2 Ways To Fund Your Long-Term Care Insurance Policy

Posted by on Jan 27, 2017 in Uncategorized

As you begin to grow older, you may find yourself needing more care than your family members or friends can provide. Moving into a long-term care facility ensures that you will be able to receive the medical attention that you require, and it also ensures that you will be able to have assistance completing daily tasks on a regular basis. The cost of living in a long-term care facility can be great, so many people are turning to long-term care insurance policies to ensure their family members aren’t responsible for footing the bill for these facilities. Here are two simple ways that you can fund your own long-term care insurance policy to maximize the benefits it can provide in the future. 1. Tie your long-term care policy to your life insurance policy. It can be nearly impossible to predict when your body will require you to move into a long-term care facility. Because of the variable nature of entrance into these facilities, planning for your long-term care costs can be especially challenging. You don’t want to waste money investing in a long-term care policy that you won’t need to access for quite some time, but you also want to ensure that you have proper coverage when the time to move to a care facility arrives. By tying your long-term care policy to your life insurance policy, you can mitigate your financial risk. Your premiums are deposited into an account that funds both the life insurance and long-term care policies. If you should pass away before you need to access long-term care, your beneficiary will be awarded the amount in your joint account. If you do need long-term care, money from the joint account can be used to pay for care-related costs, and the balance will be awarded to your beneficiary upon your passed. Tying your long-term care policy to your life insurance policy maximizes the use of your premiums. 2. Link your long-term care policy to an annuity. Depositing a single lump-sum premium (or creating a short-term structured premium payment plan) into an annuity account that has been designated for long-term care can be beneficial. Many insurance companies offer their clients the ability to combine long-term care insurance and annuity plans in order to help minimize financial risk. If you don’t end up needing care, then the premiums you pay will accrue interest just like any other annuity fund. If you do end up needing long-term care, then a monthly stipend can be paid from the annuity to cover you care-related costs. Linking your long-term insurance policy to an annuity allows you to enjoy the benefits of tax-deferred and safe growth policy premiums. Understanding how to fund your long-term care insurance will allow you to take advantage of the financial benefits these policies provide while minimizing your financial...

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Three Ways That Livestock Insurance Helps Keep Small Farms Afloat

Posted by on Oct 7, 2016 in Uncategorized

If you’ve recently made the decision to own and operate a small family farm, chances are good that you have never even heard about livestock insurance. However, a good livestock insurance policy provides an excellent way to hedge your bets against the possibility that something happens to the animals that you’re counting on to produce income. Most small farmers already know about crop insurance, and it makes sense to cover your livestock in the same way. The following are five things that you should know about livestock insurance. Livestock Insurance Protects Against Decreasing Market Prices Besides covering you in the event that your livestock becomes ill, injured, or dead before you can realize a profit from raising it, the right livestock insurance policy can also protect you in the event of a decline in market prices. For instance, if you’re raising beef cattle, and the price of beef takes a sudden downturn, your policy provides a buffer against a sudden drop in the price of beef. The same thing applies to animal products such as milk and eggs. Many small farmers who might have otherwise lost their land have been able to ride out unexpected storms because they had a good livestock insurance policy in place.  Livestock Insurance Protects Against Predators  Discovering that precious livestock have been killed by predators is a devastating experience that’s made even worse by the financial losses involved. Fortunately, the right type of livestock insurance can protect you and your family from taking a serious monetary hit in the event that wolves or other predators attack and kill your ranging livestock. Be sure to ask your insurance agent whether additional compensation is available for wildlife losses due to predator activity through conservation groups. Some conservation groups pay out compensation to ranchers who live in areas where predator reintroduction efforts are underway.  Livestock Insurance Protects Against Loss of Forage  Wild weather patterns have disrupted many agricultural operations across the country in recent years. The American West in particular has been hit hard by unpredictable and changing weather patterns. Drought conditions have severely restricted the growth of vegetation that ranging livestock have traditionally relied on for forage materials, and wildfires have destroyed significant amounts of rangeland. You can protect your crop against loss of forage with a good livestock insurance policy.  Please feel free to contact an insurance company such as Inspro Insurance at your convenience to learn more about the benefits of livestock...

