THURSDAY, APRIL 22, 2021 Getting Life Insurance After You Turn 65 With age comes wisdom, and probably a lot of the financial stability that you have longed for throughout your life. Still, getting older means facing the fact that eventually the inevitable will happen. Naturally, you want to make sure that when you do pass away, that you can leave a strong financial legacy to your family. One way to ensure their continued comfort is with life insurance. Still, getting life insurance later in life, particularly at the age of 65, can come with its hurdles. Age, health and other factors might limit your ability to qualify for or enroll in coverage. Still, it is completely possible to get adequate coverage, despite the extra steps you might have to take. Age and Life Insurance Risks All insurers want to know their risk of insuring individual customers. After all, their job is to pay customers money when they file a claim. The insurer wants to gauge the likelihood of that happening. Therefore, both your eligibility for and premium on any given insurance policy is going to vary based on the risk profile the insurer develops. Usually, older people represent higher risks to insurance companies, for relatively straightforward reasons. Life insurance pays out when you die. Therefore, if you are older or have more significant health issues, then you are certainly more likely to die than someone 30 years younger. As a result, as your age increases, life insurers will begin to view you as more of a risk. At this time, they might charge you more for your coverage, and many will even decline to insure you due to your advanced age. Nevertheless, older and retired individuals can still qualify for coverage. It just might take some extra work. Finding the Right Coverage Most older individuals, especially those who are retired or past the age of 65, can still benefit from life insurance. Therefore, it is almost never too late to consider buying a policy. Older people can usually qualify for both whole- and term-life policies, though there will often be limitations on the precise coverage they can get. For example, some term-life policies have cut-off dates at age 75. A 65-year-old might therefore only qualify for a 10-year policy. Other policies might have medical exam requirements for enrollees, and an older individual with health conditions might not pass the test. Still, there are no-exam policies available. Getting the right coverage will take coordination with your insurance agent. They can discuss your coverage options, help you choose benefits, and ultimately assist you in developing a tidy policy that will leave a neat sum to the survivors you love.

TUESDAY, APRIL 20, 2021 Getting Homeowners Insurance with a Mortgage Most people do not have the money to pay for a new house in-full at the time that they buy it. As a result, they will usually take out a mortgage or other financing to finalize the purchase. When you finance your home, you will have to repay the loan to the bank over a period of years. During this time, the bank has an investment in the property. So, if something happens to your home, then you are not the only party who might lose out financially. Your lender will also still expect to be repaid their mortgage, even if a tornado were to destroy your home. It is currently that your need for homeowners insurance is critical. Most mortgage lenders require property owners to purchase homeowners insurance. At this time, you must carry coverage that meets the lender’s expectations. Usually, they will institute a replacement cost value (RCV) dwelling coverage requirement on the property. Here is how it and its counterpart, actual cash value (ACV) coverage, work. Replacement Cost Value Coverage A RCV homeowners insurance policy insures your dwelling based on the price it will cost to rebuild, at today’s rates. Replacement cost value is not the sticker price that you paid for the dwelling and the rest of the property. Instead, it is the value of the house itself, which is different from the price of the property, even though it is the most substantial part of your property value in most cases. The benefit of RC coverage is you will be able to repair or rebuild a damaged home to exactly the way it was before the loss occurred. However, the drawback is that you will need to periodically clarify with your agent that your coverage is still adequate, given that construction and replacement costs often change. Actual Cash Value Coverage An alternative to RCV coverage is actual cash value insurance, which is both exceedingly rare and inadequate for use in dwelling insurance. If the value of your dwelling decreases over time, such as due to age, then an ACV policy will only pay based on the value of the house at the time of the loss. This is far from adequate when it comes to building an entirely new home, or to making extensive repairs. These policies are seldom offered to consumers today. Once your lender tells you what type of coverage they require, your insurance agent will be able to help you design the right benefits. RCV policies are by far the best coverage to carry, and your agent can ensure that you receive the right balance of benefits for your needs.

