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Auto and Homeowners Insurance

arrow “When should I raise deductibles on my automobile policy?”
arrow “Should I consider an umbrella policy?”
arrow “Why do coverage limits on homeowners policies increase when house values decrease?”
arrow “What is the incentive to keep homeowners and automobile insurance with the same company?”
arrow “I just refinanced my home and have a larger mortgage. Do you offer a mortgage protection policy?”

Disability and Workers Compensation Insurance

arrow “I’m a single mom who worries about providing for my kids in the event of illness or injury.  Should I consider disability insurance?”
arrow “Why are my workers compensation premiums rising when my payroll is down from last year?”

Health Insurance

arrow “Does Medicare cover all of my health care needs?”
arrow “Should my college-aged son have his own health insurance policy?”

Long Term Care Insurance

arrow “Do I need long term care insurance?”
arrow “How does long term care insurance work?”
arrow “Won’t Medicare or 401K savings cover the cost of long-term care?”
arrow “Is it smarter to invest my money, or buy long term care insurance?”
arrow “How do I shop for long term care insurance?”

pdf How does long term care insurance work? Download the LTC Primer

Commercial Insurance

arrow “Are there questions I should ask regarding contractors insurance before I agree to have work done on my home?”
arrow “A copy of the state’s Equine Liability poster is hanging in my barn. Can I cancel my liability policy now?”
arrow “Why do I need both a personal and a commercial umbrella policy?”

Retirement Planning

arrow “What’s the best way to save for retirement?”

General Topics

arrow “How do I get started with Innovative Insurance Solutions?”


Auto and Homeowners Insurance

arrow “When should I raise the deductibles on my automobile policy?”

We recommend raising your deductible to the limit you are willing to self-insure.  Generally, once your vehicle is 10 years old, it no longer makes financial sense to insure it for comprehensive and collision.

arrow “Should I consider an umbrella policy?”

An umbrella policy provides excess Liability limits, and is over an above your homeowners and automobile liability limits.  We suggest everyone who has assets to consider an Umbrella policy, especially if they have young drivers in their family.

arrow “Why do coverage limits on homeowners policies increase when house values decrease?”

Market values are down across the country; but your homeowners policy is designed to indemnify based on the cost to reconstruct your home – and those costs, or material reconstruction prices, continue to climb. Example: the price of roofing materials has risen dramatically in recent years due to the rise in oil prices. 

arrow “What is the incentive to keep homeowners and automobile insurance with the same company?”

Many insurance companies offer discounts when you purchase multiple policies, including auto and homeowners insurance and umbrella policies. There is another advantage to keeping multiple policies within one company: that is, your claims are handled with less delay because one representative has access to all policies.
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arrow “I just refinanced my home and have a larger mortgage. Do you offer a mortgage protection policy?”

Many homeowners want to protect family members in the event of their own death. We suggest individual life insurance, which directs proceeds to family members, rather than a mortgage policy – designed to make the lender whole. Your Innovative Insurance Solutions representative can design a competitive term, whole life or universal life plan that works with your budget.


Disability and Workers Compensation Insurance

arrow “I’m a single mom who worries about providing for my kids in the event of illness or injury.  Should I consider disability insurance?”

Yes. Innovative Insurance Solutions offers disability policies, owned by you, that provide tax-free benefits to your family in the event of illness or injury. The policy makes payments to your family until age 65. This coverage, once in force, cannot be cancelled by the company or non-renewed.

arrow “Why are my workers compensation premiums rising when my payroll is down from last year?”

Your current policy is based on your last year’s payroll.  We can modify your policy to take into account your reduction in payroll and that should reduce your premiums.


Health Insurance

arrow “Does Medicare cover all of my health care needs?”

We suggest you consider a Medicare supplement, Medicare D plan and long term care insurance for your custodial care needs. Your Innovative Insurance Solutions representative will make specific recommendations based on your individual situation.

arrow “Should my college-aged son have his own health insurance policy?”

Most carriers in our area allow your son or daughter to stay on your family policy until age 26. Check with your carrier, since terms and policies do vary.


Long Term Care Insurance

arrow “I’m young and have a good family medical history. Do I need long term care insurance?”

Long term care insurance (LTCI) represents a new reality for most Americans: medical advances lead to longer lives, but conditions that would have resulted in death years ago may now leave you disabled and reliant on others for care.

You need long-term care (LTC) when you cannot carry out basic tasks including personal hygiene, eating and dressing. Individuals with mental impairments such as dementia and Alzheimer’s also require constant supervision.

Many patients receive long-term care in nursing homes, but many more receive it at home.

arrow “How does long term care insurance work?”

LTCI pays professionals to assist the family caregiver with the toughest tasks. LCTI is an important part of a financial plan for living a long life; it keeps families together, preserves independence and protects your assets.

arrowWon’t Medicare or 401K savings cover the cost of long-term care?”

The assets and income you accumulate over a lifetime of hard work pay for retirement, not for long-term care:

  • Medical insurance, including Medicare, may not cover custodial, in-home care.
  • Retirement plans, even the best IRAs and 401Ks, inadequately fund the financial consequences of living a long life.

Out-of-pocket: this is how most long-term care patients and their families cover expenses that add up to thousands of dollars per month.

arrow “Is it smarter to invest my money, or buy long term care insurance?”

Take a look (hypothetical example):

$1500 p/year: average LTCI cost for an individual aged 55-59.

Investment Value (5 years)
$1500 p/year x 5 years = $7500 investment
Average earnings = 6% (after taxes)
Total value = $8,963

LTCI Value (5 years)
$1500 p/year x 5 years = $7500 investment
LTCI pays up to $55,900 in yearly benefits for as long as you need care.

20-Year Outlook
Your investment grows to $58,489. Experts predict long-term care will cost about $111,438 per year. LTCI, with a 5% benefit increase per year, pays up to $116,214 annually.

arrow “How do I shop for long term care insurance?”

When considering LTCI, be sure to consult with a certified professional: a CLTC professional is trained in the long-term care field, knows which questions to ask and how to properly implement LTC insurance.

Long-term care is a complex issue involving health care, law, insurance and finances. It is an essential part of your family's financial plan.


Commercial Insurance

arrow “Are there questions I should ask regarding contractors insurance before I agree to have work done on my home?”

You can request a Certificate of Insurance from the contractor prior to commencing work. This certificate is proof that the contractor has adequate liability, workers compensation and auto liability coverage.

arrow “A copy of the state’s Equine Liability poster is hanging in my barn. Can I cancel my liability policy now?”

None of the Equine Liability Laws prevent someone from filing a suit against you, and one of the benefits of a commercial general liability policy is that it can provide needed protection for your defense costs.

arrow “Why do I need both a personal and a commercial umbrella policy?”

Since you have incorporated your business, you need additional protection for both personal and corporate-owned assets.


Retirement Planning

arrow “What’s the best way to save for retirement?”

Generally, we suggest you take advantage of pre-tax withdrawals in your company’s 401(k), 403(b) or Simple IRA. If your employer does not offer these plans, we can assist them in offering a pension plan, or help you start an IRA or Roth IRA account.


General Topics

arrow “How do I get started with Innovative Insurance Solutions?”

Give us a call. An experienced IIS representative will arrange to conduct a face-to-face, comprehensive insurance and financial review. Get advice based on your unique goals and situation; develop strategies and tools that will help you build and protect wealth. This is a free, no-obligation service. Call 434-979-7588 today.

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