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How Much Life Insurance Is Enough?

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Life in Ruidoso, NM, has its perks. The fresh mountain air, fantastic winter sports and laid back New Mexico lifestyle are all amazing. Sometimes it’s hard to imagine thinking about things like life insurance, but it’s important. When shopping, you’re sure to have plenty of questions, but at Family Insurance Associates, we’ve found that the very top question is, “How much life insurance is enough?”

Consider Your Debt

No one wants to leave behind debt. Ultimately, all of the bills come due, and that’s not a pleasant thought. So, consider how much you have left on a mortgage, car loans, student loans or anything else. If the insurance policy can cover everything remaining on those loans, it’s a very good start.

Keep something in mind. You can be in a good financial situation and have debt right now. There’s nothing wrong with it. But, when you aren’t working, the paychecks stop coming. That’s why the insurance needs to cover all of your outstanding debts.

Who Do You Support?

That brings us to the next point. The paychecks stop coming. That means anyone who depends on you for income could be in a very difficult spot. This doesn’t just have to be a spouse or children. Plenty of people support their parents, other family members and other people in general. With life insurance, you can maintain that support by having a sufficient policy. The general idea is that the lump sum of life insurance can be invested to provide lasting income. The rule of thumb is to have $500,000 plus however much you make in a year. It’s not a perfect gauge, but it gets you in the ballpark.

You can see how getting the right amount of coverage can be tricky, even in Ruidoso, NM. A simple conversation with your Family Insurance Associates representative can make sure you have everything you need.

Commercial Insurance: The Protection Growing Companies Need

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For small businesses, one of the most critical steps that they can take is to put the right insurance policies in place. This can be the difference between recovering quickly from a disaster and struggling. Commercial insurance is several policies combined to cover various parts of the business. Every company is different, so the agents serving the Ruidoso, NM area at Family Insurance Associates will work with you to get the proper type and amount of coverage your business needs.

Property insurance will cover any physical structures the business owns, but it will also include the building’s contents such as computers, inventory, materials, and data. Special inclusions can be made if the business frequently attends events off-site, such as fairs, trade shows, or public demonstrations. 

Liability insurance protects in several ways. If a guest is injured at the business location, it will protect the business. It can also cover any injuries individuals receive from the products the company offers. For professional corporations, there is professional liability coverage available. Employees are protected if they get injured on the job by workers’ compensation. Some businesses maintain business continuity policies to help them recover quickly following a disaster. This can keep the company afloat until they can resume normal operations. Another option is umbrella insurance that is added peace of mind. These plans only go into effect when the primary policy limits are maxed out. Corporations with a vehicle fleet also have commercial auto insurance policies.

The term commercial insurance encompasses a wide variety of policies. These can be tailored to the specific needs of a business. The team at Family Insurance Associates understands the needs of companies in the Ruidoso, NM area. Visit the website, then call or come in. It’s never too early to protect the business you’ve worked so hard to build.

Should you modify auto insurance when a vehicle gets older?

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It is a good idea to have an auto insurance review at least once per year and more frequently if some substantial change occurs. Work with your agent at Family Insurance Associates, serving Ruidoso, NM, and the surrounding area, to make sure your auto insurance is adequate.

Your agent will give you a recommendation based on any changes that occurred since your last review. Be sure to inform your agent about moving, using a vehicle differently, letting other people drive it, any custom modifications that were made, and where it is stored.

Replacement vs. Actual Value

For a new or fairly new vehicle that is less than five years old, having replacement value coverage is probably a better choice than only insuring actual value. With replacement value, if your vehicle is totaled, you may be able to make a claim that replaces the vehicle with a brand-new one of the same model type.

For an older vehicle, insuring the replacement value may not be practical. You may choose to insure only the actual value. The actual value is what you could sell the vehicle for on the open market. If you are insuring a lower value, your premiums will be reduced.

As your car becomes older, you may want to adjust the comprehensive portion of your auto insurance to cover the lower value of the vehicle.

Deductible

Your choice of a deductible will impact your monthly premiums. One technique to consider is to have replacement value for newer cars along with a high deductible to keep premiums lower. The deductible will be the amount you are out-of-pocket if the vehicle is totaled.

As the vehicle gets older, you can switch to the actual value and lower the deductible to have less out-of-pocket expense if the vehicle is totaled.

Summary

Lowering the insured value to the actual value of an older vehicle is something to consider with each annual auto insurance review. To get a review and a quote, contact your agent at Family Insurance Associates in Ruidoso, NM by calling 575-257-0998 to discuss your options.

Qualifying for Medicare in Ruidoso, NM

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You may wonder if you’re eligible for Medicare, especially when an insurance policy is so expensive. According to the American Association of Retired Persons (AARP), it’s expected that 79 million people will have Medicare by 2030. This rise may be attributed to the high number of individuals who are turning the age to collect these benefit. Family Insurance Associates, serving Ruidoso, NM and the surrounding area, helps individuals understand when they’re eligible as well as other specifics regarding Medicare. 

