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2 months ago · by · 0 comments

Insurance Terms 101: Speak Like an Insurance Agent!

The terminology used by an insurance agent can be daunting. Most of us have heard the terms numerous times, but cannot explain what they really mean. Not fully comprehending these terms can be problematic for the average consumer. These terms indicate the type of coverage the policy issues. If you choose the wrong one based on ignorance, your entire future could be at stake. The good news is that you don’t have to stay in the dark. Learn the parlance of an insurance agent to get the best policy for yourself.

In the World of Auto Insurance

The first car insurance distinction to know is the difference between insurer and insured. Although this seems fairly intuitive, it is easy to confuse. The insurer is the insurance agency that issues the policy. The insured is the named party on the policy. It can also refer to other parties that the policy covers.

Another often used, but misunderstood term is deductible. In insurance-talk, the deductible is a sum of money the insured will pay to activate the policy coverage. For example, when you are in an accident, you’ll pay a deductible before the policy will pick up the rest of the tab. The deductible is set in the insurance contract. When you sign up for a new policy, you will likely have the choice of several deductible options. The of the deductible will affect your monthly insurance payment.

Since we mentioned monthly payments we should discuss the premium. This term is just a fancy word for the money you must pay monthly or annually to maintain the policy. Premiums differ from agency to agency, and according to the type of coverage.

The term coverage can refer to a few different things. What the coverage means depends on which word it is paired with. Collision coverage means that the policy covers damage to your vehicle following an accident. Comprehensive coverage covers damage to your vehicle that occurs outside of a car accident.

There are other uses of coverage that are immediately recognizable. Medical payments coverage takes care of any health care bills or funeral costs. This coverage usually applies even if the accident is your fault. Bodily injury coverage is triggered when you are at fault. It covers the medical expenses of other parties. Finally, uninsured motorist coverage pays for the injuries of your vehicle’s occupants when an uninsured driver is at fault.

Learning About Life Insurance

One final area of insurance with confusing terminology is life insurance. This area is rife with unintelligible terms. The face amount is what is payable at death. This is usually the first number people look at when shopping policies.

When it comes to coverage, you may be confronted with term life or whole life terminology. With term life, coverage is effective for a predetermined period of time. If the insured dies within this time, his or her beneficiaries will be entitled to the policy funds. Whole life coverage continues throughout the insured’s lifetime. However, the premiums need to be satisfied to keep the policy active.

Traversing Health Insurance

Health insurance shares some general insurance terms with other types of coverage. When looking at health insurance plans, you’ll see the same references to deductibles and premiums. However, there are a couple of terms that are unique to this field of insurance.

You’ll need to have a good understanding of the co-payment. This is a small payment you’ll make for each visit to the doctor. You should also be aware of the meaning of co-insurance. This term will dictate how much you pay after the deductible is met. Typically policies will require you to pay 20% to 40% of the total medical bill.

Using the Jargon

Now that you understand some of the most commonly used insurance terms, you should have no problem choosing a policy. You can also feel confident speaking to an insurance agent without missing a beat. Knowing the jargon helps you comprehend what you are getting into. It also can help you to customize a policy that meets all of your needs.

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5 months ago · by · 0 comments

Reasons Why Life Insurance Is More Affordable Than You Think

Life insurance is an important type of coverage that many people would benefit from. It provides you with essential benefits that can cover funeral costs, supplementation of lost wages and more. This monetary support may be essential for your loved ones’ financial well-being after your passing. However, there is a general perception or assumption that this type of coverage is too expensive for the average person. You may not think that you can afford to make the monthly premium payment, or you may believe that the premium would be too high. Some people think that it would be better to simply save the money in an interest-bearing account on their own rather than to pay a premium. However, there are a few good reasons why life coverage is more affordable than you might think.

Lock in Low Rates Today

A life insurance premium is typically calculated based on several important factors. The primary factors are your age, your gender and your health status. The type of life coverage and the amount of the benefits are also relevant factors affecting the cost of life insurance. When you purchase coverage today rather than in a year or two, you have the incredible benefit of taking advantage of your current age. You are not getting any younger, and rates typically increase each year that you age. When you buy coverage, you lock in a rate for the remainder of the term. This means that if you buy coverage with a 30-year term when you are 25 years old, you will still be paying the same low rate when you are 53 or 54 years old as you did when you were 25. In addition, many people generally slowly decline in health over the years. It is reasonable in most cases to expect to qualify for better rates based on your health status when you are 25 rather 35 or 45 years old. When you hear other people discuss the premium on their insurance coverage, keep in mind that they may have locked in a rate based on reduced health or an older age than you may be able to lock in if you purchase coverage today.

Your Control of the Premium

In addition to your age and health, your coverage type and benefits directly affect the premium amount. Term coverage is a type of insurance that expires at the end of defined period of time. A 10-year term will have a lower premium than a 30-year term will have in many cases. There is also another type of coverage, known as universal or whole life, which extends for the remainder of your life. You will lock in the rate now for the remainder of your life, which can be advantageous to some people. However, the rates for this type of coverage are usually more expensive. In addition to controlling your premium cost based on the term of your coverage, you also have control over the cost through the benefits amount. You can realistically choose benefits that range between $10,000 to $500,000 or more, and the premium varies dramatically based on your coverage amount.