THURSDAY, APRIL 15, 2021 Setting Up A Life Insurance Trust for Minors If you are a parent, or responsible for another minor who is dependent on you, then you know that your basic duty is to provide for them both emotionally and financially. Still, there’s always life’s uncertainty that tomorrow is not guaranteed. What would happen if something happened to you, and then there was no one around to look after the children? How can you ensure that their needs are met? Leaving life insurance for your child’s use after your death is always a good idea. However, it is very different to leave the benefits to a minor as opposed to an adult who is no longer a dependent. As a result, you’ll often have to take special steps, such as establishing a trust, to ensure the money goes to the correct place. How Life Insurance Trusts Work When buying life insurance, you must name a beneficiary. This is the person who receives the death benefit payment from your life insurance when you die. You won’t need it, after all. If you just name the beneficiary, and attach no special conditions to your policy, then the beneficiary has the leeway to do with the money what they wish. As a result, you might be tempted to set a few rules on how the money is to be used. One of those ways is to establish a trust. With a trust, you leave instructions on how survivors can use the insurance. That money effectively becomes earmarked. The trust will only allow the money to go towards the costs allowed. This is especially important when it comes to leaving money to minors. Legally, minors cannot be direct beneficiaries. However, by funneling the money into a trust, you can still ensure that there are rules in place to safeguard the money for the benefit of the children. Setting Up The Trust Upon choosing your life insurance benefits, speak to your insurance agent about the rules for setting up a trust for the money. They can inform you of the appropriate parties to help you establish the fund itself. Usually, this will involve working with your bank, and often your estate planner. When establishing the trust, you will name a trustee. This might be a surviving spouse, the legal guardian of the children, or even a lawyer. You can then stipulate the rules under which the trustee can use the money. They are then legally bound to follow these rules of the trust when distributing the money. Additionally, you can often arrange for the trust to be turned over to the child themselves when they reach a certain age (though they must be at least 18 in this case). As you set up your life insurance, just contact one of our agents. One of our experienced agents can help you get the protection you need.

TUESDAY, APRIL 13, 2021 Understanding Your Costs of Care Under Health Insurance Everyone knows how expensive health care can be, from the most routine care to cutting-edge treatments. This places a significant cost burden on both providers and their patients. Where patients get the most cost assistance is by using their health insurance. It makes health care astronomically more affordable, proportional to the cost of care. Still, health insurance doesn’t eliminate the consumer’s cost responsibility altogether. Most plans don’t cover all costs of care with a $0 responsibility from the patient. Usually, you will have to pay certain costs, depending on the care received. Here’s a closer look. How Health Insurance Requires Payment All health insurance plans are different, but each will assign different cost responsibilities for different types of care. Some of the factors that determine cost are: Your plan’s coinsurance level. Different plans offer different proportions of coverage. For example, some plans will pay for 80 percent of your health care costs while you pay 20 percent. Other plans pay 70 percent while you pay 30 percent. The deductible on your coverage. Many plans come with deductibles. This is the cost for your care that you must shoulder on your own. Usually, you pay more for your care before you meet the deductible. After you pay off the deductible, your bills will likely drop. Even so, often, you can still receive certain covered care before paying off the deductible cost. Co-payment requirements. Co-payments are small costs that you pay when you go to the doctor. Your co-payment might vary based on the type of care you receive. For example, a primary care visit might cost $30, while a specialist visit might cost $50. Different types of care are subject to different pricing requirements. For example, regular physicians visits might only be subject to a copayment, whereas hospitalizations and surgeries might face coinsurance and deductible limits. Other services, like vaccinations might be covered at 100%, meaning you pay nothing for these essential, preventive care needs. Keep in mind, some services won’t have insurance coverage at all. For example, cosmetic surgery is frequently excluded from coverage unless it is medically necessary. If you visit a physician who does not accept your insurance plan either, then that care is unlikely to be covered, either. Don’t forget, you’ll still have to pay your premium costs as an added expense. This is the bill you pay for your health insurance policy, and you must pay it regularly to be able to continue to receive coverage. Talk to your insurance agent about the costs you will likely pay for your plan. They can help you determine policy is the best for you.

