December 19, 2013 6:59 pm EST

An Annuities List of Tips

The following are a couple tips on deciding on what kind of annuity that you should get. A lot of information out there is bloated an intentionally tries to confuse you, and you wend up possibly deciding upon something you aren’t fully aware of. Let’s change that, shall we?

1. Don’t have a traditional pension?

Consider your options. Most people may not retire with a traditional pension. If this is the case, you can use an income annuity to have a sort of build your own pension.

2. Count on living longer

Don’t assume that you will pass away young. People underestimate their lifespan and about half of 65-year-old Americans will live past the age of 83. Take a look at possible annuities that help with extended retirement funding. Women tend to outlive their husband, and because of this, they could risk running out of money in their lifetimes. This is where a “joint-and-survivor” annuity would come in to play.

3. Get protection from inflation

The cost of living is always rising and can erode your purchasing power during your retirement. And income annuity with an inflation rider or a variable income annuity can help for this reason.

4. Take a look at your needs

Try to estimate your living expense while you’re in or about to go into retirement and calculate all the sources of income that you currently have. This will make it easier to know if you’ll need an income annuity.

5. Be familiar with of risks

Figure out what risks you can tolerate and figure out what risks you can’t. If the Dow Jones Industrial Average nosedives 1,000 points and it doesn’t really affect you, then you more than likely don’t require a life annuity…

December 12, 2013 7:32 pm EST

5 Insurance Policies That Everyone Should Have

When it comes to buying insurance, there are so many options on the market today that you might not know what’s necessary and what’s superfluous. It’s important to be covered, but you can also be too covered. Paying for too much insurance takes money away from other areas, such as your emergency fund and your retirement savings. When it comes to insurance, there are basically five types that everyone needs.

Health Insurance

This is the big one. In 2009, over 60 percent of all personal bankruptcies were related to health insurance costs.

When purchasing health insurance, consider the following:

  • Needs: Young and healthy single people require less coverage than those with young families, the elderly, or those with chronic health issues. Do you plan on using your insurance a lot? If so, you’re going to want a low deductible and copays.
  • Doctors: One of the first questions you should ask about a plan is if it allows you to keep your current physician.
  • Cost: You can obviously only afford so much, so know what you can afford. Shopping for plans with higher copays and deductibles will save you money on your premium.

Car Insurance

Not only will you want car insurance, nearly every state requires that you have it. For those with an older car, no more than the bare minimum may be required. However, if you have a newer car or a car with a high value, you will also want to insure it against theft.

The main types of car insurance are:

  • Liability: Liability coverage comes in two forms: bodily injury and property damage liability. These cover damage to others and their property. They do not cover the driver or passengers.
  • Personal Injury Protection: This type of coverage will cover medical expenses related to driver and passenger injuries.
  • Collision: Get collision insurance if you want your insurance to cover the cost of damage done to your car, whether you are at fault or not.
  • Comprehensive: Collision only covers damage done in an accident. For example, if a tree falls on your car and destroys it, you’ll need comprehensive insurance to get compensation.
  • Uninsured or Underinsured Motorist: This covers you in the event that the person who hits your car does not have enough insurance to cover the damage — or any coverage at all.

Homeowner’s or Renter’s Insurance

Renter’s insurance covers you against damage or theft of personal items in an apartment. For urbanites, the low cost of renter’s insurance can be well worth the peace of mind that it provides. Homeowner’s insurance is absolutely essential. It protects your most valuable asset against damage and theft. However, sometimes homeowner’s insurance isn’t enough to fully protect your home. Ask if you need additional insurance against flooding, earthquakes, fires and other disasters that might not be covered under standard plans.

Life Insurance

No one likes to think about it, but life insurance is an essential component of protecting your family in the event that you pass before your time. There are costs associated with dying, such as burial and mortuary fees. Further, if you are the primary breadwinner, life insurance will help your family to offset the lost income. The latter is the main reason that people get health insurance. The single and childless might not need life insurance, but everyone else should invest in a policy now.

Disability Insurance

Disability insurance is actually quite a bit like life insurance. It reimburses you for income lost during periods of time that you are not able to work. As 1/3 of all Americans are disabled at some point, having this insurance makes good financial sense for the single and married, parents and non-parents. Disability insurance can cover permanent, temporary, partial and total disability. No one knows what tomorrow might bring and disability insurance is relatively cheap — far less than the cost of not having it if something goes wrong.

December 4, 2013 2:27 am EST

What You Need To Know About Business Liability Insurance

There are a lot of things a person will have to think about when they start their own business. Besides making your business profitable with a certain product or service, but also in case something happens. Even if you are 99% careful in what you do, there is always that 1% that could pay a heavy cost to your business. This is where Business Liability Insurance comes in.

