Understanding Insurance Needs for Women
/ By Charlene Echerivel / Life Insurance • Personal Insurance/ • • / 0 Comments

Understanding Insurance Needs for Women

Understanding Insurance Needs for Women

In today’s world, securing life insurance is a critical step for anyone looking to protect their family’s financial future. Yet, recent data highlights a significant gap in coverage for women, underscoring the importance of tailored insurance solutions to meet their unique needs.

Securing Adequate Coverage

According to a 2023 LIMRA report, while the majority of women understand the importance of life insurance, a substantial number still lack adequate coverage. Women are increasingly becoming primary breadwinners and taking on significant financial responsibilities, yet they are often underinsured. The report reveals that nearly 40% of women with children under the age of 18 lack life insurance coverage altogether.

Adequate Coverage

Coverage Disparity

This disparity can be attributed to several factors, including the perception that life insurance is less crucial for women, or confusion about how much coverage is necessary. However, with women increasingly contributing to household income and managing household expenses, adequate life insurance becomes a critical safety net. The right policy ensures that in the event of an unforeseen tragedy, families are protected from financial strain, maintaining their quality of life and covering essential expenses like mortgages, education, and daily living costs.

Peace of Mind

Moreover, life insurance for women can provide peace of mind that goes beyond financial protection. It represents a commitment to securing a stable future for loved ones and supporting family goals, such as college funding or retirement savings.

 

Peace of Mind

At Intelli Choice Insurance, we understand the unique needs of women and are here to help you navigate the complexities of life insurance. Our experts can guide you in finding the right coverage that fits your lifestyle and financial situation. Reach out to us today to ensure you have the protection you need to safeguard your family’s future.

Understanding Disability Insurance for Your Financial Security
/ By Charlene Echerivel / Personal Insurance/ • / 0 Comments

Understanding Disability Insurance

Understanding Disability Insurance for Your Financial Security

Disability insurance is often overlooked, yet it's a crucial component of a comprehensive financial plan. Unlike other types of insurance that protect against property damage or medical expenses, disability insurance provides income protection in the event that you are unable to work due to illness or injury. At Intelli Choice Insurance, we believe that understanding disability insurance is essential for safeguarding your financial security.

What is Disability Insurance?

Disability insurance typically replaces a portion of your income if you become disabled and are unable to work. This can help you cover essential expenses such as mortgage or rent payments, utilities, groceries, and other bills, ensuring that you can maintain your standard of living and meet your financial obligations even when you're unable to earn a paycheck.

What is Disability Insurance

Main Types of Disability Insurance

There are two main types of disability insurance: short-term disability insurance and long-term disability insurance. Short-term disability insurance provides coverage for a limited period, usually up to six months to a year, while long-term disability insurance offers coverage for an extended period, potentially until retirement age, depending on the policy terms.

Review the Coverage Options

When choosing a disability insurance policy, it's important to carefully review the coverage options and policy terms to ensure that you have adequate protection. Consider factors such as the waiting period before benefits kick in, the percentage of income replaced, the benefit period, and any exclusions or limitations that may apply.

 

Review Coverage Options

We understand the importance of disability insurance for protecting your financial future. Our team of experienced insurance agents can help you navigate the complexities of disability insurance and find a policy that meets your needs and budget. Contact us today to learn more about how disability insurance can provide peace of mind and financial security for you and your family.

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.

Understanding Long Term Care Insurance
/ By Charlene Echerivel / Health Insurance • Personal Insurance/ / 0 Comments

Understanding Long-Term Care Insurance

Understanding Long Term Care Insurance

Long-term care insurance is a valuable financial tool designed to help cover the costs of care services for individuals who need assistance with activities of daily living due to chronic illness, disability, or aging. One common question many individuals have about long-term care insurance is whether it covers the expenses associated with nursing home care. Let's explore this topic in more detail.

Does It Cover Nursing Homes?

Yes, long-term care insurance typically covers nursing home care. Nursing homes provide round-the-clock skilled nursing care and assistance with activities of daily living for individuals who require ongoing medical supervision and support. Long-term care insurance policies often include coverage for nursing home care as part of their benefits package.

However, it's essential to review the details of your long-term care insurance policy to understand the specifics of the coverage provided for nursing home care. Here are some key points to consider:

Nursing Home Coverage

Coverage Limits

Long-term care insurance policies may have specific coverage limits for nursing home care, such as a maximum daily or monthly benefit amount or a maximum duration of coverage. Review these limits to ensure they meet your needs and expectations.

Eligibility Criteria

Most long-term care insurance policies require individuals to meet certain eligibility criteria to qualify for benefits, such as being unable to perform a specified number of activities of daily living independently or requiring supervision due to cognitive impairment. Understand the criteria outlined in your policy to determine if you qualify for coverage for nursing home care.

Insurance Eligibility Criteria

Policy Exclusions

Some long-term care insurance policies may have exclusions or limitations on coverage for certain types of nursing home facilities or services. Review the policy carefully to understand any exclusions or limitations that may apply to nursing home care.

Coordination of Benefits

If you have other sources of coverage for nursing home care, such as Medicaid or Medicare, your long-term care insurance policy may coordinate benefits with these programs. Understand how your long-term care insurance policy works in conjunction with other sources of coverage to maximize your benefits.