The Cost Associated with Not Being Covered

You can see that the premium amount for your life coverage is dependent on several factors that are under your control as well as several factors that may yield more affordable rates now rather than later. In addition to these points, keep in mind that there is a cost associated with not being covered. While everyone will reach the end of life at some point, there is no way to know when that day will come for you. Even individuals who are young and healthy can pass away from an accident, a sudden illness or something else. With the knowledge that death could come for anyone and at any time, you are taking a risk by not buying coverage. Consider the financial strain that your loved ones may feel if you were to pass away today.

The premium for life coverage will be another regular expense in your budget. This expense is not a requirement in the same way that groceries or your mortgage payment are requirements. However, you must plan ahead for the care and well-being of your family. There is never a question about if death will come. Instead, there is only a question about when death will come. With this in mind, you can see that it makes sense to purchase at least a modest about of life coverage sooner while you may qualify for lower rates.

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6 months ago · by · 0 comments

How To Choose The Right Amount Of Life Insurance

Most people don’t realize they need life insurance until it’s too late. When we die, our loved ones are left with the burdensome expense of a funeral, burial, or cremation if we don’t have an insurance policy in place. The average cost of a funeral and casket burial ranges from $10,000 to $12,000. Cremation services that include a funeral can cost $8,000 to $10,000. A cremation without a funeral will still run around $2,000. This expense should be a general starting point for you to determine precisely how much coverage you will need.

Life insurance isn’t just about paying for your memorial and burial. It is important to consider how the loss of your income can affect your family to determine the amount of coverage you may need. A professional insurance agent can help you calculate your family’s financial needs should you pass away. Your expenses, debts, savings, and assets will be taken into consideration using an insurance analysis tool. A general rule of thumb is to purchase a policy that is ten times your annual salary as a death benefit. This amount will ensure your family will have a comfortable nest egg for years to come. Other things to consider are:

  • Child care costs
  • College education
  • Amount of debt to pay off
  • Elderly parents who may need care
  • Future inflation

You want to make sure to buy insurance as soon as possible. Insurance premiums increase as we age and the chance of health problems increases. There are two types of insurance policy’s whole life and term. There are several subcategories including universal life, variable universal life, variable life, and traditional whole life. Term insurance will pay your beneficiary a benefit only if you pass away during the policy term. You can choose to have the death benefit remain the same during the policy term, or you can decrease the benefit amount each year. Whole life also known as permanent insurance will pay your beneficiary no matter when you die. With a whole life policy, you usually get a death benefit along with a savings component. Having insurance that builds cash value such as the universal life policy, will reduce your monthly premium. You will also have access to that cash to be used whenever you need it.

Sadly, there are fewer Americans with term life or whole life policies now compared to thirty years ago. Many people that do rely only on a life insurance policy through their employer. In most cases, your employer’s plan isn’t enough. You can request a free quote online or speak with your local insurance agent who can also save you money. With so many coverage options available it can be daunting to determine which is best for you. Licensed insurance agents can educate you and guide you step-by-step through the application process. For an accurate quote, you will need to provide your agent with your family history, health history, height, weight, and financial information. If you are considering a term or a guaranteed universal life policy, you will need to have a complete medical exam.

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9 months ago · by · 0 comments

The Power of Life Insurance When Life Happens

The one thing that’s certain in life is that it will not last forever. End-of-life planning may seem like a morbid topic, but knowing that your loved ones will be provided for after your death can give you valuable peace of mind while you live your life.

Because the unthinkable can happen at any time, it’s important to be prepared. Life insurance allows you to ensure the financial security of your spouse or children regardless of where you are on your financial journey. Whether you’re just starting out on your career path or have long been retired, life insurance provides a guaranteed safety net for your beneficiaries.

Taking Care of Those You Love

If you live alone and have no one who depends on you, expect no final expenses or will leave behind no debts needing to be paid, you might not need life insurance. However, that situation describes very few people. Most individuals have people in their lives who could benefit from an insurance payment after death.

A policy could be used to provide financial care in many ways:

– It could pay for the insured’s final expenses, relieving the survivors of the costs of funeral planning.
– It could pay for the education of surviving children or grandchildren.
– It could provide financial security to a family going through a difficult period of grief.
– It could provide living expenses for a spouse who had been reliant on the deceased’s income.

The benefits of an insurance policy will depend on your individual needs. With many policy types available, you are sure to find an insurance plan that will fit the needs of your family and specific situation.

Choosing the Best Option for Your Needs

There are two primary types of life policy available through most providers: term and whole or universal. Term life policies are the most affordable option and can often cost just a few dollars a month when you are young and healthy. A term policy provides an agreed upon benefit amount upon the policyholder’s death and lasts for a specified number of years. If the insured lives beyond the policy’s term, the policy can be converted to a different type to extend coverage.

Whole and universal life policies are a form of permanent insurance. These policies last as long as premiums are paid into them and accrue cash value over time. This means that they can be borrowed against or used as investment vehicles. The monthly premiums may be higher, but some people find the investment capabilities of these policies to be worth the price.

The type of policy best suited to your needs will depend on your situation. It’s important to consider your income, lifestyle, the needs of your family and other related factors. An insurance expert can help you to understand your options so that you can make the best decision and achieve peace of mind.

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Cincinnati Family and
Business Insurance
910 Loveland Madeira Road,
Loveland, OH 45140

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513-583-5222

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