Please call  Lee from  USAsurance  & Calle Financial. 954-270-7966, Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to the employer. My email is lee@myusassurance.com

  • Many firms have noted double-digit increases in the number of life insurance policies they’ve sold during the Covid-19 pandemic relative to last year. 
  • The increase is largely due to a fear of death and greater awareness of financial risks associated with mortality, experts said.
  • Insurance sales have been dwindling for years. In 2020, just over half of American adults reported having a life insurance policy, down from 63% a decade earlier.

Life insurance is enjoying something of a renaissance as a result of the coronavirus pandemic.https://products.gobankingrates.com/r/d9360ea31bf06ea8b9d0ef49288e28fb

Consumers, especially younger adults, have been buying insurance in elevated numbers since the spring, when thousands of Americans began getting ill and dying from Covid-19.

That result is logical, experts said, given the core use of life insurance: as a financial backstop in the event of death.

Please enjoy the full article below;

https://www.msn.com/en-us/money/insurance/americans-are-panic-buying-life-insurance-due-to-coronavirus-pandemic/ar-BB1a0ZGd?ref=insurancedailynews

Please call  Lee from  USAsurance  & Calle Financial. 954-270-7966, Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to the employer. My email is lee@myusassurance.com

Loss estimates are in for Hurricane Delta, the 10th named storm to hit the U.S. this season. With Delta’s arrival on southern shores, the 2020 hurricane season breaks a 104-year-old record for the most named storms in a season.

Hurricane Delta made landfall in Louisiana on October 9 as a Category 2 storm, and the second hurricane in six weeks to hit the southwestern coast of Louisiana. Affected areas in Louisiana and Texas experienced flooding rains, significant storm surge, road closures and strong winds as with Delta reached a maximum sustained surface wind speed of 100 miles per hour.

The storm flooded communities and blew tarps off homes and businesses in affected regions that include areas damaged by Hurricane Laura just six weeks prior.

On Wednesday (Oct. 14), catastrophe modeling firm AIR Worldwide published its insured loss estimate and analysis for Hurricane Delta. AIR estimates that industry insured losses to onshore property resulting from Hurricane Delta’s winds and storm surge will range between $1-3 billion.

New analysis from CoreLogic also estimates insured losses for Hurricane Delta, breaking down costs by category. In its report, CoreLogic estimates insured wind losses for residential and commercial properties in Louisiana and Texas will fall between $0.5–0.9 billion. Insured storm surge losses are estimated to be an additional $0.2–0.3 billion, and damage to offshore structures ranges from $0.8–1.5 billion.

Please enjoy the full article below;

Brace yourself: Your next home insurance rate increase is going to be a whopper. Fort Layderdale & S. Florida could reach 30-40%, Ouch

Please call  Lee from  USAsurance  & Calle Financial. 954-270-7966, Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to the employer. My email is lee@myusassurance.com, office number 954-606-5660

Florida’s current insurance situation, experts say, is comparable to the aftermaths of Hurricane Andrew in 1991 and the two-year run of named storms that ended with Hurricane Wilma bulldozing through South Florida in 2005.

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Please call  Lee from  USAsurance  & Calle Financial. 954-270-7966, Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to the employer. My email is lee@myusassurance.com


Tip No. 1: Assess Your Current Financial Situation

You need a true picture of your financial health before you can figure out what type of life insurance you need and how much, Stafford says.

Consider what you have in place to support loved ones who depend on you financially. This would include an emergency fund, retirement savings and any life insurance coverage through work. You might find that you’re not as prepared for the unexpected as you thought.

Stafford recommends working with a financial advisor to discuss what needs you should cover with life insurance—whether it’s a mortgage that will need to be paid, children who will need to be supported, a small business to maintain or a legacy you want to leave. Your workplace might offer access to a financial planner as part of your benefits. Or you can find a fee-only planner through the National Association of Personal Financial Advisors.

Tip No. 2: Know How Much Coverage You Need

Typically, people underestimate how much life insurance they need, says Adam Winslow, CEO of Life Insurance at AIG Life & Retirement. They tend to think only about how much would be needed to pay off their major debt, such as a mortgage. However, they should consider how much more would be needed to help a spouse or partner pay bills, support children, pay for college tuition or cover any other long-term needs, he says.

One rule of thumb is to have a policy with a death benefit equal to 10 times your annual salary. But your own situation and financial goals might require that you have more—or less—than that amount. A financial planner can help you come up with a more-precise figure.

Tip No. 3: Know the Difference Between Term Life and Permanent Life Insurance

Life insurance buyers often think about term life vs. whole life insurance. A term life policy will provide coverage for a certain period of time—typically 10, 15, 20 or 30 years. It can be an affordable way to get coverage until you reach a certain financial milestone, such as paying off your mortgage or putting your kids through college.

There are other types of permanent life insurance in addition to whole life. A permanent life insurance provides lifelong coverage, which is why it’s more expensive than term life insurance. It’s also more expensive because it builds cash value. That cash can be used for whatever you want—to cover emergencies, supplement retirement income, help pay for long-term care or even cover the policy’s premiums. Whether you choose a term or permanent policy depends on your needs and financial goals.

