News

Insurance Insights

Consumer tips for purchasing insurance

Here are a few tips to keep in mind about purchasing insurance:

• Take your time. On the other hand, don't put off an important decision that would provide protection for your family. Make sure you fully understand any policy you are considering and that you are comfortable with the company, agent and product.
• When you purchase a policy, make sure your check is payable to the insurance company, not to the agent. Be sure to get a receipt.
• After you have purchased an insurance policy, keep in mind that you may have a "free-look" period, usually 10 to 30 days after you receive the policy, during which you can change your mind.
• Review the copy of your application contained in your policy. Promptly notify your agent or company of any errors or missing information.
• If an agent or company contacts you and wants you to cancel your current policy to buy a new one, contact your original agent or company before making a decision. Surrendering your policy to buy another one can be very costly.
• If you have a complaint about your insurance agent or company, contact the customer service division of your insurance company. If you are still not satisfied contact your state insurance department.
• Review your policy periodically or when changes occur in your life to be sure your coverage is always aligned with your needs.
• Interview a couple of agents and seek recommendations from friends and professionals such as lawyers and accountants.
• Be sure the agent gives you choices and options before you make a final decision.

Thinking about Long-Term Care?

Thinking about one's finances 20, 30, even 40 years in the future is becoming more common. Investing in 401K's and IRA's are also common to secure a pleasant and enjoyable retirement. But what if everything does not go as planned and you need help with your daily living activities as you grow older? Do you have enough in your retirement savings to live in the assisted living home of your choice? What if you want home care? Long term care insurance is designed to provide you help with these services due to a long term illness or long term disability.

Average costs for nursing home facilities can range anywhere from 30-70 thousand a year. Don't count on Medicare or Medicare Supplemental Insurance to pick up the bill. If you can qualify, Medicaid may pay up to half of the cost. Choosing long term care insurance can help you pay for costs of a nursing facility or home care if the need arises such as a long term disability or other long term illness.

Affordable Health Insurance, Umbrella Insurance, Gap Insurance & More