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The Do's and Don'ts of Buying Workers' Compensation Insurance

Wed, 22 Apr 2020 20:52:25 GMT

Are you a new employer learning to navigate the confusing world of employment law? One mandatory responsibility of every employer is to provide workers' compensation insurance coverage. What do you need to know about meeting this requirement? Here are a few key do's and don'ts.

Do Get Covered

Workers' compensation insurance is mandatory for most employers, so don't try anything unethical to get around this duty. Some employers may try to classify employees as contractors to avoid such expenses as workers' compensation coverage, while small businesses may simply not research their obligations to provide coverage.

While insurance is an expense paid by employers, keep in mind that it protects not only your workers but also the company. How? First, it helps get employees healthy and back to work as soon as possible. You can't run your business without your workers, so you want them to get better as soon as possible. Second, workers' comp helps protect the company from lawsuits and unlimited financial liability.

Don't Discourage Use

Future premiums are calculated based on factors such as the size of your payroll, the makeup of your workforce, and prior claims. But even though usage may affect your rates, don't discourage employees from using the coverage when needed. Remember, the coverage provides some protection for the business, as it helps reduce liability.

Going outside the system when an accident occurs might be attractive as a less expensive option. But it opens up your organization for higher risks - both legal and financial - if things don't work out as easily as you would like.

Do Know Your Rights

The employer is not left completely without resources when it comes to workers' comp claims. Employers generally have the right to defend themselves against a workers' comp claim if they feel there is a legitimate reason to do so. And not every injury is actually covered.

Some common injuries that may not be covered include situations where an employee intentionally harmed themselves or committed a crime. If they violated a company policy or engaged in activity outside their job function, such as improperly driving a forklift, their injuries may not be covered. On the other hand, if you let an employee use a company vehicle after hours, you may be liable for an accident.

The employer's best defense against unnecessary expenses is to understand what is and isn't covered as well as what employer responses are and aren't allowed within your state's rules. Talk to your agent about these guidelines when you purchase coverage.

Don't Punish Claimants

An employee who submits a claim with their company's insurance might cost your business some money (usually in higher premiums), but the employer should never retaliate against them. If you act in any way that could be construed as punitive - such as by allowing a hostile work environment - you may end up in a costly legal battle for violating the worker's right to this coverage.

Employers are generally barred from considering past workers' compensation claims when they make decisions about such things as hiring, promotions, raises, or termination. When handling a current claim, work with the insurance company and doctors' recommendations to provide alternative work arrangements, time for ongoing medical care, and normal company benefits.

Do Research

As with any business purchase, the more you know, the more you can be prepared. Want to learn more about your rights and obligations for workers' compensation coverage? Start with a visit to the insurance experts at S.N. Anthony Insurance Inc. For more than 100 years, we have served the businesses of Tennessee and its surrounding states with all their insurance needs. Call today to make an appointment.

Need Life Insurance? Consider Whole Life Insurance

Fri, 28 Feb 2020 12:39:34 GMT

If you are in the market for life insurance, then you may have come across the term whole life insurance. Whole life insurance can be very useful in certain circumstances, but it's not right for everyone. Here is more information about whole life insurance that can help you decide if this policy type is right for you.

What Is Whole Life Insurance?

Whole life insurance, or permanent life insurance, is a type of insurance that accrues a cash value and stays with you for your whole life as long as you make the premium payments. Whole life insurance policies often pay dividends, let you withdraw from your cash value, and sometimes even borrow against your policy. This type of insurance also has a death benefit for your beneficiaries.

Term life insurance differs from whole life in that term life insurance is for a limited length of time, though you can sometimes renew. This insurance type's benefits are also limited and you likely won't accrue cash value or benefits that you can use during your lifetime. Most term life policies only provide a death benefit, but they may also offer a return in premiums after the end of the term.

How Does Whole Life Insurance Work?

In some ways, whole life insurance works as an investment or bank account. In addition to a death benefit, part of your premiums goes toward a guaranteed cash value that you can use while you are alive. Tax-deferred interest is also paid on your cash value, so your investment grows.

Some policies also offer dividends when the insurance company does well, but these dividends aren't always guaranteed.

What Are the Pros and Cons of Whole Life Insurance?

Like any insurance, whole life insurance has its pros and cons depending on your personal circumstances and needs. Here are some examples of the positive and negatives of whole life policies.

The Pros

To start, your premiums stay steady throughout your life. If you obtain a low rate while you are young, then that rate will not increase as you get older. Other types of insurance often raise premiums as people age. Additionally, your returns are guaranteed and will continue to grow even when the economy takes a downturn and other investments fail or lose money.

With a whole life insurance plan, you'll also build cash value that you can borrow against or use whenever you need it. This could help you during leaner times. So whole life insurance can act as a way to force yourself to save money if you feel that you are not disciplined enough to save money on your own.

The Cons

Whole life insurance has a much higher cost than most other types of insurance. You may do better with other types of permanent life insurance that have lower rates. This is true especially if you expect your circumstances to change. If you cannot afford your premiums, then you will lose your insurance and may receive little or no benefit from your policy.

Furthermore, your cash value takes years to get to a level where it is worth as much or more than the premiums you've paid. And the actual rate of return may be less favorable compared to other types of investments. You should also keep in mind that you will likely pay fees if you withdraw, borrow money, or close your account.

For the right person, whole life insurance offers specific benefits that are helpful for when times are tough. However, you should consider it and your circumstances carefully. The staff at S.N. Anthony Insurance Inc. can discuss different types of life insurance with you and help you decide whether whole life insurance, or another type of insurance, is right for you. Contact us for more insurance information and quotes.

Answers to the Most Common Life Insurance Questions

Thu, 02 Jan 2020 12:49:07 GMT

Many people don't like to think about having to buy life insurance. So, the most important question is, "Do I need life insurance?" The answer is yes. While that answer was easy enough to produce, some of the details about buying life insurance might still deter some. Below are some of the most frequently pondered questions and their answers.

Why Do I Need Life Insurance?

