Wednesday, June 24, 2015

Do I Need Life Insurance Once I Retire?

Life insurance at the Lake of the Ozarks ensures that your family or anyone else that depends on you financially will be provided for if you were no longer around. While it may seem like you don't need life insurance once your children are grown and you retire, there are still some things to consider. If you still owe someone or love someone, then you need life insurance. Here are 6 reasons you may still need life insurance once you retire:

1. You're Still Supporting Others. 


According to LIMRA Secure Retirement Institute, 63% of parents over 55 are still supporting their children and/or grandchildren. Think about what would happen if you're no longer there to support them; who would they turn to for financial help? Life insurance can provide the funds to maintain that support even after you're no longer with them.

2. To Pay Off Debts. 


According to LIMRA, retirees age 65-74 who still have installment debt have education debt of an average of $2,300. Sixty-four percent of their debt is comprised of vehicle loans. Many retirees also still have mortgage debt. Life insurance is a way to make sure that these debts are paid off once you're gone. You don't want to leave those debts for your family to have to pay.

3. You're Retired, but Still Working. 


Many Americans choose to continue working even after they retire. If you're still earning money that you rely on, you'd need to replace that income. Think about how much earned income would be lost due to your death. If you don't have any assets, life insurance can create these assets at the time of your death.

4. For Estate Planning. 


Life insurance is often used as an estate planning tool for wealthy retirees. Life insurance could be used to pay estate taxes, instead of selling assets at an inopportune time. Life insurance can also be used to distribute assets equally among your heirs. 

5. To Replace Your Pension. 


If a large part of your retirement income is provided by a pension, you might need life insurance to cover it. If your pension doesn't have a survivorship option, how is that income stream for your spouse or other dependent replaced? Life insurance can replace it by creating assets that can be turned into an income stream.

6. To Cover Unexpected Expenses. 


Life insurance with a cash value policy would help you pay for unexpected expenses. You can either withdraw some of the cash value or take a loan out against the policy. A small policy is often times used for funeral expenses also. Insurance benefits are usually available to heirs immediately. 

Talk with your Lake of the Ozarks insurance agent about why you may want to keep your life insurance policy even after you retire. Even if you aren't ready to retire, it is important to make sure your life insurance coverage is up to date and is enough to replace your income once you're gone. Contact Insure the Lake today at 573-348-2794.

Request a Free Quote Online! Contact Insure the Lake today for all your Lake of the Ozarks insurance needs! 


About the Author: Steve is a double back-flip insurance ninja. He was named Young Insurance Agent of the Year by the Missouri Association of Insurance Agents in 2010 and is a Certified Insurance Counselor. When he is not helping customers, he enjoys community service, Latin dancing with his beautiful wife and going on adventures with his two awesome sons.

Steve Naught, CIC
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral


T: 573-348-2794
F: 573-348-0191

stnaught@naught-naught.com


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Thursday, June 18, 2015

Homeowners Insurance vs Flood Insurance

Did Noah have Flood Insurance? NOah, he did not!  He was too busy building the ark.  It might have been difficult to collect on the claim any way.

The Lake area has experienced a lot of rain over the last few days, which has led to some questions over what types of water damage is covered under your Lake of the Ozarks Homeowners Insurance Policy. Typically your policy will cover damage to your home and contents by sudden and accidental water events such as a burst pipe inside the home or rain entering the home after wind damage that allows an opening. Most other forms of water entering your home and causing damage are going to be excluded from your homeowners insurance coverage and may be covered if you purchase a separate Flood Insurance policy through your agent or the National Flood Insurance Program (NFIP).

Is There Coverage for Water Damage Under My Homeowners Insurance?


Burst Pipe - Yes. Your policy would normally cover this type of water loss; however if your pipes froze and burst after not leaving on the heat or the home is vacant, then you may not have coverage.

Water Backup from Sewer and Drain - No. This is not covered. You can (and should) have your agent endorse this coverage onto your policy for a small premium charge. Go back and look at this. Remember, best price does not always mean best coverage. Your agent may have left this off to be the bottom dollar winner.

