Life Insurance

Life insurance offers financial protection for your family and beneficiaries when you die. Aside from being an immediate source of liquid funds, many policies provide a living benefit where the insurance can become one of your most important and flexible assets. Since cash accumulation in whole life policies grows tax-deferred, there are many advantages to using this vehicle as a retirement supplement. In many cases if the policy is designed correctly, the money withdrawn from the policy is distributed tax free (Traditional IRA or 401K money distributed becomes taxable as income).

Life Insurance may be used in many different scenarios:

• To protect against paying off debts such as credit cards, loans, mortgages, etc.

• To provide future income for a surviving spouse and/or funds for college tuition for children

• Estate planning to provide immediate liquidity and a way to leverage the cost of paying estate taxes

• To provide you a living benefit and a supplement for your retirement

Disability Insurance

A lot relies on your income – perhaps even more than you think. If the unexpected happens – you become too sick or hurt to work – would your savings or the disability benefits you receive through your employer be adequate?Individual disability income insurance helps protect a portion of your income and provides financial protection if you become disabled for an extended period of time. Anyone who depends on their income to pay the bills or maintain their lifestyle should consider disability income insurance protection.

Key Features:

•Help protect a portion of your earned income to help maintain your current lifestyle

•Can complement existing disability benefit coverage that may be available to you

•Fully portable. You own the policy and can take it with you throughout your career

•Benefits are usually tax free

•Flexible solutions for various income levels

Long Term Insurance

What is long term care insurance?

Long term care insurance is one option that allows you to have a plan in place to help protect your assets and remain as independent as possible, if you require the need for long term care. Long term care insurance may give you the peace of mind that comes with knowing you have more choices and more control over care options. This type of coverage may help you maximize your independence when you are unable to be fully independent.

How is long term care insurance used?

While you may also receive support from family or loved ones if you require long term care, one way to help ensure you receive the type of care you want – in the setting you choose – is through a comprehensive, individual long term care insurance policy. A comprehensive long term care insurance policy may provide coverage for long term care needs in the home, an assisted living facility or nursing home, community-based setting or hospice facility.

What are the benefits of long term care insurance?

A long term care insurance policy helps you pay for the care needed when you are unable to do everyday activities such as eating, getting dressed, bathing, maintaining continence and getting in and out of bed without assistance. The goal for long term care services is to provide assistance and improve the quality of life for those with chronic, long-term conditions or severe cognitive impairment, such as Alzheimer’s disease.

Homeowner’s Insurance

Homeowners insurance compensates you for losses to your home and your possessions inside it, so purchasing a homeowners insurance policy provides added security for your investment. Homeowners insurance also protects you if you’re legally liable for someone’s injuries on your property, as well as from financial losses caused by storms, fire, theft and other events outlined in your policy.

Different companies offer different homeowners insurance coverages, so choosing the right policy means finding the right mix of coverages to meet your needs.

Generally, a standard homeowners insurance policy protects the following:

•The physical structure of your home

•Structures on your property (storage sheds, pools, boathouses, etc.)

•Your personal property and belongings inside your home, up to specified limits

•Your liability or legal responsibility for any injuries and property damage you or your family members cause to other people

•Injuries to your household pets while inside your home

•Additional living expenses if a fire or other insured disaster leaves you temporarily unable to live in your home

Often, for an additional fee, you can select optional homeowners insurance coverages, including:

•Higher limits of liability for property damage or bodily injury

•Replacement cost for personal property

•Protection for valuables (jewelry, watches, fur, etc.)

•Additional coverage for electronics or computer equipment

To make shopping for the right homeowners insurance policy easier, please contact us.

Renter’s Insurance

If you rent your home, having insurance protection for yourself and your possessions is still important. Similar to home insurance, renters insurance protects you in situations that everyone can face: fire, theft, water damage and other unforeseen circumstances your landlord’s policy doesn’t cover.

