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You can insure that?

When a celebrity is rumored to insure a body part, it becomes a national headline. At times it can become global news. Throughout the history of insurance we have seen some unusual items people have insured. Here are some of the craziest things you can insure:

Alien abduction

There is an actual policy to protect you if you become abducted by an alien. There are around 20,000 people who currently have this policy. There is also a rider you can add that protects you from UFO crashes and falling space debris. If you live around Area 51 this might be a good policy for you.

Kidnappings

Companies will sometimes purchase this insurance when they have important employees traveling abroad. You can also purchase this policy for yourself. If you were to get kidnapped this policy would pay back the ransom and any other expenses caused by the kidnapping.

Loch Ness Monster

In 1971, the Cutty Sark Company agreed to pay a monetary prize to whoever captured the Loch Ness monster alive. In case someone were to capture Nessy, the company bought some insurance. They would not lose any money but would have to turn Nessy over to the insurance company.

Love Insurance

Do you think you have found the one? In China, couples can now get a love insurance. If they get married between three to 13 years after they start dating, they will receive a payout. There are multiple companies who offer this policy. Each company offers a different payout ranging from money, flowers to jewelry.

Events

Getting a policy for special events is becoming more and more common. Whether you are getting married, holding a bar mitzvah or hosting a dinner party you can get insurance. Event insurance can cover everything from injuries that occur during the event to damaged photographs. It can also cover damages caused to the dress.  If your big day happens to get ruined, your insurance will help you cover any fees.

Fantasy Football Team

If one of your main players happens to get hurt during the season you could get your entry fee and other expenses paid for. The fantasy sports insurance was created to protect your bets. If you wage a lot of money on fantasy teams, this policy can really benefit you in a bad season.

Car Keys

Your auto insurance might already cover key replacement, but if not you could add a rider to some policies. This could save you a lot of money especially if your replacement keys cost $200 or more.

Hair

There have been multiple cases where people have insured their hair. One of the most popular cases is Merv Hughes, an Australian cricket player, who insured his mustache for $370,000. He has been quoted saying his mustache is part of his persona as a cricket player.

 

Insurance is there to protect you if the item you insured get damaged.  If you love something, no matter how wacky it is, there is a way to protect it.

It’s That Time of the Year Again

Every year from October 15 to December 7 is Medicare Open Enrollment. What exactly is Medicare Open Enrollment? This is the time when Medicare holders have the chance to change their healthcare plan for the following year. Here are a few things everyone one on Medicare should know.
1. Medicare Open Enrollment and Open Enrollment for the Health Insurance Marketplaces are not the same thing.
Medicare Open Enrollment is for Americans who are 65+ or already qualify for Medicare because of a disability. While Open Enrollment for Health Insurance Marketplaces is for all Americans who are underinsured or uninsured. Both healthcare plan programs have open enrollment around the same time every year.

2. Remember the dates
The deadline for open enrollment is December 7. If you change your plan by the deadline your new coverage benefits will begin January 1st.
Another important date to remember is February 14th. This is the deadline for Medicare Advantage Disenrollment Period. If you enrolled into Medicare Advantage Plan and are unsatisfied, this is the time you can switch back to Original Medicare with no penalty.

3. Reexamine your current Medicare Plan
Even if you are completely in love with your current plan this is the time to shop around. There are many options and prices are always changing. Check if your current plan’s price will increase or if you will lose certain benefits. Compare your plan with other plans because who knows, there might be a better suiting plan for you out there.

4. Watch out for Scammers
Once you have received a Medicare number be very meticulous on who knows it, because it can be used for identity thief. Scammers will set up authentic looking website offering gifts or services just to find out your Medicare number. Another common method used is a phone technique where they call claiming they need your information for record keepings. All methods used by scammers are extremely convincing.

5. Beware of fines
If you would like to add extra coverage to your plan after the December 7 deadline you could face a lifetime fine. There is also a fine for not enrolling into Medicare once your seven month window around your 65th birthday has opened. Even if you believe you don’t need it, go ahead and sign up because it is completely free.

6. It’s ok to ask for help
Filling out all the paperwork for Medicare and researching different plans can get really confusing. There are licensed professionals who know Medicare inside and out, and are willing to help. You can contact Eagle Group Associates to be connected to a highly trained agent who will help at no cost to you. Call Eagle Group Associates at (405) 602-1554. Eagle Group Associates can help you find a plan and answer all of your questions about Medicare.
Medicare Open Enrollment was created to give Americans the opportunity to reevaluate their plans and adjust accordingly every year. Take advantage of open enrollment to find the benefits you want and need, at a price you can afford.

Why Get Renters Insurance?

It’s Affordable. The average renter’s insurance policy costs $187 a year, according to 2011 figures reported by the National Association
Eagle Group Agency | Snowy Houseof Insurance Commissioners (NAIC) in 2013.

Your actual cost will be determined by other factors like how much coverage you need, the type of coverage you choose, the amount of your deductible, and where you live. It covers losses to personal property.

A renter’s insurance policy provides coverage to your personal property such as clothes, jewelry, luggage, computers, furniture, and electronics.

