When Should You Buy Life Insurance?

There is no one-size-fits-all answer to the question, “When should I buy life insurance?” Let’s look at a few valuable guidelines to help you decide. Generally, buying a life insurance policy when you are young and healthy is recommended. There are multiple factors to consider in any case. 

If You Buy Insurance While Young:

Buying insurance when you are young and hopefully in good health allows you to lock in a lower premium that will stay with you for the rest of your life. It is almost as though the insurance company takes a snapshot of your current age, medical history, habits, hobbies, and level of risk when you first enroll and never changes it. 

The possible downside of purchasing insurance in your 20s, 30s, and even early 40s is that when with whole life insurance, you will be paying premiums for longer—but are building an asset. Then there is the case of term life insurance, which only covers a specific period, for example, 30 years. If you purchase a 30-year policy at 30 years old, at 60, you will find yourself with no coverage and possibly a less-than-optimum physical condition, making it harder to acquire a new policy at a low cost.

If You Buy Life Insurance When You Are Older:

Shopping for life insurance in your 50s, 60s, 70s, and older can be much more difficult. On the upside, one could theorize that premiums will only be required for a shorter time, which could save you money. Few insurance companies won’t issue a new policy to adults in their late 60s or 70s. While most insurers are willing to do so, you can expect premiums to be much higher due to the insurance companies’ increased risk. Enrolling in an insurance plan during your prime income-earning years is a smart option.

How Do I Find the Lowest Premiums?

The simple answer? Start early. Insurance works by pooling the resources of a group of people to manage risk. If everyone waited to buy insurance until they became ill or developed physical problems, the company wouldn’t have the funds to pay claims. That’s why insurance companies generally reward people who are young and healthy for starting earlier by granting them lower premiums. Doing so expands the “risk pool,” making it easier to cover the small percentage of people who require assistance when needed. 

Considering Purchasing a Life Insurance Policy? Now’s the Time.

Young or old, healthy or not, sooner is usually better when purchasing a life insurance policy. If you still have questions, don’t hesitate to call us. Our agents will happily answer them and help you understand your options for finding the right plan for you. Don’t let your policy wait; now’s the time.

Useful Apps for Tech-Savvy Seniors

People don’t go anywhere without their phones these days. Cell phones can provide critical assistance to seniors, regardless of their location. Protections are provided through certain “apps” or software applications. These helpful little programs are usually represented by a colorful tile or icon on your phone’s menu screen. Recent reports show that nearly 4,000 new apps are uploaded daily, but which ones are right for you? Read about some of the most valuable apps for tech-savvy seniors. 

Forgot Where You Parked? There’s An App for That!

There are a few options to choose from, but “Find My Parked Car” does just what the name says it does. It can help you to take a photo of your parking spot and save your location. Later, when you’re ready to return to your car, the app will guide you back to its position. You can even turn on voice prompts to tell you to turn left or right as you walk through the parking garage or lot. 

“What’s Covered” Medicare App

Most people have concerns about what falls under Medicare coverage and what doesn’t. This app, provided by the Centers for Medicare & Medicaid Services, offers simple answers to what you are looking for. Just type in the item or service, for example, “flu shots,” in the central search bar, and it will tell you it’s covered, in this case, under Medicare Part B. Services not covered by Medicare Part A and Part B are only available through Medicare Advantage plans. These include more comprehensive wellness options like dental and vision care. For help with your Medicare Advantage needs, contact one of our agents to get your questions answered. 

Brain-Training to Improve Cognitive Performance

Keeping your mind sharp as you age can require some additional effort. Luckily, handy apps like Luminosity, Elevate, and CogniFit make it easier. Download one, and you’ll be provided with brain training and brain games to keep your mind flexible and alert. The CogniFit app even provides a tailored program just for you by using assessments to locate your current mental condition and guide you to the next level. 