So, you have the answer that you do need life insurance. Your follow-up question might be why you need it. Well, think about the current state of your finances, including both your debt and your belongings. When you die, your next of kin will have to take on all the responsibilities for your finances, which includes debt. Such a situation could negatively impact any children you have.

Life insurance can positively impact the family you leave behind. For instance, the policy could be written so it pays off your mortgage or provides funding for your children's college education. The death benefit can also help a spouse get through the immediate loss of a second income. Indeed, just the payment of final medical and funeral expenses makes life insurance a necessity.

How Much Life Insurance Should I Buy?

Now that you understand the importance of life insurance, you probably wonder how much you actually need. Well, this question is the primary reason insurance agents exist - they have the expertise to look at your financial situation and help determine which policy will best set up your next of kin. The formula they use generally relates to between 7 and 10 times your annual salary.

Truthfully, you can't have too much life insurance. So, if you want an even more accurate representation of what's needed, consider the current state of your finances regarding unpaid debt. Life situations such as a chronic illness, a personal business, and children can also affect how much life insurance is needed for your next of kin.

A major factor is if you have any special needs children; you'll want to get a policy that will cover all the expenses of their care for the rest of their life.

Should I Buy Term or Whole Life Insurance?

Once you start looking at life insurance policies, you'll see you have choices. One of the biggest is between a term or whole life policy.

Term is limited to a certain amount of time - hence the name. Term policies range from 10 to 30 years. With these policies, both the cost and the payout stay the same throughout the term. However, at the end of the designated term, the policy expires. The idea is to provide younger families with financial security in case of an untimely death.

Whole life insurance policies don't expire. They provide lifelong coverage. What's more, these policies provide an investment component of cash value. This value grows throughout the life of the policy. The cost of the policy stays the same, though. You can even surrender the policy for the cash. The only real downside is whole life insurance costs more than term.

If you can afford higher premiums, whole life is a good type of policy to buy. However, if you're in a young-family scenario, term might make more sense for your finances.

Do I Have to Take a Health Exam?

The short answer is yes, you have to take a health exam. Agents have six classifications with which to work:

Preferred Plus
Preferred
Standard Plus
Standard
Substandard
Smoker

The state of your health will determine in which classification you fall. The classification determines the cost of your insurance premiums. The medical exam is similar to a classic physical. It includes height, weight, pulse, and some bodily fluid samples. As you can see from the categories above, being a smoker automatically puts you into a certain classification.

Don't let questions about life insurance prevent you from providing this important benefit to your family. Talk to an agent at S.N. Anthony Insurance Inc. about your policy options.

4 Important Terms When Buying Homeowners Insurance

Fri, 18 Oct 2019 12:59:26 GMT

If you own a home, you should consider purchasing homeowners insurance. Not only does it protect you in the event of a personal injury lawsuit, but it can also pay for some damages related to covered disasters and accidents. Like any insurance policy, you won't need it often, but when you do, homeowners insurance can save you thousands of dollars.

If you would like to know more about protecting your investment, check out these four important homeowners insurance terms you should know.

1. Actual Cash Value

If a covered disaster or accident damages your home, the insurance company may decide to give you the actual cash value or the replacement cost. The actual cash value is the current (minus the disaster or accident) value. Replacement cost refers to how much it would cost to actually get the damage fixed.

It's imperative to understand the difference because actual cash value can be extremely detrimental. For example, if your roof was old at the time of the disaster, the insurance carrier will only give you a fraction of the cost of replacement because the roof's value has significantly depreciated. If you have a policy that pays or replacement, however, the age and condition of the roof doesn't matter.

2. Additional Living Expenses

Disasters can make your home uninhabitable for a period of time. If you don't have a good homeowners insurance policy, this may mean spending your savings or struggling from paycheck to paycheck to pay for a hotel.

If your insurance does cover additional living expenses, it can pay for any increased living expenses related to the covered loss (such as paying for a hotel or paying for extra gas to commute to work). Of course, every policy has a limit. Even if you still can't go home when you reach the limit, your insurance carrier will stop paying.

3. Peril

A peril is an event that can cause damage to your home such as fire, earthquake, flood, and hail. When choosing a policy, you may have the option to choose a named peril or an all-risk policy. Despite the name, an all-risk policy does not cover every peril. Instead, it covers some of the most common like fire. This type of plan will cover everything not listed in the exclusion section.

If you need protection from certain perils that may be more common in your area, such as flooding, you may need a named peril policy. These cover much less, making them cheaper. With a named peril policy, the insurance agreement will list every covered peril. Any peril not listed is not covered.

4. Floater

A floater is something you can add to your policy for extra money. It adds coverage to something that is usually not included. Many people use this type of coverage for expensive items they wear such as jewelry or furs. Others use it to protect any expensive item they bring with them to different places, such as sports equipment.

Floaters may also include water back up from a sewer or drains, and if you are worried about underlying problems with the ground, ask about a sinkhole floater. If you are worried about identify theft, you can also add identify fraud expensive coverage as a floater. Other common floaters cover assisted living care, boats, and yards.

Typical homeowners insurance covers some of the most common perils, but if you need specific coverage, you can purchase a named peril plan or add floaters to your existing policy. For more information about homeowners insurance, or if you need to get a quote, contact us at S.N. Anthony Inc. today.

Beyond Your House: Additional Coverage Available Through Home Insurance

Tue, 30 Jul 2019 13:09:53 GMT

Home insurance policies are so-named because they offer solid protection for a place of residence, but coverage for a house is hardly the only protection that these policies offer. There are many other coverage options that provide additional protections, which you can get through your home insurance policy.

Personal Property Coverage for Your Belongings

The dwelling coverage in your home policy applies to your home's structure only, and it doesn't protect belongings stored inside your home (or elsewhere on your insured property). Personal property protection is a standard coverage that's included in most home policies, though, and it does offer protection for belongings.

The personal property coverage you have may cover a wide range of belongings, depending on your policy's terms, conditions, and exclusions. Everything from clothes and books to furniture and rugs might be covered. In many cases, even outdoor lawn equipment, your basketball hoop, or patio furniture is protected.

