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Life Insurance Basics

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Many financial experts consider life insurance to be the cornerstone of sound financial planning. It can be an important tool in the following situations: 1. Replace income for dependents If people depend on an individual’s income, life insurance can replace that income if the person dies. The most common example of this is parents with young children. Insurance to replace income can be especially useful if the government- or employer sponsored benefits of the surviving spouse or domestic partner will be reduced after their companion dies. 2. Pay final expenses Life insurance can pay funeral and burial costs, probate and other estate administration costs, debts and medical expenses not covered by health insurance. 3. Create an inheritance for heirs Even those with no other assets to pass on, can create an inheritance by buying a life insurance policy and naming their heirs as beneficiaries. 4. Pay federal “death” taxes and state “death” taxes Life insurance benefits can pay for estate taxes so that heirs will not have to liquidate other assets or take a smaller inheritance. Changes in the federal “death” tax rules between now and January 1, 2011 will likely lessen the impact of this tax on some people, but some states are offsetting those federal decreases with increases in their state-level estate taxes. 5. Make significant charitable contributions By making a charity the beneficiary of their life insurance policies, individuals can make a much larger contribution than if they donated the cash equivalent of the policy’s premiums. 6. Create a source of savings Some types of life insurance create a cash value that, if not paid out as a death benefit, can be borrowed or withdrawn on the owner’s request. Since most people make paying their life insurance policy premiums a high priority, buying a cash-value type policy can create a kind of “forced” savings plan. Furthermore, the interest credited is tax deferred (and tax exempt if the money is paid as a death claim). Types of Life Insurance There are two major types of life insurance—term and whole life. 1. Term Life Term insurance is the simplest form of life insurance. It pays only if death occurs during the term of the policy, which is usually from one to 30 years. Most term policies have no other benefit provisions. There are two basic types of term life insurance policies—level term and decreasing term. Level term means that the death benefit stays the same throughout the duration of the policy. Decreasing term means that the death benefit drops, usually in one-year increments, over the course of the policy’s term. 2. Whole Life/Permanent Life Whole life or permanent insurance pays a death benefit whenever the policyholder dies. There are three major types of whole life or permanent life insurance—traditional whole life, universal life, and variable universal life, and there are variations within each type. In the case of traditional whole life, both the death benefit and the premium are designed to stay the same (level) throughout the life of the policy. The cost per $1,000 of benefit increases as the insured person ages, and it obviously gets very high when the insured lives to 80 and beyond. The insurance company keeps the premium level by charging a premium that, in the early years, is higher than what is needed to pay claims, investing that money, and then using it to supplement the level premium to help pay the cost of life insurance for older people. By law, when these “overpayments” reach a certain amount, they must be available to the policyholder as a cash value if he or she decides not to continue with the original plan. The cash value is an alternative, not an additional, benefit under the policy. Universal life, also known as adjustable life, allows more flexibility than traditional whole life policies. The savings vehicle (called a cash value account) generally earns a money market rate of interest. After money has accumulated in the account, the policyholder will also have the option of altering premium payments—providing there is enough money in the account to cover the costs. 4. Variable Life Variable life policies combine death protection with a savings account that can be invested in stocks, bonds and money market mutual funds. The value of the policy may grow more quickly, but involves more risk. If investments do not perform well, the cash value and death benefit may decrease. Some policies, however, guarantee that the death benefit will not fall below a minimum level. Another variant, universal variable life, combines the features of variable and universal life policies. It has the investment risks and rewards characteristic of variable life insurance, coupled with the ability to adjust premiums and death benefits that is characteristic of universal life insurance. If you have any questions about life insurance or would like to open a life insurance policy, please call SWFL Insurance at 800-829-5270 today!

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Citizens Insurance Struggles To Meet Demand For Coverage In Florida

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Remember when we told you Florida insurance companies were bleeding money and the rush to switch to Citizens Property Insurance Corp. was a concern? Remember when the state Legislature this year passed a bill aimed at lowering our home insurance rates and raising rates for Citizens (the state-backed insurer of last resort) to dissuade homeowners from changing policies? Well, the changes aren’t working well. As of this week, the number of homeowners running to Citizens for coverage swelled to 661,000 policies, according to the insurers’ website. That is up from 638,263 in June and way more than the 486,773 this time last year. This is happening despite the fact the Legislature allowed Citizens to raise its rates 15%. The problem is too many private insurers, who lost a ton of money the last five years in Florida, are abandoning the state and Citizens is the target for homeowners looking for the best deal or who have no one else that will insure them. Citizens President and CEO Barry Gilway says he expects the company to be loaded down with 766,000 policies by the end of the year. And what’s the problem with that? Well, as Tropical Storm Fred reminded us, the state is vulnerable to hurricanes. And, one real bad one will hit Citizens like a hammer and that means all of us will pay since the state is on the hook for Citizens profits and losses. There is no easy solution. The Legislature will have to make another attempt next year to remedy the problem and figure out incentives to lure more private insurers to Florida.

