Protect Yourself with Umbrella Insurance
/ By Charlene Echerivel / Health Insurance • Home Insurance • Life Insurance • Personal Insurance • Vehicle Insurance/ • / 0 Comments

Protect Yourself with Umbrella Insurance

Protect Yourself with Umbrella Insurance

In today's litigious society, lawsuits can arise unexpectedly, leaving individuals and businesses vulnerable to substantial financial losses. While standard insurance policies provide essential coverage, they may not always offer enough protection against high-dollar liability claims. That's where umbrella insurance comes in. At Intelli Choice Insurance, we're here to help you understand the value of umbrella insurance and why it's an essential layer of protection for your assets.

Additional Liability Coverage

Umbrella insurance, also known as excess liability insurance, provides additional liability coverage beyond the limits of your primary insurance policies, such as homeowners, auto, or business insurance. This extra layer of protection kicks in when the limits of your underlying policies are exhausted, offering peace of mind and financial security against catastrophic events.

Additional Liability Coverage

Broad Scope of Coverage

One of the key benefits of umbrella insurance is its broad scope of coverage. Umbrella policies typically provide coverage for a wide range of liability risks, including bodily injury, property damage, personal injury, and even certain lawsuits not covered by other insurance policies, such as libel, slander, or defamation claims.

Affordability

Another advantage of umbrella insurance is its affordability relative to the amount of coverage it provides. For a relatively low premium, you can secure millions of dollars in additional liability coverage, giving you substantial protection against the financial consequences of unexpected accidents or lawsuits.

Affordability

Safeguard Your Assets

Umbrella insurance is especially valuable for individuals and families with significant assets to protect, as well as business owners who may face higher liability risks in their day-to-day operations. By adding an umbrella policy to your insurance portfolio, you can safeguard your hard-earned assets and protect your financial future against the uncertainties of life.

We understand the importance of comprehensive insurance coverage to protect what matters most to you. Contact us today to learn more about umbrella insurance options and how we can help you customize a policy that meets your unique needs and provides the peace of mind you deserve. With umbrella insurance, you can rest easy knowing that you're prepared for whatever life may bring.

How Insurance Can Support Gig Economy Workers
/ By Charlene Echerivel / Health Insurance • Life Insurance/ • • • / 0 Comments

How Insurance Can Support Gig Economy Workers

How Insurance Can Support Gig Economy Workers

In the modern gig economy, where freelancers, independent contractors, and temporary workers thrive, traditional notions of employment and benefits are evolving rapidly. While the gig economy offers flexibility and autonomy, it also presents unique challenges and risks, particularly when it comes to financial stability and security. At Intelli Choice Insurance, we believe that insurance plays a crucial role in providing stability and peace of mind for gig economy workers.

No Employer-sponsored Benefits

One of the primary challenges faced by gig economy workers is the lack of employer-sponsored benefits, such as health insurance, disability insurance, and retirement plans. Without these benefits, gig workers are left vulnerable to financial hardship in the event of illness, injury, or other unexpected circumstances. That's where insurance comes in.

employer-sponsored benefits

Health Insurance Options

Health insurance is a critical form of protection for gig economy workers, providing coverage for medical expenses and helping to manage healthcare costs. While obtaining affordable health insurance can be challenging for freelancers and independent contractors, options such as individual health plans, Health Savings Accounts (HSAs), and short-term health insurance can provide essential coverage and peace of mind.

Disability Insurance

Disability insurance is another important form of protection for gig economy workers, offering income replacement if they are unable to work due to illness or injury. Disability insurance can help cover everyday expenses such as rent, mortgage payments, utilities, and groceries, ensuring that gig workers can maintain their standard of living and meet their financial obligations during periods of disability.

Disability Insurance

Liability Insurance

Additionally, liability insurance is essential for gig economy workers who provide services or operate businesses on a freelance basis. Whether you're a rideshare driver, freelance writer, or independent consultant, liability insurance protects you against potential lawsuits and financial liabilities arising from your work activities.

At Intelli Choice Insurance, we understand the unique needs of gig economy workers and the importance of insurance in providing stability and security. Our experienced agents can help you navigate the complexities of insurance and find the coverage options that best meet your needs and budget. Contact us today to learn more about how insurance can support you in the gig economy and provide peace of mind for your future.