Renters insurance typically provides coverage, up to the limits you select, for specified items and situations, including:

•Personal property (furniture, electronics, computer equipment, clothing, etc.)

•Personal liability if someone is hurt, whether in your home or away from it

•Damage to your apartment or home caused by a covered loss

Imagine going to dinner or a special family get-together, and when you return home, you’re greeted by the flashing lights of police cars and fire trucks. Building fires and damage can happen anytime, anywhere, but with proper renters insurance, your personal property inside your apartment will generally be covered if it’s affected by any of the following:

•Fire

•Smoke damage

•Theft

•Collapse of the building due to weather

•Water leakage or overflow

•Freezing of plumbing, air conditioning and more

Renters insurance will protect you from incidents that occur while you’re at home, too, such as a toaster catching on fire or a friend slipping and falling while visiting you. Renters insurance provides coverage for your own items, and it provides coverage for other people’s injuries or damages in situations for which you’re liable, as well.

You can’t rely on your landlord’s insurance to cover your valuables — landlord insurance only covers the building structure and not your personal property.

Renters insurance, sometimes referred to as an HO4 policy, can provide the financial protection you need in case your possessions are destroyed or stolen, as well as liability protection if someone is hurt in your dwelling.

Before you shop for renters insurance, take an inventory of what you own to decide what level of coverage makes you comfortable. Then contact us so we can help find a policy that protects your needs.

Auto Insurance

Understand why you need auto insurance

In short, you need car insurance to protect your car, yourself and your passengers. You also protect any assets, like your home and savings, as well as comply with state law.

Know your current coverages but be willing to adjust

Use your current coverages and limits as a starting point; you can refer to your declarations page for this information. Then, adjust your coverages as necessary to match your lifestyle—which might be different than it was when you first bought the policy.

For example, if your teenager starts driving next month, you might consider adding him or her to your policy now. Or, if you just bought a new car, you might choose loan/lease payoff coverage, so that if your car is stolen or declared a total loss, you’ll have help paying off your loan or lease.

Decide what you want to protect, then choose your coverages

Here are some of the auto insurance coverages that might be available in your state:

Flood Insurance

As the name implies, a standard flood insurance policy, which is made available by the National Floor Insurance Program, provides coverage up to the policy limit for damage caused by flood. The dictionary defines “flood” as a rising and overflowing of a body of water onto normally dry land. For insurance purposes, the word “rising” in this definition is the key to distinguishing flood damage from water damage. Also important to note is that flooding must be general and temporary, and it must affect more than just one property.

Generally, damage caused by water that has been on the ground at some point before damaging your home is considered to be flood damage.

Examples of flood damage may include:

•A nearby river overflows its banks and washes into you home

•Surface water caused by a heavy rain seeps into your basement because the soil can’t absorb the water quickly enough

•A heavy rain or flash flood causes the hill behind your house to collapse into a mud slide that oozes into your home.

Flood damage to your home can be insured only with a flood insurance policy — no other insurance will cover flood damage.

Umbrella Insurance

To really feel secure about protecting your assets and your future, you may need the extra level of protection provided by a personal umbrella liability insurance policy.

What’s Peace of Mind Worth to You?

An umbrella policy provides additional layers of liability protection. If the liability limits are exhausted on your home, auto, or other underlying insurance policy, your umbrella insurance policy takes over and provides you with additional protection. The cost is minimal compared to the comfort of knowing you’re covered.

Do You Have Enough Liability Insurance?

Imagine if your dog were to bite a neighbor’s child. Or if there’s an accident on your rental property. Or a fire in your condo spreads to other units. What would happen if you or a family member missed a stop sign and struck and killed a pedestrian? If any of these things happened to you, there’s a good chance your current liability limits wouldn’t be adequate to protect your assets—or your future earnings.

Lawsuits Are Not Limited to Your Net Worth

A lot of factors determine the amount of coverage you need. Your financial status, lifestyle, and existing coverage are all relevant, but in liability lawsuits, judgements can exceed net worth.