Types of Insurance Coverage

Why choose the Kramer Agency as your insurance provider?

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Why choose the Kramer Agency as your insurance provider?

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Business Insurance

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Home Insurance

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Auto Insurance

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More Info About Auto Insurance

How Auto Insurance Works

Small numbers. Big numbers. Acronyms. Lingo.  At a glance an auto insurance quote could make anyone cringe. But don’t beat yourself up! We’re here to help you make sense of it all. Here’s a very basic breakdown of the major components of an auto insurance policy — and what they cover.

Liability insurance: This is the cornerstone of auto insurance policies, given it’s the type of coverage required by nearly every state. Liability insurance actually falls into two buckets. Bodily Injury (BI) covers the cost of any injuries (or death) that result from an accident you caused, while Property Damage (PD) covers the damage made to another vehicle or piece of property your car crashes into.

Uninsured/underinsured motorist insurance: Typically covers you or your passengers if you’re hit by a driver that doesn’t have insurance or has very limited insurance. This covers both bodily injuries (not unlike Med Pay or PIP above but generally provides a much higher coverage amount) and property damage.

Medical expenses or Personal Injury Protection (PIP): These policies typically cover any injuries incurred by you or your passengers regardless of fault.

Collision coverage: Covers any damage to your car incurred in an accident. Typically covers damages sustained by you in a hit and run incident.

Comprehensive coverage: Covers any damage incurred outside of a collision. So think theft, vandalism or falling skies. Collisions with animals typically fall under this category.

How to Read a Car Insurance Quote

Now let’s make sense of what you’re seeing on your quote. Let’s start at the begging with Liability Insurance. The quoted liability limits will in appear one of two ways:

  1. 100/300/100
  2. 500 CSL

Thankfully neither is a mathematical equation. It is actually breaking down the total dollar amount (in thousands) of your liability coverage. Let’s look at example “A”. The first number represents your bodily injury coverage per person. The second number represents your bodily injury coverage per accident and the third number represents your property damage coverage.

So, if you were looking at the digits above, you’d be buying a policy with: $100,000 per person in bodily injury, $300,000 per accident in bodily injury and $100,000 in property damage.

In example “B”, CSL stands for Combined Single Limit and it actually means exactly what it says. You would have a total of $500,000 to pay for all damages you caused in an accident regardless of how many people were injured or what ratio of the damages were bodily injury vs property damage.

The Uninsured/underinsured motorist coverage limits would likely appear in a similar fashion differentiating between your per person and per accident limits (it will not list a separate property limit because the bodily injury and property limits are combined).

It’s important to note that Comprehensive and Collision coverage will have a deductible. A deductible is simply the amount of money that the policyholder will pay for any damages to their own vehicle before the insurance company starts paying. The higher the deductible the lower the premium and vice versa.

One note on price: Not all insurers will quote based on what you’ll pay each month. Some might list the annual or even semi-annual cost of a policy. Prices vary widely enough where it’s easy to get confused on the actual price. That way, you know what insurer is truly offering the best price.

 

Life/Health Insurance      

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More Info About Life Insurance

Life insurance is one of the most important purchases you could ever make but the process of getting yourself insured shouldn’t take years off your life.

Life insurance provides a tax-free lump sum of money to your loved ones in the event of your death, allowing them to continue toward their financial goals. It’s a value asset that gives you peace of mind that the people you love most will be taken care of even when you’re not around.

What are the different types of life insurance?

Broadly speaking, life insurance can be divided into two different types: term and permanent.

Term life insurance

Term life lasts for a predetermined period of time, known as the term. When the term is expires, so does the coverage. This is the most affordable type of life insurance, and lasts only as long as you need it to cover debts and provide for beneficiaries.

Permanent life insurance

Permanent insurance lasts for as long as the policyholder pays the premiums. Permanent policies also have a cash value component that acts as a sort of investment vehicle that can be borrowed against. The cash value portion, fees, and the absence of an expiration date raises the price of permanent policies compared to term. Permanent life insurance policies include whole, variable, universal and variable universal life.

Whole vs. Term

Most people end up deciding between term and the most popular type of permanent life insurance, whole. Term life is often the preferred choice for a majority of people because it’s affordable and straightforward. However, whole life, with its cash value and permanent status, can be useful for people with complicated finances. We can help you decide which option is right for you.

What are the advantages of life insurance?

There are many benefits of life insurance that make it a necessary part of any financial plan. No matter how you use it as part of your safety net, you can count on the following.

It provides money tax-free

The death benefit provided by a life insurance policy is a lump sum of money that’s tax-free. That means the whole amount goes to your beneficiaries – and they don’t have to plan their goals around splitting a portion of the money with the government.

 

 

It’s affordable protection

While the exact cost of life insurance varies, for the most part, it’s pretty affordable. Consider this: A healthy 30-year-old male can expect to pay around $40 a month for a $1,000,000 term life policy. That’s about half the cost of the average internet bill. Since the money can go toward your loved one’s college education, first house, or retirement – that’s money well spent.

It’s an alternative investment option

Term life insurance is straightforward, but the cash value of whole and other permanent types can act as a forced investment vehicle. You should talk to a trusted adviser before deciding whether or not a permanent life insurance policy is the right path, but if you’ve already maxed out other investment options, life insurance might work as an additional vehicle.

Who needs life insurance?

Life insurance is a useful tool for most people, but there are a few things to consider to see if it’s right for you. Here are a few scenarios that you may fall in to:

  • You don’t have any beneficiaries. If you’re young and single, and no one is counting on your financially, you probably don’t need life insurance. But keep in mind that there are still reasons you might buy it. Life insurance gets more expensive the longer you wait to buy, so you might choose to apply while you’re young to lock in low rates. Also, no one’s health is guaranteed. Once you get a diagnosis it could be too late to purchase life insurance. You might also want to leave money to an institution or charity.
  • You don’t have (or anticipate) any debt. If your death won’t leave loved ones with debt, you might not need life insurance. But you should also consider future debt, like the cost of putting your kids through school or caring for aging parents. It’s important to look ahead to your life insurance needs, not just to the past.
  • You can self-insure. Even if you do have or anticipate debt, you might be able to cover the costs simply using your own savings.

If you don’t fall into one of these scenarios, you should seriously consider life insurance. If you don’t have it, you risk leaving your loved ones financially vulnerable in a worst-case scenario – something that’s easily avoidable with life insurance.

 

… and MORE!              

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