19. March 2019 12:50
by Harry
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How Does Life Insurance Benefit You?

19. March 2019 12:50 by Harry | 0 Comments


If you are the sole or primary breadwinner in your family, it is imperative that are covered by a life insurance policy. Going through life without life insurance is not only irresponsible, it could lead to financial ruin for your spouse and children. If they were dependent on your income for their survival, they would be left destitute if you were to die suddenly. If you still owed money on your house, they would lose that as well. Having life insurance prevents these horrific scenarios from occurring by giving your surviving family members money to support themselves. You might also consider getting medicare supplement insurance. This type of policy helps to pay for some of the costs not covered by Original Medicare, such as deductibles, coinsurance and copayments. Here are some of the benefits of being covered by a life insurance policy. 

It Protects Your Family
The primary purpose of life insurance is to provide the means for a family to live comfortably when the main or primary breadwinner is no longer around to support them. Along with paying for the mortgage, rent, groceries and utilities, life insurance can also be used for college tuition and the estate taxes that the families of deceased people will need to pay.

You Can Use the Money While You Are Alive
If you need money for some reason while you are still alive, you will be able to take out a loan against your life insurance policy's value. One of the really great things about borrowing money in this manner is that the interest rates are much smaller than those that are charged by banks, credit unions or various online lenders. You will have the option to repay the amount of money you have borrowed in installments or all at once. 

Premiums Do Not Change
This is true in the case of term life insurance. When you are covered by this type of policy, you do not need to worry about your provider raising the price of premiums. You will be locked in at a set rate for the complete length of your agreed upon term.

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21. February 2019 12:46
by John
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How Do Smoking Cessation Products Affect Life Insurance Rates?

21. February 2019 12:46 by John | 0 Comments

 

Are you using cessation products to quit smoking?  There are ways for you to get great non-smoker prices on life insurance.  There are endless benefits to quitting a smoking habit.  It helps to increase both your lifespan and your wallet.  To quit smoking you need strong will power and sometimes the help of products whether those are gum, lozenges, patches, or e-cigarettes.  These products all contain nicotine and are used to wean your body off cigarettes while supplying you with the nicotine but sparing you from the other chemicals found in tobacco.

Because there is nicotine in these products, some life insurance companies will still classify you as a smoker even if you don’t actually smoke anything.  The use of these products will cause cotinine to show up in your urine test which would be enough for the carrier to classify you in one of the tobacco risk classes and issue you smoker rates.

Have no fear cessation product users!  There are insurance companies that will consider you for the non-tobacco risk classes and therefore be given non-smoker pricing.  To be offered non-smoker rates, you have to be cigarette-free for at least 12 months.  Let’s say you have been using a cessation gum to quit smoking, but you have only been cigarette-free for 5 months.  Even though you currently do not smoke, you will still get the smoker-rate because it has not yet been at least 12 months.  However, if you have been cigarette free for at least a year but still, for example, chew Nicorette Gum daily there are insurance carriers who will offer you non-smoker pricing.

Insurance carriers rate certain tobacco/nicotine uses differently.  While one company may give non-smoker rates to gum and e-cigarettes, another company may only give non-smoker rates to gum.  We asked 20 life insurance carriers if they would consider giving a non-tobacco risk class to an applicant who uses nicotine gum and four carriers said they would consider it.  Of these carriers, three said they would consider giving a non-tobacco risk class to e-cigarette users.

These examples explain why it is very beneficial for you to work with an independent life insurance agency, like Quotacy, who has contracts with multiple carriers.  It also shows how important it is for you to be very detailed about your tobacco and nicotine product use on your life insurance application.  If we have all the correct information we are able to go to the appropriate life insurance carrier to ensure you get the best policy for your individual situation.

You can still protect your loved ones with life insurance even if you use smoking cessation products, and what’s better is that there is even a possibility you can get great non-smoker rates.  No one ever anticipates needing to use life insurance, but the unexpected happens.

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13. February 2019 17:54
by Jamie
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5 Reasons Why You Should Have Homeowners Insurance

13. February 2019 17:54 by Jamie | 0 Comments

 

Home ownership is one of the largest investments you will make, so protecting this investment with quality homeowners insurance is a crucial part of being a responsible homeowner. However, while many Americans understand the importance of homeowners insurance, some don’t understand the specifics of what it covers if a burglary, natural disaster or other property damage occurs.