Tip No. 4: Understand What Affects Your Life Insurance Rate

The two key factors life insurance companies consider when determining the rate you pay for coverage are health and age. The younger you are when you buy life insurance, the cheaper it tends to be, Winslow says. That’s because you tend to be healthier when you’re younger, and therefore less risky to insure.

The rate you pay also depends on the type of policy you get and how large the death benefit is. If you get a term life insurance policy, the length of the term you choose also will affect your premium.

If you can only afford a term life policy now but want permanent life insurance, most term life policies offer the option to convert to permanent life insurance. You can lock in a low rate with term life now and switch to a permanent policy if your income increases.

Tip No. 5: Shop Around for the Best Rate

Many insurers make it easy to get quotes online. Because rates can vary, you should get quotes from several companies to help you decide which company to apply to for coverage. You also could work with an independent insurance agent who works with several insurance companies and can help you find the best coverage at the best price.

Tip No. 6: Don’t Just Focus on Premium

The rate you pay for life insurance is important because you want to ensure the premium fits in your budget. After all, a policy won’t do you any good if you can’t afford to pay the premiums. However, price shouldn’t be the only factor you consider.

If you’re buying a cash value life insurance policy, the policy’s internal costs can be just as important as the premium you pay. If you’re looking at indexed universal life insurance, pay special attention to guaranteed vs. non-guaranteed parts of the policy illustration. Consumer advocates have concerns about dishonest sales practices for indexed universal life insurance.

Finding the best life insurance companies is important. Look for a company that has strong financial ratings in the A range from independent rating agencies such as A.M. Best, Moody’s and Standard & Poor’s. Insurance companies provide ratings on their websites. You can also ask your life insurance agent to provide companies’ ratings.

Tip No. 7: Prepare to Answer Lots of Questions When Applying

The quote you get from an insurer typically is just an estimate of what your premium will be. To get a policy, you’ll have to fill out a lengthy application. You’ll be asked questions about your age, weight, personal medical history and mental health, family medical history and tobacco use.

The insurer also will ask questions about your driving record and whether you have a dangerous job or hobbies that make you more of a risk to insure. This information is used to determine what your actual insurance rate will be.

Tip No. 8: Be Truthful on the Application

Be careful not to omit or obscure any information on your life insurance application. Winslow says it’s very important to be truthful because insurance companies use third party sources to validate the information you provide.

For example,  the insurance company can get information about you by accessing your medical records, prescription drug history, motor vehicle report and public records. You also might be required to take a medical exam, which includes blood and urine tests.

Tip No. 9: The Process Doesn’t Have to Be Painful

You don’t necessarily have to be poked and prodded during the application process. More and more insurers have been shifting to options for no-exam life insurance, Stafford says. Instead, they rely on third-party resources to verify the information applicants provide and data modeling to determine their risk class.

Be aware, though, that there are different types of no-exam policies.

  • An “accelerated underwriting” policy that involves a lengthy application and information from third-party sources typically will have premiums that are competitive with a fully medically underwritten policy with an exam.
  • A “simplified issue” policy that only requires applicants to answer a handful of questions and relies on few, if any, third-party sources will have higher premiums.
  • guaranteed issue life insurance policy asks no health questions and is usually the most expensive way to buy a no-exam policy.

Tip No. 10: Lock in Temporary Coverage

If the underwriting process will take a few weeks or more for the policy you’re buying, you can usually lock in temporary coverage by attaching a check with your first premium payment to your application. This gives you coverage, and peace of mind, while you wait for the application to be processed. Ask your life insurance agent about this option.

October 6, 2020

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10/06/2020 09:09 AM— Hurricane Delta, the 25th named Atlantic storm this year, is moving toward the Gulf of Mexico and expected to take aim at the U.S. Gulf Coast this week as a major hurricane, the National Hurricane Center said.

If Delta strikes the U.S. Gulf Coast, it would break a record that dates back to 1916 for the most named storms to hit the United States, another milestone in a year marked by repeated natural disasters ranging from floods, to wildfires to tornados.

Please call  Lee from  USAsurance  & Calle Financial. 954-270-7966, Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to the employer

The use of predictive analytics isn’t new to the insurance industry’s bigger players, but for independent agencies, the utilization of this data science is limited.

Researchers at Vertafore sought to address this, developing a new analytics tool that launched in August. Vertafore’s RiskMatch Retention Prediction analytics tool sources aggregated data from 3,700 agencies. Its purpose, Vertafore says, is “to help agencies modernize with analytics that support data-driven business decisions and increase profitability.”

Vertafore analysts used this tool to source new research on independent agency retention and published their findings in a new whitepaper.

Researchers found that nearly 48% of independent insurance agencies are losing between 15–20% of their policy renewals every year.

In order to combat that drop-off, Vertafore believes agencies need to strengthen their analytics strategies by using descriptive, diagnostic and predictive analytics together “to glean actionable insights to increase customer retention.”