THURSDAY, APRIL 8, 2021 How to Keep a Safe Home This Spring It’s spring-cleaning time, and most of us are probably making a list of the essential maintenance tasks that we are eager to undertake in the next few weeks and months. What better time to think about a few things that you can do to make your home safer and more secure as you work to spruce it up? No matter how safe your neighborhood, your home is not immune to damage risks. It’s also not immune to the potential for a thief to break in, and if they do, they could damage the property and steal your belongings. It’s at this time that your homeowners insurance can come in handy. Still, it’s best to minimize theft risks as best you can. Safety Tips for Your Home’s Security The spring is a great time to make home security improvements. As you make security changes, the less vulnerable your home will be. As a result, your risk to your home insurer could drop. Here’s what to do: Consider installing a home security system. Some systems are very comprehensive, and might include doorbell cameras, alarms, internet connectivity and automatic lines to the police. Other systems are simpler, but can provide great protection for the home. Some systems don’t even require experts to install; you can set them up on your own time. Inspect your home’s locks. If you find that locks are weak or have corrosion, then replace them. A broken lock is as good as an open door. Lock technology has advanced considerably in the last few years, and when upgrading locks, you might be able to install keypads, internet-controlled or smart-phone-enabled locks. Increase security around your windows, crawl spaces or basements. Change the locks as needed. Add screens, jammers and other items to limit someone’s ability to open these items. Place automatic lighting around the home. Use timers on certain interior lights, which can come on when no one is at home. This can give the impression to potential predators that someone is home even when they aren’t. Also use motion-sensor lighting outside the home. They can illuminate when something passes them, and alert you to a prowler outside. Keep the home’s exterior in good shape. Upkeep shows that someone lives there, cares about the property and takes security seriously. Thieves might be less likely to break in if they believe someone is home. Get to know your neighbors. If you live near people you trust, they can keep an eye on the property and alert you to potential dangers. Of course, don’t forget to invest in a quality homeowners insurance policy. These policies can help owners repair damage and replace lost property following break-ins. Both dwelling coverage and possessions insurance can be instrumental in helping you when unfortunate break-ins occur.

TUESDAY, APRIL 6, 2021 Buying Your First Car? Get Auto Insurance Some people wait years before officially owning their first car. Your first car might have belonged to your parents. Or, if you are married, your car might officially be in your spouse’s name. Regardless of circumstances, as soon as you get your first car in your name you must get your own car insurance. If you are a first-time insurance buyer, then you might feel a bit confused about what the right coverage for you is. You naturally want strong, effective coverage while still being able to afford it, too. 1. Always Get the Required Coverage Forty-nine states require minimum levels of auto insurance coverage to be carried by all registered drivers. For example, Texas requires at least: $30,000 bodily injury liability insurance per person $60,000 bodily injury liability insurance per accident $25,000 property damage liability insurance On the other hand, Florida requires: $10,000 personal injury protection (PIP) $10,000 property damage liability insurance Most states require some form of liability insurance because they require drivers who cause accidents to take some financial responsibility for the losses they cause third parties (such as another driver harmed as a result of their mistakes). 2. Take it a Step Further, and Get More Coverage You must always carry at least your state’s required coverage, but it’s important to remember that this is just a minimum requirement. It is recommended that you carry higher liability coverage limits in addition to more expansive coverage like: Comprehensive and Collision protection for vehicle repairs Uninsured/Underinsured Motorist Coverage Personal Injury Protection Rental car coverage, roadside assistance and towing protection 3. Determining Your Limits and Deductibles Though buying more coverage might increase your policy costs, you’ll often benefit from the investment if you face a significant loss in the future. You also can tailor the terms of your policy to your advantage. Your coverage limits are the maximum amounts your insurer will pay for vehicle repairs, liability costs, etc. It’s a good idea to carry high enough limits to cover all the potential costs that might result from an accident or other vehicle hazard. However, you shouldn’t carry limits that are too high to adequately reflect the value of your vehicle. The deductible is how much money you will pay for a claim before your insurance company covers the rest. Often, by carrying a higher deductible, you can reduce your premium costs. Still, you shouldn’t carry such a high deductible that you cannot afford to pay it should a claim arise. Your insurance agent will be your dedicated assistant in helping you choose exactly what auto insurance benefits are best for you. In the end, your plan will be tailored to help you get expansive benefits at a value that doesn’t stress your budget. As a new vehicle owner, you’ll benefit from the quality assistance your agent can provide. Make a point to work with your insurance agent to determine the coverage limits that are right for you. They can help you determine how best to structure your policy. Your financial solvency, as well as the value of the vehicle, might both play roles in determining the limits you choose. Work hard to strike the appropriate balance.

