Critical Illness Insurance

Critical Illness Insurance

Critical Illness Insurance Policies

Critical Illness Protection Will Always Come In Handy

Critical Illness insurance is a type of insurance that can provide a lump sum cash benefit to the insured if they are determined to have one of the critical illnesses identified in their insurance policy. This type of insurance was introduced in the late 1990s to help individuals cover their expenses associated with various critical illnesses.

Critical Illness insurance is applicable to any individual who is concerned about the risks of critical illness. The three primary illnesses covered under critical illness policies include heart attack, stroke and cancer. However, these policies may also cover conditions such as heart transplants, coronary bypass surgery, kidney failure, angioplasty and paralysis. Individuals may need this insurance for a variety of reasons, such as to pay for their medical treatments that are not covered by their health plan or to pay for their mortgage when they are recovering. Other reasons may include having cash to replace a spouse’s income while they are caring for the insured, and to pay for travel for treatments not available in the local market.

Critical illness policies work by significantly reducing the financial losses that are normally incurred without the insurance. As soon as an individual is diagnosed with a covered condition, the insurance company provides a single lump sum payment that is tax-free. Depending upon the specific policy, these cash payments can range anywhere from $10,000 to $1 million. In addition, some policies will provide multiple cash payments for separate critical illnesses. For example, if an individual is diagnosed with cancer and survives, they will receive a cash payment. In addition, they will receive another cash payment in a few years if they suffer from a heart attack.

There are essentially two types of critical illness policies, Simplified Individual Protection and Fully Underwritten Individual Plans. The Simplified Issue Individual Protection plans are issued after just a few health questions, are generally affordable and are available in amounts up to $50,000. Fully Underwritten Individual Plans are issued after medical information has been provided to the insurance company, and they are available in higher amounts.

Life Insurance

Life Insurance

Life Insurance Policies

A Short Guide To Life Insurance

Life insurance is a type of insurance that is designed to pay money to a designated person if the policyholder passes away. This insurance is a contractual agreement between the policyholder and the insurance company. As long as premiums are paid, the insurance company will pay upon the death of the covered person, with a payout that depends on the amount of the policy. There are three types of policies available.

Term life is one of these policies. It is a policy without a cash value. Due to this, people often choose it because the premiums are much lower than other life insurance policies. This type of coverage provides the policyholder with a specific amount of coverage for a specific period of time, known as the term. For example, a term policy can be valid for 10, 20, or 30 years. Premiums are set as a fixed rate for the term.

Whole life is another policy available. With this insurance, the benefits paid out include both a death benefit and a cash value. The policy continuously builds cash value, similar to a savings account, ensuring that when a covered person passes away, the benefits are paid in addition to the policy amount. Policyholders are also able to borrow against the cash value amount if needed, unless it is a variable policy. The premiums are slightly higher than term life.

Universal Life insurance is the third policy type. A universal policy is a lifetime insurance that allows the policyholder to change premium amounts, death benefits, and aspects of the cash value including how much goes to premium payments and how much is invested. On the other hand, a universal variable policy is a combination of a variable whole life policy and its investment flexibility with a Universal Life policy and its abilities to change benefit and premium amounts.

Renters Insurance

Renters Insurance

Renters Insurance Policies

While there are many types of insurances that exist, if you rent an apartment or home, it can be beneficial to invest in renters insurance. This type of insurance can protect the assets in your home, in the event that disaster strikes. This means that if an event such as theft occurs, you can file a claim to get compensation for your stolen or damaged personal belongings.

This type of insurance is meant for anyone who lives in a house or apartment, but does not own the property. Your landlord is responsible for insuring the actual building, but you are responsible for insuring your personal items with renters insurance. If you choose not to insure, you could lose your personal belongings if a disaster occurs.

Once you file a claim, the insurance agency will determine if you have a valid claim. If you didn’t cause the damage to your home, you will likely have a valid claim. The insurance company will then pay you based on your limits and the plan that you have. Certain items, such as jewelry, have a max payout amount.