An insurance agent can help you determine exactly what items are covered by your home policy's personal property coverage.

Scheduled Personal Property Coverage for Specific Belongings

While personal property protection extends to a wide range of possessions, there are some items that the coverage commonly limits protection for. Many home insurance policies' personal property coverage, for example, have certain limits on jewelry, firearms, antiques, artwork, and other expensive items.

If you own individual belongings that your home policy's standard personal property doesn't fully protect, a scheduled personal property coverage endorsement can add protection for these belongings.

This type of endorsement works much like your policy's standard personal property coverage; you get paid if the insured belonging is lost or damaged in a covered claim. The endorsement's protection applies to only the specific belongings that are listed (or scheduled), though, so premiums are quite affordable.

Scheduled personal property coverage endorsements normally aren't included in a policy's standard list of protections, but they can be added to almost every home insurance policy.

Additional Living Expense Coverage for Alternative Lodging

Dwelling coverage will pay to repair or rebuild your home if it's damaged or destroyed in a covered incident, but the recovery process following an incident is often lengthy. If a house is fully destroyed or rendered unusable, rebuilding from scratch takes an average of seven months from the time of authorization to completion. During this time, you need another place to live.

Additional living expense coverage pays for the cost of finding alternative lodging while your home is being repaired or rebuilt after a covered incident. The money is often used to rent another residence until your home is again inhabitable.

Medical Expense Coverage for Others' Healthcare Costs

Medical expense coverage pays other people's healthcare costs if they're injured in an accident that you're responsible for, and it's frequently added to a home insurance policy.

Although most health insurance policies will cover some healthcare costs, not everyone has health insurance and those who do usually have to pay copays and deductibles.

Anyone who's injured because of your actions or negligence might seek compensation from you for their out-of-pocket costs, which is where the protection offered by medical expenses coverage comes in. With the coverage, you wouldn't have to pay any costs (up to your policy's limit) if someone sought compensation for these expenses.

Medical expense coverage can cover a wide range of accidents, including accidents occurring on your property, accidents you cause elsewhere, and dog bites. This last protection is particularly important if you have a dog, for there are about 4.7 million dog bites each year in the United States and around 800,000 require treatment.

For help selecting home insurance with the protections that are appropriate for your particular situation, contact S.N. Anthony Inc.

Your Top Health Insurance Questions Answered

Sun, 02 Jun 2019 16:00:00 GMT

What do you need to know about healthcare and health insurance? If the near-dizzying array of jargon has you confused about your potential coverage, take a look at the top health insurance questions answered.

What Is the Affordable Care Act?

The Affordable Care Act (ACA), also known as Obamacare, is legislation that makes affordable health insurance available and accessible to more people and provides some consumers with tax credits to lower the overall costs. The ACA also does the following:

Removes pre-existing condition clauses. Prior to the ACA, health insurance companies could exclude you from some types of plans/coverages based on what they termed pre-existing medical conditions. This made it near-impossible (or prohibitively expensive) for people with some conditions to purchase insurance.
Set a standard for benefits. Low-cost insurance available before the ACA was cheaper for reason. These policies didn't cover much, leaving consumers paying hefty bills. The ACA requires policies to provide minimum essential health benefits.
Extends children's benefits. The ACA allows children up to age 26 to remain on their parents' health insurance plans.
Provides free preventative exams. Annual wellness exams at your family physician's office are now free of charge.
Offers a variety of options. You can find multiple levels of plans on the exchange. These include different types of coverage, different deductibles, and different overall costs.

Even though the ACA has made getting insurance easier for many people, navigating the system is still confusing to many adult Americans. Your insurance agent can help you to compare plans and make the decision that's right for you and your family.

What Is Open Enrollment?

You may have seen commercials, gotten robo-calls, or heard in another way about the open enrollment period. This is a window of time when you can sign up for new insurance plans or make changes to your current plan. Unless you have employer-sponsored health insurance (employers typically have their own enrollment times), you'll need to follow the period the U.S. Department of Health and Human Services' sets.

While most adults need to purchase health insurance during open enrollment, you may start a new policy (or make changes to an existing one) at other times during the year if you meet Qualifying Life Event (QLE) criteria. These events include:

Marriage. Single adults may need to purchase a family policy or add a spouse after a marriage.
Divorce. If both you and your spouse were on the family policy, you'll need new coverage after your divorce is finalized.
Having a baby/gaining a dependent. The birth or adoption of a child will change your insurance needs.
Losing a family member. Losing a spouse or dependent also requires a change of policy.

If you're not sure when to enroll or when you can make changes to an existing policy, ask your insurance agent. The insurance professional can guide you through the initial process and help you if you meet QLE change criteria.

Is It Better to Choose Low-Cost or Low-Deductible Insurance?

There's no easy answer to this question. Some individuals or families come out on top financially by opting for a lower priced health insurance policy, while others need one that comes with a low deductible.

Before making any decisions, make sure you understand the terminology. The deductible is what you'll pay prior to the insurance taking over the costs. This differs from co-payments - which typically won't count towards your policy's overall deductible. If you're not sure which way to go, consider:

Your current financial needs. If you don't have the money to pay for a pricier, low-deductible plan, a less expensive, high-deductible one gives you the mandatory coverage you need right now.
Your medical needs. If you, or a family member, has high-cost medical needs, a low-deductible policy may save you money over time.
The unexpected. If you can afford a lower-deductible policy, you won't need to worry about unexpected illness or accidents.

Again, talk to your insurance agent before choosing a policy. They'll help you to weigh the pros and cons of low-cost and low-deductible coverage.

Do you need help choosing a new health insurance policy? Contact S. N. Anthony Inc. for more information.

Tips for Choosing Your Long-Term Care Insurance

Thu, 04 Apr 2019 16:00:00 GMT

Many older adults eventually find themselves needing some type of long-term care. Long-term care can get expensive over time, and not everyone prepares for this situation. If you don't have a lot of savings to cover the costs should you need long-term care, long-term care insurance may be a good solution.

