Business Owners Programs
Posted on September 11, 2007
Big Discounts are available on many classes of Workers Compensation and General Liability. Our Businessowners programs, “Business Elite” and “Business Select” are designed to offer your commercial insureds protection that is flexible enough to meet the many different needs of today’s business owner.
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Life Insurance
Posted on September 11, 2007
Life Insurance is a unique asset. Because of its potential high yield and its tax favored benefits it can be used to solve some of life’s perplexing financial problems. Life Insurance can be used to:
A. Pay off the home mortgage: Many people would like to pass the family residence to their spouse or children free of any mortgage. Often a decreasing term policy is used, which decreased in face amount as the mortgage balance is paid down.
B. Pay off loans: Personal or business loans can be paid off with insurance proceeds.
C. Accelerated Death Benefits: The Health Insurance Portability and Accountability Act of 1996 changed federal tax law to allow a “terminally ill” individual to receive the death benefits of a life insurance policy on his or her life, income tax free, Such “living benefits,” received prior to the death, can allow a person to pay medical bills or other expenses,and maintain his or her dignity by not dying destitute. If Certain conditions are met, a “chronically ill” person may also receive accelerated death benefits free of federal income tax.
D. Create an estate: Where time or other circumstances have kept the estate owner from accumulating sufficent assets to care for his or her loved ones, Live insurance can create an instant estate.
E. Pay death taxes and other estate settlement costs: These costs can vary from a low of three or four percent to over fifty percent of the estate. Federal Estate Taxes are due nine months after death.
F. Replace a charitable gift: Gifts of appreciated assets to Charitable Remainder Trusts Can provide income and estate tax benefits. Life insurance can be used to replace the value of the donated assets. Proceeds from life insurance policies can also be paid to a charity.
G. Equalize inheritances: When the family business passes to children who are active in it, life insurance can give an equal amount to the other children. Existing life insurance policies should be reviewed to verify that policy provisions allow for payment of such “accelerated death” benefits.
H. Pension Maximization: At retirement married pension plan participants must make a choice to either
1. Take the maximum monthly income for the life of the retiring employee(Single life only, for example $1,000 per month), or
2. Take a substantially reduced monthly income for the lifetimes of both the retiring employee and his or her spouse (joint and survivor, for example $800 per month)
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Mass Insurance Market
Posted on September 11, 2007
As many of you are aware the MA auto market is becoming tighter and tighter due to rate decreases over the past few years. Companies Represented by Marc Alkes insurance
A Member of the SAN Group
Peerless Encompass
Firemen’s Fund Travelers
Foremost Travelers of Massachusetts
Guard Harleysville
Hanover National Grange
Hartford Pilgrim
Merchants Plymouth Rock
Conexco Safeco
American Modern Home Tower Group
Metropolitan
Ohio Casualty
Midland National Life
Arbella
Travelers
Zurich/Maryland Casualty
Agency Intermediaries
The purpose of this newsletter is to keep our customers informed about the opportunities we offer our customers. If you would like more information about any of the subjects discussed in this newsletter, please feel free to contact us on our contact page
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Flood Insurance
Posted on September 11, 2007
Reduce flood potential from broken appliance hoses.
In a single hour, a broken washing machine or dishwasher hose can leak up to 500 gallons of water. Avoid this expense and inconvenience by periodically checking hoses for:
*Soft Spots
*Brittleness near connections
*Kinks
*Blocked water flow
If you find soft spots or brittleness near connections, replace hose immediately. Also, don’t forget to turn off the water to your washing machine before leaving on vacation.
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Disability
Posted on September 11, 2007
Disability can happen to anyone. It doesn’t necessarily mean a wheelchair or a lengthy hospital stay. It does mean being too sick or hurt to work.
To understand how disability can effect your income means looking first at how your income is effected by your expenses. Like most people, you’ve probably had situations where you’ve been able to set aside some “extra” money. But then there was that unexpected expense; maybe it was the car, maybe a home repair. You really didn’t have a choice, so the money was spent. Frustrating wasn’t it?
Now Imagine that you become disabled and can’t earn an income. You have to depend on that same amount of “extra” money. There’s enough for one or two unexpected bills, but there isn’t enough to pay for the necessities like a mortgage, car payments, home maintenance costs, utilities, food,clothing,education funding, and retirement?
*If you have no disability coverage, what protects your earnings? Is it enough?
*If you have disability coverage through work, what percent of your income will you receive after taxes? Is it enough?
*If you have an individually-owned disability income policy, have you increased the level of benefit as your earned income has increased? Is it enough?
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