Author: abraham

One of the most common questions we hear about home insurance is so simple and super understandable. Why are my rates going up? I know it can feel frustrating and confusing. The truth is there are a large number of reasons why you might see higher home insurance premiums and not all of them are things you can control. If there’s an increase in the cost of replacement materials like lumber or stone or in the cost of labor that will probably translate into higher premiums. Likewise, if the value of your neighborhood is on the rise and therefore the value of your home is increasing, it will cost more to insure. Can’t forget to mention that if there’s a large number of people in your area making insurance claims that could translate into higher rates as well, your insurance agent might be able to help you find ways to offset these cost increases. So don’t be shy about contacting them to find out more.

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.

At some point, most business owners will ask themselves how important it is to carry a business insurance policy. Now, I get it. This question is totally understandable, especially if you have never filed a claim before. However, it is so so important to remember that just because you’ve never needed to file a claim does not mean that you never will. So first off, you need to keep in mind that some businesses are actually required to carry certain types of insurance. It’s an obligation to be insured. Ok. Now, secondly, operating without insurance risks your livelihood, it risks the incomes of your employees and it even risks the solvency of any businesses that rely on you for service. So before making a decision on how to structure your business insurance, it is definitely worth taking a step back and taking account of all the even demote impossible situations that could cause your business to suffer. So once you’ve brought those up to your insurance agent, the good ones can help you to shave off any unnecessary costs out of your business policy while still providing a solid uh coverage amount. Oh, and do not be shy about letting them know that you have questions or concerns and I hope this was helpful.

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.

A common question we often get is whether or not creditors can claim their life insurance. Generally speaking, creditors cannot take death benefits from your beneficiaries even if you have accumulated debt. However, there are a few exceptions. For example, creditors can claim the death benefit. If you list your estate as a beneficiary, this will make the funds available to pay any of your outstanding debt. Another way creditors may take your death benefit is if they are paid to someone with whom you shared financial accounts. So if you and your spouse had joint accounts, the death benefits may be subject to those debts. Death benefits can also be claimed by creditors if the beneficiary has accumulated debt, meaning that as soon as they receive those proceeds, it becomes part of their assets, which creditors can claim if they owe money while it is unlikely that creditors will be able to take your life insurance. It is important to understand the exceptions. If you have any questions about your specific situation, we recommend talking to a trusted financial advisor or insurance agent.

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.

Policyholders often wonder if their life insurance can be considered a financial asset. Well, the answer typically depends on the type of insurance you have when it comes to life insurance. There are two main types term life insurance and permanent life insurance. Term life insurance covers you for a specific period of time, usually between five and 30 years and once that term expires. So does the coverage, it also does not build cash value and therefore it cannot be used as an asset. Permanent Life insurance on the other hand, provides lifelong protection. Now, this type of policy also has the ability to build cash value over time. This cash value can be accessed through policy loans or withdrawals and can be used for a variety of purposes while both types of insurance have their own advantages. Permanent life insurance is the one that has the potential to be used as an asset. Now, if you’re not sure what type of pol policy is right for you, speak with a life insurance agent to learn more about your options.

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.

After the death of a loved one, it can be difficult to think about money and financial contracts. But it’s essential to remember that annuity contract terms continue paying out the same way for the original annuitant beneficiaries as they had prior to the annuitant death. In simpler terms. Yes, annuities can be and typically are inherited spouses will also have more control over changing the terms of inherited annuities. The taxes you will owe on an inherited annuity will depend on the payout structure of the annuity and the status of the beneficiary with lump sums taxed immediately with the highest tax consequences. It should also be noted that minors cannot legally access their inherited annuity until they reach 18 years of age. Knowing the details about inherited annuities can really help to ease the emotional and financial burden of such difficult times. So it’s always best to speak to a trusted insurance agent before making any final decisions.

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.

Business insurance is one of the most important types of insurance. A business can have. There are many types of business insurance and each provides different levels of protection for your business. But is business insurance required by law. The answer is it depends, there are many business insurances that are not mandated by law. However, depending on the type of business you run, some states do require business owners to purchase certain types of insurance. Uh for example, many states require business owners to have workers compensation insurance if they have employees. Other types of business insurance that may be required by law include professional liability insurance, product liability insurance and commercial auto insurance. While business insurance may not be required by law. In all cases, it’s still a very important part of running a business. It can help protect your business from financial losses that can occur as a result of accidents, lawsuits or other unexpected events.

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.

A long term care life insurance rider or LTC RIDER is a policy added to your life insurance that can provide you with financial assistance. If you need to receive long term care services, it works by using part or all of your death benefit for long term care while you’re alive. An LTC RIDER can help pay for your long term care expenses that traditional health insurance doesn’t cover. However, if you’re considering adding an LTC Rider to your policy, you’ll want to make sure that your life insurance policy is large enough to cover both your death benefit and your long term care expenses. You’ll also want to be sure to read the fine print of your policy so that you understand exactly what’s covered and what’s not adding a long term care life insurance rider to your policy can be a great way to help ensure that you’re prepared for whatever the future may hold. If you think this rider might be right for you, be sure to talk to your insurance agent about your options.

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.

Many folks we talked to that are looking to secure their financial future, want to know whether annuities are a good investment or if they should be just completely avoided altogether. The answer is that annuities like many investments are not good and they are not bad. They’re just kind of in the middle. So whether they are right for you or not, depends on your financial situation. All annuities work in essentially the same way you pay a large amount of cash upfront and then you receive a fixed stream of come over time. Now, if you’re thinking ahead about retirement, then a fixed income annuity that supplements Social Security might be really attractive to you uh for people who want to be a little bit more speculative, um annuities might seem a little bit too conservative. So as part of a comprehensive portfolio annuities can provide a level of stability that may not be possible with more market based investments, like say uh mutual funds, for example. So before making a final decision on whether or not an annuity is right for you and your family, what I suggest is you set aside some time to speak with your financial advisor. They’re gonna help you out.

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.

A frequent question from families considering future health care options is whether or not Medicare and Medicaid are the same thing. Well, the short answer is no. Medicare and Medicaid are not the same. However, they’re both systems that provide health care coverage. All right, let me break it down for you. Medicare is a national program funded by tax dollars that serves all Americans over 65 as well as younger individuals with certain disabilities. Medicaid is an assistance program designed to provide health care coverage to low income individuals and families of any age. Now get this. If you’re over 65 and you have a limited income, it’s possible to qualify for both Medicare and Medicaid. But the easiest way to find out whether you qualify for Medicare or Medicaid is to visit the medicare.gov website or speak with your insurance agent.

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.

Every business owner wants to make sure they take advantage of all the tax deductions that they possibly can. And a common question regarding business insurance is whether or not premiums are deductible. Well, to start with, we all know that taxes are a very complicated subject and on any tax matter, it is really important to set aside time to speak with your accountant before making any decisions right now. That said the IRS recognizes insurance as a cost of doing business, which means in most cases, business insurance premiums are going to be tax deductible. However, for small business owners or for home based businesses, I have to say this, it needs to be said that trouble can emerge. If you try to use your business insurance to cover personal risks or personal expenses, you do not want that to happen. So long as your business insurance is used solely to cover risks faced by your business and is not used, you know, to try to cover personal situations, then it should be fully deductible. Now, I will say that in addition to talking to your tax professional, it would also be really wise to speak with a trusted insurance agent before finalizing any business insurance decisions.

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.