Consult a Long-Term Care Insurance Specialist

This type of insurance can be a bit complicated, with a lot of different factors involved. A specialist can help you decide which policy is the right option for you. The best type of specialist is one who isn't tied to just one company, as they can give you unbiased information.

Look Into the Type of Care Provided

Originally, these insurance policies only covered care in a nursing home, but many newer policies are better suited to the wishes of seniors, which tend to involve not moving into a nursing home. This means the policies give multiple options for the type of care, including nursing homes, in-home care, adult day care, and group living facilities.

Investigate What's Needed to Trigger Coverage

Different policies have different triggers that need to be met for coverage to start. Sometimes this involves having a certain health condition, such as Parkinson's disease or Alzheimer's disease. Other times, the person has to be unable to complete a certain number of daily living activities from a list.

Ask the Length of the Elimination Period

Once a person has met the conditions that could trigger coverage, there's typically an elimination period to make sure that long-term coverage is needed and not just short-term care. This can be as long as 90 days, during which time the beneficiary is still responsible for the costs of their care before the insurance kicks in.

Find Out How Much Coverage Is Provided

Each policy will have a certain amount of money that it will pay out during any given time period or over the life of the policy. Often, policies indicate that they only cover a certain number of years of care as well. While you want the best care possible for the longest time, limiting one of these factors may make the insurance more affordable.

Consider Purchasing Joint Insurance

A couple may want to buy their long-term care insurance in the form of a joint policy. Not only does this often offer a pretty significant discount, but it's also sometimes possible to specify that if one person uses up all of their benefits, they can use the benefits of the other person.

Consider a Combination Policy

If the idea of potentially throwing away money if you don't end up needing long-term care bothers you, consider a policy combining life insurance with long-term care insurance. If you don't use the long-term insurance, your heirs get a life insurance payout when you die. However, this type of policy is more expensive than the traditional type.

Check Out the Health of the Insurance Company

Look into the health of the company offering the insurance policy. A company with a high rating with Moodys or Standard and Poors is best. Also, make sure the company hasn't increased the rates a lot in recent years, as this is a sign that the company may not be doing so well.

Only Buy What You Can Afford

While it may be tempting to purchase the best policy available, if you can't afford the premiums, you may wind up throwing away money. If you stop paying the premiums, the policy is no longer valid and that money is just gone. Instead, choose the best less-expensive policy you can afford, as some coverage is better than none.

Contact S.N. Anthony Insurance Inc. for more information on the available long-term care insurance policies or for a quote. We can also help you with your other insurance needs.

Why Your Workers' Compensation Claim May Fail Despite Injury Proof

Sun, 10 Feb 2019 16:00:00 GMT

Workers' compensation insurance benefits are available to employees who get injured on the job. However, workers' compensation may deny your claim under certain circumstances, even if you got your injuries in your office. Read about some of the cases where workers' compensation may deny your claim.

Late Filing

Most states have a time limit within which you must file your workers' compensation claim. This time limit is a statute of limitations after which workers' compensation cannot accept your claim. The statute of limitations starts from the day of the accident that caused your injury.

Consider a case where you sustain an injury but don't file a claim because you don't need the money or you don't take the injury seriously enough. If the statute of limitations in the state is 12 months, then workers' compensation will deny your claim if you file it 14 months after your injury.

Short Injury

Workers' compensation insurance carriers reserve their benefits for employees with serious injuries. The rationale is that only workers with serious injuries will miss enough work days to suffer serious financial damages, which is what the insurance should pay for. In Tennessee , you can only enjoy workers' compensation benefits if your injuries last for more than 7 days.

Therefore, if you got injured on a Monday and your doctor declared you recovered by Friday, you won't get workers' compensation benefits because your injuries are short-lived. If your injuries last for more than 8 days, then you only receive the compensation for day 8 of the injury. However, if your injuries last more than 14 days, then you enjoy the compensation from the first day.

Treatment Refusal

Workers' compensation may also deny your claim if you refuse medical treatment or don't follow your doctor's orders without a good reason. If you refuse treatment or don't follow your doctor's orders, then workers' compensation assumes that further injury is self-inflicted. You will be solely responsible for such self-inflicted injuries.

For example, if your doctor orders a surgery but you refuse and opt for medication, workers' compensation can legally deny your claim. In some places, your employer has the right to choose the first doctor you see. If that rule applies in your state, you may have an option to file a request with your state's industrial commission for an alternative doctor after the first visit.

Therefore, when your employer suggests a doctor, see the doctor and follow their instructions until you can get permission to see another doctor. Don't refuse treatment even if you don't agree with the doctor on everything. If you do see another doctor, you also must follow their instructions to the letter.

Non-Compensable Injuries

Although workers' compensation compensates on-the-job injuries, the insurance doesn't cater to all injuries. Therefore, workers' compensation may deny your injuries if the injuries fall within the noncompensable ones.

For example, many heart diseases and mental illnesses are non-compensable in some states. The reason is that such injuries do not normally stem from work accidents. However, there are exceptions: Workers' compensation may compensate you for heart or mental injuries if you can prove that your employment caused them.

Disobedience

Lastly, workers' compensation may also deny your claim if you were injured because you disobeyed your employer in some way. Workers' compensation doesn't consider such an injury as an accident because you could have avoided the injury if you had obeyed your employer. An example is an injury you sustained because you were drunk on the job against company policy.

As you can see, workers' compensation has several laws they can use to deny your claim. At S.N. Anthony Insurance Inc., we have the experience to ensure workers compensation doesn't deny your claim unfairly. We can even help you appeal your claim after a denial. Contact us today and let us help you enjoy the benefits you deserve.

The Difference Between Home Insurance and a Home Warranty

Mon, 08 Oct 2018 16:00:00 GMT

A home warranty and a homeowners insurance policy are two different things. Both types of policies protect homeowners from financial liability if their home needs repair. However, each type of policy covers different systems in the home. Understanding the differences is important. Read on to learn more.

