| Disability Insurance When you select disability coverage, make sure you understand how the policy defines disability. This is important because the cost and type of coverage will be affected. Some policy plans pay only you are unable to work, whether at your current job or any other position. Other policies might pay if you cannot work at your regular profession. Another coverage might offer payment based on the amount of time you could devote to you job. If, for instance, you suffer a heart attack and can only work part time, you could collect from some policies, but from others you couldn’t. Talk with us to find out which type of disability coverage best suits your needs. There are number of different types of disability insurance policies. Most of the variation is due to the amount of coverage provided. One type of disability insurance is described as “own occupation”. Quite simply this means that if you are unable to perform within your own occupation then you get complete disability. Even if you take up another position that makes as much or more money, you still receive full benefits. This type of disability policy is very expensive. The income replacement policy only replaces the income that is lost. For instance, a surgeon who can no longer operate yet can teach, will have the difference between his teaching salary and surgical income replaced. And there are step rated policies. This type of policy increases in cost as you age and the chances of disability increase. Disability insurance is a safety net that protects you and your income should you become disabled. This sort of policy generally covers people while they are in their working years. Determining how much insurance you need is relatively straightforward. Generally speaking, you’ll need to cover all of your living expenses minus those expenses that were incurred as a result of your working. In other words, a certain percentage of your income, generally between 40 and 20 percent, is directly or indirectly related to the process of getting to and from work and doing your job. Since you are disabled and unable to work, you do not need to replace that income devoted to the job. If you’re uncertain as to the exact amount you need, consult an expert. This information is general in nature and should not substitute for the advice of an expert in the field. Contact us at Assurance Insurance Agency or give us a call today at 1-800-897-1395.
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Disability Insurance
February 28th, 2012 No comments »
Major Medical Insurance
February 20th, 2012 1 comment »
 Retail & Distributors |
Major Medical Insurance Major medical insurance covers extended major injuries and illnesses, the type of devastating health problems that can ruin you financially. If you don’t have insurance, this type of policy is probably your highest priority. Major usually covers problems that aren’t included in basic health. For this reason, both major medical and basic health are generally sold in a package deal called comprehensive health insurance. Major medical benefits typically include hospitalization, doctor fees, diagnostic work, surgery, home care, rehabilitation, blood and drugs. It is designed to cover prolonged treatment so no time limits are implemented. However, you are usually responsible for co-payments, deductibles and twenty percent of the charges. Contact us at Assurance Insurance Agency or give us a call today at 1-800-897-1395.
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Individual Health Insurance
February 13th, 2012 No comments »
| Individual Health Insurance Individual health insurance coverage is generally more expensive than group health insurance. Like any company, which purchases in bulk to save money, a group that purchases health insurance together will also save money. The most common type of group insurance is that which is offered by your employer. Typically the employer will pay some part of the cost of that insurance. But, that employer provided insurance might not meet all the needs of the employee. This is where individual health insurance is most commonly needed. By purchasing supplemental health insurance, employee is better able to weather the extreme costs of health care. If you are self-employed, you should see if your profession has an association, which offers a group insurance policy. Failing that, you can reduce your health insurance costs by raising the deductible. For more information about individual health coverage, contact an insurance expert. This information is general in nature and should not substitute for the advice of and expert in the field. Contact us at Assurance Insurance Agency or give us a call today at 1-800-897-1395.
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Renters Insurance
February 6th, 2012 1 comment »
Retail & Distributors |
Renters Insurance Apartment renters need special insurance to protect their belongings. This type of insurance covers your personal property at home and away form home. The policy insures your personal effects against 17 perils including: smoke, fire, lightening, burglary, vandalism, riot or civil commotion, explosion or electrical surge damage, windstorm or hail, falling objects and other similar hazards. You’ll also receive financial protection against claims or suits brought by others for accidental bodily injury or property damage suffered while in your apartment. The policy covers all members of your family and your pets. If an accident with Fido leads to a lawsuit, you’ll be covered by your Renters insurance. Keep in mind, some insurance companies are skittish about writing policies for owners of certain ferocious breeds such as Rottweilers, pit bulls and Doberman Pinschers. You might be able to save some money on your premiums if you haven’t had any claims in the past three years, if you home has smoke detectors or fire extinguishers, if the home is less the 10 years old, if you’ve installed a burglar alarm or deadbolts, or even if you’re a senior citizen. This policy provides exactly the same coverage, as homeowner with the exception there is no coverage for a building. Be sure to ask about any other discounts when you’re getting a quote. Contact us at Assurance Insurance Agency or give us a call today at 1-800-897-1395.