Age Plays a Role

Generally, you can’t receive Medicare unless you’re 65 or older. At this age, you’re eligible for part A, which is hospital insurance. Additionally, you qualify for part B, which is your standard medical insurance. Moreover, if you’re eligible for these two plans, you also can receive a prescription plan, more commonly known as a Part D plan. A spouse who isn’t working may collect at age 62. 

How Long You Worked

You have to work at least 10 years to qualify for Medicare benefits. You have to earn at least 40 credits. You earn each credit by working for a quarter. You can still qualify for Medicare if you don’t have enough credits; however, it’ll affect how much you have to pay for your premium. 

Certain Disabilities

If you have certain disabilities, you may qualify for Medicare, even if you’re not 65 or don’t have a spouse who’s 65 or over. You must qualify for Social Security Disability to also qualify for Medicare. Before you can apply for Medicare, you have to collect either certain Railroad Retirement Board benefits or Social Security Disability benefits for at least two years. 

Certain Diseases

You may qualify for Medicare based on your medical conditions, such as end-stage renal disease or amyotrophic lateral sclerosis (ALS). You may even utilize your Medicare benefits at the same time as your disability benefits. 

Discuss Medicare benefits with an insurance professional from Family Insurance Associates, serving Ruidoso, NM and the surrounding region, by contacting us at 575-257-6146. 

 

Are Security Cameras Enough to Protect My Home?

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Home security systems can include a wide variety of devices but some experts believe all you really need is a good video surveillance system with a couple of extra features like still image capture and two-way voice communication. If you live in the Ruidoso, NM area and are looking into home security systems, the agents of Family Insurance Associates have helpful information you may need. Buying the right surveillance equipment will allow you to accomplish your goals without having to install different devices.

Eyes and Ears On Your Home

A video surveillance system allows you or a professional monitoring center to have eyes and ears on your home at all times. What this means is that you will have 24-hour coverage any time that a motion detector sends an alert that someone is on your porch or near your video cameras. This not only gives you ample opportunity to act, but it also will help you identify the person on your property.

Two-Way Voice Communication

Many security cameras, including the new video doorbell viewers, have two-way voice communication capabilities that allow you to talk to the person in real-time. This gives you an opportunity to keep them engaged long enough to get a good picture as well as get additional information as to why they are there.

Strategically placing your cameras so that all of your entrances are covered can help you stop a break-in before it is attempted. Video surveillance cameras have many features that can accomplish the majority of your security goals. The agents at Family Insurance Associates serve the residents of Ruidoso, NM and are always available to provide the information you need to make an informed decision when it comes to buying the best home security cameras on the market. Call today!

Is It Better to Buy Dental and Vision Insurance Separately or Can I Get them Both in One Policy?

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At Family Insurance Associates, the agents provide Ruidoso, NM residents with the dental and vision insurance they need for both their families as well as for themselves. Dental and vision policies are often sold separately aside from the more traditional healthcare policies. It can be difficult to learn what all is included in the policies you are offered, so it’s important to ask questions.

Buy What You Need

When you have a family, it’s important to protect their health, including their dental and vision needs. If your healthcare policy doesn’t include any dental or vision coverage, you can add supplemental policies that will provide the coverage that is lacking. In most cases, you can purchase dental and vision policies separately, aside from your healthcare insurance.

Bundle Your Policies

Having a family means multiple types of insurance. Instead of purchasing each type of policy separately, you can bundle them into one policy and make one, individual payment each month at a discounted price. Bundling policies saves you both time and money and allows you to customize your insurance policy to meet your family’s needs.

If you live in Ruidoso, NM and are looking to find affordable dental and vision policies, call the agents of Family Insurance Associates. They can provide you with dental and vision policies separately or as a bundle along with other types of health insurance. Don’t wait until your family needs a dental or vision exam to purchase a policy. Visit their office or schedule an appointment to discuss your options. They can bundle the type of policy you need so that your family is fully covered.

How much life insurance do I need?

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Life insurance provides protection against untimely or unexpected death. It can help to pay for any outstanding debts or obligations that you may have. It can also pay for your funeral and burial. Many factors influence the amount of life insurance that is correct for you and your situation. The agents at Family Insurance Associates, Ruidoso, NM are there to help you decide the amount of life insurance that your situation requires.

Among the things that affect the amount of life insurance that you need are your age, your income, your family situation, and your outstanding obligations.

Age

The younger you are the more insurance you require in most cases. While your risk of dying may be smaller, your obligations are liable to be higher. It is a good time to invest in policy since the rates will be lower than when you get older.

Income

When determining your insurance coverage amount you need to figure how much your income is required by anyone you are leaving behind and for how many years they will need that assistance. It could be a family or aging parents but basically, the figuring is similar income times number of years.

Family

If you have young children, you will need to have more life insurance coverage. Your wife/partner will be left to provide for the family and when you are used to living on two incomes, losing one of them can cause severe financial issues.