What's the Difference Between Home Insurance and a Home Warranty?

A homeowners insurance policy is a type of insurance that usually covers the structure of the home, while a home warranty is a contract that will pay for repairs to certain systems inside the home. Both policies require the homeowner to pay a deductible when making a claim. Both policies are usually offered on a yearto-year basis. Typically, a home warranty costs significantly less than a homeowners insurance policy.

Do These Policies Come With the Home When It's Purchased?

Sometimes a home seller will pay for the home warranty policy as a gift to the buyer. This is common practice when a home seller wants to sweeten the deal for the home buyer.

In addition, a home builder may offer a home warranty policy to a home buyer for a newly constructed home. This practice varies from state to state. Homeowners insurance is usually paid for by the home buyer. Both purchases are made at the close of escrow so that the policies begin immediately when ownership transfers from one owner to another.

What Does a Home Warranty Cover?

A home warranty will usually cover damage to the appliances and minor systems of the home. For example, the home warranty policy will pay to repair a home's stove if it breaks through normal wear and tear. The home warranty may also pay to repair a pipe that develops a leak.

The home warranty will not pay to repair the structure of the home, even if that damage occurred because of a covered event. For example, if a leaking pipe causes mold growth in the bathroom, the home warranty may pay to repair the pipe but it will not pay to repair damage to the drywall.

Often, homeowners are given the option to add protections to their home warranty policy, based on their needs and the type of appliances they own. For example, many basic policies will not cover the refrigerator unless the homeowner pays extra.

What Does Homeowners Insurance Cover?

Homeowners insurance usually pays to repair the structure of the home when a covered event occurs. Usually, a homeowners insurance policy will cover damage from wind, lightning, fire, smoke, and hail. Burglary and vandalism are covered events. Often, homeowners insurance will also offer liability coverage that pays legal fees if the homeowner is sued by someone who suffers an injury while on their property.

Homeowners insurance also covers damage to the appliances in the home if that damage is caused by a covered event. For example, if the kitchen appliances are burned in a fire, the homeowners insurance policy will pay to replace the appliances.

Sometimes the difference between homeowners insurance and a home warranty is not entirely clear. If you're a homeowner who has questions about the type of coverage offered by homeowners insurance, contactS.N. Anthony Insurance Inc. We're happy to answer your questions.

3 Ways to Have the Life Insurance You Need

Tue, 07 Aug 2018 16:00:00 GMT

If you feel like you have plenty of life insurance, you aren't alone. Although the majority of Americans assume their policies are adequate, research has shown that people in the Northeast tend to underinsure themselves by about $334,000, while folks who live in the west might need $457,000 more life insurance to protect their assets after they pass away. Fortunately, you may be able to have the life insurance you need by doing these three things.

1. Recalculate Your Financial Needs

Although the old rule of thumb when buying life insurance was to purchase a policy that could replace the main breadwinner's income for ten years, new recommendations state that most people actually need about 20 times their salary. For instance, if you make $50,000 a year and you have a $500,000 policy, you might actually need a million dollars' worth of coverage to repay your debts, pay off your home, and help your family along until they are self-sufficient.

When you evaluate your financial portfolio, think carefully about how your financial needs have changed over the years. While that $500,000 policy may have seemed like an astronomical sum when you originally invested in the coverage, people tend to make more money over time, which means this might not be enough to help your family now.

Think about things like your normal monthly budget, your assets, and your liabilities. Take into account your personal health and the health of your spouse, and think about additional financial needs that might come into play in the future. For instance, if your spouse has a chronic health problem, you may need to bolster your life insurance policy to account for the fact that your spouse won't be able to work again in the future.

Also, keep in mind where your children are in their personal lives and whether or not they rely on you for financial support. If you have kids who currently live with you or who need assistance from time to time, consider adding more coverage to your policy so your beneficiaries can handle the burden in the future.

2. Invest Extra Money

In addition to recalculating your policy, think about investing any extra money you have to strengthen your financial future. As you get older and you pay things off like student loans, cars, and mortgages, take the extra money you would have spent on payments and invest it in appreciating assets like stocks, bonds, and real estate.

To protect your money, focus on investing in a wide variety of financial assets. For instance, instead of putting all of your money into stocks for a certain company, diversify your portfolio to spread out the risk.

Additionally, keep in mind that most returns are modest, so avoid companies or financial planners who promise out-of-this-world rates. For instance, the average rate of return on both stocks and real estate is around 7% , while bonds can be as low as 2% to 4%. However, by investing your money carefully, you can reduce the amount of money you would need a life insurance policy to pay out, keeping your family financially secure.

3. Lower Your Personal Debt Load

Another great way to have the life insurance you need is by lowering the amount of money to keep your finances stable after you pass away. For instance, by paying off your home or staying away from credit card debt, you can allow your spouse to live off your modest policy if you pass away.

Talk with your insurance agent and your financial adviser about your personal debt loans, and focus on putting a little extra towards them every month. Before you know it, you might be even more self-sufficient, making your future even more stable.

If you are unsure about your personal level of life insurance protection, stop by our office to sit down with one of our specialists. Here at S.N. Anthony Insurance Inc., we can help with everything from life and health insurance to policies for your boat, home, and business.

5 Life Insurance Myths to Ignore

Sun, 10 Jun 2018 16:00:00 GMT

Every household should consider getting a life insurance policy. Each month you pay a premium for coverage, and in exchange, your beneficiaries receive a lump-sum payment in the event of your death. Life insurance is a responsible way to ensure that your loved ones' financial needs are taken care of after you die.

Unfortunately, many Americans choose to forego purchasing life insurance because of pervasive myths. Here are five myths to ignore if you're considering getting life insurance.

1. You Don't Need Coverage If You're Single

When it comes to life insurance, most Americans are uninsured or under-insured, and being single is one of the reasons some Americans choose to opt out of life insurance. Not having a spouse doesn't mean you won't benefit from having life insurance.

Consider this, in the event of your death, creditors will go to your family to attempt to resolve any outstanding debts. This means that you could leave your family in a frustrating situation of not only having to grieve but also dealing with your debt.