What is Business Liability Insurance?

Business Liability Insurance protects your small business from property damages, advertising claims, and injury claims. It can also protect against possible damages from a lawsuit as well as legal costs associated with it. It all depends on what kind of business liability insurance you purchase.

What kinds are there?

Well, there are a couple types of business liability insurances. Here are a couple just so you can get a grasp of it:

General Liability Insurance: This form of business liability insurance is the main coverage to protect your business from injury claims, property damages, and advertising claims. General liability insurance, or Commercial general liability, may be the only type of business liability insurance your business will need, but it depends on what your business is. This brings us to the next type…

Professional Liability Insurance: Business owners providing services will never to think about getting professional liability insurance. This type of insurance is more commonly known as Errors and Omission insurance. This type of insurance protects your business against malpractice, errors, negligence and omissions. Depending on your location and your business, the law may require you to carry such a policy. For example, a doctor would require coverage to practice in certain states.

Product Liability Insurance: A small business selling or manufacturing a product should be protected in the event of someone being hurt as a result of using their product. The amount of coverage and the level of risk depends on your business type.

November 24, 2013 4:04 pm EST

The Benefits of Whole Life Insurance

Life insurance is a big choice for any person to make. It doesn’t just involve them, it involves their entire family being in on the process of getting whole life insurance. There are a bunch of different types of life insurance policies, but whole life is a great choice as a policy to go for.

Term life policies with protect you for a certain amount of time. If you get a 20 year policy, this policy ends at the 20 year mark, a whole life policy will cover you for the duration of your life. A whole life policy also has a cash value. This means that some of the money you pay into the policy every month is saved or invested, so you can be able to take money out of the policy or borrow against it.

What are some benefits to having a whole life insurance policy?

You beneficiaries are covered for the duration of your life. This makes people more comfortable than with the time limit placed on a term policy.

If you or your beneficiaries don’t file a claim, the money you pay into the policy every month isn’t a waste of money, but has a cash value for which you can draw on.

If you happen to be a high-income person who maxed out your tax deferred investments, a variable or variable universal policy serves you as an additional savings or investment tool.

Making a decision on what life insurance to choose is a difficult, but it doesn’t have to be too difficult. The important thing is choosing a policy that best looks out for you and your family.

 

November 16, 2013 7:10 pm EST

Pet Insurance 101

All of us know the cost of medical expenses for ourselves which is why we get health insurance. For many of us who own pets we also see how high the cost of vet bills can be too. Although you are never sure the reason or the next time you will have to make a visit to the vet, we can be sure it will be costly. VPI Pet Insurance has been around for many years to save people money.

What IS Pet Insurance and what ISN’T Pet Insurance?

Pet Insurance is coverage for veterinary bills due to an unexpected accident or illness. VPI Pet Insurance isn’t an investment or a health savings plan.

What are the most common health problems with pets?

If you are a dog owner, then the common health problems for them are ear infections, skin allergies, hot spots, vomiting, and diarrhea. If you’re a cat owner, then the most common health problems are lower urinary tract infections, vomiting, chronic kidney failure, hyperthyroidism, and diabetes.

These are all common problems that pet owners have to deal with when owning a dog or a cat. Imagine one of these problems happening with your cat or dog?

A cat diagnosed with Diabetes will be a constant bill that without VPI Pet Insurance will come right out of your pocket.

What if your favorite dog were to injury themselves by tearing a ligament in their knee, and you didn’t have VPI Pet Insurance to cover it? Well, the starting vet bill to fix that would be around $2,500. If you don’t have VPI Pet Insurance, be ready to cancel that vacation you’ve been planning.

How much does it cost?

Pet Insurance is relatively inexpensive. You can choose to have more coverage to take care of preventive coverage such as shots and vaccinations.

For Dogs, it can range from $10 – $35 a month depending on which plan you choose. For Cats, it can range from $11 – $22 a month depending on the plan you choose to go with.

People normally spend that much or more a week on random conveniences like a $5 cup of coffee multiple times a week that can add up to a lot each month. Why not put a little bit of that money towards your pet so that little bit of money doesn’t turn into a lot more?

Important Fact:

Only about 1% of American pet owners insure their pets, which means that every other home owner is at risk for massive bills if something happens, and at risk of losing their loved one to something that could be taken care of easily if they were to have their pet insured.

So when it comes to your pet, make sure you give them the preventative card and unexpected accidents and illness covered. Come speak with us today!