If you don’t own much, it can quickly add up to an extravagant amount – certainly more than you’d want to pay to replace it.

Reasons to Get Renter’s Insurance

Many people don’t think about renter’s insurance for a number of reasons – because they assume that their landlord’s policy will cover them, they don’t believe that they’ll ever need it, or because it’s too expensive. In fact, none of these are exactly true. Renter’s insurance can definitely be worth it, and here’s why:

It’s Affordable

The average renter’s insurance policy costs $187 a year, according to 2011 figures reported by the National Association of Insurance Commissioners (NAIC) in 2013. Your actual cost will be determined by other factors like how much coverage you need, the type of coverage you choose, the amount of your deductible, and where you live.

It covers losses to personal property.

A renter’s insurance policy provides coverage to your personal property such as clothes, jewelry, luggage, computers, furniture, and electronics. If you don’t own much, it can quickly add up to an extravagant amount – certainly more than you’d want to pay to replace it. According to esurance.com, the average renter owns about $20,000 worth of personal property.

Some notable liabilities that renter’s insurance covers include:

  • Damage from water or steam from sources including household appliances, plumbing, heating, air conditioning or fire-protective sprinkler systems
  • Vandalism or malicious mischief
  • Theft
  • And more!

 

Your landlord might require it.

Your landlord’s policy covers the building itself and the grounds, but not your belongings. A growing number of landlords have started requiring tenants to purchase renter’s insurance, and usually they’ll expect to see proof. This could be the landlord’s idea, or could be required by the landlord’s insurance company in an attempt to shift some of the responsibility away from the landlord.

It provides liability coverage.

This provides protection if someone is injured while in your home or if you (or another covered person) accidently injure someone. It pays any court judgments as well as legal expenses, up to the policy limit.

It covers your belongings when you travel.

Renter’s insurance protects your possessions whether they are in your home, car, or with you when you travel. Your belongings are protected from theft or other covered losses no matter where you are in the world. Check your policy or ask your insurance agent for details on what constitutes “other covered losses.”

It may cover additional living expenses.

If your home becomes uninhabitable due to a peril of some kind, your renter’s insurance may cover “additional living expenses,” including the cost of living somewhere else temporarily, food, and more. Check with your policy to find out how long it will cover additional living expenses, and if it caps the amount the company will pay.

 

All in all, renter’s insurance can be extremely useful if disaster were to strike. Especially because of its affordability, it really is worth it to invest in this protection when you move into a rent-controlled property!

Life Insurance

We’ve heard the classic quotes in movies, such as “Mama always said life was like a box of chocolates. You never know what you’re gonna get.” Even a common acronym “YOLO”, meaning “you only live once”. These lines pull from the unexpected moments that come from everyday life. It’s sufficiently difficult to talk about death in advance. Few people like to speak about death, especially their own.
Life insurance is an essential.  Setting the foundation for the impact of death can be a dark thought not many want to ponder on, but its importance needs to be recognized. Purchasing a life insurance policy means that you want to plan for your death and the matters that come after. Many people, with financial means, purchase life insurance to protect their friends, loved ones, family, or business from death. However, the key for this process to work is to be sure everyone knows about the policy. In other words, be sure those involved know that you have life insurance and where you’ve put the policy. Keep you and your loved ones up to date with policies and companies. This includes the sum of money that will be spread or given after passing. Ensuring the receivers of their payouts settles tension for the time coming. This removes complications for death claims for beneficiaries.

A policy’s payout is something to be cautious about as complexity rises. Funds can go to people, organizations, foundations, your company—and many other recipients. To avoid potential conflict, be certain you are covering main topics and informing those involved is the core part of financial planning. Creating a will, buying life insurance, and building assets are the foundation.

Determining your Life Insurance

It makes sense for cost to be a determining factor in determining your life insurance plan. The price of something is a determinant of nearly every purchase decision that we make. This is especially true when weighing the benefits of your options – which typically leads to the realization that higher price equals higher benefits.

This doesn’t necessarily ring true for life insurance policies. So why is it still so difficult to differentiate between the specific aspects of your options? This might be in part due to such a high level of responsibility that insurance carries. It must protect against a wide variety of risks all while complying with state regulations.

Oftentimes when an agent explains hypotheticals to a client, they can become dangerously broad in their descriptions. When it comes to life insurance policies, the devil is in the details. It may seem more appealing to simply go with the cheaper option, but there are many other elements to consider.

The reason most people balk at a whole life insurance policy is because of the common generalized comparison made about the two life insurance options: whole life is overly expensive and only for the rich, while term life insurance policies are painted as the sensible, cost-effective choice. These are sweeping generalizations and can’t be taken at face value. This is where basic definitions become crucial. The true difference between the two is that whole life insurance covers the risk of a person dying for the entirety of his or her life, while term life insurance only offers this protection during the years when the insured is a significant wage earner in the household.

That being said, whole life insurance does more than protect beneficiaries from the loss of the insured. The benefit paid will never decline during the insured’s lifetime, and the policy may additionally build cash value. This is why whole life policies tend to have higher premiums. For this reason, younger prospects typically find themselves leaning toward the less expensive option, or term.