As a single person, you would benefit from getting enough life insurance to cover your personal debts, medical bills, and burial expenses.

2. It Costs Too Much

Cost is one of the often-cited reasons for not having life insurance. Even though they feel they need life insurance, many Americans believe it's too expensive. The truth is, most individuals overestimate the cost of life insurance. They assume that it's expensive and that they can't afford it.

In reality, insurers offer a wide variety of life insurance policies to fit a multitude of needs. Some life insurance policies are more costly than others. However, affordable life insurance is available and you can find coverage that fits your needs and your budget.

3. You'll Get Rejected Due to Pre-Existing Health Conditions

Medically underwritten life insurance policies have certain restrictions on the coverage provided to individuals with health conditions. However, having a health condition doesn't mean that you'll automatically be disqualified from obtaining life insurance.

Some policies cover a wide range of conditions, and some companies specialize in covering individuals with pre-existing conditions. In addition, it's possible to find a policy that isn't medically underwritten, which would mean that you wouldn't be restricted based on having a health condition.

If you have a pre-existing condition, it's likely you can still find a suitable policy. Talk to a licensed agent to discuss your options.

4. Your Employer's Coverage Is Enough

Many employers provide life insurance as part of employee benefits. Individuals who have life insurance through their employer often feel it's enough for their needs. However, contrary to popular belief, the coverage you have through your employer may not be enough. Additionally, you may lose that coverage if you leave your job.

It's often recommended that you get 10 times your annual salary in life insurance benefits and you may need more, depending on your circumstances. Your employer may not provide this amount, which could leave your loved ones in a financially strenuous situation.

5. You're Too Old

Age is another common reason you may skip life insurance, thinking that life insurance is only for young, healthy adults. In the past, it was indeed difficult to get life insurance coverage if you were past a certain age.

However, this is no longer the case. Today, many life insurance companies offer policy options for adults after the retirement age of 65, and some even specialize in coverage for seniors. If you're over 65, you can likely find a policy that meets your family's needs.

Regardless of your age and income level, it's beneficial to obtain life insurance. To find out what your options are, contact the knowledgeable agents at S.N. Anthony Insurance Inc.

Seniors and Auto Insurance Rates

Wed, 11 Apr 2018 16:00:00 GMT

When setting rates, auto insurance companies consider your driving habits, including how much driving you do. Therefore, if you find yourself driving less as you get older, you may be able to lower the insurance rate you pay and still get the best coverage.

Completion of a Defensive Driving Course

Auto insurance companies often offer senior driver discounts to older individuals who successfully complete and pass a state-approved defensive driving course. Safe driver courses educate drivers on changing traffic laws and help show insurers that you continue to be a safe driver. And by not overrating your own driving skills, you also help make the roadways safer for others who may be bad drivers.

AARP is one such program that offers both classroom and online safe driver courses to drivers age 50 and older. The amount of discount you get varies depending on your age and driving record. Although the discounts are mandatory in many states, companies in some non-mandate states offer the premium discounts voluntarily upon completion of a driver safety course.

Low-Mileage Discount

If you cut back on your driving after you retire from work or as you get older, your insurer may offer a low-mileage discount as long as you do not exceed the mileage cap for the year. Another option for getting cheaper auto insurance is a pay-as-you-go program, especially if you no longer drive as much.

With pay-as-you-go, a device in your car tracks your mileage and collects driving data that the insurance company uses to calculate your discount. You may find this an attractive deal since the less you drive, the less you pay

Change of Primary Driver

Even though you may continue to do some driving as you get older, naming another person as the primary driver of your vehicle on your auto policy can get you cheaper premiums. Since reports showthat drivers age 70 and older are involved in more intersection accidents and fatal crashes than younger drivers, your auto insurer may consider you a high-risk driver and increase the insurance rate you pay.

However, when you name another person, such as a younger spouse or an adult child who lives with you, as the primary driver, the insurer assumes you won't be driving as often. Less time driving reduces the risk that you will be in an auto accident and need to file a claim.

Since the principal driver is the person who will drive the vehicle the most, name someone who has a good driving record and a solid credit history — both key factors insurers consider when setting insurance rates. If you continue to do any driving, be sure to list yourself as a secondary driver.

Customer Loyalty

If you've been with the same auto insurance company for a long time, you may get a lower rate in the form of a loyalty discount. Not all companies offer loyalty discounts, and the percent of rate cuts vary by insurer.

Even if your auto insurer doesn't offer a loyalty discount, staying with the company for a certain period of time may get you accident forgiveness. Some companies won't raise your premium rate the first time you get into an accident, providing you remain claim-free for a specified number of years.

The specific rules for accident forgiveness programs vary by company. But a company that doesn't offer an accident forgiveness program may still cut you a break on a minor accident or traffic violation if you've been a long-time customer with a previous good driving record.

Another perk customer loyalty can get you is a lower deductible. Some insurance companies reduce policy deductibles each year you go without any accidents or traffic tickets.

If you're a senior looking for ways to save more on your auto and other insurance needs, contact S.N. Anthony Inc. for advice on ways to cut your overall insurance costs.

Choose the Right Health Insurance Type for Your Family

Sun, 11 Feb 2018 16:00:00 GMT

When shopping for a health insurance plan for you and your family, the cost isn't the only thing to consider. Not only do different types of plans determine the amount of out-of-pocket expenses you pay, different plan types determine from what doctors, hospitals, and other healthcare professionals you can receive medical services. Different types of health plans also offer different levels of benefits.

HMO Plans

HMOs, or Health Maintenance Organization plans, require that you stay in-network for the plan to cover your medical expenses. Although HMOs offer lower out-of-pocket costs, you need a referral from your primary care provider (PCP) to see a specialist or schedule a diagnostic test or procedure. If you find that it's easier to let someone else handle your health care issues, your PCP is responsible for coordinating the services you need.

But despite the lower cost to you, an HMO may not be the better plan choice if you live in a rural area where there are no local in-network doctors, or the choices within the plan's network are limited. Not all HMO plans offer large networks with primary care doctors or specialists within your service area.

