning collision, or derailment of any conveyance transporting a covered autoComprehensive coverage costs more but covers many more situations, like glass breakage and hitting an animal. If you want to save premium, take the six perils above. Or purchase a few of them.The physical damage coverage has its own restrictions and conditions. One is the exclusion of tapes and records, speed measuring equipment, and other electronic equipment not used solely for the reproduction of sound.* Tip. In this day of loads of electronic equipment in vehicles, consider carefully and specifically what items need insurance.After Auto Damage: What Now?As you stand looking at your wrecked vehicle you may say, “Give me the cash.” But that is not your choice. The insurer has the option under the policy of paying, repairing, or replacing the damaged property. You can’t abandon your damaged property to the insurance company. Does the insurer normally pay in cash? Sure, but unusual circumstances may call for a different settlement.Subrogation is a common law doctrine. It says if someone pays for damage to your property, that person has the right to seek recovery from the other party. So if your insurance company pays for your damage caused by a third party, it has the right to have your help in going against them.How To Choose BAP EndorsementsBoy, are there plenty of BAP endorsements. Remember also, there are the Garage form and the Trucker forms. The endorsements are designed to fit common situations. Here are some endorsement examples:■Limited Mexico Coverage■Rolling Stores■Employee Hired Autos■Auto loan/lease gapContact info: reliable.insurance.guy@gmail.com or 866-467-9888

ANNUITY Single Premium Immediate Annuity (SPIA)

Is an Immediate Annuity Right for You?An income stream that you'll never outlive sounds pretty attractive. We'll see if they're right for you.Americans are living longer than ever. The idea of living a longer, healthier life appeals to all of us, but for many of us, the tradeoff is outliving our retirement savings. The crippling costs of healthcare and the constant rise of inflation continue to compound this financial predicament. A single premium immediate annuity (SPIA) may help with this dilemma, providing you with an income stream that you will never outlive. We'll take a look at the pros and the cons.Here's how they workWhile many annuities are designed to build value for retirement, immediate annuities are designed to provide income immediately in retirement. A fixed immediate annuity is a contract between you and the insurance company. They are usually purchased with large lump sums of money by conservative investors in order to pay for expenses over a long period of time. In exchange for this lump sum premium the insurance company pays you a monthly income for as long as you live.Let's take a look at a hypothetical example. We'll assume we have a 75 year old male purchasing a $100,000 SPIA policy. Based on current interest rates and his life expectancy he'll receive approximately $802 a month and continue as long as he (the annuitant) is alive. Now, if he chose the option with 10 year certain he would receive $715 a month as long as he (the annuitant) is alive and with a guarantee to make at least 120 monthly payments of $715 to a beneficiary. If cash is of great importance and maximum income is more of a priority, he may have chosen the "life only" payout option, which would pay a monthly payment of $802 per month. This is a common choice for the investor who's not overly concerned with the endowment of these particular funds, rather capturing the income derived from these funds.Tax treatmentThanks to the "exclusion ratio" immediate annuities offer very favorable tax treatment; in fact a large percentage of the fixed immediate annuity income is tax-free. Based on the above example, the income would be 74.02% covered by the “exclusion ratio”. This would mean that about only 4 cents on the dollar of income would be lost to taxes, and 96 cents would be kept. This is becausea large portion of income is considered a return of principle. Keep in mind that this represents new money, qualified funds such as IRA's and 401k's are generally taxable because these products represent pre-tax dollars.Asset Protection - MedicaidUtilizing Immediate annuities to shelter assets has become one of the latest "en vogue" planning techniques. Immediate annuities are often purchased for Medicaid planning purposes. By purchasing an immediate annuity you're essentially removing the funds from your estate (for Medicaid purposes), thereby meeting the Medicaid minimal requirements, and qualifying forMedicaid. These minimal requirements are very low and vary depending on your specific state; for most individuals a "Medicaid annuity" is not the answer. If qualifying for Medicaid is your intent, I suggest you work with a qualified advisor or attorney—proper planning is a must.Creditor protection is another sought-after benefit of these policies. In most states your fixed immediate annuity cash value is exempt from attachment by creditors. This is especially relevant if things like disability were to loom on the horizon. Florida and New York offer some of the most favorable laws.What are the drawbacks of purchasing a fixed immediate annuity?All of the above information sounds promising but it doesn't mean that immediate annuities are for everyone. Purchasing a single premium immediate annuity is a permanent decision that will last for the rest of your life. So you should seriously consider the following before selecting an immediate annuity product.It's important to remember that these products are purchased for a reliable stream of income with an emphasis on security. They are not designed for maximum return. You can typically expect fairly conservative returns that don't often exceed the returns we see in the bond markets, but they'll do so with considerably more security.The fact that the income derived from SPIA's will never change can be viewed as a double-edged sword. While the steady stream of payments is often welcomed the downside is the loss of purchasing power to inflation. This is the inherent problem with fixed income investments, in general, and for the most part can't be avoided without delving into equity type investments.Investors concerned with passing their assets on to heirs should take a close look at the payout options within a given policy. This may sound obvious, but when you select the "life only" income option within an immediate annuity policy the insurance company is only obligated to make payments to you for the rest of your life. If you die a month into the contract the insurance company gets all your money—nothing goes to your heirs. On the other hand if you outlive the actuarial tables you've won. So, it can work both ways, but the important thing to understand is you won't be bequeathing these funds to your heirs.Generally speaking, immediate annuities are irrevocable contracts. Once you purchase the immediate annuity it is non-refundable, you lose the liquidity and no longer have access to these funds, save for the introductory "free-look" period. This restriction of principle is by far the number one disadvantage with these products. The tradeoff for this loss of liquidity is a lifetime of income. SPIA's are NOT suitable for individual investors with liquidity needs. Should you wait? We know that the older we get the more our income needs increase. So, if you're in no rush and have no immediate need for income it often pays to wait. Remember that the payment amount is based on life expectancy, so the shorter the life expectancy and the older you get, the larger your income payments become. Also, keep in mind that payment amounts are based on current interest rates, which are still relatively low. Waiting just a few years can make a significant difference.Right for you?Depending on your specific financial needs/goals a fixed immediate annuity may be the right choice for you. They're not the end-all, do-all investment product (nothing ever is), but for certain income seeking investors, SPIA's are a highly tax favored way of achieving a guaranteed income which will not change due to outside forces like a declining economy. To those individuals an income that can't be outlived can be particularly comforting in these uncertain times.
For more info email us : reliable.insurance.guy@gmail.com or 866-467-9888