A standard insurance policy will cover the items in your home that are damaged by theft, fire, plumbing issues, etc. You can choose to invest in an actual cash value or replacement cost policy. An actual cost policy will only pay your item’s value at the time that it was stolen. On the other hand, replacement cost will pay you what it would cost to replace the item. You can also consider adding renters liability coverage, which can pay for medical care if someone is injured at your home. An agent can help you choose the best option based on your situation.

The main benefit to investing in this type of insurance is having the ability to protect your personal property. You never know when disaster can strike. Another benefit is that you can have less stress. No one likes to live their life in fear. With renters liability coverage, you can also benefit by being able to cover the cost of medical care if a loved one falls or becomes injured while visiting your home.

Recreational Vehicles

Recreational Vehicles Insurance Policies

Recreational vehicles insurance is needed for all vehicles that are recreational in their nature. Large motorhomes need these insurance policies, but there are also small RVs or off-road vehicles that need these insurance policies. Every driver who uses these vehicles needs to have one of these insurance policies. They need to make sure that they have something that is going to keep them on the right side of the law. These insurance policies are required by law, and people cannot afford to pay for the repairs on their vehicle or someone else’s vehicle when there is an accident.

These insurance policies make life easy for people. The claims are often filed by the people who do the repairs. The owner of the vehicle can call to file their claim, and the customer service associates will help the driver get their claim filed as easily as possible. These insurance policies are going to help to cover damage to the vehicle on the road, damage when they are in use or damage in an accident. The collision policies that people use are going to pay for the damage to the vehicle only. Also, these policies tend to be less expensive. A comprehensive policy pays for medical expenses, loss of personal property, a rental car, roadside assistance and other items that can be very expensive.

The major benefit of one of these policies is the protection. People could spend a great deal of money on their recreational vehicles, but they need to have something that is going to help them care for their vehicle. The policy is going to make it easy for the driver to take care of their vehicle, and the driver will be able to help other motorists who are involved in accidents with them on the road. These policies are necessary before the vehicle is put into use.

Earthquake Insurance

Earthquake Insurance

Earthquake Insurance Policies

The Truth About Earthquake Insurance

The unpredictable nature of earthquakes can leave behind a wide range of devastation. Safety plans and emergency supplies play a role in preparing people for possible disaster. In addition to personal safety, people may want to consider earthquake insurance to safeguard against property damage or loss.

Earthquake coverage is not part of typical Home insurance policies. This type of coverage tends to be comparable to the cost of Home insurance, and can be added onto an existing policy. Thus, people living in low-risk areas may want to evaluate the cost effectiveness of purchasing earthquake coverage. Even people living in high-risk areas need to consider the financial cost versus potential earthquake risk.

Policies vary as far as what may be covered. Coverage might include:

  • Dwelling: The actual structure of the home
  • Contents: Personal possessions

This type of insurance may cover damages caused by earth shifting movement such as:

  • Earthquakes
  • Mudslides
  • Sinkholes
  • Mudflows

Following an earthquake, damages will need to be assessed and detailed, either through written documentation or photographs. Doing so will speed up the process in filling a claim and providing you with protection at a faster rate. Our agents are available to assist you in receiving the coverage you deserve.

Earthquakes can cause total devastation to property or damages that may not be apparent for days or weeks after the event. Whether or not to purchase earthquake coverage depends on several variables. These variables include the following. Whether or not the property is located in a high-risk area and how much equity is invested in the home. Insurance policies are designed to protect all types of valuables. Thus, careful consideration needs to be given to a person’s most valuable investment of all: the home. Don’t let an earthquake shake you down. Learn how you can benefit from Earthquake insurance.

Homeowners Insurance

Homeowners Insurance

Homeowners Insurance Policies

Homeowners insurance is an important element in any homeowner’s life. This insurance will protect a homeowner against various events, such as fire, theft, vandalism, storm damage, and other disasters. By paying a premium and deductible, homeowners will greatly decrease the costs associated with recovering from these damaging events.

Home insurance is for anyone owning a home. When choosing an insurance plan, homeowners will have several options. First, they will choose a plan that covers the value they choose. Most homeowners choose to cover the value of their home, plus the value of their personal items inside the home. A higher value will result in a higher premium. However a higher value also means that you are covered for more damage.