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Know About Water Damage That Can Be Covered By Home Insurance

Posted by on Aug 30, 2016 in Uncategorized

When you are getting home insurance for the very first time, it can be confusing knowing what sort of policy you need to get. With so many different coverage options, you may have questions about the policy that you are selecting. Here is what you need to know when it comes to the different types of water damage. Will the Home Be Covered for All Types of Water Damage? A fear that many homeowners have concerns what happens if water gets inside their home. You may think that your home insurance will cover this, but you will be surprised to know that water damage is not covered in all situations. There are essentially three types of water damage that can happen to your home. Water damage can be caused by a pipe bursting in your home, the plumbing backing up into your home, or water entering your home from the outside. Pipe Bursts When you have a pipe that freezes and bursts, usually from cold winter temperatures, this should be covered under a typical home-insurance policy. This is an unforeseen problem that can happen to anybody, and you can file a claim to get the damage repaired. Sewage Backups Sewage backups are covered under an additional policy that you can purchase. This will protect you if any type of water gets into your home due to a backup in the sewer line. For example, you could have a cracked drain tile that causes all of your sewage to come back into your home, or you could have flooding that overwhelms the sewer system and causes the backup to happen that way. If water comes into your home through that sewer pipe, you’ll need additional coverage to pay for the damage the water causes. Flooding Any water that enters your dwelling not through the pipes is considered a flood. Keep in mind that a flood doesn’t necessarily have to be an overwhelming rush of water from a nearby lake or river, since a flood can be as small as rain water rising up from the street and entering your basement’s window wells. This type of damage will require flood insurance, which you may not be required to purchase. Your mortgage lender may only require it if you live in a designated FEMA flood zone; these zones are near lakes and rivers. If you are unsure if your home insurance covers a specific type of water damage, ask your agent, such as an agent from Northeast Underwriters, for more...

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How To Get Compensated After An Accident At Work: To Sue Or Seek Workers’ Compensation?

Posted by on Aug 1, 2016 in Uncategorized

Generally speaking, when you get hurt at work, the last thing you want to worry about is how much the treatment is going to cost or if you’re going to have to fight with your boss about filing a workers’ compensation claim. You assume your workplace is covered, and you just want to get better so you can get back to work.  Sometimes, workplaces aren’t covered, though, or workers aren’t covered under workers’ compensation laws. So, should you sue or go through workers’ compensation? Here are a few tips that can help you decide.  Are You An Employee? If you’re not an employee, forget seeking workers’ compensation. Freelance workers are not employees, so they’re not going to be covered by state workers’ compensation coverage. You may be covered by the workplace’s private insurance, but if not, then you will need to seek a claim through other methods. Usually, that will mean seeking a claim for negligence against the employer through a civil lawsuit. Unlike workers’ compensation claims, this claim directly states that the injury you suffered was a result of a negligent act or a hazard in the workplace that should have been preventable.  Is Your Employer Covered By Workers’ Compensation? If your employer has workers’ compensation insurance, then you should be able to seek a claim directly any time you’re hurt on the job. If you are a driver, that means any time you’re behind the wheel of the truck performing your duties. If you’re working in a facility, any time you are at your place of employment, you’re covered. If your employer doesn’t have workers’ compensation or private insurance, then there’s a big issue. Workers’ compensation or private insurance coverage is required in all 50 states by law. If your employer does not carry insurance, then you can sue him for compensation if you get injured, and he may be fined by the Occupational Health and Safety Administration.  Was a Third Party Responsible? If a third party was responsible for your injuries, you may not be able to seek workers’ compensation or may have a harder time getting your employer to cover your injuries. Even if you do get workers’ compensation coverage, the Bureau of Workers’ Compensation may not provide you all you’re entitled to. You may also be able to sue the negligent third party that caused your injuries, whether it was the designer of defective equipment or a dangerous temporary employee.  These are a few situations that could occur; if you’re unsure of what you’re entitled to, any workers’ compensation attorney can help.  If you’re an employer looking for excellent coverage for your employees, contact Divers-Savage-Mcpherson Insurance...