Is My Employer- Sponsored Life Insurance Plan Enough
/ By Charlene Echerivel / Commercial Insurance • Life Insurance/ / 0 Comments

Is My Employer-Sponsored Life Insurance Plan Enough?

Is My Employer- Sponsored Life Insurance Plan Enough

Life insurance is a critical financial tool that provides protection and peace of mind for you and your loved ones. Many employers offer life insurance as part of their benefits package, but is the coverage provided by your employer-sponsored plan sufficient to meet your needs? In this blog post, we'll explore the factors to consider when evaluating whether your employer-sponsored life insurance plan is enough.

Understand Your Coverage

Start by reviewing the details of your employer-sponsored life insurance plan. Determine the coverage amount, the type of policy (e.g., term life or permanent life insurance), and any additional benefits or riders included in the plan.

Understand Your Coverage

Assess Your Needs

Consider your financial obligations, such as mortgage payments, debt, and living expenses, as well as future financial goals, such as college tuition or retirement savings. Calculate how much coverage you would need to provide financial security for your loved ones in the event of your death.

Consider Additional Factors

Take into account any other sources of life insurance coverage you may have, such as individual life insurance policies or coverage through a spouse's employer. Evaluate the stability of your job and the likelihood of losing your employer-sponsored coverage in the future.

Compare Costs

Determine the cost of purchasing additional life insurance coverage independently compared to the cost of increasing coverage through your employer-sponsored plan. Consider factors such as premiums, coverage limits, and the flexibility of the policy.

Compare Costs

Review Policy Limitations

Be aware of any limitations or restrictions imposed by your employer-sponsored life insurance plan, such as age limits, coverage exclusions, or waiting periods for coverage to take effect. Evaluate whether these limitations meet your needs and if additional coverage may be necessary.

Consider Future Needs

Keep in mind that your life insurance needs may change over time due to life events such as marriage, the birth of a child, or a change in financial circumstances. Reevaluate your coverage periodically to ensure that it continues to meet your needs.

In conclusion, while employer-sponsored life insurance can provide valuable coverage, it may not always be sufficient to meet your needs. By understanding your coverage, assessing your needs, and considering additional factors, you can determine whether your employer-sponsored life insurance plan is enough or if additional coverage is necessary to provide financial security for you and your loved ones. Contact Intelli Choice Insurance and we will review your coverage, needs and help you find the security you need.

How To Offer Your Employees Health Insurance
/ By Charlene Echerivel / Commercial Insurance • Health Insurance • Life Insurance/ • / 0 Comments

How to Offer Your Employees Health Insurance

How To Offer Your Employees Health Insurance

As a business owner, providing health insurance benefits to your employees can be a significant factor in attracting and retaining top talent while also promoting the well-being and productivity of your workforce. However, navigating the process of offering health insurance can seem daunting. Here's a step-by-step guide to help you offer health insurance benefits to your employees:

Assess Your Needs

Start by evaluating the needs of your employees and your budget. Consider factors such as the size of your workforce, the demographics of your employees, and the level of coverage you want to provide.

Assess Insurance Needs

Research Options

Explore different health insurance plans and providers to find the best fit for your business. You can choose from various options, including group health insurance plans, self-funded plans, and health maintenance organizations (HMOs). Compare costs, coverage options, and provider networks to make an informed decision.

Consult with Experts

Consider seeking guidance from insurance brokers, consultants, or HR professionals who specialize in employee benefits. Intelli Choice Insurance can help you navigate the complexities of the health insurance market, understand your options, and find the best solutions for your business and employees.

Consult with Insurance Experts

Set Up a Plan

Once you've selected a health insurance plan, work with the insurance provider to set up the plan for your employees. Determine contribution amounts, coverage levels, and enrollment procedures. Make sure to communicate the details of the plan effectively to your employees and provide them with the necessary information to enroll.

Handle Administrative Tasks

Be prepared to handle administrative tasks related to managing your employees' health insurance benefits. This may include processing enrollment forms, managing payroll deductions, and coordinating with the insurance provider to resolve any issues or changes.

Handle Administrative Tasks

Stay Informed

Keep abreast of changes in the health insurance landscape, such as updates to regulations or changes in coverage options. Stay in touch with your insurance broker or consultant to ensure that your plan remains competitive and meets the needs of your employees.