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The 3-Pronged Approach to Catastrophe Risk Management

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With windstorms and wildfires already threatening and the hurricane season looking to be a busy one, now’s a good a time to remind your clients about how to manage the risk of catastrophes. Here are tips and other resources that you can share with your clients and prospects to help them prepare their offices or business facilities before an event — as well as key steps to take afterward. Five Steps to Executing a Business Continuity Planhurricane ahead sign Build Your Team. All successful business continuity plans are built from the top down. Begin with commitment and support from top management. Assign a designated person responsible for overseeing the process. Then assemble a core team of individuals that represents every critical business department. Assess the Risk. Identify and rank the types of events or hazards most likely to threaten your business. These may include facility construction, fire protection, technology resources, staffing, past events, supply chain, specialized equipment, climate, security and utilities. Analyze the Business. Develop a business impact analysis (BIA) that ranks functions from highly critical to important so that you can recover the most critical functions first and then, over time, restore all business processes. Once the critical functions have been identified, business units should recommend strategies that allow for the recovery of functions within a prescribed time frame known as recovery time objectives (RTO). Backup data files should be stored offsite and accessible within a few hours. Ask your IT vendor if it offers a service to ship you replacement equipment quickly after a disaster. Document the Plan. It’s important to document the plan and procedures step-by-step. If you don’t have business continuity planning software, most plans can be written using basic word-processing programs. Test the Plan. To verify that your choices for recovery strategies are valid, regular testing is essential. These tests may be a simple exercise in which the staff discusses the steps required to respond to a disaster scenario. This is a great opportunity to determine what won’t work as well as what will. Remember, business continuity planning is a cycle that requires continual reviews, updates and adjustments based on changes to your business operations. This may appear time-consuming and costly, but the investment is essential to maintaining a comprehensive, effective plan.

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How Your Health Insurance Changes When You Turn 26

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The Affordable Care Act (ACA) made many changes to how health insurance plans cover children and dependents. The law has helped children and young adults access health insurance throughout their formative years. Under the law, children can remain on their parents’ insurance plans until they turn 26 years old. Parents are also able to claim children as health insurance dependents for tax purposes. However, after the age of 26, a child will no longer qualify to stay on his or her parents’ health insurance plan. What To Do As You Approach Age 26 If you’re approaching your 26th birthday, consider the ways you can transition off an old plan and still find new, affordable coverage. Here are some things to think about as you research the ways you can obtain health insurance coverage: You might be able to enroll in your employer’s health insurance plan, if your job offers benefits. Some employers allow their employees to enroll in their benefits plans outside of their standard enrollment periods. Your turning 26 might qualify you for this special allowance. The Affordable Care Act marketplace — a federal and state-run exchange — provides an outlet for Americans to search for health insurance plans. Enrolling in a marketplace plan might qualify young people for cost assistance. These private plans are designed to meet strict coverage and pricing requirements. Private insurance companies offer a variety of coverage options for individuals, separate from marketplace plans.You may not qualify for cost assistance, but you can still find an affordable policy. The ACA requires most Americans to carry health insurance. You might face tax penalties if you don’t. Therefore, you likely cannot go without coverage. Consider the benefits of enrolling in your own plan. Will you be able to afford the cost requirements of your parents’ plan? Does your parents’ plan cover your health needs? Can you still see doctors in your local area who are in your insurance network? Do you have a spouse or child? They can’t have coverage on your parents’ insurance. Therefore, enrolling in your own plan may better benefit your own family. If you work and live independently from your family, this does not disqualify you from staying on your parents’ health insurance plan until you turn 26. However, based on your current health needs, you should consider whether staying on your parents’ plan will benefit you. Got questions about coverage? We’ve got answers! Call SWFL Insurance at 1-800-829-5270 for a free health insurance quote.