Please enjoy the full article below;

https://www.propertycasualty360.com/2020/10/01/nearly-half-of-agencies-lose-15-20-of-policy-renewals-each-year-new-data-shows/?ref=insurancedailynews

Please call  Lee from  USAsurance  & Calle Financial. 954-270-7966, Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to the employer

Let us help you get Flood Insurance & learn about the Flood maps as Broward County will be revising the Flood maps again in 1-2 years.

The U.S. Senate approved a bill Wednesday that funds the federal government through Dec. 11; the bill includes a full-year extension of the National Flood Insurance Program (NFIP) and surface transportation funding.

The bill, which was passed by the U.S. House last week, now goes to President Trump. He is expected to sign it.

Under the agreement, NFIP authority is extended through Sept. 30, 2021.

“This is the second year in a row we have secured a full fiscal year extension for flood insurance.  It is a victory for REALTORS® and something we fought for very hard,” says Shannon McGahn, the incoming chief advocacy officer for NAR.  “While we continue to work toward comprehensive reform and long-term reauthorization, the marketplace needs stability and continuity.”

Also included in the continuing resolution is a similar extension of surface transportation funding.

“Transportation projects take years from concept to completion, and any lapse in funding is especially disruptive,” McGahn says. “This is a big win, especially for our commercial members who are eagerly looking toward a post-coronavirus market.”

Please call  Lee from  USAsurance  & Calle Financial. 954-270-7966, Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to the employer

Unknowingly voiding home and car insurance

The price comparison website found that a quarter of people in the UK (25 per cent) are unaware that posting a holiday picture on social media could void their home insurance. With 27.8 million households in the country, this equates to nearly seven million home insurance policies at risk of becoming invalid.

Alongside this, one in five people (21 per cent) are unaware that driving with a pet unsecured can also void a car insurance policy.

These are the top 5 ways people have unknowingly voided their home insurance:

  1. Left window open when leaving the house/flat (31%)
  2. Posted a picture on social media whilst on holiday (25%)
  3. Put your house up for sale without notifying your home insurer (20%)
  4. Renovated your house/flat without notifying your insurer (17%)
  5. Left a door unlocked when leaving the house/flat (16%)

    These are the top 5 ways people have unknowingly voided their car insurance:

    1. Driven with a pet on the seat unrestrained (21%)
    2. Changed jobs/job title and not informed your insurer (19%)
    3. Had an accident that has damaged your car and not informed your insurer (14%)
    4. Moved to a new house and not told your car insurer (9%)
    5. Provided insurer with an incorrect mileage estimation (9%

      These are the top 5 ways people have unknowingly voided their car insurance:

      1. Driven with a pet on the seat unrestrained (21%)
      2. Changed jobs/job title and not informed your insurer (19%)
      3. Had an accident that has damaged your car and not informed your insurer (14%)
      4. Moved to a new house and not told your car insurer (9%)
      5. Provided insurer with an incorrect mileage estimation (9%)

Please call  Lee from  USAsurance  & Calle Financial. 954-270-7966, Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to the employer

For decades, life insurance sales in the United States have been declining, with fewer Americans purchasing life insurance and others remaining underinsured. In late February of this year, however, the Covid-19 pandemic and the resulting financial instability that ensued reminded individuals of their own mortality and the need to protect their loved ones financially. As a result, there has been an uptick in consumer interest and purchase of life insurance products.

At the same time that demand for life insurance spiked, buyers were locked down at home and afraid to step out into the physical world, making face-to-face sales and in-person medical exams nearly impossible and requiring the industry to navigate new ways of doing business.

These seismic shifts have led many in the life insurance industry to question traditional business models and accelerate new paths forward. At Haven Life, a digital life insurance agency backed by MassMutual, we’ve realized three key learnings in the six months since we began feeling the effects of Covid-19. When we emerge from this crisis, the life insurance industry will look very different than the one we all remember.

Please read the full article below;

https://www.forbes.com/sites/forbesfinancecouncil/2020/09/24/three-lessons-the-life-insurance-industry-learned-during-the-pandemic/#23cad1b840c0

Please call  Lee from  USAsurance  & Calle Financial. 954-270-7966, Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to the employer

What’s actually covered by homeowner’s insurance? The answer is critical once disaster strikes. That’s when you will need to know when your insurance company will come to your aid and when the repairs will have to come out of your own pocket. Policies vary somewhat, so start by reviewing the declarations page of your homeowner’s policy, which provides a summary of your coverage, deductibles and how claims are paid. Still not sure what’s covered and what isn’t? Call your agent. Add to your knowledge now by taking this quiz to see how well you really understand what’s covered by typical homeowner’s insurance policies.

Your neighbor’s oak tree isn’t quite as mighty as the derecho that swept through your area. It landed on your garage, which is now flatter than the tires on the car inside of it. Your homeowner’s policy will pay for:
  • A. Your garage
  • B. Your garage and your car
  • C. Your garage and removal of the tree
  • D. Nothing