Obligations

Especially if you have a mortgage, it is important to make sure that not only do you provide for your family but you also leave enough money for them to pay off the mortgage on your home. It is traumatic enough losing your spouse/partner but losing your home as well is something that you don’t want to happen.

Why not give the office of Family Insurance Associates, Ruidoso, NM a call and set up an appointment to discuss your life insurance needs. Your loved ones will be happy that you did.

 

 

 

 

 

 

Protecting Your Inventory In-Transport

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In order to keep the shelves in your Ruidoso, NM area business stocked, you rely on a network of logistical elements. From the warehouse that stores your potential stock to the trucks that carry them across the country, there are multiple links in the chain between you and your inventory. When things go wrong, the right insurance policy from Family Insurance Associates can help you avoid taking a big loss. What policies help protect your goods throughout the shipping process?

  • After you’ve placed your order and payment has been accepted, the goods legally belong to you. If an accident caused your ordered goods to be broken, spoiled, or otherwise damaged, the distributor’s warehouse insurance would cover the costs of your lost inventory.
  • Large shipments represent a big investment for many retailers. Commercial shipping insurance protects your investment while it’s moving along the path towards your storage facilities. Commonly covered events include theft, loss, and damage from weather or accident.
  • Once your order has made it safely to your shelves, your commercial property policy kicks in. If your inventory gets damaged or stolen while it’s on your property, you can claim the replacement value from your policy.
  • Does your business deliver? A commercial auto insurance policy ensures that your costs are covered if a problem occurs while an item is en route. Of course, our driver and vehicles are covered too.

Insurance policies are an important part of protecting your retail-based business. Family Insurance Associates provides a variety of commercial insurance policies for businesses in the Ruidoso, NM area. Contact our agents now for a professional assessment of your business insurance strategy.

Five Common Car Insurance Myths You Must Know About

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When considering a car insurance policy with Family Insurance Associates in Ruidoso, NM, having the right information is critical. Not understanding how your policy works could end up costing you thousands of dollars. The following are five car insurance myths that you should know about in New Mexico.

Myth 1. Your car’s color will affect how much you pay for insurance.

Many people believe that red cars automatically have higher insurance rates, but nothing could be further from the truth. The only factors that determine your car insurance rate are details like the age of the car, your driving record, the safety features of the vehicle, and how much it would cost to replace the vehicle. 

Myth 2. A new car is more likely to be stolen than an older car.

In 2018, a report by the National Insurance Crime Bureau (NICB) showed that most stolen cars were older models. In fact, the most stolen car was the 1998 Honda Civic, with 6,707 thefts reported. The thinking behind this is that because many people are keeping their cars longer, thieves choose those older cars because there’s a huge resale market for their parts.

Myth 3. Car insurance will cover you if your car is totaled in a crash.

If you get into an accident, your insurance company will pay the actual cash value of your car. The only time that the full cost of your vehicle is covered is if you have gap insurance.

Myth 4. If your friend is driving your car and gets into an accident, your friend’s insurance will cover it.

Absolutely not. If your friend gets into a car accident while driving your car, you and your insurance are responsible. Insurance tends to follow the car, not the driver.

Myth 5. The older you are, the more insurance you’ll pay.

Not true. Older drivers, especially those over 55, can usually get their rates reduced by up to 10 percent if they take and complete a defensive driving/ accident prevention course.

Contact our office in Ruidoso, NM to speak with a friendly agent from Family Insurance Associates about getting a quote for your vehicle.

 

What Factors Do You Need to Consider When Selecting a Medicare Insurance Plan?

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Selecting the right Medicare insurance plan or supplemental plan is not always easy. Many people get confused about the differences between policies, what is covered, and what coverage they need. Here at Family Insurance Associates, serving the Ruidoso, NM area, we want to help make the process as easy as possible. Here are a few of the factors you should consider when you are looking to purchase a Medicare insurance plan or supplemental plan. 

Coverage

One of the first things you need to do when considering a Medicare insurance plan is to understand the coverage. Different parts and supplemental plans have different types of coverage. One part may cover prescriptions, while another may cover hospital stays. Think about what coverage you already have or do not have with a private medical plan and then look for a policy that fills in the gaps that you need. 

Out-Of-Pocket Expenses

Next, look at any out-of-pocket expenses you may have with a plan, including co-pays and deductibles. You need to ensure you can afford the out-of-pocket costs that go along with the plan you are selecting. 

The Star Rating

Lastly, look at the star rating of the plan. The star rating is a rating from both providers and customers related to the plan. The rating is based on customer service, coverage, the plan’s quality, and how well people feel the plan performs for them. This is sort of like a review, allowing you to see how other people rate this specific plan. 

At Family Insurance Associates, serving the greater Ruidoso, NM area, we can sit down with you and discuss your medical insurance needs and help you select the right Medicare insurance plan for you. Give us a call now to schedule your appointment.