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Expanded Tax Credit for those receiving unemployment

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If a taxpayer in the household receives or is approved to receive unemployment compensation (UC) for any week beginning in 2021, the taxpayer may be eligible for a premium tax credit that covers 100 percent of the premium for the benchmark Marketplace plan for the entire household, regardless of the taxpayer’s actual household income amount. This benefit also applies to consumers who receive or are approved to receive UC for any week beginning in 2021 and have incomes below 100 percent FPL and live in states that have not expanded Medicaid. Starting July 1, 2021, HealthCare.gov will allow qualifying consumers to access new premium tax credits. Consumers should return to HealthCare.gov after July 1 to update and resubmit their applications. They will need to select the option to “Report a Life Change”, update their application, and confirm their plan selection. A new question is being added to the Marketplace application for consumers can attest to having received or being approved to receive UC for any week beginning in 2021. If the consumer is currently receiving UC, then they should select the income type “unemployment”. Otherwise, they will attest that they have previously received it or approved to receive it. Any UC from a state or federal program qualifies consumers for the new tax credits. The UC benefit only applies for 2021. If eligible, new premium tax credit benefits will be applied prospectively beginning on the first of the month after making updates. So, current enrollees can have these new benefits applied as of August 1 if they complete their updates by July 31. Consumers will be able to claim credits for prior months (January – July) when they file their 2021 tax return. If taxpayers do not go back to the Marketplace to update their application, they may still claim these additional tax credits when they file their 2021 tax return. CMS is continuing to look at automating the application of these benefits for consumers who have already attested to receiving UC in 2021 and who do not return to the Marketplace. In households where only a tax dependent receives or was approved to receive UC in 2021, then the expanded tax credits only apply to that dependent – not the entire household. Qualifying consumers will be treated as if their household income is 133 percent FPL for purposes of determining tax credits and applying cost share reductions. The CMS press release on this new benefit was released earlier today: https://www.cms.gov/newsroom/press-releases/american-rescue-plan-lowers-health-insurance-costs-americans-who-may-have-lost-their-job

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How To Protect Your Home Against Tropical Storms And Hurricanes

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Whether it’s a Tropical Storm or Category 5, preparing for a storm is imperative for the safety of you and your loved ones. Proper preparation can also reduce the risk of home and property damage. Consider the following tips as soon as you know a big storm is headed your way. Know Your Evacuation Zone Evacuation zones are areas where storm surge may go. Your zone will tell you the likelihood of being affected by storm surge and if you should evacuate. If you don’t know what zone you are in, contact your local government-emergency management office, or search for your Evacuation Zone. Remember there is a window of time in which it is safe to evacuate. Decide if you will evacuate or stay well before the storm reaches you. Unless otherwise instructed by emergency responders, do not attempt to travel during the storm. Know Your Risks How vulnerable is your property to flooding from storm surge? Homes with higher elevation are less likely to be impacted by storm surge. Search your address in FEMA’s Preliminary Flood Hazard Map. If the preliminary data search tool is unavailable, please visit the alternate site to view your data. Learn more about the hazards of Storm Surge. Review Your Insurance Coverage Do you know your deductible and policy number? Contact your agent to make sure that your policy is current, and payments are up to date. Make sure you have notified your agent of any changes or renovations that have been made to your home. Obtain a digital copy of your policy from your agent. Know your coverage and deductibles. For example, are you covered in the event of a flood? Do you have adequate coverage for your home and personal property? Due to coverage limitations on jewelry, works of art, and some other content categories, it is recommended you speak with your agent regarding scheduling high-end items to ensure they have adequate coverage. Create a handy reference sheet with your policy information in the event your property is damaged during the storm including your agent’s name and phone number, best way to file a claim, and your policy number. Take A Personal Inventory Of Your Home And Major Possessions Take photographs and/or a short video of all areas of the home (inside and outside) including its contents and create an inventory list. Store contents in structurally sound, waterproof containers to help reduce the likelihood of damage. Make sure photos are time-stamped or include the current newspaper in the photo for time stamping. This will help during the claim process. Develop A Family Emergency Plan Before the storm occurs, sit down with your family or close friends and decide how you will stay in contact with each other, where you will go, and what you will do in an emergency. Document and keep a copy of this plan in your Hurricane Supply Kit or another safe place where you can access it in the event of a disaster. A great resource to help you formulate your plan is the Ready.Gov emergency plan page. Create a list of emergency phone numbers (doctor, veterinarian, animal shelters, Red Cross, etc.) to include in your emergency plan. If your home does not have a safe space for individuals to be during the hurricane, make different living accommodations to ensure safety. Homes with higher elevation are less prone to be impacted by storm surge. Prepare A Hurricane Supply Kit Gather personal hurricane supplies such as water, non-perishable food, batteries, radio, flashlight, and first-aid kit. Refer to our Hurricane Supply Checklist for a list of items we recommend. Be sure to include your personal “must-haves” in case you need to evacuate. Keep your kit in a designated place and have it ready in case you have to leave your home quickly. Make sure all household members know where the kit is kept. Store a reserve supply of drinking/washing water in clean bathtubs, containers, and non-breakable bottles. Place valuables and important documents in a plastic bag or waterproof container and store them at the highest level in your home. Buy extra supplies in case of unexpected damages during the storm and keep your car’s gas tanks as full as possible. Secure the Outside of Your Home If you don’t have storm shutters, board up all vulnerable accesses such as doors, windows, and garage doors. Prior to every storm season hire a professional tree service to trim all trees that are near or hanging over your home. Bring in outdoor hanging and potted plants and objects such as lawn furniture, toys, and garden tools; anchor objects that cannot be brought inside. It is not recommended that you throw outdoor furniture into your pool- this practice can damage both your furniture and pool. (Article Courtesy: UPC Insurance) Get A Quote