November 12, 2013 8:38 pm EST

Highlights From The Tigerlily Cat Rescue Bowling Event

Click on through the photos and check out all the neat photos from this fantastic cause.

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November 10, 2013 7:33 pm EST

Why A Pet Owner Needs Pet Insurance

Surprisingly, a lot of people don’t know about pet insurance. You hear stories about a friends pet getting sick, and them putting it down even if it doesn’t sound that bad. The big reason for this is that they can’t afford to pay for the bills associated with their pet being sick. Having pet insurance, as with having health insurance, will help big time in the event something happens to your pet.

Here are a few advantages to having pet insurance:

It’s not always easy to come up with the money to cover a vet bill. Even if you have the income that can support an unexpected problem, you could still be overwhelmed with additional testing and other such things that come with a sick or hurt pet. Pet insurance will help you get all that you need to assure that your pet is covered and your worries over a bill and your pet are dramatically lessened.

There are a bunch of different policies to choose from. Some policies will cover things such as accidents, x-rays, surgeries, prescriptions, hospitalization, illness, cancer, and hereditary diseases. These policies offer you a bit of peace of mind when all you want to do is care for your pet, and not worry about the expenses more than your pet.

Pets are family. To give them a chance at a healthy life is what all family members want for each other.

 

 

November 4, 2013 7:55 pm EST

What Is An Annuity And What Are Their Advantages?

Baby-boomers are hitting retirement age, and many of them still don’t have an Annuity. It’s not too late to start thinking about getting one, but first you have to know what an annuity is, and why it can be beneficial for you and your future.

What is an Annuity?

An annuity is an insurance product that pays out income, and can be used as part of a retirement strategy. Annuities are a popular choice for investors who want to receive a steady income stream in retirement. Once you make an investment into an annuity, it then will make payments to you on a future date or a series of dates. The income you receive will be monthly, quarterly, annually or even in a lump sum payment depending on what you decide.

You can choose to get payments for the remainder of your life, or for a determined set of years. How much you receive in a payment really depends on whether you choose, for a  guaranteed payout (fixed annuity), which is an insurance contract in which the insurance company makes fixed dollar payments to the annuitant for the term of the contract, usually until the annuitant dies. The insurance company guarantees both earnings and principal.

Advantages to an Annuity

One of the many advantages of an annuity is that they allow you the chance to put away a large amount of money and defer paying taxes. Unlike 401(k)s and IRA’s, there isn’t an annual contribution for an annuity. This lets you put more money away for your retirement, and is helpful to those that are close to retirement and feel the need to play catch up.

The money in the annuity compounds with every passing year without any tax from the Government. When you cash out, you can choose a lump sum payment, or scheduled payments.

October 31, 2013 9:57 pm EST

Happy Halloween, Everyone!

We hope you all have a Happy Halloween. From everyone in the Lucido’s Insurance Agency Staff.

Have a look at our pumpkins and scary costumes:

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October 26, 2013 7:39 pm EST

5 Must-Know Things About Health Care Reform

There are a few misunderstandings about the new things that are happening with Health Care Reform. Here are a few clarifications that everyone should know.

1. If you don’t have insurance, you can get new insurance starting October 1st, 2013

Just about everyone will have to get health insurance under the new law. You must get it by 2014 or you will have to pay a fine. Starting Oct. 1st, new, and more affordable quality insurance plans will be available for you to enroll in. If you make less than $45,960 a year, then you could be eligible to get financial help to enroll in a new insurance plan.

2. You’ll be able to get prescription birth control free and without a co-payment

Under the new law, insurance companies will cover all FDA-approved birth control methods without a co-payment, which includes pills, rings, implants and IUDs. Every method has to be covered, but not every brand will be covered with no co-payment and some plans may only cover certain pills. You’ll have to ask your insurance company if that brand is covered without a co-payment.

3. If you already have health insurance, your benefits will expand or are already expanding

Insurance companies will no longer charge women more for the same coverage than men. They also can no longer refuse to cover “preexisting conditions” like breast cancer. If you’re insured, ask the benefits administer at your work or call them to find out when these new benefits kick in.

4. You will be able to get prescriptions, annual exams, and other services free, without co-payment.

Insurance plans will have to cover doctor visits, annual well-women exams, maternity care, prescription medications, ER care, hospitalizations, and more, all without co-pay.

5. You can ‘interview” insurance plans to find out which is best for you.

There will be a wide range of insurance plans. Some insurance plans may have things you don’t want or don’t need. When you’re enrolling in new health insurance, you’ll get a list of plans that are available for you. You should contact each one of them to find out more about what they cover and which providers are included.