 

Coordination of Benefits

In conclusion, long-term care insurance typically covers nursing home care as part of its benefits package, but the specifics of coverage may vary depending on the policy. Reviewing your policy carefully and understanding its coverage limits, eligibility criteria, exclusions, and coordination of benefits can help you make informed decisions about your long-term care planning needs.

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.

Insurance Claims A Guide to Filing
/ By Charlene Echerivel / Commercial Insurance • Disaster Coverage • Home Insurance • Personal Insurance • Vehicle Insurance/ / 0 Comments

Navigating the Path to Successful Insurance Claims: A Guide to Filing with Confidence

Insurance Claims A Guide to Filing

As a Dave Ramsey trusted provider, Intelli Choice Insurance is committed to providing valuable, expert advice to our customers. Today, we'll walk you through the process of filing an insurance claim, whether you're dealing with homeowners or auto insurance, and events such as floods or auto accidents. We'll cover everything from gathering the necessary information to receiving your payout.

Be Prepared: Gather and Store Important Information

Before an emergency strikes, it's important to have all the necessary information ready. Here's a checklist of what you should gather and store:

Insurance policy numbers and documents
Insurance company contact information
Emergency contacts (e.g., medical, legal, or financial professionals)
Digital copies of essential documents (e.g., birth certificates, property deeds, or vehicle titles)

Keep both physical and digital copies of these documents in a secure place, such as a fireproof safe or encrypted cloud storage.

Important information for insurance claims

Initiating the Claim Process: Where to Start

When you need to file a claim, your first step should be contacting your insurance agent or carrier. They will guide you through the process and help determine the type of claim you need to file.
If you're dealing with a natural disaster or widespread event, be prepared for higher call volumes and potential wait times. In this case, it might be helpful to review your policy documents and prepare any necessary information in advance.

Timing Matters: When to File a Claim

Most insurance policies require you to file a claim as soon as reasonably possible after an incident. Delaying the claim process could result in the denial of coverage or reduced payouts.
Keep in mind that each state has specific deadlines for filing insurance claims, which may vary depending on the type of coverage and event. Consult with your insurance agent or carrier for guidance on filing deadlines.

When to File a Claim

The Essentials: What Information You'll Need

To ensure a smooth claims process, gather the following information:

Your policy number and insurance information
A detailed description of the incident, including date, time, and location
Photos or videos of the damage, if applicable
Witness statements, if available
Repair estimates, if applicable
Police or incident reports, if applicable

Receiving Your Payout: How Soon Will You Get Paid?

The timeline for receiving your insurance payout varies depending on the type of claim, your insurer, and the complexity of the incident. Most insurance companies aim to resolve claims promptly, often within 30 days of filing.
In some cases, such as natural disasters or widespread events, the claims process may take longer due to the volume of claims being processed. Stay in touch with your insurance agent or carrier for updates on the status of your claim.

How Soon Will You Get Paid from an Insurance Claim

By following these guidelines and partnering with a trusted insurance provider like Intelli Choice Insurance, you can confidently navigate the insurance claim process. No matter what life throws your way, rest assured that we're here to help protect your most valuable assets.
Don't hesitate to contact us today for assistance with the claim process. Our team of knowledgeable experts is ready to support you every step of the way.

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.

Common Holiday Insurance Claims
/ By Charlene Echerivel / General • Home Insurance • Personal Insurance/ / 0 Comments

Common Holiday Insurance Claims

Common Holiday Insurance Claims

As an insurance agent, I have seen many holiday insurance claims over the years. While going on holiday is supposed to be a time of relaxation and enjoyment, accidents and incidents can happen, and it's important to have the right insurance coverage to protect yourself and your belongings. Here are some of the most common holiday insurance claims that I have come across:

Medical Emergencies

This is by far the most common holiday insurance claim. Medical emergencies can happen anytime, anywhere, and can be costly without the right coverage. Travel insurance typically covers medical expenses, including doctor visits, hospital stays, and emergency transportation, so it's important to make sure you have adequate coverage before you travel.

Travel Insurance for Medical Emergencies

Trip Cancellation

Sometimes unforeseen circumstances may arise that can cause you to cancel your holiday plans. This could be due to a family emergency, illness, or other unexpected events. Trip cancellation coverage can help you recoup your expenses if you need to cancel your trip due to a covered reason.

Lost or Stolen Luggage

Another common claim is lost or stolen luggage. This can be a frustrating experience, especially if you lose valuable items. Most travel insurance policies provide coverage for lost or stolen luggage, which can help you replace your belongings.

Travel Insurance for Lost or Stolen Luggage

Flight Delays and Cancellations

Flight delays and cancellations can cause a lot of stress and inconvenience, especially if you have connecting flights or important events to attend. With travel insurance, you can get compensation for additional expenses, such as meals and accommodation, if your flight is delayed or canceled.

Rental Car Accidents

If you plan to rent a car during your holiday, it's important to have insurance coverage. Rental car accidents can be costly, and without insurance, you may be responsible for paying for damages out of pocket.

Rental Car Accidents

In conclusion, holiday insurance is an essential investment for any traveler. While you can't always prevent accidents or incidents from happening, you can protect yourself and your belongings with the right coverage. By understanding the most common holiday insurance claims and ensuring you have adequate coverage, you can enjoy your holiday with peace of mind.

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.