Appliance Leak -  This will likely be covered if the leak is sudden and accidental. Be sure to take immediate action to prevent further damage. Keep in mind the appliance that caused the damage may not be covered due to wear and tear, but the resulting damage would be.

Water Runoff from Rain - NOT Covered. When heavy rains collect and run down the hillside and into your home or condo, you had better have Flood Insurance as this is not covered under a homeowners policy.

Flood Waters -  You Guessed it! NO Coverage.

Flood Insurance Facts:

  • Available through Insurance Agents and the NFIP.
  • There is a 30 day Waiting Period.
  • Maximum Coverage Amount is $250,000 for the Home and $100,000 for Contents.
  • Home claims are paid on Replacement Cost basis and Contents are on an Actual Cash Value basis.
  • NFIP is subject to Federal Codes and not state specific insurance laws.

So, how do we know that the animals did not play cards on the Ark?  Because Noah sat on the deck.

Be sure to talk to your Lake of the Ozarks insurance agent about your specific insurance needs and if they know any other corny flood insurance jokes.

Request a Free Quote Online! Contact Insure the Lake today for all your Lake of the Ozarks insurance needs! 


About the Author: Steve is a double back-flip insurance ninja. He was named Young Insurance Agent of the Year by the Missouri Association of Insurance Agents in 2010 and is a Certified Insurance Counselor. When he is not helping customers, he enjoys community service, Latin dancing with his beautiful wife and going on adventures with his two awesome sons.

Steve Naught, CIC
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral



stnaught@naught-naught.com


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Thursday, June 11, 2015

5 Steps to Get Your Car Ready for a Road Trip

Road trip season is here! When preparing for a road trip, one of the most important things to do is make sure your car is road ready. The last thing you want to happen is for something on your car to fail before your reach your destination. As your Lake of the Ozarks insurance agent, I'm here to help you stay safe on the road and avoid an insurance claim. Follow this road trip checklist before you hit the road next time!

Road Trip Checklist


1. Examine Your Tires - 


The most common issue people have with their cars while on a road trip is the tires. While you can't always avoid a road hazard that leads to a flat tire, you can reduce the risk of maintenance-connected issues. Start with a good tire inspection by answering these questions.
  • Are there signs of uneven tire wear?
  • Are the tires properly inflated? 
  • Is the tread worn to the point that the tire should be replaced? 
Depending on the answers to these questions, you may need to balance or rotate your tires, and even maybe get an alignment.

2. Check Fluid Levels - 


Start by checking your oil. Not only will  you want to make sure it's at the right level, you'll also want to check the coloring to make sure you're not due for an oil change. If it appears too black, you should change it before heading out on your trip. After the oil, be sure to also check the antifreeze, transmission fluid, break fluid and windshield wiper fluid. The second most common vehicle failure is the cooling system. Just like with the oil, if the transmission fluid appears too dark, its time to change it. If you're break fluid is too low, that could be an indicator of worn out brake pads. Be sure to have those inspected before heading out as well. You'll also want to check for any leaks.

3. Make Sure Battery is Charged - 


Check your battery to make sure its fully charged. Also check to make sure the terminals are tight and clean. If needed, you can clean them with a little baking soda and water. It's hard to go on a road trip if your car won't start. Unfortunately, there's no way to tell when a battery is going to die. However, if you feel the engine cranks slower than normal when trying to start it, you can assume its probably close to the end of its life. New batteries typically last from 3-6 years, so if yours is 4-5 years old you might want to have it tested before you head out on a long trip.

4. Test Electric Equipment - 


Check the horn, wipers and all of the lights to make sure they're working. You might consider bringing along a couple spare bulbs just in case. In addition to making sure the electrical part of the windshield wipers work, make sure they don't need replaced. If the rubber is worn and doesn't clean the windshield properly, be sure to replace them before heading out. Make sure your heater and air conditioner are also in proper working condition. You never know what kind of weather you could run into on a road trip!

5. Pack an Emergency Kit - 


In case of an accident or other emergency, you want to be prepared. Stock your car with emergency supplies including a flashlight, blanket, first-aid kit and some basic tools. You should also bring extra water and snacks in case you get stranded somewhere for awhile.

