Russell F. Porter Insurance

My most important observations:

1. A rule of thumb has changed. It used to be more economical to combine Home, Auto, Motorcycle, ATV, Life and Investments with one Insurance Company because of multi policy discounts. Sometimes it still is. However, with the severity of our economy we can save money by specialty shopping. With the advent of various internet rater systems, us agents are able to shop from numerous Companies and compare rates. Insurance Companies have preferences as to which type of client they want, and what type of Insurance they specialize in. So the old rule about multi-policy discounts is diminishing. About half the time you can save money by putting your Autos with one Insurer, your Home with another, your Motorcycle, ATV or Boat with other Insurers.
2. Most auto clients are uninsured or underinsured for operator-passenger injury Medical Expenses. Possessing health insurance does NOT solve our medical expense problem if we or our passengers are injured in an auto accident. Medicare and Health Insurance Companies expect Auto Insurance policies to cover those expenses, just as Workers Comp would cover work related expenses.
3. Since the purpose of insurance is to purchase peace of mind, ask if the Company and the agent will remain available locally, because you may need access to customer or claim service. If you are purchasing health insurance, be sure that there are local providers that you prefer. Ask about out of town, out of state, out of country and international waters benefits and providers.
4. It is usually better to purchase life insurance plans privately. Life coverage through your job is normally minimal, so it may be used to enhance your coverage. If you retire, get laid off, quit your job, or relocate, you might lose life insurance coverage through employment. By then you may have a health problem that would prevent you from getting affordable rates, or you may not medically qualify at all. It is best to cover your life insurance needs early in life while you are still healthy. Be up to date regarding estate planning, using Trusts and Wills. What you have earned to leave behind will not fully benefit your heirs unless you have funded a way to pay inheritance estate taxes. Lengthy and costly probate expenses may also interfere. "Second to Die" Life policies are a method for financing estate taxation.
5. Some have worked hard all of their lives and accumulated successfully, but lose their estate value to the high costs of Long Term "Assisted Living" Care. This involves care whether at home or in a facility. It isn't only your money that qualifies you to purchase "Long Term Care" protection. It is your good health that qualifies you. Plan well ahead of time before health problems interfere. Be sure to know the limits of Medicare and your Medicare Supplement plan, and be aware of Estate Trusts, Wills and related "spend-down", "gifting" and "look-back" rules.
6. Many who are self-employed are unprotected or under protected. What happens to income if you are injured or sick and cannot work, either for a short while or a long time? Are family members or employees able to produce enough income to provide for your needs in your absence? Or, what if your "key person" becomes disabled or dies? Are you able to absorb the loss of income caused by that person's absence? Employees need to know that State Disability, Workers Comp and Social Security Disability are limited as to timing and income. Privately purchased disability income protection plans are worth the expense! It is ONLY your present good health that assures you of the opportunity to purchase this protection.
7. Those who have serious health problems may get coverage without health or habit underwriting questions because of new laws implemented by the Affordable Care Act.