Offering health insurance benefits to your employees requires careful planning and consideration, but it can provide significant advantages for your business and your workforce. By enlisting the help of Intelli Choice Insurance, you can successfully offer health insurance benefits that support the health and well-being of your employees while contributing to the success of your business.

How Does My Credit Score Affect My Insurance Premium
/ By Charlene Echerivel / Health Insurance • Home Insurance • Life Insurance • Personal Insurance • Vehicle Insurance/ • • / 0 Comments

How Does My Credit Score Affect My Insurance Premium

How Does My Credit Score Affect My Insurance Premium

Your credit score is a crucial factor that impacts various aspects of your financial life, from obtaining loans to securing favorable interest rates on mortgages. However, what many people may not realize is that it also plays a significant role in determining your insurance premiums. Understanding the relationship between your credit score and insurance rates can help you make informed decisions to potentially lower your premiums and save money.

What Are Credit Scores?

Insurance companies use credit-based insurance scores to assess the risk associated with insuring an individual. These scores are calculated using information from your credit report, such as your payment history, outstanding debt, length of credit history, new credit accounts, and types of credit in use. By analyzing this data, insurers can predict the likelihood of you filing a claim and estimate the potential cost of providing coverage.

Insurance companies use credit-based insurance scores

How Are Credit Scores Used?

A higher credit score typically correlates with lower insurance premiums, while a lower credit score may result in higher premiums. This is because individuals with higher credit scores are seen as more financially responsible and less likely to file claims. Conversely, those with lower credit scores may be viewed as higher-risk individuals who are more likely to file claims, leading to higher premiums to offset the perceived risk.

Variations By State

It's essential to note that the use of credit-based insurance scores varies by state and insurer, and not all states allow insurers to consider credit information when calculating premiums. Additionally, some states have regulations in place to limit the impact of credit scores on insurance rates or require insurers to offer discounts or exceptions to individuals with certain circumstances, such as medical debt or identity theft.

the impact of credit scores on insurance rates

How to Improve Your Credit Score

If you're concerned about how your credit score is affecting your insurance premiums, there are steps you can take to potentially improve your score and lower your rates. Start by reviewing your credit report regularly to check for errors and address any discrepancies. Pay your bills on time, keep your credit card balances low, and avoid opening unnecessary new accounts. Over time, these responsible financial habits can help improve your credit score and lead to lower insurance premiums.

In conclusion, your credit score can have a significant impact on your insurance premiums. By understanding how insurance companies use credit information to assess risk, you can take proactive steps to improve your credit score and potentially lower your insurance rates. Remember to review your credit report regularly, practice responsible financial habits, and explore opportunities to save money on your insurance coverage.

The Benefits of Bundling Insurance
/ By Charlene Echerivel / Health Insurance • Home Insurance • Life Insurance • Personal Insurance • Vehicle Insurance/ • • / 0 Comments

The Benefits of Bundling Insurance Policies

The Benefits of Bundling Insurance

In the world of insurance, bundling isn't just for convenience—it's a strategic move that can yield a plethora of benefits. Bundling insurance policies involves purchasing multiple types of coverage from the same insurance provider. This approach is gaining popularity due to its potential to save you money, simplify your insurance management, and provide enhanced coverage. Let's delve into the advantages of bundling your insurance policies.

Cost Savings

One of the most enticing benefits of bundling insurance policies is the potential for significant cost savings. Insurance companies often offer discounts to customers who consolidate their policies. This can result in lower premiums across the board, making your insurance costs more manageable without compromising on coverage.

Insurance Cost Savings

Simplified Management

Managing multiple insurance policies from various providers can be a logistical challenge. Bundling simplifies the process by centralizing your policies under a single insurance company. This means one point of contact, one renewal date, and streamlined paperwork. The convenience of managing all your insurance needs in one place can save you time and reduce the risk of overlooking important details.

Enhanced Coverage

Bundling isn't just about convenience and cost savings; it can also lead to enhanced coverage. When you bundle, insurance providers often extend broader coverage options that might not be available if you were purchasing individual policies. This can include additional benefits or higher coverage limits, giving you more comprehensive protection.

Enhanced Coverage

Qualify for Special Discounts

Some insurance companies offer unique discounts or perks exclusively to policyholders who bundle their coverage. These could include benefits like accident forgiveness, disappearing deductibles, or even specialized coverage options that cater to your specific needs.

