Most people who have life insurance tend to believe that they have enough because what they have can take care of final bills and expenses. Too many people only possess work related life insurance and even fewer have any insurance at all. The truth is you should have a policy that can pay out close to ten times what you earn annually.
Not thinking long term
Oftentimes people think only in the short term when buying life insurance. They do not consider say, how much longer after they have passed should their family be supported by the insurance payout.
Thinking that it costs too much
One of the main complaints and reason people have for not getting life insurance is that it costs too much. But if you shop around you are likely to find a policy that suits your budget and needs.
Failure to update a policy
When certain life altering event occurs such as marriage, child birth, or divorce, then it could be time that your insurance policy is updated. Many people tend to forget to do this when these event occur.
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In many divorces that include provisions for alimony or child support, it is a common practice to include a stipulation that the supporting spouse should carry a life insurance policy. This can guarantee that the children will still be provided for should the supporting parent die. How long the policy is maintained depends on what the policy was intended for. If it was meant as security for child support, it can be terminated when the dependent children reach the age of majority. Life insurance policies can also be maintained for longer periods of time if the parent so chooses. If life insurance is required to guarantee alimony, it may continue for as long as the alimony payments are required.
When negotiating your divorce settlement, it is important to designate who will be the owner of the life insurance policy. This is a key factor because the owner controls the policy and has the right to name the beneficiaries. One way to insure that the policy is maintained as stipulated in the divorce settlement is to name the custodial parent as the owner of the policy. You can also include provisions in your settlement agreement that if the policy is allowed to lapse or if the beneficiary designation is changed, you or your children would be entitled to part of your ex’s estate equal in value to the death benefit.
For help in obtaining a Life Insurance policy, we at Scurich Insurance can help.
Check us out at www.scurichinsurance.com or call us 1-800-320-3666
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• What risks and events does the policy cover?
• What risks and events aren’t included?
Insured events may include death, diagnosis of terminal or critical illness, a requirement for long-term care, permanent or temporary disability, and accidental death. It’s important to find out exactly what is covered before you sign anything, to avoid unpleasant surprises.
• Can I choose anyone I want, or choose multiple people, as the beneficiary of the policy?
Most people will choose their partner as the beneficiary of their policy. However, it’s usually possible to name more than one beneficiary as long as they have an “insurable interest”, meaning they must suffer emotional or financial loss in the event of your death. Therefore, you could choose to name your children as beneficiaries in addition to your partner.
We can help you obtain a Life Insurance policy today. Please check us out at www.scurichinsurance.com
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Ideally, your earthquake insurance policy should cover the cost to replace or repair your damaged property. Consider this:
•Does the policy cover only your dwelling? Are accessory structures, such as garages, also included?
•Will your policy pay for the contents of your home and for additional living expenses if your home is destroyed or too badly damaged for you to live there before repairs are made?
•Are there any exclusions or limitations to coverage?
•What deductible must you pay before the insurance kicks in?
Earthquake insurance rates are determined differently by each insurance company and can vary widely depending on several factors. Generally, older homes cost more to insure. Wood homes get better rates than brick buildings because wood tends to withstand quake stresses better. The premiums are also based on the nature of the soil and your house’s proximity to recognized fault lines.
Areas are graded on a scale of 1 to 5 for likelihood of quakes, and this is reflected in earthquake insurance rates. Because earthquake insurance is a type of catastrophic coverage, most policies carry a high deductible — anywhere from 2 to 20 percent of the replacement cost of the structure. For instance, if the cost to rebuild your house after a quake is $100,000 and your policy has a 2 percent deductible, you would be responsible for the first $2,000.
For more info on earthquake coverage and Home Insurance, please contact us at 1-800-320-3666.
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Don’t wait until the weather forecast calls for prolonged heavy rains before buying flood insurance. While this practical insurance can be purchased anytime, the policy does not take effect for 30 days. As the most common natural disaster in the country, flooding ruins millions of dollars of homes and property every year. Even so, flooding is not commonly covered in your typical homeowner’s insurance policy, making it necessary to purchase additional coverage for this costly, devastating disaster.
If you are in a high-risk flood zone, a federally regulated lender will require a would-be borrower to buy flood insurance in order to qualify for a mortgage loan. To satisfy the lender, flood insurance must be purchased in an amount that sufficiently covers the loan.
A homeowner should also buy flood insurance if he or she resides in a flood plain with no failsafe controls, such as a dam. Flood policies even pay off if the President does not declare the area a federal disaster area, which can prove to be invaluable. Because the nation’s Chief Executive Officer rarely issues such a declaration, protecting yourself is extremely important. Besides, you have to repay the federal aid you receive for home repairs related to a natural disaster so providing your own protection is the only way to ensure financial recovery suffered from flooding.
Not all homes qualify for flood coverage. For instance, flood insurance for beachfront or ocean-side property may not be available for the obvious reasons.
The Federal Emergency Management Association (FEMA) reports that more than 20,000 communities have agreed to tighter zoning and building measures to control floods. Residents of these communities can buy flood coverage from the National Flood Insurance Program (NFIP), which FEMA oversees. As of 2009, NFIP had 5.7 million flood policies enforce nationwide.
Premiums for flood insurance vary widely, depending primarily on individual risk. In determining price, Personal Insurance underwriters consider several factors including the property’s elevation, proximity to bodies of water, and whether the dwelling has a basement. Flood insurance is available to homeowners, renters, condo owners/renters, and commercial owners/renters.
Call out office today! We’d be happy to assist you with your Personal Insurance needs, and through the murky waters.
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Foreclosure
You’ve probably seen former Tonight Show host Ed McMahon in the headlines lately. In a sad turn of events, McMahon, once famous for knocking on people’s door to make their dreams come true, is now facing the nightmare of losing his home to foreclosure.
Records show McMahon is $664,000 behind in payments on his Beverly Hills mansion. How could this happen? Simple: McMahon got caught by the housing bust just like so many other Americans.
These days it is so important to have a Insurance company with your best interest in mind. Personal Insurance mistakes are common for the simple fact people aren’t doing their homework on multi policy discounts.
Call Scurich Insurance today to find out how we can help you save BIG!
Tony Scurich
Scurich Insurance Services
A Member of United Valley Insurance Services
P.O. Box 1170
Watsonville, Ca 95077-1170
Ph# 831-722-3541 Ext. 15
Fax# 831-722-1997
Email: [email protected]
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