PPO Plans

PPOs, or Preferred Provider Organization plans, allow you to see any doctor or specialist within the plan's network. A PPO plan doesn't require a primary care physician, and you can go to providers outside of the plan without a referral, but it will cost you more in out-of-pocket expenses.

However, if you want to choose your own doctor, a PPO may be the better plan type for you. A PPO also may be the better choice if you live in a rural area where you have limited access to doctors and hospitals within your geographic area.

POS Plans

While POS, or Point of Service (POS) plans, allow you to go to doctors and hospitals that do not participate in the plan's network, receiving medical care from in-network providers lowers your out-of-pocket expenses. The premiums you payfor a POS plan are generally less than those for a PPO, but more than the monthly premiums for an HMO plan.

Although a POS plan allows you to go to out-of-network providers, you still need a referral from your primary care provider. If you choose out-of-network care, you must meet your annual deductible and pay a percentage of both the doctor's fee and costs for any other medical services you receive.

EPO Plans

EPOs, or Exclusive Provider Organization plans, require that you use in-network providers unless you need emergency medical care. An EPO can cost you less than an HMO or PPO, and you don't need a primary care doctor or referral to see a specialist. Although the doctors and medical facilities that participate in EPO plans offer health insurance companies discounted rates, there may be a limited number of providers in your network area.

Additional Factors to Consider

A health plan's out-of-pocket costs may include annual deductibles, copayments, and coinsurance. Therefore, keep in mind that if you select a plan with lower premiums, you will pay higher out-of-pocket costs. However, depending on your medical needs and those of your family, a plan with higher monthly premiums that pay more of your medical costs is often the better choice.

This may be the case if you or a dependent covered by the plan has a chronic medical condition, sees specialists often, or needs regular medical treatment and ongoing prescription medications. But if you and your family members are in fairly good health and see a doctor only occasionally, a plan with lower monthly premiums, but higher out-of-pocket costs may be a practical-and cost-saving-choice for you in the long run.

The benefits a health plan offers is another important consideration. Health plans vary in the scope of benefits they offer; therefore, compare plans and then choose a plan that offers the maximum of the services you and your family need most.

If you need help choosing the right health insurance plan, the staff of S.N. Anthony Insurance Inc. is here to answer your questions.

Do You Need Long-Term Care Insurance?

Wed, 13 Dec 2017 14:16:19 GMT

Long-term care insurance is meant to pay for long-term care that would not be covered by regular health insurance, Medicaid or Medicare. The costs of such services can be difficult to manage without a plan in place ahead of time. This means that while you might not know a lot about long-term care now, it may be quite desirable in the future.

This guide will walk you through some of the things you need to know about long-term care.

Why Might You Need Long-Term Care?

Long-term care does not necessarily refer to care for an illness. For example, you might need long-term care if you are no longer able to complete tasks typical of your daily routine. These tasks include bathing, cooking and doing household chores.

Long-term care is typically a great option for individuals who do not have children or who feel uncomfortable relying on family members for medical care and home support.

Even if you have good health insurance and other benefits, there is little chance that long-term care will be included along with them. When it is included, the circumstances are typically strict.

Many people report that they experience greater quality of life having long-term care insurance because they receive care they would not have had otherwise. Additionally, their family members are free to resume their own daily activities. The whole family can benefit from planning ahead.

What Does Long-Term Care Insurance Cover?

Essentially, long-term care encompasses everything from assisted living and adult daycare to respite care and hospice. It may also cover home care, like a housekeeper, live-in caregiver or private nurse. The full scope of insurance will depend on your specific contract.

Long-term insurance also covers modifications you must make to your home to ensure that you are able to have full mobility. This might include the installation of ramps and rails.

What Determines the Cost of Long-Term Care Insurance?

Long-term care insurance is determined by a number of factors, including your current age and the maximum price and amount of time that the policy is expected to pay out. The price will also depend on any additional benefits you choose to incorporate into your plan.

Remember that pre-existing conditions may also play a role in your insurance premiums.

What Do You Need to Know About Choosing a Long-Term Insurance Plan?

Selecting the right long-term insurance plan depends on a number of factors, including finding a company that you trust. Look for a reputation and reviews indicating that you have found a trustworthy company.

Not sure what to think of an insurance plan? You can always consult with a lawyer to ensure that the contract includes everything you believe it does. This saves you from encountering a surprise.

Why Should You Consider Long-Term Care Insurance Now?

Long-term care insurance should be a consideration for you now, even if you are not sick or incapacitated at all. Many health changes occur quickly, and by that time, there may not be an option for long-term insurance. Some of the most common illnesses leading to long-term care, like Alzheimer's, set in earlier than some people expect.

Ultimately, it is smart to consider long-term insurance when you are in your 30s and 40s. This is because so many people qualify for plans during this time. You can expect to save the most money this way. Many companies do not offer an option for long-term care insurance for individuals who already need insurance, so now is the time to act.

Contact S.N. Anthony Insurance Inc. to learn more about your insurance options. We are dedicated to offering high-quality long-term insurance for individuals who may need care in the future.

3 Ways to Save on Workers’ Compensation Insurance

Fri, 13 Oct 2017 14:25:26 GMT

In most states, businesses that have employees are required by law to carry workers’ compensation insurance. There's often no way to eliminate this expense, but there are a number of ways businesses may save on their workers’ compensation premiums. If you run a business, here's how your business might save on its workers’ compensation coverage.

Shop Around for a Policy with an Independent Insurance Agent

First, you'll find the best rates on workers’ compensation coverage by comparing policies with an independent insurance agent.

Only independent agents are able to show you policies from all the insurers in your state. Agents who are with a particular insurer can only get quotes for policies from that insurance company, which prevents you from comparing all of the policies that are available. With an independent agent, you'll know how your policy compares to the others that are available.

Many people are aware that independent insurance agents can help them compare personal insurance policies (e.g. auto and homeowners policies) from different insurers. Business owners, however, sometimes don't realize that independent agents offer the same benefit with regards to workers’ compensation insurance.