THURSDAY, APRIL 1, 2021 Preventing Employee Burn Risks in Your Business No one wants to get burned by anything. At minimum, a burn is an inconvenient and sore pest that you have to look after. More severe burns can be much more debilitating, even deadly. They’re nothing to take lightly. Burn risks exist far outside the kitchen. They can even exist in your business in the most unlikely places. One estimate is that around 25% of all hospital burn cases originate at someone’s job. Should an employee sustain burns at work, they might not be able to work for some time, and they might be unable to make a living. This incapacitation might entitle them to workers’ compensation coverage. Workers Compensation for Burns When an employee gets burned on the job, this might force them to take significant time off to recover. During that time, they might lose their income, face significant medical expenses, encounter a permanent disability and be unable to provide for their family. As a result of the circumstances that employees might face because of the burn, most states have laws that will make the injured party eligible for workers’ compensation. Workers’ compensation can help the burned employee afford medical bills and everyday expenses while they recover. Businesses often have to provide this coverage even if the injury arose as a result as a pure accident. Burns in the workplace can arise from a variety of sources. These might include: Burns from open flames, controlled or uncontrolled fires. Chemical burns from solvents. Electrical burns. Thermal burns, such as those from hot surfaces. Everything from a welding torch to a hot coffee pot might lead to a burn (and yes, accidents in the break room can still qualify an employee for workers’ compensation). This makes it imperative for an employer to have this coverage. It significantly reduces their own liability for employee injuries. Preventing Burns in Your Business No business is immune to burn hazards. Therefore, all companies should make conscious efforts to keep these risks to a minimum. Business owners can do so by: Placing warnings about burn hazards and known areas of risk. These areas might include kitchens, exposed pipes, electrical wiring and automatic equipment. Teaching employees how to properly operate machinery that poses burn risks. Operators must always use materials according to manufacturer directions. Installing fire, smoke and heat alarms throughout the business. Immediately stop use of any items that pose imminent burn risks. Regularly inspect all equipment for signs of damage that might lead to burn risks. Should an employee experience a burn at any time, immediately begin an investigation and file a workers’ compensation report. Work with your insurance provider to help the employee get assistance.

TUESDAY, MARCH 30, 2021 How Can A Small Business Qualify For Insurance Discounts? Have you ever driven by an old abandoned factory or warehouse only to see a security car parked in the lot? The place may have no employees, nothing on the premises worth stealing, but they still have a security guard. That’s because the presence of security means that the owners of the property are saving more money on insurance than they’re paying for the protection. It’s easier to get discounts when you have the capital for that kind of thing. Big businesses have whole teams of analysts and experts and lawyers on hand to advise them on how to get the very best insurance package, but they’re playing with some big numbers. What can the small business owner do to compete and get a great deal on business insurance? Write an Employee Safety Guidebook Consult with OSHA and workplace safety professionals to write a handbook for your employees. This will help to establish safe operating procedure, and show your insurer that you’ve got everything under control. Set a Higher Deductible Higher deductibles mean lower premiums. Make sure that your deductible isn’t so high that you can’t pay it at a moment’s notice should you need to, and know that your insurer may have limits on just how high you can set your deductible. You’re going to pay less each month if you’re willing to pay more in the event that you file a claim. Pay Your Premiums Annually If you have the capital on hand to pay your annual premium charges all at once, you’re going to get a nice break on what you’re paying from almost any insurance company in the world. Annual payment means less work for them, fewer bills for you, and lower payments. Install a Few Safety Features Sprinklers, deadbolts and security cameras may wind up being a rather small investment for the size of the savings. Of course, the best way to find out what discounts you might qualify for is the same as ever: Call your business insurance agent and find out. Every business is different, every insurer is different and every industry is different. That means that you won’t really know what discounts are available until you give your agent a call and find out.

