Shield Insurance Agency & Foremost Insurance Company present Insurance Terms
Every industry has its own unique language – and insurance is no exception. Here are some key insurance definitions and terms you might come across as you consider insuring yourself or your stuff.
Stress can be debilitating, and it can cause and/or aggravate health problems. And since stress is a normal part of human existence — nobody is immune to it — it’s important to arm ourselves with knowledge so that we recognize when stress rears its ugly head. (Amazingly, we don’t always notice it’s happening to us.) Stress Awareness Month happens each April. It’s important to learn some strategies for coping with this particular silent scourge. You’ve come to the right place for that. Let’s get started!
One of the most effective ways to deal with stress is to learn how to silence the mind. Meditation is one of the most popular methods of achieving this quiet.
Another way to battle the debilitating effects of stress is to exercise. Whether you’re a jogger, bicyclist our just like to take long walks, be sure to get some fresh air and exercise into your daily routine.
They’re really in the best position to get your started on the path to a stress-free lifestyle. Make an appointment today.
Click here for the rest of the story
by Susan Moeller, AARP, March 15, 2021
Christine Zellers tries to run five miles every day and, at 53, considers herself to be in shape. But even she admits that gardening can leave her sore and achy.
“I feel it, especially in the beginning of the season,” she says.
Zellers, an assistant professor of family and community health sciences with Rutgers Cooperative Extension of Cape May County, New Jersey, teaches gardening, leads group exercise classes, and grows vegetables and herbs in her own garden in Ocean City, New Jersey. To protect her body, she tries to remember to stretch and limber up before heading out to dig, plant, or lug big pots around.
“You want to be thinking about the kind of movement you’re going to do and make sure you’re strengthening those body parts, like your core and your back and your legs and your quadriceps,” she says. “So you want to warm up a little bit just like you would if you were going for a run or doing an exercise class.”
Click here for the rest of the story…
4 MINUTE READ | DECEMBER 17, 2020 | Dave Ramsey | Term Life Insurance
Everyone loves saving money—especially after the year we’ve just come out of. 2020 was a rough one, and there’s no denying people are looking for even more ways to save a buck or two going into the new year.
You probably already know some of the usual ways to cut back on your expenses—everything from packing brown-bag lunches to having an extreme no-spend month. But here’s an easy one you might not have thought of yet. And it could save you a lot of money.
So, what’s the secret we’ve got up our sleeve here? Shopping for insurance with the help of an independent insurance agent like Shield Insurance Agency! (Didn’t see that one coming, did you?) Hear us out, though. This easy-saving tip is worth your time!
Why is an independent insurance agent such an easy money saver, you ask? It’s all in the word independent. They’re not limited to a single insurance provider’s options. With access to a whole network of insurers, an independent agent casts a wider net to find you the best deals on the coverage that’s right for you. It’s like having your own personal shopper . . . but for insurance. Connect with Shield Insurance Agency today and save more.
And you can feel confident knowing your independent agent doesn’t have a stake in the game when it comes to which provider or policy you choose. They don’t get paid extra for helping you choose a specific one—so, at the end of the day, the choice is yours!
The only constant in life is change, right? We all know that. But a lot of people treat their insurance policy like a bottle of wine that just gets better with age. Spoiler alert: Insurance doesn’t work like that.
Never taking a second look at your insurance policy is a mistake that could cost you. In fact, a recent survey found that one out of every three Americans with homeowner’s or car insurance have never shopped around for better coverage. Ever. That means they could be missing out on new discounts that apply to where they’re currently at in life.
Did Junior get good grades this semester? Did you get married recently? Drive a different car these days? All of that might impact your insurance rates.
After 15 years with the same auto insurance company, Zach D. decided to give an independent agent a try. Now his family is saving $1,200 a year on the exact same coverage.
You also shouldn’t have to sacrifice your coverage quality to save a buck. Saving money is awesome. But cutting costs shouldn’t mean cutting corners. A true pro takes time to walk you through your coverage options so you can make the decision that’s right for you.
Sadly, this basic level of service isn’t always part of the package. Many people don’t fully understand the details of their insurance policies at all. And if you’re confused about what’s covered and what’s not, that could really cost you. Things like floods, earthquakes, and normal wear and tear are not usually covered under a basic homeowner’s policy.2
So be sure you know what you’re paying for. No one wants to be surprised in the middle of a crisis when they’re trying to file a claim. Take our 5-Minute Coverage Checkup to make sure you have the right kind of coverage you need.
Brandi’s insurance premiums went up 10%. With help from her independent insurance agent, she cut her rate by 20% and got increased coverage with lower deductibles.
What would you do with an extra $700 or more to your name? That’s how much people save on average by having an insurance Endorsed Local Provider (ELP), like Shield Insurance Agency, check out their rates. With that kind of extra money, you could knock out your debt snowball, boost your retirement fund, or get hustling on paying off your mortgage. The possibilities are endless! So what are you waiting for?