Business Owners Policy (BOP)

Almost everyone knows about Homeowners and Personal Auto policies. The success with these policies spurred the development of a similar package policy: the Businessowners Policy (BOP). This policy is intended for main street businesses. The BOP combines building, personal property, and liability coverage with other attractive options. Every BOP package must have a set of Policy Conditions. We’ll review those conditions later.As mentioned before, the Insurance Services Office (ISO) forms are as close to a standard or benchmark policy as there is in the United States. The ISO also standardizes the BOP, although you may have a BOP with different provisions.Are You Eligible for a BOP?The two keys to BOP eligibility are type of business and square footage. General examples:■apartment buildings■office buildings■buildings used primarily for mercantile, service or processing purposes■wholesalers■contractors■mixed use, e.g., stores in an apartment building.Square footage guidelines can relate to overall building space or a business’s rental space. Generally, the cutoff for BOP eligibility is 25,000 square feet; however, this varies between insurance companies.One Size Package Policy Fits All?Fitting an insurance policy to a business depends on a number of factors. This includes which insurance companies are in the market for what types of risks and restrictions. While BOP’s are fine packages of coverage, you haven’t missed out if your business has a Commercial Package Policy (CPP). A CPP is the right coverage for many businesses. An insurance agent can determine whether your business is eligible for, and should have a BOP.Business Personal Property CoverageBusiness personal property coverage can include:■a building owners’ business personal property in an apartment building■office business personal property■business personal property for merchants, wholesalers, and service or processing organizations■commercial condo unit owners.When you own a building, the same BOP must cover both the building and the business personal property. Otherwise business personal property can be insured alone in a BOP. This is good for businesses that lease or rent space.Different BOP FormsThe CPP has different causes of loss forms that provide different levels of coverage. The ISO BOP has a named peril form (Standard) and a Special peril form.The BOP named peril form will:■have coverage for a dozen or so perils such as fire, lightning, windstorm and hail, sprinkler leakage, and vandalism■usually cost less.The Special peril form will:■have coverage for all risks of direct physical damage except as limited in the policy■have broader coverage than one setting forth specific perils.Additional CoveragesBy nature, the Special form has more coverages built in. The Standard form has approximately a dozen additional coverages. Among these are:■debris removal■counterfeit money orders and paper currency■increased cost of construction■forgery exterior glass and lettering (this includes replacement and repair of items on the outside of the building, commonly advertising-related materials)■collapse and water damage.Don’t worry, we’re not ignoring loss of business income and extra expenses from a direct insured loss. Frequently a loss from a fire or other insured peril goes beyond the direct damage caused by the fire. Even minor damage can close your business for a long time. This means your business has no income to maintain salaries and other expenses. Don’t ignore loss of income protection!* Tip. Business interruption coverage is not a luxury.Coverage ExtensionsRecall that extensions are an opportunity for you to have certain property covered after a loss. Extensions are controlled by:■a limit on expendable dollar amounts■an after-the-fact additional premium, or■a territorial restriction.The ISO BOP’s make provisions for the following:■newly acquired property■personal property off-premises■outdoor property personal effects (non business property)■valuable papers and records■collapse and water damage.Coverage is limited in these areas. You may need specific insurance to cover one or more of these extension areas for your business.Exclusions & ConditionsExclusions and conditions are common in insurance policies. BOP’s are no exception. You’ll find some exclusions and conditions from policy to policy, regardless of the type of insurance. Conditions are normally procedural matters and loss adjustments. Exclusions are matters the insurance is not designed to cover.Note. Remember an insurance policy must be read as a unit, not as independent paragraphs or sections.A “one policy fits all” attitude will not work any more than one prescription for glasses works for every person. Our insurance needs are all different. Everyone has a different type of property, amount of property, location, ownership, and so on. Your prescription for insurance should closely reflect your risk of loss. That way you’re not paying more premiums than necessary.Contact info: reliable.insurance.guy@gmail.com or 866-467-9888