Why Do People Pay Different Levels of Premium?

          Why do different people pay different levels of premium?

Knowing the ins and outs of life insurance is important for choosing the right policy for you and your family.  The price you pay for life insurance depends mainly on your age, health, lifestyle, and occupation. So if you are older, have health problems and smoke, and happen to work in a dangerous environment, you will have to pay more for life insurance than someone who is younger, healthier, a non-smoker, and in a low risk occupation. Get the answer to all of your insurance questions on our Frequently Asked Questions Page.

Life Insurance + Tax Deductions

Did you know that your life insurance premiums may be a deductible business expense? The April 15th tax deadline may have already passed but here's a great tax tip for your next filing cycle. If you filed for an extension, you may still have time to put this smart tip to good use. Learn how you can benefit from paying your life insurance and how to properly set up your policies for tax advantages.

Life insurance premiums are deductible as a business-related expense, and the death benefit is generally tax-free for individual policy owners. Although death benefits for business-related beneficiaries are often tax-free as well, there are certain situations in which the death benefit for corporate-owned life insurance can be taxable. However, employers offering group-term life coverage to employees can deduct the first $50,000 of premiums that they pay, and amounts up to this limit are not counted as income to the employees. Life insurance premiums can also often be deducted for most types of non-qualified plans, such as deferred compensation or executive bonuses. Usually, the premiums are considered compensation for key executives under the rules of these plans. However, in some cases the deduction cannot be taken until the employee constructively receives the benefit.

— Personal Business Tax Tips

4 Life Insurance Tips Everyone Should Know

Life insurance is an important investment for you and the loved ones who depend on you. Securing the proper life insurance is the foundation of solid personal finances. Knowing that your loved ones are financially secure, should something happen to you prematurely, is usually the reason most people invest in life insurance. This article offers four core principles to consider before choosing your life insurance.

Understanding the potential needs of your beneficiaries can also help you decide how much insurance you should have. Don’t follow any “rule of thumb” guidelines you may read. Your needs are specific to you. Your decision will depend on the math. How much money do your dependents need each year and for how long? Because your children are likely different ages, that number is different for each beneficiary. Calculate the needs of each dependent annually, multiple times the number of years support is needed and then add those numbers together so all dependents have what they need.

— 4 Core Life Insurance Tips

2 Things to Know Before Purchasing Health Insurance

Pre-existing conditions and time limits on policies can greatly impact the overall cost of health insurance. Be sure you're equipped with the proper information regarding your coverage. Some insurance policies put a time limit on illnesses and injuries. In that case, after the benefit period for a condition has expired, you must pay for continuing the treatment of the illness on actual cost basis, even if you are still insured by the company. Many insurance policies do not cover pre-existing conditions. If you arrive with a condition that will require medical attention, verify the pre-existing aspect of the policy that you are reviewing.

Understanding Deductibles...

Are you muddling over health insurance options? Are you confused with the insurance industry's terminology and lethargic contracts? We've published free resources to help you navigate the health insurance process. Most insurance policies require you to cover part of your health expenses yourself . The portion covered out of your own pocket is called the "deductible". This money requirement is paid before the company pays anything. Under some policies the deductible is annual, and you pay only once each year if you use the insurance. Under others, you pay the deductible each time you have an illness or injury. In choosing insurance, you should think carefully about how much you can afford to pay out of your own pocket each time you are sick or injured, and weigh the deductible against the premium before you decide. If you have questions about health insurance we're here to help.We can assist you in finding the right coverage for you at the right cost for your pockets. Visit our Health Insurance Resource page for more information on health coverage.

Insurance Tips: Ways to Save on Auto Insurance

The requirements of auto insurance vary from state to state. Some states demand more coverage than others.  Before purchasing auto insurance be sure to check the legal requirements in your state and read these tips on how to save on Auto Insurance.

Ways to Save on Auto Insurance
-Keep your driving record clean. The more faults you make, the higher the premium.
- Installing security devices such as car alarms, air bags, and other safety devices will generally lower your premium.
-Raising your deductible can help you lower your premium amount. But you should be ready to pay more out-of-pocket if you meet with an accident.

Insurance Tips: Tips to Save on Homeowner's Insurance

For many families their home is consider their largest asset and protecting that asset is imperative to their future. There are many ways to save on the rising cost of protecting your home. Check out these tips on lowering the cost of homeowner's insurance.

Tips to Save on Homeowner's Insurance
-You must speak to a reliable insurance expert to know how much coverage you need.
-There is no need to pay excess amount if you know what is essential to be covered under a homeowner’s insurance policy.
-Install electronic security alarms to reduce the cost of insurance.
-Ask for a deductible if your home is made of fire resistant material.

Insurance Tips: Ways to Save on Life Insurance

Having the proper life insurance policy is the foundation for building a solid financial house for you and your family. Contrary to popular belief buying life insurance doesn't have to be extremely expensive. Having the right resources and the right timing can make a huge difference in your monthly and annual life insurance costs. Utilize these tips to get the policy you need with an affordable premium.

Ways to Save on Life Insurance:
 -Buy Life Insurance when you are young
 -Buy the right amount of coverage and the right length of Term Life Insurance
 -Make sure you deal with a licensed provider who covers all underwriting criteria in case you fall under one or more risk factors
 -Ask for discounts if you intend to pay your premium annually, or monthly via electronic fund transfer
 -Review your Life Insurance policy at regular intervals

Property Insurance Pitfalls: What's Liability?

Liability is an extremely important provision inside your property insurance. This provision extends to a certain extent for neighboring homes or guests of your residence. If your home burns down and the fire spreads to the house next door the additional home should be covered. Liability also comes to assistance if a guest is injured on your property.

Get General Liability Info HERE

Property Insurance Pitfalls: Additional Coverage

Knowing the specifics concerning our additional property insurance coverage can help you sleep better at night. Depending on your state of residence various rules may apply to your policy. In some states home base businesses are not commonly included in coverage. Additionally, if you own multiple homes for vacationing and seasonal travel higher premiums may be applied to cover vacancy.

Property Insurance Pitfalls: Understanding Premium

One of the most important pieces to understanding property insurance is how much is it costing you? We all want great coverage at a great price. Many factors play a part in determining your property insurance premium. Do you reside in a high risk area? High risk areas are places that may be prone to flooding, hurricanes or tornadoes? How sound is your credit score? Do you own a pet? Are you a smoker? The answers to these questions and more have the ability to drastically increase or decrease your insurance premiums. Still not sure if you're paying to much? Contact us to learn more (561) 586-0029.