News & Links

BEFORE THEY LEAVE FOR COLLEGE CHECK COVERAGE TO SEE IF YOU QUALIFY FOR DISCOUNTS

Attending college is an exciting time for your child. Whether it’s deciding where to go, what to major in or figuring the finances, there are a lot of decisions to think about. Before your child leaves the nest, here are three things to consider when it comes to having the right insurance policy.

1.) Auto Insurance Policy

  • If they are taking their car to college, be sure to update your auto insurance policy. This can easily be taken care of by reaching out to your insurance agent! You’ll want to ensure your child is protected if they get into an accident or experience theft. If your child is attending college out of state, talk with us to see if anything changes on their auto insurance policy.

2.) Educate On Liability

College is an amazing social and learning experience. Be sure your child understands the serious consequences of drinking and driving, buying alcohol for kids underage or the other risks that are associated with drugs and alcohol. One poor decision could impact the rest of their life.

3.) If worried about theft while living off-campus, invest in a renters insurance policy.

  • If your child owns valuable items like laptops, televisions, printers, cameras or other expensive items, invest in a renter’s insurance policy.
  • Construct a full inventory of pictures or video of your child’s personal items that include model and serial numbers, where applicable
  • If your child is living with roommates, remember each child needs their own policy.
  • A renter’s insurance policy offers more than just covering your property. It can provide important liability coverage.
  • Coverage may automatically extend from your homeowners policy- CALL US TO ASK ABOUT THE BEST WAY TO PROVIDE COVERAGE

If my child experiences theft, will I be fully reimbursed?

This is where actual cash value and replacement insurance coverage comes into play. Replacement cost is very simple: It is literally the cost to replace your item with an item of similar quality. Replacement cost policies tend to be a bit more expensive since you are essentially getting a brand new item for one that may have otherwise depreciated. Actual cash value is the cost to replace the item minus any depreciation. So, if your child had wear and tear on an expensive electronic device, your insurance would pay out the cost of the electronic minus the depreciation.

 

Whether it is changing your child’s auto insurance or investing in renters insurance we are here to help!

How Much Life Insurance Do I Need?

December 5th, 2014 by

The answer isn’t really how much life insurance you need, it’s how much money your family will need after you’re gone.

Ask Yourself:

  • How much money will my family need after my death to meet immediate expenses, life funeral expenses and debt?
  • How much money will my family need to maintain their standard of living over the long run?

Life insurance proceeds can help pay immediate expenses including uncovered medical costs, funeral expenses, final estate settlement costs, taxes. and other lump-sum obligations such as outstanding debts and mortgage balanced. They can also help your family cover future financial obligations like everyday living expenses, money for college, or your spouse’s retirement, and so much more.

But how do you know if you need $100,000, $500,00, $1 million or more? The most common way to determine your life insurance needs is by conducting what’s called a Capital Needs Analysis.

Here’s how it works. Start by evaluating your family’s needs. Gather all of your personal financial information and estimate what each of your family members would need to meet current and future financial obligations. Then tally up all of the resources that your surviving family members could draw upon to support themselves. The difference between their needs and the resources in place to meet those needs is your need for additional life insurance.

This may seems simple enough, but calculating one’s life insurance needs can actually get pretty complicated.  To make it easy for you to get a general sense of your needs, check out our life insurance needs calculator. It’ll walk you through the process and provide you with an estimate of your insurance needs in a matter of minutes. (See the Link Below)

http://www.lifehappens.org/insurance-overview/life-insurance/calculate-your-needs/

But remember, our calculator (or anyone else’s for that matter) is no substitute for the guidance and assistance you’ll get by meeting with a qualified insurance agent or other financial professional. So if you’re serious about protecting your family’s future, contact our office for a life insurance specialist!

 

What are my Options if my Medicare Advantage Plan Ends at the End of the Year?

September 18th, 2014 by

What are my Options if my Medicare Advantage Plan Ends at the End of the Year?

If you receive a letter from your insurance company stating your policy will be terminated at the end of the year, try not to panic. You have several options, even a guaranteed right into Medicare Supplements. Please contact our office if you have any questions about plans available in your area.

Medicare Advantages vs. Medicare Supplements

September 2nd, 2014 by

Tradeoffs, Pros, and Cons: PlanPrescriber

Which Insurance Plan is right for you?

This is a decision every Medicare eligible person needs to make. The above link will help you understand the difference between a Medicare Supplement and a Medicare Advantage. Once you decide on the type of insurance coverage you would like, it will be easier to choose an insurance plan that is appropriate for you.

Medicare Prescription Drug Plans (Part D)

September 2nd, 2014 by

Medicare.com

Prescription Drug Coverage changes every year; it is important to review your medications during the Annual Enrollment Period, between October 15th to December 7th, to ensure your medications are still covered by your plan. The above link will provide you with additional information on Prescription Drug Plans and what to be aware of when changing plans.