THURSDAY, MARCH 25, 2021 Does Home Insurance Cover Foundation Problems? Your home’s foundation is the support apparatus for the rest of the dwelling’s structure. As a result, it’s easy to assume that your homeowners insurance will cover any damage to the foundation under all circumstances. However, this is not necessarily the case. While, yes, your home insurance will cover foundation damage, it will only do so in qualifying circumstances. All in all, the cause of the damage will be one of the deciding factors in determining whether your home insurance will pay to repair your foundation. What Does?Home Insurance?Cover? Homeowners insurance is not unlimited coverage for every household maintenance task. It’s only designed to protect you in the face of unexpected, unavoidable accidents in your home. Therefore, regular maintenance costs, like a faulty AC system or leaky roof, will not have coverage under your policy. However, damage done from a sudden hazard like a fire, severe weather or break-in. Where Does Foundation Damage Fit Into Your?Home Insurance?Policy? To figure out if you can file a home insurance claim for foundation damage, you need to figure out what happened to cause the damage. In many cases, foundation cracks or other defects will result from simple wear & tear and terrain shifts that occur over time. Additionally, it’s a regular part of your household maintenance duties to inspect and repair your foundations. Therefore, if your foundation simply needs regular maintenance and typical repairs, your homeowners insurance is unlikely to cover you. However, there are situations where a disaster will damage your foundation, and in these cases, your homeowners insurance will cover the damage. For example, you’ll typically have coverage for: Water damage from a broken pipe or water backup. You would need to carry coverage for the specific type of water damage that caused damage to your foundation. Falling trees or any other objects that impact your foundation. A covered structural collapse that cracks or separates your foundation. Gas explosions and fires. When it comes to coverage for earthquakes and earth movements, you might have to take a few additional steps. You will likely need to add an earthquake insurance endorsement to to your main?home insurance?policy or to buy a separate earthquake insurance policy. What if You Need to Move Out for Repairs? Foundation repairs often involve major structural work to your home that could cause you to temporarily have to move out. If your?home insurance?covers your claim for the repairs, it may also help with any additional living expenses. If you have questions about how to get the appropriate homeowners insurance to protect your foundation, just speak to one of our agents. We’re committed to helping you maximize your plan to your advantage at all times.

TUESDAY, MARCH 23, 2021 Can I Choose Not to Have Health Insurance? We’ve all probably heard that we should buy health insurance. However, that doesn’t negate the fact that getting covered can be expensive. Is it possible to choose not to have health insurance? Is this really the best choice to make, even if it is an option? On one hand, no one is legally required to carry health insurance. Recent changes to the Affordable Care Act (ACA) have eliminated the individual mandate that once required every American to buy health coverage. Still, just because you don’t have to buy health insurance, that doesn’t mean you should not. Everyone is told they need health insurance, but health insurance can be expensive. Is it possible to live without health insurance? Is it more financially responsible to skip health insurance altogether? The average cost of health insurance for a single person in the U.S. is around $440 a year (about $36.66 a month) while the average cost for an American family is around $1,168 a year (about $97.33 a month). While this may seem expensive, it’s far less than you might wind up paying for health care alone if you choose to go uninsured. The True Cost of Healthcare In the United States, the costs of health care are astronomical, and medical debt is a growing problem for many Americans. The average hospital stay, alone, costs more than $15,000 (and that doesn’t cover the cost of surgeries, specialty care and many in-hospital services). This is far more money than anyone should have to spend out of pocket. And it’s not just hospital stays that can be expensive. Consider the average cost of common health care services: Ambulance: $400-$1,200 Doctor visit: $300-$600 Urgent care visit: $100-$200 Pediatric immunizations: $620 Labor & delivery: $10,808 Prenatal care: $2,000 Specialty care nursery (for premature births and other complications): $144,692 Physical therapy: $75-$150 (per session) Heart valve replacement surgery: $170,000 Spinal fusion surgery: $35,000 Even if you feel like you are safe going without health insurance, think again. You never know when you might face a significant emergency medical issue. For example, you might have a car wreck which results in a significant injury. The ambulance services, necessary treatment and ongoing recovery care could easily trigger thousands of dollars in medical bills, and you shouldn’t have to worry about how you will cover these costs Rather than putting yourself into medical debt over an unexpected health care bill, the benefits provided by health insurance will be instrumental in reducing these costs to the patient. With a quality health insurance plan in place, your insurer will agree to pay for a substantial part of the cost (if not 100% of the bill) for many of these services. Therefore, you’ll pay a far more affordable out-of-pocket rate for your care, which can enable you to receive the services you need without a blow to your wallet.