Term life insurance protects for a specific period. Usually there is an age at which the term life insurance policy cuts off – often around 70. The idea is that by this point, hopefully, your family is fully self-sufficient without your income. At this age, term life insurance becomes more expensive because of such a large increase in risk factors.

Although whole life insurance does cost more over the years, in provides coverage past the age of 70 and oftentimes until the insured’s death. The point is here is that there is no right or wrong answer when it comes to life insurance. With the help of a licensed insurance agent, you can easily come to determine which is right for you and your family. Do research and seek the guidance of professionals. Insurance exists to protect from risk, so you never want to increase it by oversimplifying things.

How much do you know about Life Insurance?

Here are 4 life insurance myths debunked.

1)Your employer-provided life insurance is all you need.
Your employer may provide you with life insurance equal to 1-2 times your annual salary and you may even be able to purchase up to 4-6 times your salary. However your “salary” doesn’t typically include commissions, bonuses, and second incomes. This means that the policy may not be enough to cover your family’s needs. Even if you do have enough insurance through your job, you may lose it when you leave. You may be able to convert your optional insurance to an individual policy or purchase one on your own but either way, it may be much more expensive than purchasing a policy today, especially if your health deteriorates.

2) Only the breadwinner needs life insurance.
Imagine if something were to happen to the stay-at-home spouse in your family. The breadwinner may need to hire someone to clean and take care of the kids and that can cost a lot of money. Unless your family Woman in living room thinkingwould have that extra income to spare, you may need life insurance on both spouses. Life Happens. Insurance on the stay-at-home spouse also gives the working parent the opportunity to take time off work and help the family adjust to their loss.

3) My health disqualifies me from life insurance.
There are a lot of policies that cover a range of health conditions and some even specialize in high-risk cases. You can also purchase a policy that is not medically underwritten at all. Just be aware that they tend to be more expensive and have lower coverage limits.

4)You get a better deal purchasing life insurance online.
The Internet can be a great place to research life insurance and find an agent but you actually pay the same price whether you purchase a policy online or through a human being. What you don’t get online is the personal service that can help you figure out how much you need, which company is likely to give you the best price based on your health situation, and what the terms on the application mean. A web site may not realize that you need coverage for your whole life due to a child with special needs or that your health won’t qualify you for the rates offered by the lowest price company.

3 Reasons Why You May Need Life Insurance During Retirement

You may find it difficult to believe that there were times in history when the American economy soared, and we didn’t necessarily worry about every financial detail. A lot has changed, especially in the last decade.

Many of today’s consumers are keenly focused on how they spend their money, manage their careers, and plan for the future. At times, it seems overwhelming to keep a family budget, save for retirement and coordinate estate planning. Enter Eagle Group Associates, Inc.! We will spend time with you and personally recommend steps you should take during retirement.

However, there are some general guidelines. We’d call them “rules,” but in our business, there are always exceptions and unique circumstances. Nonetheless, here goes. These are reasons you may want to retain your life insurance during retirement:

Protecting income.

Providing a safety net for a spouse and a new family — or one on its way — is a traditional scenario that warrants appropriate life insurance protection. Generally speaking, if you or your family have been avid savers, you’ve probably built a nest egg that will create the retirement income stream you’ll need. But that is not always the case. You may need to maintain life insurance if your spouse, a child or family member, or a friend counts on regular inflows of cash from you.

Remember, while working for most employers, our income is protected against our injury or illness by disability insurance. This coverage goes away in retirement. At Eagle Group Associates, Inc., we’ll help you determine the best way to ensure smooth sailing for years to come.

Assisting children and relatives.

You’ve probably already guessed that this is related to the item above. But here, we’re reminding you that our economy is still fragile and fickle. Often family members “get together” to help one another during times of unemployment or major illness.

If this is the case with your family, please let us know. We’re experts at making what seems like a tenuous situation one that’s easy for you. What’s more, we care.

Unique circumstances.

There are always special needs for insurance. For example, if you had to use retirement savings to cover an unexpected cost and are only partially retired (due to financial need), life insurance may make sense. Also, events like having children later in life, remarrying, or maintaining multiple, blended families all may call for life insurance.

The good news is that Eagle Group Associate, Inc. will work through the details, research the options, and help you know whether life insurance during retirement. We promise to keep it easy, complete, and affordable.

Please speak with us before you cancel any existing policies. Coverage is more expensive as you age. Plus, canceling Term Life after the covered period doesn’t result in any savings.

What might we have in mind? We might suggest a guaranteed, level-premium, term life policy with just enough death benefit to cover a certain cause. But, we’ll want to talk to you, and ideally, meet with you in person, before we suggest anything. We make sure that all our recommendations are personalized to each client and their circumstances.

Something to consider from Jayne Bryant Quinn, writing for The AARP Bulletin of AARP.org in 2012, which still holds true, “…instead of paying insurance premiums…invest the money.” We have a world of solutions. But, we also know retirement is often a time to pursue life’s joys. That’s why Eagle Group Associates, Inc. will be there to recommend a strategy and to support your questions, and any changing needs, during your well-deserved retirement years.

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