Medication Management Apps

Medisafe, which boasts 4.7 out of five stars and nearly 100,000 ratings, makes tracking and taking your medications easy. It helps you set reminders, make a schedule, and make sure you pick up a refill before you run out. Beyond the basics, it can also provide important information regarding any potential side effects or interactions between meds. It makes it possible to track the whole family, or just you and your partner, in one place. Other top-rated apps include MedManage, RoundHealth, and Pillboxie.

Apps For Staying Connected with Friends and Family

Relatively simple to use and less likely to be overwhelmed with the latest fads, Facebook is a great way to connect with family and friends. You don’t have to stop there either; many older adults find it fulfilling to reconnect with their high school class, groups, and old friends around the globe. Facebook makes it possible to be social without leaving the comfort of your home. If you are looking for a more sophisticated company, Senior Planet Community is another excellent app reserved for adults over 60. You’ll be able to connect and interact with your peers while the interface and everything about the app is designed with your ease of use in mind. 

When It Comes to Health Insurance: You Don’t Need an App

Considering how to make your life easier or more secure? You don’t need an app when deciding on the best health insurance to complement your existing plan. Just call us. Our Medicare insurance agents are ready to walk you through the steps you need to take to get the best coverage to suit your situation. Schedule an appointment or come in to speak with one of our helpful agents today.

What You Should Know About E-commerce Business Insurance

A brick-and-mortar establishment comes with known risks, but e-commerce has specific liabilities. Some are shared with traditional stores, but others are unique to online businesses. Business insurance tailored to meet the needs of your online operations can make all the difference when you face unexpected losses. 

What is Covered in E-Commerce Business Insurance?

E-commerce business insurance policies include: 

• General liability insurance
• Commercial property insurance
• Commercial auto insurance
• Worker’s compensation insurance
• Business income insurance

What Types of Businesses Need E-Commerce Insurance:

Any merchant activity, selling services, products, or digital wares, will benefit from enrolling in an e-commerce insurance plan. 

• Online retail: Whether you are selling pajamas or personalized jewelry, interruptions in your supply chain, shipping delays, and employee injuries can cause financial setbacks that endanger your company’s survival.
• Traditional retail with an online component: If you allow store or curb-side pick-up for online orders or operate a whole range of online-only merchandise in addition to the offerings at your physical location, you face the combined liabilities of commercial property and digital ransomware or data breaches. 
• Virtual marketplace sellers: If you sell your art, crafts, or services on platforms like Etsy, eBay, Airbnb, or Fiverr as a source of income, it’s worth covering your losses. If there are any claims about your products or quality, you can resolve the issue and move on rather than facing costs that can be a killing blow. 
• Online rideshare work: You are considered an independent contractor when you drive for Uber or Lyft. This type of work does not fall under traditional e-commerce and may need a specialized plan focused on commercial auto insurance. Your auto insurance should be customized to cover any damages not covered by the rideshare company. 

What Happens If I Don’t Get E-Commerce Business Insurance?

When you experience what can happen without insurance, it becomes evident that proper coverage is a necessity, not a “nice to have.” Some examples of potential liabilities that will have you paying out of pocket include:

• Employee injuries: If your employee climbs a ladder to access items from a top shelf but falls and breaks their ankle, you could have to pay their medical bills out of pocket if you are not covered. 
• Customer lawsuit: This is particularly relevant for companies selling food, cosmetics, or medical items. If a customer claims your product made them sick, no coverage can put you in danger of a long and expensive court process. 
• Damaged inventory: If your stock is ruined by flood or fire, you may face delays, refunds, and a wave of customer complaints. E-commerce insurance can cover your losses. 
• Stolen information: Hackers could access your customer database and sell it to bad actors. This is embarrassing and can also result in significant issues with customer service. 
• Car accidents: Your delivery vehicle, which may also be your personal property or that of an employee, could experience unexpected damage on the road. Personal auto insurance will likely not cover the losses the vehicle is used for regular transport and delivery runs. 

