Let's be honest. Nowadays many people are taking longer and longer to retire. If you have made provisions for your health care costs, if you have an adequate investment and pension portfolio, and if you have no one relying on you for financial support you may afford to retire.
According to research found in the Journal of Financial Services a healthy 65 year old man has a life expectancy of 87. According to the same study a woman the same age has a life expectancy of 89. They also found that 38% of men and 50% of women will live to the age of 90.
With this in mind it should raise the question. Could I outlive my income? One solution to questions you may have is cash value life insurance. This will be there for you when you most need it and provides guarantees, and flexibility to changing situations. To learn more about cash value life insurance give us a call.
EMERGE INSURANCE AGENCY
Private insurance companies are aggressively competing with the FEMA National Flood Insurance Program (NFIP), and the marketplace is developing rapidly. By federal law, the Biggert Waters Flood Insurance and Modernization Act of 2012, private flood insurance now meets federal flood insurance purchase requirements.
Here are some facts about flood insurance whether its private or government:
Fact #1 You do not need to live near water to be flooded. Nearly 20 percent of flood insurance claims come from moderate-to-low risk areas. Floods are caused by storms, hurricanes, water backup due to inadequate or overloaded drainage systems (especially in areas with new residential or commercial development replacement large land areas), as well as broken water mains.
Fact #2 Even a few inches of water can cause extensive costly damage. Just a few inches of water from a flood can cause tens of thousands of dollars in damage. From 2008 to 2012, the average residential flood claim amounted to more than $38,000. Flood insurance is the best way to protect yourself from devastating financial loss.
Fact #3 Flood damage is not covered by homeowners or business insurance policies. Although flood losses are NOT covered by homeowners or commercial policies, you can protect your home, business, and belongings with flood insurance through the National Flood Insurance Program and now with Private Flood Insurance. Flood insurance is available as a separate policy to homeowners, renters, condo owners/renters, and commercial owners/renters. Flood insurance policies cover physical damage to your property and possessions.
Fact #4 Flood insurance is affordable. Close to 90 private insurance companies offer affordable flood insurance backed by the federal government. Private Flood is even more affordable and has more flexibility in designing coverage that the federal program. For the federal program rates are set and do not differ from company to company or agent to agent. These rates depend on several factors, including the date and type of construction of your home, amount of coverage, elevation, and your area's level of risk.
According to the NFIP, the average annual flood insurance premium in Massachusetts is $1,086. Our Private Florida Insurance Program (PFIP) gives the dwelling owner the ability to design coverage and the premium to not set by the government, but on community and other underwriting risk factor
Fact #5 Flood insurance is easy to get. The NFIP, a federal program, offers flood insurance, which can be purchased through most leading insurance companies. You can buy flood insurance through us!
Fact #6 Contents coverage is available for renters to insure their belongings. All policy forms provide coverage for buildings and contents. However, you might want to discuss insuring personal property with your agent, since contents coverage is optional. Up to $100,000 in contents coverage is available for renters as well as homeowners.
Fact #7 Non-residential buildings and their contents are eligible for higher coverage. Flood losses are NOT covered by commercial insurance policies. However, you can get flood insurance for up to $500,000 per building and $500,000 for the contents of each non-residential building.
Fact #8 There is a 30 day waiting period before coverage goes into effect. Typically, a flood insurance policy doesn’t go into effect until 30 days from it’s purchase date. That means now is the best time to buy flood insurance.
Fact #9 Federal disaster relief will not help you. While FEMA provides aid only in presidentially declared disasters, flood insurance covers flood damages regardless if it is a declared disaster or not.
For questions or more information, please call our office today to speak to an expert.
EMERGE INSURANCE AGENCY
Cecil Williams -