Q: Are life insurance proceeds taxable?
A: Most personal life insurance is non-taxable to the beneficiary.
Q: Why do I need an annuity, I am saving money on my own?
A: Your investments may not perform as expected, or, if you live longer than expected, you may need to decrease your income flow or risk running out of money.
Q: What are the factors that affect my homeowners insurance rate?
A: Many things are taken into account like: Age and condition of your house, square footage, type of heat source, age and type of roof, distance from the Fire Station, prior insurance claims, and your credit score are some considerations.
Q: Is there coverage for flood and earthquake on my homeowners policy?
A: Most policies require separate coverage for such events. While earthquakes can occur anywhere and policy costs are reasonable, floods are more frequent and will depend on the county flood zone mapping. Many lenders may require a flood policy as well as a homeowners policy if you live in or near a flood zone.
Q: Do I need to buy liability insurance for my utility trailer?
A: Your tow vehicle’s liability generally covers any liability claim for damage caused by the towed vehicle. The policy does not cover any physical damage to your trailer and you should consider buying a policy for comprehensive coverage.
Q: If I don’t enroll in a Medicare policy, what am I risking?
A: People over 65 who have Medicare and are covered on Medicare hospitalization (Part A) and enrolled in Physician Services (Part B) are not covered for prescription drugs. If you do not enroll in Rx coverage when you are first eligible to do so, you will be charged a monthly penalty premium when you do get a policy. In addition, Medicare has an annual deductible for both Parts A & B as well as covering only 80% of your claim, leaving 20% and the deductibles up to you. Enrolling in a Medicare Supplement or Medicare Advantage policy is the best way to protect your pocketbook.
Q: I’m a renter, do I need renter’s insurance?
A: Renter’s insurance covers your personal possessions from fire or theft. Your items can be covered for the replacement cost, instead of their depreciated value, and if you add it up, you may have more than you think. In addition, many landlords require proof of renters insurance as a condition of the rental agreement. These policies can also cover you for liability insurance against claims of your visitors who may get hurt while visiting your place.
Q: What is the advantage of an annuity?
A: One of the biggest advantages of an annuity is it allows the investor to save money without paying taxes on the interest earned until a later date.
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