Most plans will also vary in the frequency of payments. Typically, a homeowner can pay a lower premium by paying for insurance in larger portions, like yearly or quarterly. A monthly payment plan is also an option, but may result in a higher price overall.

In the event of a disaster, the homeowner will submit an insurance claim. Typically, there is a deductible associated with the plan that must be paid when a claim is submitted. The deductible is also an option that can affect the rate of the insurance plan. A higher deductible means that the owner pays more when damage occurs, but they will pay less of a premium for the plan. Once the deductible is paid, the insurance covers the rest of the property damage. If personal belongings were also insured, then the company will also cover the cost of replacing those items.

While homeowners insurance may seem expensive, the benefits are invaluable. There is nothing that can replace the piece of mind that a homeowner received by knowing that their property and belongings are protected by an insurance plan. With a plan, homeowners will not suffer a financial burden from any devastating event.

Flood Insurance

Flood Insurance

Flood Insurance Policies

Floods can happen anywhere it rains and there are many factors that can contribute including new development and clogged drainage systems. The risk of flood in the immediate area dictates insurance premiums, but a policyholder can determine their deductible. The Federal Emergency Management Agency (FEMA) continuously conducts studies in communities that include statistical data from rivers, tides, rainfall and topography to determine the level of flood risk. The risk level of a particular area is shown at the site of the National Flood Insurance Program (NHIP) at FloodSmart.gov.

The Cost

The average insurance yearly premium costs about $650 per year paid in full. The government regulates the cost so rates stay the same between insurance companies. If the property is damaged or destroyed by flood, the homeowner must meet the deductible before receiving the cash amount required to repair the damage or up to the policy limit for the value of the home. The maximum amount of insurance a homeowner can take out to protect their property against flood is $250,000.

The Coverage

Flood insurance is not a mandatory insurance unless a mortgage lender requires it and the property is in a high-risk area. It is available for all levels of flood risk to homeowners, renters, condo owners and commercial owners and tenants. The policies vary from moderate, low or high-risk areas and can include building and contents or contents only. FEMA sets the guidelines of included coverage such as certain permanent aspects of the building, like the foundation, walls and built in appliances (refrigerators, dishwashers and stoves), to the items not covered, like porches, septic systems and swimming pools, and limited coverage for areas below the lowest elevated floor, like basements and crawl spaces.

The Benefits

According to the NHIP even a couple of inches of water can lead to tens of thousands of dollars in damages. Coastal populations are not the only areas prone to flooding. A home far from any river or coast can experience a flood lasting for weeks from heavy rain or a snowmelt. Even in a low risk area, protecting against a flood can save a home or business owner thousands of dollars in damages.

Commercial Auto Insurance

Commercial Auto Insurance

Commercial Auto Insurance Policies

The Importance Of Utilizing Commercial Auto Insurance

Whether you are a commercial vehicle driver or a business owner with a fleet of vehicles, persons who use commercial vehicles should definitely take advantage of Commercial Auto insurance. Doing so will help protect your organization from financial liability in the event that an incident causing injury and property damage takes place.

If you own operate a business that has drivers for delivery or transportation, such as a food delivery service or shuttle service, you are required to have commercial liability insurance. If you’re a commercial driver, you may also need commercial vehicle insurance to protect you from being fined or sued. If you are a business owner or a operate commercial vehicles on a weekly basis and are unsure about the coverage you may need, our advisors are here to help you learn more.

There are several types of Commercial Auto insurance policies available. These include liability, uninsured motorist, under-insured motorist, comprehensive and collision protection. You can also add other optional policies to your plan. Liability insurance pays for the damage caused by your vehicle to the other driver and vehicle.

The purpose of uninsured motorist insurance and underinsured motorist insurance is to protect you financially in the event that an accident takes place. Comprehensive insurance can cover for the cost of damages resulting from theft, natural disasters, vandalism, and weather conditions. Collision insurance pays for the repair costs for damages caused by a collision-specific accident.

Commercial Auto insurance provides several financial benefits for businesses. With this policy, your insurance company will become responsible for covering the expenses to repair damaged vehicles. Your insurance company will also pay for claims made against you by third parties. Commercial liability insurance requirements can vary by state. To learn more about the standards required in your community, contact our agency today.