THURSDAY, MARCH 18, 2021 Does Your Auto Insurance Cover Your Camper Trailer? When you tow a camper trailer, you want to know that your car insurance protects you. It typically will give you some protection, but there are a few things you need to know. Liability Coverage When you tow a camper trailer or other trailer, the most common rule is that your liability protection will extend to driving while towing. If you cause an accident, you’d have the same liability coverage and limits as your auto insurance would give you when you weren’t towing. The first thing to check is that the general rule applies to your insurance policy. Some insurance policies exclude towing. This is especially true if you’ve modified a car or light SUV that doesn’t come equipped for towing from the manufacturer. Next, consider if you have enough coverage. Towing a camper trailer means your overall vehicle is heavier, it takes longer to stop, and it’s harder to steer. This increases your risk of an auto accident. In addition, a heavier total size means that the resulting damage from an accident would likely be larger. You may wish to increase your car insurance liability limits to account for this additional risk. Collision Coverage Your auto insurance policy may come with a small amount of coverage for accident damage to your trailer. You may also have an option to add coverage. These coverages are often designed for the type of trailer you’d use to haul a lawnmower. A camper trailer can be worth far more than your built-in coverage, so you may need to insure it separately. Comprehensive Coverage Your main car insurance policy may or may not provide comprehensive coverage for your camper trailer, and if it does, it may only apply when it’s attached to your truck. It could also have a much lower limit than you need. This would leave you unprotected from theft and non-accident damage. You can get full coverage with separate trailer insurance. Personal Property Your camping gear, cooking equipment, clothes, and everything else in your camper trailer needs personal property coverage in case of theft or damage. Your auto insurance or home insurance policies may provide some coverage but generally not enough for the full value of everything loaded into a full camper trailer. If you can’t add enough coverage to your car insurance policy, you can buy it with trailer insurance.

TUESDAY, MARCH 16, 2021 Getting Term Life Insurance As A Senior Citizen Life insurance is something that everyone should be able to leave behind for their loved ones. After all, if you pass away, you want to make sure the people you care about are taken care of. Many people think that it gets harder to get quality life insurance as you get older. On one hand, this is true. However, no matter what your age, life insurance is still very much attainable, and you can make an investment in quality term life insurance even as a senior citizen. Let’s take a closer look. What Is Term? Life Insurance? A term life policy is among the most affordable and easily attainable types of life insurance on the market. It is usually much more affordable than whole life and universal life insurance, and it’s also offers a more simplified application process. However, it only lasts for a certain number of years. As long as you die during the term of the policy, your plan will pay a death benefit. For senior citizens, term life insurance often creates a win-win scenario. Not only might seniors on a fixed income be better able to afford term life policies, but they might also not have to undergo as extensive of a medical exam in order to qualify for coverage. Given that seniors might suffer from health conditions that would make their risk significantly high to insurers, they might not qualify for certain policies. However, they might find a term policy something they can easily enroll in. Keep in mind however, that since term life policies are not permanent, you will have to reapply for an entirely new policy if the plan expires before your death. Decide How Much Insurance You Need If you are considering investing in term life insurance, then you should think carefully about precisely what you want the end goal of your benefits to be. In general, it is a good idea to buy a term life insurance policy with a death benefit that is at least 10 times your current salary. Your dependents should be able to comfortably live off the death benefit for about a decade. However, this is simply a guideline, not a hard-and-fast rule. Additionally, when selecting the term for your policy, consider what you want to use the money for. For example, if you only want the policy to be used for one particular expense that will eventually go away (like a mortgage) then you can choose a policy term that will accurately reflect the date that you will clear that debt. For more information about how to buy term life insurance for seniors, don’t hesitate to reach out to us.