Building a Stronger Relationship with Your Insurer

Bundling insurance policies can foster a stronger relationship between you and your insurance provider. As you become a multi-policy customer, insurers may be more inclined to offer personalized advice, better customer service, and increased responsiveness to your needs.

Enhanced Coverage

Flexibility to Choose Policies That Fit

Bundling doesn't mean sacrificing flexibility. You can still choose policies that fit your unique requirements. For instance, you might bundle auto and home insurance, but you could customize your coverage levels based on your vehicle type, home location, and personal preferences.

The benefits of bundling insurance policies extend beyond mere convenience. It's a strategic move that can lead to substantial cost savings, streamlined management, broader coverage, and even exclusive discounts. If you're looking for a way to optimize your insurance portfolio while simplifying your life, bundling policies with a Intelli Choice Insurance could be the smart choice for you.

What's The Difference
/ By Charlene Echerivel / Life Insurance/ / 0 Comments

What’s the difference? Term, Whole, and Universal Life Insurance

What's the difference? Term, Whole, and Universal Life Insurance

As insurance agents, we understand that choosing the right type of life insurance can be overwhelming. With so many options available, it's easy to get confused. In this blog post, we'll explain the difference between term, whole, and universal life insurance, and help you make an informed decision.

Term Life Insurance

Term life insurance is a type of policy that provides coverage for a specified period of time, typically ranging from 1 to 30 years. If the policyholder dies during the term of the policy, their beneficiaries receive a death benefit. This type of policy is typically more affordable than other options and is often used to cover a temporary need, such as paying off a mortgage or providing for children until they reach adulthood.

Term Life Insurance

Whole Life Insurance

Whole life insurance is a type of permanent life insurance that provides coverage for the entirety of the policyholder's life. In addition to the death benefit, this type of policy also includes a savings component, known as cash value. The cash value grows tax-deferred over time, and policyholders can access the funds through loans or withdrawals.

Universal Life Insurance

Universal life insurance is another type of permanent life insurance that offers more flexibility than whole life insurance. Like whole life insurance, it includes a death benefit and a savings component. However, policyholders have more control over their premiums and death benefit amounts. They can adjust their premiums and death benefits as their needs change over time, making it a more customizable option.

Universal Life Insurance

Choosing the Right Policy

When deciding which type of life insurance is right for you, consider your needs and budget. If you're looking for affordable coverage for a specific period of time, term life insurance may be the best option. If you want lifelong coverage with a savings component, whole life insurance may be a better choice. And if you want the flexibility to adjust your premiums and death benefits, universal life insurance may be the way to go.

At Intelli Choice Insurance, we can help you navigate the complex world of life insurance and find the policy that best meets your needs. Contact us today to learn more.

Which Insurance for What Coverage
/ By Charlene Echerivel / Health Insurance • Life Insurance • Vehicle Insurance/ 0 Comments

Which Insurance for What Coverage?

Which Insurance for What Coverage

Insurance is a crucial aspect of financial planning, protecting individuals and businesses against the unexpected costs of unforeseen events. There are several different types of insurance, each with its own unique features and benefits. In this blog, we will compare some of the most common types of insurance, including life insurance, health insurance, and car insurance.

Life Insurance

Life insurance is a type of insurance that pays out a sum of money to the policyholder's beneficiaries upon their death. This can help to provide financial support to loved ones and cover expenses such as funeral costs, outstanding debts, and living expenses. There are two main types of life insurance: term life insurance and whole life insurance. Term life insurance provides coverage for a set period of time, typically 10-30 years, while whole life insurance provides coverage for the policyholder's entire lifetime.

how to create a budget

Health Insurance

Health insurance is another important type of insurance, providing coverage for medical expenses such as doctor's visits, hospital stays, and prescription drugs. There are several different types of health insurance, including fee-for-service plans, health maintenance organizations (HMOs), preferred provider organizations (PPOs), and point-of-service (POS) plans. Each type of plan has its own advantages and disadvantages, and it's important to choose a plan that fits your individual needs and budget.

Car Insurance

Finally, car insurance is a type of insurance that provides coverage for accidents and other types of damage to your vehicle. Car insurance policies can vary widely in terms of coverage and cost, with factors such as your driving history, the type of car you drive, and the level of coverage you choose all playing a role.

