Services
Life Insurance
Type Of Life Insurance
Term Life Insurance
Term life insurance provides coverage for a set period, usually between 10 and 30 years. If the insured passes away during this time, the policy pays out a death benefit to the beneficiaries. This is often the most affordable option, making it ideal for temporary coverage during your working years.
Permanent Life Insurance
Permanent life insurance offers coverage for your entire life, as long as you continue to pay the premiums. It not only guarantees a death benefit for your loved ones but also builds cash value over time, which grows tax-deferred. You can access this cash value through policy loans or withdrawals, offering financial flexibility. While the premiums are higher than term insurance, the lifetime coverage and potential savings make it a solid choice for long-term protection and estate planning.
Universal Life Insurance
Universal life insurance provides more flexibility than traditional whole life policies. It allows you to adjust the death benefit and premium payments to suit your financial situation as it changes over time. Many universal life policies also include a cash value component, which can be used to cover premiums or accessed for other needs.
Choosing the right life insurance depends on your personal goals and financial circumstances. For tailored advice, it’s best to consult a licensed life insurance professional. Contact us to schedule a review and find the policy that fits your needs.
Health Insurance
Types of Health Insurance
Health insurance comes in two main categories: Fee-for-Service and Managed Care. While these plans differ in structure, both typically cover a wide range of medical, surgical, and hospital expenses. Many plans also include prescription drug coverage, and some may offer dental benefits.
Fee-for-Service Plans
These plans operate on the principle that medical providers are paid a fee for each service rendered. Patients can choose their doctors, and claims are filed by either the healthcare provider or the patient directly.
Managed Care Plans
Over half of Americans are enrolled in some form of managed care, which includes options like HMOs (Health Maintenance Organizations), PPOs (Preferred Provider Organizations), and POS (Point-of-Service) plans. These plans offer comprehensive healthcare services and financial incentives for using in-network providers.
What is Long-Term Care?
Long-term care refers to assistance needed for daily activities, such as eating, bathing, dressing, toileting, transferring, or maintaining continence. These are known as Activities of Daily Living (ADLs). If someone struggles with two or more ADLs or has cognitive impairments, they may require long-term care. Long-term care isn’t always “long.” For some, it might only be needed for a few months. While care is often associated with nursing homes, it can also be provided at home, in adult day care centers, or in assisted living facilities.
Types of Care
Custodial Care
Assistance with ADLs, which isn’t covered by Medicare or most private insurance plans.
Skilled Care
Medical or rehabilitative services like medication management or testing, typically covered by Medicare or insurance.
Types of Disability Insurance
There are two primary types of disability insurance: Short-Term Disability (STD) and Long-Term Disability (LTD):
Short-Term Disability (STD):
- Waiting period: 0–14 days
- Benefit period: Up to 2 years
Long-Term Disability (LTD):
- Waiting period: Several weeks to months
- Benefit period: A few years to lifetime coverage
Key Features
Non-Cancelable
Guarantees the policy cannot be canceled, and premiums won’t increase, as long as payments are made
Guaranteed Renewable
Allows renewal without policy cancellation, though premiums may increase if applied to all policyholders in your category.
Additional Options to Consider
Additional Purchase Options
Coordination of Benefits
Cost of Living Adjustment
Residual/Partial Disability Rider
Return of Premium
Waiver of Premium
Homeowners Insurance
What is Homeowners Insurance?
Homeowners insurance provides financial protection in case of disasters, covering both the structure of your home and your personal belongings.
It’s a package policy, meaning it not only covers damage to your property but also includes liability coverage. Liability coverage protects you in case you or a family member are responsible for injuries or property damage to others, including incidents caused by your pets.
While homeowners insurance covers most disasters, there are important exceptions. Damage from floods, earthquakes, and poor maintenance is not included. Separate policies are needed for flood and earthquake coverage, and homeowners are responsible for maintaining their property to avoid issues caused by neglect.
Why Do You Need Homeowners Insurance?
Homeowners insurance protects your finances in case of unexpected events affecting your home or belongings. It’s particularly important because your home is likely one of your largest investments.
Here are a few scenarios where homeowners insurance can help:
- If your home is destroyed by fire or damaged by a natural disaster, insurance can help with repair or replacement costs.
- If a guest is injured on your property, liability protection and medical coverage can cover their expenses.
- If your home is vandalized or your belongings are stolen, insurance can reimburse you or cover repair costs.
- If you have a mortgage, your lender will likely require insurance as part of the loan agreement.
Remember, homeowners insurance is designed for unexpected damages, not routine maintenance. Be sure to review your policy and consult with your agent to understand exactly what is and isn’t covered.
Questions to Ask and Things to Consider
When choosing a homeowners insurance policy, discuss these key points with your agent to make informed decisions:
Does the insurance company have a strong track record for
customer service? Are claims handled fairly and promptly?
How much would it cost to rebuild your house
and replace your belongings if they were damaged or destroyed? Your agent can help you evaluate your home’s features and personal items to determine appropriate
coverage.
Are there discounts available for bundling policies, having a security system, or using fire-resistant materials?
What steps do you need to take to file a claim, and how is it settled? Make sure you know who to contact and what to expect after submitting a claim.
By discussing these points with your agent and carefully reviewing your policy, you can ensure your home and finances are well-protected.