Protect Your E-Commerce Business with the Correct Coverage

Give yourself peace of mind for the year ahead. E-commerce is an evolving field; ensure your safety net expands with your enterprise. Please meet with one of our e-commerce business insurance agents about acquiring or updating your current coverage today. 

How to Prepare Your Home for Winter Storms

During the winter months, the weather can get pretty grim. Freezing icy conditions, blizzards, torrential rain, and wind events can test any structure, including your home. The best policy is to be prepared for the worst and hope for the best. Here are some ways you can protect your home from the damage of winter storms this year. 

Indoor Checks and Safety Measures 

Heating System

No one wants to be stranded at home with no heat during a storm. Before the heavy cold sets in, check that all the parts of your system, including filters, wood heating systems, boilers, furnaces, and pipes, are in good condition. Keep your heating at 65 degrees, even when out of the house, to help protect against frozen pipes.

Pipe Insulation

Not all pipes are within the walls. Check the attic or basement for any exposed pipes and get them insulated. If you want to do it yourself, you can find pre-slit foam pipe insulators online or at your local home improvement store. Just read up on how to apply them so you don’t leave gaps. 

Water Main

When was the last time you located your water main? If you can’t remember, it’s been too long. Ensure you know its location and how to turn it on and off. If you have any trouble with frozen or burst pipes during the winter, you can stop the main flow of H2O to prevent your emergency from becoming a disaster. 

Faucet Control

Moving water is less likely to freeze than standing water. When the temperature plunges, turn your hot and cold faucets to have a slow, steady drip, particularly those furthest from the water supply, to reduce the risk of frozen pipes in cold weather. 

Emergency Supplies

If you are snowed in and can’t go out. Make sure your safety reserves and emergency kit are well stocked. Essential things you need include:

• Water
• Non-perishable food
• First-aid kit
• Warm blankets and clothes
• Flashlights
• Cell phone charger backups

Outdoor Concerns 

Cracks and Gaps

Walk around your property and note any places you may lose heating. Small cracks and gaps around windows or your garage door may not expose you to grave danger during a storm, but they could add up to considerable savings on energy costs when addressed.

Gutters

Clean leaves and debris from your gutters. When the storms hit, you don’t want a build-up of water freezing, leading to ice and damage to your roof and home. If you spot icicles, it is a sign that there could be a problem. It is vital to repair any issues to avoid risking severe damage to your home’s structure.

Sidewalks

Keep your sidewalks shoveled and clear of snow and ice. You don’t want visitors to your home to slip and be forced to file a claim against your personal liability policy. 

Roofing

It is time to invest in repairs if you have structural issues with your roof or any leaks. Repairs can be managed on cold days without too much snow. A collapsed roof from heavy, wet snow can be a disaster and impossible to resolve in a howling storm. 

Air Quality Control

Carbon Monoxide Detectors

Your household smoke and carbon monoxide detectors should be tested at least once per year. As carbon monoxide poisoning occurs most often during winter, now is the time to check your alarm and replace the batteries. Also, verify the “replace by” date on the back of your device and get it changed out if it is overdue, which should occur about every five to seven years. 

Engine Check

While your car isn’t a part of your home, it is wise to think ahead and ensure the engine, oil, and belts are in good condition and can handle the challenges of the winter months. Remember, gas engines running in an enclosed space release carbon monoxide, a deadly odorless gas. Thousands of deaths are caused by unintentional carbon monoxide (CO) poisoning in the U.S. annually. Always run your car engine and any gas-powered generators outside the house or garage and away from ventilation systems leading indoors. When engines are on inside the garage, even if the doors are open, enough CO can build up and cause serious or deadly consequences.

Stay Safe and Secure with Compatible Coverage 

By taking precautions, you can prevent the worst of any storm damage. Not everything can be predicted and prevented, so make sure your homeowner’s insurance is in good shape. Our agents can help answer any questions on whether your current policy includes structural, personal property, and specific peril coverage and how to fill the gaps as needed. Contact us for an interview today.