Set Up a Return-to-Work Program

A return-to-work program is a system that's put in place to help injured employees return to work as quickly as possible. A program might include any of the following strategies to help injured employees get back to work sooner rather than later:

Letting an employee come back part-time until they fully recover
Letting an employee work from home as much as possible until they recover
Adjusting an employee's duties to compensate for their injury
Giving an employee additional sick leave to provide time for medical appointments related to their injury
Altering an employee's workspace to make their workflow easier
By getting injured employees back to work as quickly as possible, your business will minimize how much income employees lose. This directly benefits an insurance company that provides workers’ compensation insurance because one of the protections that this insurance offers is compensation for wages that are lost due to on-the-job injuries.

Not all insurance companies offer discounts for reducing their risk in this way, but some companies do. It's worth checking whether your business' workers’ compensation provider offers a discount for implementing a work-from-home program, though. Setting up a program is fairly easy.

Get Itemized Invoices from Subcontractors

In general, workers’ compensation insurance provides coverage for employees who are injured while working. In some situations, however, coverage is also extended to subcontractors who are hired by your company. When workers’ compensation coverage is extended to subcontractors, the amount they're paid for labor is factored into a policy's premiums.

In theory, only a subcontractor's labor fees should be figured into a workers’ compensation policy. These fees are equivalent to a subcontractor's wages, and they may be covered by a policy as a result. Payments for materials, in contrast, aren't lost wages. As a result, they aren't normally covered under workers’ compensation or included in premium calculations.

If you can't show your business' insurer exactly what you paid a subcontractor for labor, however, the insurer may have to assume that everything you paid was for labor. They won't have a way to determine what were labor charges and what were material charges. Therefore, they may have to include all charges in their coverage—and their premium calculations.

To make sure your business doesn't end up paying for workers’ compensation coverage of materials charges, request an itemized invoice from every subcontractor your business hires. Itemized invoices will break out the different charges, and your insurer will be able to more accurately calculate premiums. Your business will benefit by not overpaying for coverage.

For help finding a workers’ compensation insurance policy for your business, contact us at S.N. Anthony Insurance Inc.

Party of One? Three Reasons Singles Need Life Insurance

Tue, 08 Aug 2017 14:30:55 GMT

Life insurance is commonly associated with married couples or older individuals. When it comes to life insurance products, many single people overlook the importance of securing their own policy. Life insurance can play a critical role in helping singles protect their financial peace of mind and prevent passing on their debt to surviving family members.

Before you overlook a life insurance policy just because you are single, here are three ways a life insurance policy can benefit singles that you should take into consideration when investing in insurance products.

1. Life Insurance Can Protect Your Parents From Your Student Loan Debt.

Many young people recognize the importance of completing a college degree, and some students find that taking out loans is the only way to pay the cost of tuition. Since college students might not have the credit to obtain a loan on their own, many ask their parents to co-sign their college loan applications.

In the event of your untimely death, any private student loan debt that you incurred with your parents as co-signers would be passed along to your parents for payment. This student loan debt can place a serious financial burden on your parents, leaving them in a difficult financial situation as they cope with your passing.

By obtaining a life insurance policy that names your parents as the beneficiaries, you ensure that your parents will have access to the financial resources needed to pay off your student loan debt.

2. Life Insurance Can Provide for Your Live-In Partner.

Many young couples choose to build a life together without going through the formality of getting married. Unfortunately, without a legally recognized marriage, it can be difficult for your partner to gain access to any of your financial assets after your passing.

When couples move in together, they typically share the financial responsibilities of maintaining a household. If your live-in partner would have a difficult time paying for shared car loans, a mortgage that is in both of your names, or any other shared debt after your passing, then obtaining a life insurance policy can be a great way to shield your loved one from financial ruin.

By naming your live-in partner as a beneficiary on your life insurance policy, you will be able to financially provide for him or her in the event of your untimely death.

3. Life Insurance Is More Affordable When You Are Young and Healthy.

Age and health status are two factors that play a significant role in determining the overall cost of a life insurance policy.

Many singles are young and healthy, making them perfect candidates for a life insurance policy. By making it a point to lock in your policy now, you will be able to enjoy a lower monthly premium as you carry your life insurance policy with you into the future.

Should your health status change as you age, you will be able to reap the benefits of an affordable life insurance policy premium because you took the time to invest in a life insurance policy while you were still single.

Life insurance policies can provide financial protection for many different people in your life. Securing a life insurance policy while you are single ensures that your parents will not have to bear the burden of paying off your student loans without financial assistance, that your live-in partner will have access to the funds needed to cover joint debts, and that your future financial obligations will remain minimal by keeping your insurance premiums low.

Talk to your insurance agent about securing a life insurance policy today. You will save money and feel better knowing your loved ones are protected.

Three Workers’ Comp Benefits for Your Employees

Tue, 13 Jun 2017 14:36:40 GMT

Injuries occurring on the job are unfortunate, but do happen. And when they do, you’ll want to know that your workers are taken care of fully. Your employees could receive one of the several benefits under worker’s compensation. Here are three.

Workers’ Comp Medical Care

Under OSHA and workers’ compensation laws, the insurance company must pay for all medical treatments that are deemed reasonable and necessary to help cure or relieve your employee’s work-related injuries. Most states allow you to choose the medical center or facility to treat your employee.

Temporary Disability

For time off work and permanent injuries that prohibit your employee from working, workers’ compensation covers them by providing cash benefits. Usually, your employees will receive temporary disability benefits equal to two-thirds of their regular wages.

Permanent Disability

What happens when an injury leads to a permanent impairment after your employee has recovered? Your employee could qualify to receive a permanent disability award. The award is usually in the form of a lump-sum payment, even if he or she returns to work or didn’t suffer any wage loss.

Keep Your Business Safe and Legal

Ensure you have the proper coverage in case an accident happens on the job and your employee is injured. Contact S.N. Anthony Inc. today to get a quote for workers’ compensation.