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Spate Of Sudden Policy Cancellations Impacting Florida Homeowners

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You wouldn’t want to head into Hurricane Season without this necessity. Some homeowners insurance carriers are canceling thousands of policies with little notice to their customers. When Becky Ghrist’s homeowner’s insurance dropped her just weeks before hurricane season was set to begin, she was floored. “This isn’t just. I thought it was just happening to me because my house was older, but that’s not the case at all. I’m finding out that it’s happening to many people all throughout the state,” Ghrist said. “Especially the coastal areas. A lot of these companies are pulling out because of risk assessment they say. And they just don’t, you know, it’s not profitable for them anymore,” said Ghrist. Tens of thousands of Florida policyholders are in that same boat. They are now in search of new homeowner’s insurance carriers after several Florida-based companies dropped them. The Insurance Information Insitute says the reason for this is over-the-top expenses hitting insurers, who lost $1.6 billion last year alone. Mark Friedlander works with the Insurance Information Institute. “What led to those losses primarily were roofing schemes, door to door solicitations for roof replacements, where they don’t necessarily need to be roof replacement,” Friedlander said. “More than 100,000 property lawsuits were filed against Florida insurers last year,” said Friedlander. These lawsuits, plus costs from last year’s record-setting Hurricane Season put heavy pressure on insurers. Now, they are looking to reduce risk by canceling policies, policies like Ghrist’s. “And even what I was told if I even do get a policy, I can expect rates to go up 30 to 50% which is a huge increase,” Ghrist said. “And it makes you wonder how you were going to afford it. But like I said you know you have to have coverage. Especially with hurricane season coming. It’s a very scary thought not to have coverage.” Joyce Ramos’ insurance company told her to put on a new roof or she’d be canceled. “It’s upsetting,” Ramos said. “I just think that’s it’s very unfair.” After she complained, the company changed its tune and renewed her policy. If you’ve received a notice of your policy being canceled, the Insurance Information Institute says the best thing for you to do is talk to your insurance professional to see what your options are before making any decisions. (Article Courtesy: WINK News) Get A Quote

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3 Energy Upgrades That Can Change Your Home Insurance Premiums

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Green energy is the way of the future. Many homeowners are investing in energy upgrades that will save money and power. What most people don’t think about is how these improvements will affect their insurance premiums. These three energy upgrades may impact how much you will pay for home insurance. outside of a home insurance. Solar Panels Solar panel companies are a dime a dozen. While discussing lower electricity bills and renewable energy, few companies mention home insurance. Once you make an investment in solar for your home, you will want to protect it with your home insurance policy. Many companies consider solar panels an addition to your home and may raise your premium. It generally averages out to a few dollars a month and is sometimes offset by savings in electricity. Energy Efficient HVAC Some people consider new a central air system and furnace a luxury. However, they may lower your insurance premium. Older models tend to have outdated electrical components that make them a fire risk. Not only are new HVAC systems efficient at heating and cooling your home, but they can also lower your premium. Add in tax credits for energy efficient models, and a new HVAC system is more affordable than you might think. New Windows It is no secret that new windows keep your home cooler in the summer and warmer in the winter. But they also help protect your home from theft. Automatic locking mechanisms and unbreakable treatments on glass can keep intruders from entering. They can also lower your home insurance premium. With a monitored security system, new windows may be the best investment you can make in home protection. With so many green upgrades available, confusion runs rampant about how each one will affect your premiums. Contact your carrier for information that is unique to your home and policy. We’ve got you covered. Call SWFL Insurance at 1800-829-5270 for more information or to get a home insurance quote.