7 Tips for Staying Safe During Extreme Cold Weather

Polar Vortex and Extreme Cold Safety Tips Only travel if you have to. In extreme cold, you shouldn’t travel unless it’s absolutely necessary. Staying inside will reduce your chance of getting frostbite or risking uncertain road conditions. If you do need to leave the house, be sure to brush up on best practices for winter driving safety. […]

Making Your PTO Holiday Program Inclusive in 2025

The U.S. government recognizes a list of holidays on its federal calendar. As our workforce, and the many ethnic and religious groups they represent, is far more diverse, the government calendar is not always consistent with each employee’s needs. To increase the inclusiveness of your Paid Time Off (PTO) program this year, consider a more open-minded approach to celebrated days in 2025. 

Creating a Balance: Federal and Personal Holidays

Most staff enjoy celebrating New Year’s Day, and U.S. citizens may enjoy the 4th of July weekend, but not everyone celebrates Christmas and Thanksgiving. Other holidays during the winter season include Hanukkah, Kwanzaa, and the Lunar New Year, to name a few, all of which fall on different dates that don’t coincide with federally mandated holidays. 

Allowing employees to take time off for their religious holidays, anniversaries, and celebrations fosters an improved work-life balance and worker satisfaction. 

How Does PTO Work?

PTO is a group benefit that makes taking days away from work more inclusive. Instead of enforcing a holiday generally perceived as relating to one religious group, it allows staff to choose an alternative day with plenty of advance notice to plan for coverage. PTO groups previously separated categories of paid vacation, personal days, and sick days into one umbrella category to be more easily calculated by your HR department. PTO is primarily earned through work days on the job. For example, one works for one month and earns 1.5 PTO days. By the end of the year, they would have earned 18 days off.

PTO is often considered a “no questions asked” option, making it possible for employees to take the time to handle unexpected life or family situations without reporting being ill or giving a reason for their absence. Whatever the personal reason, the time is deducted from their overall PTO. This system has also been found to reduce the number of sick days employees take, as they prefer to use their PTO for vacation time.

Types of PTO

PTO is an all-inclusive system. Some types of time off that fall into this category include:

• Vacation time
• Sick days
• Personal days
• Parental leave
• Bereavement leaves
• Paid holidays
• National holidays

Great Benefits Help Attract Higher Caliber Staff

By demonstrating your company’s commitment to employee well-being, your PTO program can help attract higher-caliber staff that expect more from their place of work. Increased job satisfaction and higher retention rates are two more reasons that adding PTO to your group benefits package is a good idea. When hiring and onboarding new staff, ensure your personnel director includes information about your PTO and group benefits plans in their welcome briefing. 

Curious About More Group Benefits? 

Our agents have you covered. If you are looking for new ways to increase the value of commitment in your employees’ eyes, consider discussing your group insurance plan with us. New hires want to know about their healthcare, well-being, and retirement package benefits. Let us help you sound like an expert and make it possible to deliver excellent benefits at a reasonable cost to you.

New Year, New Healthcare Coverage Updates

However you celebrate it, a New Year is here, with a fresh outlook for 2025. Life changes rapidly. Healthcare coverage is meant to change with you so that as your needs, family, and income expand or contract, you always have the help you need. Here’s a quick rundown on ensuring your coverage is up to date so you get the right amount of savings this year. 

How Do I Update My Health Insurance Policy?

The government operates the Health Insurance Marketplace, where enrollees can search for the perfect plan. Open Enrollment runs from November 1 to January 15 each year. 

• Log in: To get started, log in to your account on HealthCare.gov. If this is your first time purchasing health insurance, you can create a new account on the same page.
• Update your plan: Your account home page will help you review the details of your existing policy. You’ll want to ensure that changes to your household size, income, or other factors are updated. If you report your estimated income too high, you may miss out on some benefits; if you under-report your income, you may receive more savings, but these will have to be paid back when you do your taxes. 
• Compare policies: With updated account information, check what plans are available. Consider each policy’s benefits, deductibles, and premiums before choosing. Pro tip: The healthcare insurance agents at our firm are licensed to help guide and advise you on the best plans for your needs and are required to put your best interests first; if you have questions, we can help.
• Enroll in a new plan: If you find a better plan, it’s time to sign up. Our insurance agent can help you complete the paperwork online or in person. 