Rising Prescription Costs
As healthcare premiums are increasing you may have noticed rising prescription costs. In a study done by Consumer Reports in 2019, 12% of individuals said their prescriptions costs increased by more than $100 over the past year. One contributing factor is that there are no federal regulations that keep drug prices in check.
Most brand-name drugs have generics that can be up to 90 percent cheaper. They aren’t available for all prescription drugs, but it doesn’t hurt to ask your doctor or pharmacist.
Some medications can be a combination of two inexpensive drugs that you can purchase without a prescription.
Many drugmakers offer some type of discount. For example, Janssen, which makes Xarelto, offers a discount that can drop the price down to $10.
These are not all the ways you can help reduce your prescription costs but are some of the most effective ways. As always if you have any questions regarding your healthcare costs please talk to one of our insurance agents.
Shield Insurance Blog | Covid |
There is a wealth of information in this article and too much to post, but please check it out as the Health Insurance Companies are listed A-Z and each one explains HOW they are responding to the Covid Crisis.
The health and well-being of millions of Americans remain our highest priority. Health insurance providers are committed to helping prevent the spread of COVID-19. We are activating emergency plans to ensure that Americans have access to the prevention, testing, and treatment needed to handle the current situation.
Here are some ways health insurance providers are taking action:
“If you’re looking to save hundreds, even thousands, on your insurance costs, consider Dave’s number-one tip: Purchase your coverage through an independent insurance agent, which is an agent who represents several insurance companies instead of working for just one carrier.” – Dave Ramsey
In today’s economy we cut coupons, look for BOGO’s, and try to find the best insurance coverage for our buck. With insurance agents, there are two types – Captive and Independent.
A captive agent is one who works for one specific company and is able to provide one companies products.
An independent agent is one who sells insurance products for several different companies but does not work for a specific company. So as we spend our time looking for ways to trim costs, one easy way to do that is to contact your local independent insurance agency and see how they can help.
The most important job of life insurance is to take care of those who count on you if something were to happen to you. While all life insurance provides a death benefit to fill this role, some types also build cash value.
When you make a premium payment into a cash value life insurance policy, part of that money stays with the policy, earns a return, and accumulates over time. This is the cash value. It’s what you’d get if you surrendered the policy (less any surrender fees).
Some policies have a provision to pay out the cash value as part of the death benefit while others do not. Check your policy or check with your insurance agent to confirm which type you have.
Permanent policies, including whole and universal life, offer lifelong coverage and have cash value. This cash value accumulates differently based on the type of policy.
The cash value can be a useful financial tool and can be accessed in several ways — but make sure to ask your insurance agent for details to avoid any unintended consequences.
1. Pay policy premiums.
Another option to use cash value is to pay some or possibly all the premiums for your life insurance policy.
2. Take out a loan.
You can also take out a loan from your policy. The rate is usually lower than a bank loan — and you don’t have to qualify for the loan since it’s your money (good news for those with a weak credit history).
You don’t have to repay these loans, but interest will continue to accumulate. If the total outstanding loan balance including interest ever exceeds the cash value, the policy will lapse, ending your coverage. To avoid this situation, either pay the interest each year or keep an eye on the situation and take action when needed.
Any unpaid loan balances will reduce the death benefit when the insured person dies.
3. Make a withdrawal.
You can also withdraw some or all of your cash value — may be for an emergency expense or to get you through a tough time. Withdrawals can reduce the death benefit, though, so consult your agent before you pull the trigger. There are no taxes on a withdrawal as long as the amount is withdrawn is less than what you’ve paid in.
4. Supplement your retirement.
Cash-value life insurance can add to your retirement portfolio. Since it grows tax-deferred, it can accumulate faster, but it still may take a number of years, maybe 10 to 15, to become a significant asset.
Some policies also allow you to receive part or all of the death benefit early for terminal illness, long-term care, or chronic conditions, which can help protect your nest egg.
5. Surrender your policy completely.
If you no longer need the coverage, you can completely cancel or surrender your life insurance policy and receive the accumulated cash value, less any fees and outstanding loan balances.
Any money you receive that’s above what you paid into the policy will be taxed as ordinary income. So, if you paid in a total of $10,000 and you receive $12,500 after your surrender, you’ll be taxed on $2,500.
6. Sell your policy.
As an alternative to surrendering your life insurance policy, you may be able to sell it to a life insurance settlement company. The company will take over the payments and become the policy’s beneficiary.
Like a surrender, you’ll be taxed on amounts in excess of what you paid in premiums. You should still end up with more money than a surrender. However, the process can be time-consuming, and it may be hard to find an interested buyer.
With these many options, life insurance can not only protect your family, but it can also provide a flexible financial resource over the years.
A special thank you to Grange Life Insurance Company and Kansas City Life Insurance Company for contributing this article.
Life policies are offered by Kansas City Life Insurance Company, Kansas City, Mo., and are subject to underwriting approval.
Since 2006, Shield Insurance Agency has been an Endorsed Local Provider with Dave Ramsey.
Shield Insurance Agency | Website Development by EZLynx® • Copyright © . All Rights Reserved. | Privacy Policy
