Auto and Homeowners Insurance
 “When should I raise deductibles on my automobile policy?”
“Should I consider an umbrella policy?”
“Why do coverage limits on homeowners policies increase when
house values decrease?”
“What is the incentive to keep homeowners and automobile insurance
with the same company?”
“I just refinanced my home and have a larger mortgage. Do you
offer a mortgage protection policy?”
Disability and Workers Compensation Insurance
“I’m a single mom who worries about providing for my kids in
the event of illness or injury. Should I consider disability insurance?”
“Why are my workers compensation premiums rising when my payroll
is down from last year?”
Health Insurance
“Does Medicare cover all of my health care needs?”
“Should my college-aged son have his own health insurance policy?”
Long Term Care Insurance
“Do I need long term care insurance?”
“How does long term care insurance work?”
“Won’t Medicare or 401K savings cover the cost of long-term
care?”
“Is it smarter to invest my money, or buy long term care insurance?”
“How do I shop for long term care insurance?”
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How does long term care
insurance work? Download the LTC
Primer |
Commercial Insurance
“Are there questions I should ask regarding contractors insurance
before I agree to have work done on my home?”
“A copy of the state’s Equine Liability poster is hanging in
my barn. Can I cancel my liability policy now?”
“Why do I need both a personal and a commercial umbrella policy?”
Retirement Planning
“What’s the best way to save for retirement?”
General Topics
“How do I get started with Innovative Insurance Solutions?”
Auto and Homeowners Insurance
“When
should I raise the deductibles on my automobile policy?”
We recommend raising your deductible to the limit you are willing
to self-insure. Generally, once your vehicle is 10 years old, it
no longer makes financial sense to insure it for comprehensive and
collision.
“Should I consider an umbrella policy?”
An umbrella policy provides excess Liability limits, and is over
an above your homeowners and automobile liability limits. We suggest
everyone who has assets to consider an Umbrella policy, especially
if they have young drivers in their family.
“Why do coverage limits on homeowners policies increase when
house values decrease?”
Market values are down across the country; but your homeowners policy
is designed to indemnify based on the cost to reconstruct your
home – and those costs, or material reconstruction prices, continue
to climb. Example: the price of roofing materials has risen dramatically
in recent years due to the rise in oil prices.
“What is the incentive to keep homeowners and automobile insurance
with the same company?”
Many insurance companies offer discounts when you purchase multiple
policies, including auto and homeowners insurance and umbrella policies.
There is another advantage to keeping multiple policies within one
company: that is, your claims are handled with less delay because
one representative has access to all policies.
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“I just refinanced my home and have a larger mortgage. Do you offer a mortgage
protection policy?”
Many homeowners want to protect family members in the event of their
own death. We suggest individual life insurance, which directs proceeds
to family members, rather than a mortgage policy – designed to make
the lender whole. Your Innovative Insurance Solutions representative
can design a competitive term, whole life or universal life plan
that works with your budget.
Disability and Workers Compensation Insurance
“I’m a single mom who worries about providing for my kids in
the event of illness or injury. Should I consider disability insurance?”
Yes. Innovative Insurance Solutions offers disability policies,
owned by you, that provide tax-free benefits to your family in the
event of illness or injury. The policy makes payments to your family
until age 65. This coverage, once in force, cannot be cancelled by
the company or non-renewed.
“Why are my workers compensation premiums rising when my payroll
is down from last year?”
Your current policy is based on your last year’s payroll. We can
modify your policy to take into account your reduction in payroll
and that should reduce your premiums.
Health Insurance
“Does Medicare cover all of my health care needs?”
We suggest you consider a Medicare supplement, Medicare D plan and
long term care insurance for your custodial care needs. Your Innovative
Insurance Solutions representative will make specific recommendations
based on your individual situation.
“Should my college-aged son have his own health insurance policy?”
Most carriers in our area allow your son or daughter to stay on
your family policy until age 23. Check with your carrier, since terms
and policies do vary.
Long Term Care Insurance
“I’m young and have a good family medical history. Do I need
long term care insurance?”
Long term care insurance (LTCI) represents a new reality for most
Americans: medical advances lead to longer lives, but conditions
that would have resulted in death years ago may now leave you disabled
and reliant on others for care.
You need long-term care (LTC) when you cannot carry out basic tasks
including personal hygiene, eating and dressing. Individuals with
mental impairments such as dementia and Alzheimer’s also require
constant supervision.
40% Number of Americans who need LTC
50% Number LTC patients under age 65
Many patients receive long-term care in nursing homes, but many
more receive it at home.
“How does long term care insurance work?”
LTCI pays professionals to assist the family caregiver with the
toughest tasks. LCTI is an important part of a financial plan for
living a long life; it keeps families together, preserves independence
and protects your assets.
“Won’t Medicare or 401K savings cover the cost of long-term
care?”
The assets and income you accumulate over a lifetime of hard work
pay for retirement, not for long-term care:
- Medical insurance, including Medicare, may not cover
custodial, in-home care.
- Retirement plans, even the best IRAs and 401Ks, inadequately
fund the financial consequences of living a long life.
Out-of-pocket: this is how most long-term care patients and their
families cover expenses that add up to thousands of dollars per month.
“Is it smarter to invest my money, or buy long term care insurance?”
Take a look:
$1500 p/year: average LTCI cost for an individual aged 55-59.
Investment Value (5 years)
$1500 p/year x 5 years = $7500 investment
Average earnings = 6% (after taxes)
Total value = $8,963
LTCI Value (5 years)
$1500 p/year x 5 years = $7500 investment
LTCI pays up to $55,900 in yearly benefits for as long as you need
care.
20-Year Outlook
Your investment grows to $58,489. Experts predict long-term care
will cost about $111,438 per year. LTCI, with a 5% benefit increase
per year, pays up to $116,214 annually.
“How
do I shop for long term care insurance?”
When considering LTCI, be sure to consult with
a certified professional: a CLTC professional is
trained in the long-term care field, knows which questions to ask
and how to properly implement LTC insurance.
Long-term care is a complex issue involving health care, law, insurance
and finances. It is an essential part of your family's financial
plan.
Commercial Insurance
“Are there questions I should ask regarding contractors insurance
before I agree to have work done on my home?”
You can request a Certificate of Insurance from the contractor prior
to commencing work. This certificate is proof that the contractor
has adequate liability, workers compensation and auto liability coverage.
“A copy of the state’s Equine Liability poster is hanging in
my barn. Can I cancel my liability policy now?”
None of the Equine Liability Laws prevent someone from filing a
suit against you, and one of the benefits of a commercial general
liability policy is that it can provide needed protection for your
defense costs.
“Why do I need both a personal and a commercial umbrella policy?”
Since you have incorporated your business, you need additional protection
for both personal and corporate-owned assets.
Retirement Planning
“What’s the best way to save for retirement?”
Generally, we suggest you take advantage of pre-tax withdrawals
in your company’s 401(k), 403(b) or Simple IRA. If your employer
does not offer these plans, we can assist them in offering a pension
plan, or help you start an IRA or Roth IRA account.
General Topics
“How do I get started with Innovative Insurance Solutions?”
Give us a call. An experienced IIS representative will arrange to
conduct a face-to-face, comprehensive insurance and financial review.
Get advice based on your unique goals and situation; develop strategies
and tools that will help you build and protect wealth. This is
a free, no-obligation service. Call 434-979-7588 today.
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