Can’t I Enroll in Health Insurance at Any Time?

No, you cannot enroll in health insurance at any time. To organize the process of managing hundreds of thousands of people applying for coverage, Open Enrollment is only during the November 1 to January 15 period each year. You might qualify for an exception called a “Special Enrollment Period (SEP).” You become eligible when significant life events require changes to your coverage, like a new baby or changing jobs. Your agent will be able to help you understand if you qualify for an SEP. 

How Do I Update “Off-Market” Health Insurance?

Some health insurance policies are purchased from individual companies that do not provide their services on the government-run Marketplace. If you have an “off-market” policy, you must make any changes with your insurance company directly.

Protect Your Health in the New Year with An Updated Policy

Make your New Year’s resolutions for a healthier you and include a comprehensive health plan. Our healthcare insurance agents can help guide you through the process, answer your questions, and make it easy to get through the necessary paperwork. There is no extra cost to you to receive our help; give us a call to schedule a free consultation today.

January 2025 | Issue 01

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January 2025 | Business Edition

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A Life Insurance Checklist for Small Business Owners

Life insurance can be a surprising benefit for small business owners. Whether you run an enterprise with many employees or are a one-person show, much is at stake. If you or an essential team member passes away unexpectedly, it can lead to severe financial stress or even shuttering a successful enterprise. 

How Can Life Insurance Help Small Business Owners?

In the event of an untimely death, life insurance can help small business owners:

• Avoid liquidation
• Pay estate taxes
• Provide income for loved ones
• Continue delivery to customers
• Smoothly transfer ownership between partners

Types of Small Business Life Insurance Policies

Understanding these main types of business life insurance can help you make the right choice for your company. 

Personal Life Insurance

The simplest form of insurance for small business owners with no employees is personal life insurance. If you provide the primary source of support for your household, an individual life insurance plan will likely be enough to cover your needs. When purchasing a policy, consider how much coverage will be required to manage your debts and provide living expenses for your family after you are gone. 

Key Person Life Insurance

Key person life insurance protects a business when one of its vital employees passes away. Some small companies heavily depend on one or more staff members who fill a significant role in the company’s success. Examples include the lead programmer, a partner, a top salesperson, or the leading attorney in a family law firm. While these persons may feel irreplaceable, key person life insurance allows you to rebuild and cover the expenses incurred due to their passing, such as locating, hiring, or training a replacement and keeping the company viable during the transition. 

Buy-Sell Agreement

A Buy-Sell agreement provides a clear map for management if an owner or co-owner dies, departs, or becomes disabled. The agreement lays out the smooth transition of power to the other partner or a key employee and allows them to buy out the deceased’s stake in the company. Ask your insurance agent about buying a policy for your partner and have them buy one for you. This way, when a partner or owner dies, the other has the funds to buy out your share of the company. 

Group Life Insurance

Group insurance policies can be an effective way for small business employers to reduce their tax burden; some premiums paid by the company are tax-deductible as business expenses. As an added benefit, group insurance plans can help attract and retain top talent in the workforce. 

Steps To Insure Your Small Business

• Determine the coverage you need. 
• Choose a type of insurance.
• Get competitive quotes.
• Sign up with the best offer. 

Protect Your Business and Your Peace of Mind with Life Insurance

Sometimes, getting a good grip on the available insurance plans is easier said than done. Our agents can help take the legwork out of the equation for you. We can offer you various options and competitive quotes from different plans, all in one place. Allowing you to take the vital step of deciding what works for you, your family, and your business. Call today to discuss your needs and get tailored quotes to help you protect your business and peace of mind.