Renters Insurance
What is Renter’s Insurance?
Renter’s insurance is a type of property insurance designed to protect tenants. It provides coverage for your personal belongings, liability, and potentially additional living expenses in the event of a covered loss. This policy is available for individuals renting or subleasing properties
such as single-family homes, apartments, condos, studios, lofts, duplexes, or townhouses.
A renter’s insurance policy covers:
Personal Property:
Protects your belongings inside the rental from events like fire, theft, or water damage.
Liability:
Covers legal and medical expenses if someone is injured on the premises due to non-structural issues (structural problems fall under the landlord’s policy).
Additional Living Expenses:
May cover temporary living costs if the property becomes uninhabitable due to a covered event.
Why Do You Need Renter’s Insurance?
For example:
- If a fire or flood damages your rented property, the landlord’s policy would only cover the building. Your personal items would only be covered under your renter’s insurance policy. Without it, you would have to replace your belongings out of pocket.
- If a guest is injured in your home (and it’s not a structural issue), renter’s insurance can help cover liability claims and medical expenses.
Key Features
Renter’s insurance is an affordable way to safeguard your belongings and protect yourself from financial loss. It ensures that both your possessions and potential liability are covered, giving you peace of mind in your rented space.
Auto Insurance
What is Auto Insurance?
Auto insurance protects you financially if you’re involved in an accident or if your vehicle is stolen. It’s a contract between you and the insurance company: you agree to pay a premium, and in return, the company covers specific losses outlined in your policy.
Why Do You Need Auto Insurance?
Auto insurance is essential for financial protection and is required by law in most states. Here’s why it’s important:
Repair or Replacement Costs
If your car is damaged or stolen, repairs or replacement can be expensive.
Medical Costs
If you or passengers are injured in an accident, medical bills can quickly add up.
Liability Protection
If you’re responsible for injury or property damage, lawsuits or settlements could exceed your financial capacity.
Legal Compliance
Most states mandate at least a minimum level of auto insurance coverage.
Types of Auto Insurance Coverage
Property Coverage
Covers damage to or theft of your vehicle.
Liability Coverage
Covers your legal responsibility for injuries or property damage to others.
Medical Coverage
Covers injury treatment, rehabilitation, and potentially lost wages or funeral expenses.
Policies often consist of six types of coverage, and state laws or lenders may require some or all of them.
Policy Details
Most auto policies are issued for six months or a year, with renewal notices sent by the insurance company when it’s time to pay your premium.
Questions to Ask Your Agent
When discussing auto insurance with your agent, consider these questions to ensure you choose the best policy for your needs:
How much can you afford to pay out of pocket in case of an accident?
Opting for a higher deductible can lower your premium.
Is the insurance company known for good customer service and
reliable claims payments?
Are you eligible for discounts, such as for good driving, bundling policies, or
being a student?
What steps should you follow to file a claim, and how will it be handled?
Commercial Insurance
Auto Commercial Insurance
As a business owner, you need the same types of insurance coverage for your business vehicle as you would for personal use: liability, collision, comprehensive, medical payments (personal injury protection in some states), and uninsured motorist coverage. If your vehicle is owned by the business, ensure the business name is listed as the “principal insured” on the policy, not your personal name. This prevents confusion when filing claims or addressing liability issues. Whether you need a business auto insurance policy depends on how the vehicle is used. An insurance agent will ask detailed questions about your vehicle’s role in your business, who will be driving it, and if employees will be using their personal cars for business purposes. While business auto policies have the same primary coverages as personal ones, there are key technical differences. Your agent can explain the nuances and help tailor a policy to your needs.
General Liability Commercial Insurance
Personal umbrella liability policies often exclude business-related liabilities, so having adequate general liability coverage is crucial. With lawsuits becoming more common, general liability insurance protects your business from financial disaster if it’s sued or held legally responsible for injuries or damages.
General liability insurance covers a broad range of risks, including:
Bodily Injury
Costs for care, loss of services, or restitution for death resulting from injuries.
Property Damage
Coverage for physical damage or loss of use of others' property.
Products-Completed Operations
Protects against liability from products your company makes or services it provides.
Products Liability
A specialized coverage for lawsuits due to product-related injuries or accidents.
Contractual Liability
Extends protection for liabilities assumed under certain contracts.
Additional coverage options include:
- Legal defense costs, medical payments, advertising injuries, and personal injury
- Protection for borrowed equipment, non-owned vehicles, and damages from fire, lightning, explosions, or water.
Workers Compensation Commercial Insurance
Workers’ compensation laws ensure employees injured on the job receive fixed monetary benefits, simplifying the process and avoiding litigation. This coverage helps businesses manage the financial risks of workplace injuries. Most states require employers to carry workers’ compensation insurance, which provides:
- Medical care and rehabilitation services.
- Payments for lost income.
- Death benefits for surviving spouses and dependents.
Workers’ compensation applies regardless of fault and covers injuries on the premises, in work-related auto accidents, or from occupational illnesses. State laws vary, detailing benefit limits, the choice of treating doctors, and dispute resolution processes.
Workers’ compensation must be purchased as a separate policy, as it’s not included in in-home business or business owner policies (BOPs). Even in states where it’s not mandatory, it’s wise to have this coverage, especially for businesses with many employees or hazardous work environments.