Car Insurance

In conclusion, insurance is an essential part of financial planning, protecting individuals and businesses against the unexpected costs of unforeseen events. Whether you're considering life insurance, health insurance, or car insurance, it's important to understand the different types of insurance available and choose a policy that fits your individual needs and budget. Take the time to research your options and compare policies to ensure that you're getting the best possible coverage at a price you can afford.

Reasons to buy life insurance
/ By Brandon Barnes / Life Insurance • Personal Insurance/ 0 Comments

Things You Need to Know If You Don’t Have Life Insurance

Things you need to know if you don't have insurance

Everything associated with your death becomes harder without life insurance.  While policies come in different sizes with their own particularities and specialties, the primary purpose of life insurance is to increase the financial stability of your survivors.  Your loved ones will be facing many issues should you die unexpectedly including: worrying about paying final expenses, paying taxes and debts, and maintaining their standard of living. The right life insurance alleviates all three issues at a time when your family is already dealing with significant upheaval.

One of the most significant reasons to buy life insurance is to cover funeral or burial costs.  If you don’t have life insurance, these costs will be left to your loved ones.  The average funeral costs around $9.000.  If you collect Social Security, your family can only expect a payment of around $250.  A paltry sum in comparison. Additionally, workplace policies - if you are lucky enough to have one - are usually not enough.  Employer-offered life insurance is typically for a small sum or an amount equivalent to one year’s salary.  To have the funeral your family deserves and take the stress out of paying for it, it is important to invest in a life insurance policy.

Reasons to buy life insurance

Another factor to consider when thinking about life insurance is the burden of taxes and debt.  If you die without insurance leaving unpaid taxes and debt, the expenses may go to the estate.  This can prevent your surviving family from getting any financial benefit from your estate.  Life insurance helps ensure that your family receives your estate.

An additional benefit of a life insurance policy is to protect against loss of income, especially if you are the primary earner in your household or are a dual-income household.  Life insurance gives your loved one’s time to properly grieve and plan before making any other major life decisions.  The last thing they need to be worrying about in that moment is whether to sell the house.  Indeed, depending on the size of the policy, the payout may serve this purpose for a long time.

when to get life insurance

Though many people start thinking about life insurance when they start having families, life insurance is important at all stages of life. Don’t fall into the trap of believing that if you don’t have a spouse or dependents, you don’t need life insurance.  Purchasing life insurance when you are young and healthy is significantly cheaper and is one thing you can do now to protect your family’s future.

Intelli Choice offers of full range of insurance policies from a variety of carriers. Call Intelli Choice to discuss your life insurance needs and protect your families’ future from the burdens of covering your final expenses, debts and taxes, and loss of income if the unthinkable happens.

Wealth Planning_ Where to Start
/ By Charlene Echerivel / Dave Ramsey • Life Insurance • Personal Insurance/ / 0 Comments

Wealth Planning

Wealth Planning_ Where to Start

Wealth planning is a crucial aspect of securing your financial future. It involves taking a proactive approach to managing your finances to build and protect your wealth. By developing a comprehensive wealth plan, you can achieve your financial goals and protect your assets for future generations.

Set Clear, Realistic Goals

The first step in wealth planning is to set clear and realistic financial goals. These goals can include anything from saving for retirement to purchasing a home or starting a business. Once you have established your goals, it is important to create a plan to achieve them. This plan should include a detailed budget, a savings and investment strategy, and an estate plan.

realistic financial goals

Stick to a Budget

A budget is essential to wealth planning as it helps you understand your current financial situation and identify areas where you can cut back on spending. A savings and investment strategy is equally important as it helps you grow your wealth over time. This strategy should take into account your risk tolerance, time horizon, and financial goals. An estate plan is also crucial as it ensures that your assets are distributed according to your wishes and that your loved ones are protected in the event of your death.

Update Your Plans with Life Changes

In addition to creating a wealth plan, it is important to regularly review and update it as your financial situation changes. Life events such as marriage, the birth of a child, or a career change can have a significant impact on your finances. By staying up-to-date with your wealth plan, you can adjust your strategy to ensure that you are on track to achieving your goals.

Stay Up-to-Date

Work with a Financial Advisor

Working with a financial advisor can be incredibly beneficial when it comes to wealth planning. An advisor can provide guidance and support as you navigate the complexities of managing your finances. They can also help you identify potential risks and develop strategies to mitigate them.

In conclusion, wealth planning is an essential part of securing your financial future. Call one of our agents today to find out how your insurance coverage can help - or hurt - your future plans.