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Earn Up To $500 In Rewards When You #StayHealthyatHome

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While some aspects of life are slowly returning to normal, that doesn’t mean you aren’t still feeling the heavy impact of the coronavirus. The coronavirus has complicated life in ways we couldn’t have expected. That’s why resources like our online wellness and rewards program, Better You Strides, are helpful with staying connected and healthy while staying at home. To help you during this challenging time, we’re creating more opportunities for premium assistance through our Better You Strides program. If you purchased an Affordable Care Act plan for you and your family (not through your job), here are some ways you can earn money toward your premium. More Rewards And Flexibility Don’t let staying home stop you from earning rewards. Instead of $100, you can now earn up to $500 a year in rewards for doing healthy activities online. That’s an extra $400 toward your premium. We’re also making it easier to complete activities online and get rewarded. You can now complete all six reward activities any time you want. You are no longer limited to completing one per quarter. You and each of the dependents on your plan age 18 or older can complete the rewards activities. That’s $500 each, per year, toward the cost of your premium. So, if four people on your plan qualify and do the wellness programs, you could save up to $2,000 toward your premiums this year! Start your journey by taking 15–20 minutes to complete a personal health assessment. You’ll immediately earn $250 in rewards when you complete it, and it will set the path for the health and wellness activities, videos and quizzes you tackle along the way. The wellness activity topics can be educational or interactive and include managing your health conditions, healthy snacking, planning meals and managing stress—all things that could prove valuable right now. You’ll now earn $50 in rewards for each eligible self-guided health and wellness program you complete (up to four programs). When you finish one program, you’ll get choices for the next one. You can also earn an additional $50 in rewards by completing the “Reduce My Premium” journey card. You’ll have access to the activity immediately upon logging in to your Florida Blue account and clicking on Better You Strides. (Article Courtesy: Florida Blue) Contact Us

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How To Improve Your Home’s Window Security

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It’s important that everyone keep their home secure, and to do so you might take numerous precautions. It might be as simple as locking your doors (even when you are at home) or installing a security system. Plus, you can buy home insurance to protect you in the event a problem ever does arise. Still, there are a few less obvious but necessary steps that you should take to further increase your home’s security. For example, the investment in more secure windows and additional window safety features can assist you in making your dwelling safer all around. Let’s take a closer look at how you should approach window security. Are You Vulnerable To Home Break-Ins? You want to make it as hard as possible for an uninvited person to enter your home. To do so, you must start out knowing exactly how they might be able to get into your dwelling in the first place. Ask yourself what your home’s most likely entry points are. These might of course be exterior doors (including cellar doors), but you must not forget that windows also can be entryways, particularly if they are on your ground floor. It might not be hard, after all, for someone to approach the home, cut your window screen and then push open your window. At minimum, you should leave your windows locked whenever you don’t have them open. It only takes a moment to do so, and there’s no benefit at all to have windows that are unlocked but closed. Though a simple task, locking your windows can do a lot to keep unwanted intruders out. But there’s always more you can do to keep your interior secure. Additional Risk Management Tips If you are looking for additional ways to keep your home’s windows, secure, consider a few of the following ideas. They’ll be easy to take on the next time you do home maintenance. Look for signs of window damage. Remove and replace broken windows (or single panes). Replacing broken windows helps save energy in addition to making the home more secure. Replace missing or broken screens. If you can see that there’s an easy way for someone to tear cut or slide the screen open, then the screen is no longer offering optimized security. Keep curtains closed or blinds drawn after dark. A passerby should not be able to see into a lighted home. By seeing what you have inside, they might be tempted to break in. Consider using smart window technology throughout the home. By applying smart sensors around windows and doors, you will receive a mobile alert when someone opens a window, and you’ll be able to act. If you want to invest in a high-end security system, you will likely receive window sensors and a monitoring service as part of this package. If someone were to break into your home through one of your windows, then your home insurance policy can help you repair structural damage and replace stolen belongings. Still, having coverage does not mean you shouldn’t do all you can to minimize break-in risks. Therefore, by keeping your windows secure, you’ll go a long way toward preventing break-ins in the first place. Get A Quote

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