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Home Owners Insurance
February 1st, 2012 No comments »
| Homeowners Insurance There are six basic types of home insurance policies. Regardless of what state you live in, except Texas, the policies are very similar. Each is defined by the perils it covers. The HO1 Policy covers the basic home and it’s contents. The dwelling itself is covered and all personal property is guarded against losses from eleven types of perils. If your home burns down or is struck by lightning, you are insured against the loss. Other disasters covered include windstorm, hail, volcanic eruption or an explosion. If your home or property is vandalized or if you are robbed, the insurance company will reimburse you for your loss. Your home is also protected against damage from riots or civil commotion. And if any vehicles or aircraft do damage to your property, you will be paid an amount equal to the cost of rebuilding. If you have a mortgage on your home, you are required to have home insurance. These policies are usually very basic and you may want to consider adding special provisions for valuable personal items, such as jewelry or computers. Many homeowners add coverage against natural disasters not covered in the basic policy, such as earthquake or flood. Contact us at Assurance Insurance Agency or give us a call today at 1-800-897-1395.
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Whole Life Insurance
January 25th, 2012 No comments »
Whole life insurance is a permanent level of insurance protection. It is in effect from the policy issue to the death of the insured. This type of life insurance carries level premiums, level benefits and cash values. Whole life insurance combines insurance protection with a savings element. The policy’s cash value builds, increasing each year the policy is in force. This is often referred to as the “cash surrender value”. The amount of the policy’s cash value depends upon 3 factors: The face amount of the policy. The duration and amount of the premium payments. How long the policy has been in effect. Whole life insurance was designed to mature at age one hundred. The number 100 is an actuarial assumption, because every insured is presumed to be dead by then. For those who are lucky enough to live to age 100, the company will issue checks for the full value of the policy. Another benefit of whole life insurance is the fact that the policy owner has access to a ready source of funds that he can borrow at reasonable rates. Contact us at Assurance Insurance Agency or give us a call today at 1-800-897-1395.
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Term Life Insurance
January 17th, 2012 No comments »
| Term insurance provides protection for a limited number of years. It will expire without value if the insured survives the stated period. That stated period can be one or more years, but usually policies are written for five to twenty years. Term insurance is the simplest type of life insurance plan. Term life insurance is also called “temporary” life insurance because it provides protection for a short amount of time. Most families buy term insurance to cover the years when children are young. Term policies can be written to provide coverage from their issue date until the end of the year specified or they can be written to cover the insured until he or she reaches a certain age. There are two basic forms of term insurance. Level term offers a level amount of protection for a specified period and then the policy expires. Decreasing term insurance offers benefit amounts that decrease gradually over the term of protection. Most term policies should also offer the option to renew at the end of the period and an option to convert to a whole life policy.
Contact us at Assurance Insurance Agency or give us a call today at 1-800-897-1395.
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Variable Life Insurance
January 10th, 2012 No comments »
| Variable life insurance is permanent life insurance with many characteristics of traditional whole life insurance. Policyholders of variable life insurance select how the cash values will be invested. The cash value will, naturally, fluctuate in relation to the investment performance of the equities selected. Consequently, the cash value is not guaranteed, as it is in traditional whole life insurance. The cash value of the variable life policy becomes a part of the death benefit. A minimum death benefit equal to the face amount of the policy is guaranteed. Because there is a risk involved with variable life insurance, the federal government has labeled it a “security”. State insurance departments and the Securities and Exchanges Commission regulates it. For more information on variable life contact us.
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Happy New Years from everyone at Assurance Insurance
January 2nd, 2012 1 comment »
Happy New Years from everyone here at
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Universal Life Insurance
December 27th, 2011 No comments »
| Universal life insurance is a variation on whole life insurance. It has considerable flexibility, but consider it a type of term insurance with a policy value fund attached. This type of policy allows the insured to determine the amount and the frequency of premium payments. It also allows policyholders to adjust the policy face amount, up or down, as needed. As a result, one policy serves through all kinds of changes in circumstances. Universal life has an insurance element, a savings element and expense element. Each month, a mortality charge is deducted from the policy’s cash value account for the cost of the insurance protection. This charge may also include an expense or loading charge. As premiums are paid, the cash value accumulates, interest is then credited to the policy’s cash value. As long as the cash value account is sufficient to pay the monthly mortality and expense costs, the policy will continue in effect. One other distinguishing factor of a universal life policy s the fact that partial withdrawals can be made from the policy’s cash value account. And the policy owner may surrender the policy for its cash value at any time.
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