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Do you have questions about Insurance?


There are many questions that are left unanswered in life, but whether or not you have the right insurance or the right amount of insurance should not be one of them. Continue Reading below to see some frequently asked questions regarding different Insurance products. Please do not hesitate to reach out to an agent & contact us if you have any further questions.


How Much Can Disability Coverage Cost Me?


This can vary case by case, and depending on the benefits and options you chose.  Our representatives would be more than happy to assist you in the different possible coverage options and costs, but you can expect to pay, on average, between 1-4 percent of your annual income.


How Long does Underwriting Take for a Disability Policy?


Most Insurance companies have underwritters review your application before approving it.  This process can take between 4-6 weeks, depending on the complexity of the case.


What is Business Owners Policy (BOP)?


A BOP is a package policy for small businesses that do not require extensive individual underwriting. It combines property and liability coverage in one policy and generally includes additional coverages at no additional premium. Most insurance carriers have customized BOPs for particular industries and services.


Do I need a Workers Compensation (WC) Policy? How much does it cost?


In most states, workers' compensation insurance is required when you have one or more employees. The State can issue penalties for employers who do not purchase workers' compensation which are very stiff. A few states do not require employers to carry workers' compensation insurance coverage. Workers' compensation insurance pricing is based upon your employee payroll, the category classification and the number of employees, classification of your business and past loss experience. The employer pays for the cost of the workers' compensation insurance.


What kind of discounts can I get on my Auto Insurance?

There are a variety of discounts available with different insurance companies including select occupational groups (RNs, doctors, firefighters, etc.) homeowners, multi car, multi policy, good student, good driver, car has airbags, car is parked a private garage, and many more. Make sure to contact a live agent who can answer all your questions and insurance needs.


What is a Buy-Sell Agreement?


A Buy & Sell Agreement policy is funded through life insurance. This means if out of five partners, one of the partners was to have a fatal accident, the business would receive his share of the proceeds, plus the business would payout the family. This would allow for no financial loss for the family, or the business.


What is Universal Life Insurance (UL)?


This is known as "flexible" insurance or adjustable life insurance that allows flexible premium payments. A flexible premium is one that may be paid at a scheduled or unscheduled time.


What is Whole Life (WL)?


This is life insurance that remains in force during the lifetime of the insured, provided premiums are paid as specified in the policy. Whole Life provides a guaranteed premium, a guaranteed death benefit, and a guaranteed cash value. While a Whole Life policy is in force you may take out a policy loan against the cash value or receive the cash value (less any policy loans and accumulated interest) should you need to surrender the policy. In addition, a Whole Life policy can pay dividends, which may be used to enhance both the death benefit and the cash value or may be used to reduce your premium payment. Dividends are not guaranteed and policy loans accrue interest and reduce the death benefit.


Don't I have to wait until my current Auto policy is up for renewal to switch and save money?


This is a common myth.  Sure, normally most automobile policies are written in a 6 month term policy or a 12 month term policy.  Whether you are paying monthly, or paid the entire premium for a year, when you cancel that auto policy, you will get a check sent with a prorated amount, meaning they will send back any unearned premium back to the insured, you! 


Ps. Always make sure you have another policy in effect before cancelling your current auto policy because you do not want a lapse in your auto coverage, which most insurance companies prefer not to see. Call a licensed agent who can give you more details to understand the process of switching or cancelling your current automobile policy.

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