Not only do you want to make sure everything on or in your car is in proper working condition before you head out, you'll also want to make sure your Lake of the Ozarks auto insurance is up to date. You never know when an accident is going to occur and you want to make sure you're covered. Contact Insure the Lake at 573-348-2794 regarding your auto insurance coverage today!

Request a Free Quote Online! Contact Insure the Lake today for all your Lake of the Ozarks insurance needs! 



About the Author: Steve is a double back-flip insurance ninja. He was named Young Insurance Agent of the Year by the Missouri Association of Insurance Agents in 2010 and is a Certified Insurance Counselor. When he is not helping customers, he enjoys community service, Latin dancing with his beautiful wife and going on adventures with his two awesome sons.

Steve Naught, CIC
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral


T: 573-348-2794
F: 573-348-0191

stnaught@naught-naught.com


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Thursday, June 4, 2015

6 Factors That Affect Your Health Insurance Coverage

Health insurance coverage has been a big topic over the past year. With the introduction of the Affordable Care Act, the way health insurance at the Lake of the Ozarks works has changed. To better understand the Affordable Care Act, check out our blog Health Insurance Enrollment FAQs. Health insurance, just like any other type of insurance has a premium that you pay. Due to the Affordable Care Act, Lake of the Ozarks insurance companies have changed the way they determine these premiums. Here are the 6 factors that they will look at:

1. Age 


According the HealthCare.gov, older people can be charged up to 3 times more for premiums than younger people. Before the Affordable Care Act was instated, older Americans could expect to pay up to 5 times more for their insurance premiums. While this change is great for the older population, the younger generation can expect to pay more for their insurance now.

2. Location


Where you live can have a big impact on what your insurance premiums will be. Factors include competition, local regulation, and cost of living in your area. Health insurance premiums remain high for those living in rural areas. In many cases, this is due to the lack of competition between insurance companies.

3. Family Size 


Insurers can charge more for a plan that also covers a spouse and/or dependents. The more people that a plan covers, the higher the cost of the premium. You want to make sure that everyone in your family is properly covered if something were to happen.

4. Tobacco Use


HealthCare.gov states that those who use tobacco products could be charged up to 50% more for their insurance premiums. The Centers for Disease Control estimate that this could affect up to 19% of the population. While some states have banned the increased costs for smokers, others are charging the maximum fee. Experts predict that most states however, will charge somewhere in the middle to mitigate costs without alienating potential clients.

5. Plan Type


When shopping the Marketplace, you have 5 different categories to choose from: Bronze, Silver, Gold, Platinum, and Catastrophic. Each category reflects how you and the plan share costs. Bronze plans will likely have lower premiums and higher out-of-pocket costs, while platinum plans are likely to have the highest premiums with lower out-of-pocket costs.

6. Cost Assistance


Premium tax credits can lower what you actually pay for your premium. These tax credits are only offered through the Marketplace to those with household incomes between 100% - 400% of the federal poverty level. Those with household incomes of 100% - 250% may qualify for lower out-of-pocket costs. These Cost-Share Reductions apply only on Silver Plans.

Under the Affordable Care Act, insurance providers can no longer charge women more than men for the same policy. They also cannot take health status into account. All Marketplace policies must cover all pre-existing conditions from the first day coverage begins. As your Lake of the Ozarks insurance agent, I'm here to answer all your health insurance questions. Give Insure the Lake a call at 573-348-2794 today!

Request a Free Quote Online! Contact Insure the Lake today for all your Lake of the Ozarks insurance needs! 



About the Author: Steve is a double back-flip insurance ninja. He was named Young Insurance Agent of the Year by the Missouri Association of Insurance Agents in 2010 and is a Certified Insurance Counselor. When he is not helping customers, he enjoys community service, Latin dancing with his beautiful wife and going on adventures with his two awesome sons.

Steve Naught, CIC
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral


T: 573-348-2794
F: 573-348-0191

stnaught@naught-naught.com


FOLLOW US ON SOCIAL MEDIA
Facebook 
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