Introduction
Spring Into Action
Is this the Golden Age?
Teen Driver Tips
What is COBRA?
Life Lessons
Check out our new interactive website!
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Introducing the Faller Insurance Newsletter!
We are proud to introduce Faller eNews. We are utilizing the convenience of email and the internet so we can provide you with information that will help you make those sometimes daunting insurance decisions. We also would like to help you understand your insurance policies, and make recommendations that will provide you with the appropriate protection that fits your needs. At Faller Insurance, we believe that informed consumers make better decisions.
We plan on having quarterly issues and hope you will take the time to review the information. While this medium is efficient and convenient, it will enhance, not replace our client focused service organization. If you have any suggestions or comments, please email or call us at 847-324-4177. We look forward to hearing from you.
The Faller Teamp.s. If you think this information would be helpful to your friends or family, please feel free to forward this email.
Those heavy spring showers not only bring May flowers, they bring flooding too. An important coverage you should consider adding, if you haven't already, is Water Back-up coverage. Don't wait until it's too late. Now is the time to add it to your policy. Federal Flood insurance is also available.
Spring is also the perfect time to review your homeowner's insurance coverages. If you've made upgrades or added more living area to your home, you may need to increase your coverage. Many policies have enhanced replacement cost coverage, insuring your home over and above the policy limits; however, there is usually a clause in the policy that states the insurance company must be notified of significant changes. Also, some policies "cap" the increase to 125% or 150% of the coverage amount. Please call us if you would like us review your coverage limits.
Email or call us for more information about any of these suggestions.
With gold at over $900 an ounce, now is the time to evaluate your jewelry or rare coin coverage. Did you know that your homeowner's policy limits coverage for jewelry and other high valued items? The standard homeowner's policy provides only $1,000 jewelry coverage. We strongly recommend that you have any high valued items appraised and added to your policy.
If you already have your valuables scheduled, you may not have enough coverage. Insurance companies recommend appraising valuables every 5 years.
Please give us a call if you would like to schedule your fine valuables or make changes to your policy.
If you have, or will soon have, a young driver, we want to provide you with tools that may save you some gray hairs. MetLife has put together some helpful and insightful information that will help you teach your teen about the responsibility he or she as a driver. Download Met Life brochure.
You may also want to establish guidelines and expectations using a written contract or agreement between you and your teen driver. Organizations such as the National Safety Council and AAA recommend the use of such an a agreement.
Download AAA Contract
Download NSC Agreement
We hope this information will help you keep your teen driver safe.
No, this COBRA is not a reptile. It's the
Consolidated Omnibus Budget Reconciliation Act. It's a mouthful, but what it does is provide continuation of health insurance benefits for workers and their families who are insured under a group insurance plan. If, for example, you have health insurance through your employer, and lost your job, you may have the option to continue your health insurance benefits under COBRA.
You would have 60 days from your termination date to decide if you want to exercise your COBRA rights. You would pay 100% (can be 102%) of the premium, and coverage would continue for 18 months. Most employers with 20 or more employees are subject to this federal law. Employers with less than 20 employees are protected by a similar state law, the Illinois Continuation Law; however, coverage is for 9 months. Spouses and dependents are also protected under COBRA.
Get more information about COBRA or the Illinois Continuation Law.
Many of us have life insurance, but do you know what kind of life insurance you have? Do you know the difference between the various types of life insurance? Below are some basic "facts of life" insurance.
Group Life - This is life insurance offered by your employer. It's usually not a substantial amount. It also is conditional upon your employment. While Group Life is an asset, it should be used as a supplement to your own individual life insurance portfolio.
Term Life - This is least expensive life insurance product. Typically you would want a guaranteed term, which means the rates are set for a number of years, or a term. When the term is up, the policy is renewable but usually for a very high premium. The terms are usually 5, 10, 20, or 30. The lower the term, the lower your premium. And the younger you are, the lower your premium. To figure out which term is best for you, you would need to determine when your financial responsibilities to your lenders and/or your children would cease.
Whole Life - If you want a life insurance product to be in force for your whole life this is the product for you. It is more expensive than Term Life; however, it builds cash value and can be used as collateral. The premiums are a fixed amount for the duration of the contract. The policy can also build cash value with dividends and can be used to supplement your retirement income.
Universal Life - If you want a life insurance product that will remain in force for your entire life, and would like flexibility and affordability in your premium payments, this would be the product for you. The payments are usually lower than a Whole Life product because its intent is to provide coverage for your entire life rather than building cash value.
Variable Life - If you want a life insurance product that will invest in stocks and bonds, and will remain in force your entire life, this would be the product for you. Variable Life is dependent on the performance of the stock market and is riskier than the other life products.
If you're wondering how much life insurance you need, Met Life has a calculator to help you. And if you would like us to provide you with a quotation, please give us a call.