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How To Manage Your Auto Insurance Policy More Efficiently

Posted by on Jun 6, 2016 in Uncategorized

Are you the person in charge of your family’s auto insurance policy? If you are and you aren’t sure if you are getting the full benefits of your auto insurance policy, then there are a few factors and features that you could definitely take advantage of if you aren’t already. A few services and benefits to use with your insurance company are the following: Phone Applications: If your auto insurance offers mobile applications, then be sure to download them. Many auto insurance providers will offer mobile applications, which will allow you to take advantage of some helpful features like requesting roadside assistance, pulling up your latest policy ID card, and quickly contacting an insurance agent. These features can be extremely helpful when you are on the go or just need quick service.  In-House Vehicle Services: Having to take time out of your day to visit a nearby DMV can be a big inconvenience as this can take up a good portion of your day. You may not know it, but it is likely that your auto insurance offers DMV-like services inside of their branches. This will allow you to renew your registration, transfer your car title or simply obtain a bill of sale form. Having in-house DMV services like these definitely makes it easy when changes are made to your vehicle.  Membership Discounts: If you so happen to own an insurance policy from a provider that offers membership perks, then consider signing up for them. These perks can often times include amazing discounted rates for travel, car rentals, and roadside assistance programs. With perks like these, you could be saving hundreds, even thousands, a year on potential travel expenses and towing services, which is a reason itself to sign up for any membership plans your insurance provider may have.  Services and membership benefits like these can definitely help you and your family save money on car rentals, travel discounts, and DMV paperwork as well as ensure that you are taking advantage of what your insurance policy has to offer. So, before you continue to pay your monthly insurance rate without utilizing your insurance coverage at all, be sure to reap these benefits so you can take full advantage of your auto insurance policy, save money, and be certain that you receive quick and convenient service from your provider. If you are unsure of what type of services, applications and membership plans your insurance provider has, be sure to contact your provider so you can avoid missing out on these great...

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Car Insurance Premiums Too High? 3 Ways You Can Lower It

Posted by on May 27, 2016 in Uncategorized

Car insurance is a necessity in almost every state if you drive your car, which will be another bill you need to factor into your budget. You may be looking for ways to get this bill as low as possible to make your car more affordable. Consider these 3 ways to cut back on your insurance costs. Be A Safe Driver Being safe when you drive can save you money in a couple ways. While you may believe that this simply means saving money by not getting into accidents, it goes beyond that. Your car insurance company will look at your driving record when you get car insurance, with difference offenses having a greater impact on how much you pay. While a broken taillight will have a relatively low impact on your premiums, a speeding ticket that is over 10 mph will see a moderate effect. Severe driving offenses, such being convicted of a DUI, can see a significant effect. Every insurance company will handle the effect of an offense in their own way. You may see increased rates for a period of time, or a surcharge added to your bill that will go away after an extended period of safe driving. Increase The Deductible Your deductible is how much you pay before insurance kicks in for a major repair. The less you pay, the larger your car insurance premium payment will be. While it can be a great way to save money by increasing your deductible, make sure you have the cash on hand to pay for it. If your deductible is too high and you cannot pay it, you will not be able to use your insurance if you do need to use it some day. It is a simple mistake that you may not realize until it is too late. Drive Less Miles The amount of miles that you put onto your car each year will affect how much you pay. Moving to a new apartment that’s closer to your job, carpooling with co-workers, or taking public transportation can help make your insurance cheaper. Just be sure to let your insurance provider know that you made these changes. If you already are doing these things, you should consider switching to a car insurance that allows you to pay by the mile. For those that don’t use their car often, it can lead to big savings over time by only paying for your insurance when you use...

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