Here are five things your homeowners insurance policy should cover if an unexpected or unforeseen loss were to happen.

1. Sudden and accidental flooding.

This coverage is for the overflow of water from systems or appliances within your home, including plumbing, heating or air conditioning units, an automatic fire sprinkler system or certain household appliances. For example, if your hot water heater suddenly springs a leak and floods the recreation room in your basement, the water damage to your furnishings and carpeting or flooring would be covered. There may be certain exceptions depending on the cause of the flooding, so be sure to discuss the details of this peril with your insurance agent ahead of time. Your homeowners policy would typically not cover flooding resulting from a naturally occurring event outside your home, such as an overflowing river, mudslide or storm surge near the coast. You must purchase separate flood insurance to cover events like these.

2. Fire.

Near 1.5 million fires were reported in USA, resulting in $14.3 billion in property damage, according to the National Fire Protection Association. Cooking is the leading cause of home fires, but heating equipment, electrical cords and wiring, and candles can also be culprits. Wildfires are another potential danger for U.S. residents living in dry climates, and as the temperatures heat up you should be prepare for this very real danger. Homeowners insurance covers your property if it’s damaged in a fire, but you should always be sure to never leave stoves or candles unattended while lit.

3. Theft.

The FBI reports there were nearly 1 million residburglariesrgulais during 2015, averaging $2,296 in property losses per offense. Most burglaries occur between the hours of 10 a.m. and 3 p.m. when most people are at work or school. Be sure to keep all windows and doors locked, even if they’re on a second floor – you don’t want to make it easy for thieves to access your belongings. A home security system is also a good deterrent and may qualify you for a homeowners insurance discount. It may even cover property that is stolen from you while you’re traveling anywhere in the world. Check in with your agent on an annual basis to ensure you maintain enough coverage to protect against possible losses to your ever-changing home inventory.

4. Objects falling from the sky.

Imagine you’re home alone, binge-watching your favorite show on Netflix when, suddenly, you hear a loud crash in the next room. When you go to examine the cause of the ruckus, you discover remains of a defunct satellite have landed in your kitchen. The likelihood of this, a meteorite or other space debris hitting your home isn’t very high, but your insurance covers it if it happens.

5. Vandalism.

Acts of vandalism often happen under cover of night. For example, a group of unruly teenagers looking to create some Halloween mischief throws eggs and pumpkins at your home, breaking a window in the process. Or you wake up to find your garage door covered in spray paint. These types of situations are covered under the vandalism peril in your homeowner's insurance policy. If your home is vandalized, be sure to file a police report to aid with the claims process. Installing surveillance cameras and floodlights are also good ways to deter it from happening in the first place.

You should also make sure your homeowners policy covers additional living expenses. If your home becomes uninhabitable due to damage from a covered loss, your homeowners insurance may reimburse you for the expenses you incur while you’re living elsewhere. This coverage helps you maintain your normal standard of living while your home is being rebuilt or repaired, and includes hotel accommodations, meals and more. Be sure to keep all of your receipts for your adjuster.

Is there anything homeowners insurance doesn’t cover?

Homeowners insurance helps ease the process of getting back to normal after damage from an unexpected or unforeseen event. However, be aware the following natural events are not included in your coverage.

  • Earthquakes
  • Mudslides
  • Landslides
  • Flood damage caused by storms

Speak to your local insurance agent to learn how you can get coverage for these.

If you happen to be a victim of any of these scenarios, follow these steps when filing a homeowners insurance claim:

When filing a claim

  • Contact your insurance provider immediately to report a loss.
  • Be prepared to provide your policy number.
  • Do not remove debris or damaged property that may be related to your claim.

Steps immediately after filing a claim

  • Prepare a detailed inventory of destroyed or damaged property.
  • Gather photos or videotapes of your home and possessions for your insurance adjuster, if these are available.

Steps while the claim is processed

  • Keep copies of communications between you and your adjuster.
  • Keep records and receipts for additional living expenses that were incurred if you were forced to leave your home and provide copies to your adjuster.
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