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.

Privacy Statement

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This Privacy Statement explains Family Insurance Associates’ practices regarding non-public, personal information that is collected by us on this website.
Family Insurance Associates may obtain information concerning non-public, personal information, such as name, address, date of birth, assets, driver license number, and general underwriting information concerning risk exposures, policy coverage(s) and premium(s) in order to provide professional services to you.
Family Insurance Associates may disclose all or part of personal information as permitted by law to non-affiliated third parties solely for purposes of servicing or processing an insurance product or risk management service that is requested or authorized, such as developing risk assessments and solicitation of quotations from insurance carriers. Family Insurance Associates has policies and procedures in place to limit access to your information to only those who have a business need to view it. You may have an individual right of access to the non-public, personal information that we possess or acquire.
We maintain administrative, technical and physical safeguards to protect the privacy of non-public, personally identifiable information (PII). We will never sell, rent or share your personal information except to provide professional services to you as described above.
We may use Google Analytics, a web analytics service provided by Google, Inc. (“Google”). Google Analytics uses “cookies”, which are text files placed on your computer, to help the website analyze how users use the site. The information generated by the cookie about your use of the website (including your IP address) will be transmitted to and stored by Google on servers in the United States. Google will use this information for the purpose of evaluating your use of the website, compiling reports on website activity for website operators and providing other services relating to website activity and internet usage. Google may also transfer this information to third parties where required to do so by law, or where such third parties process the information on Google’s behalf. Google will not associate your IP address with any other data held by Google. You may refuse the use of cookies by selecting the appropriate settings on your browser, however, please note that if you do this you may not be able to use the full functionality of this website. By using this website, you consent to the processing of data about you by Google in the manner and for the purposes set out above.
Our website contains links to other sites, and other sites may link to the Family Insurance Associates site. Web sites linking to and from this site may have different privacy practices from the ones described here. The privacy policies of Family Insurance Associates apply only to our website. Please read the privacy statements of other web sites you visit for information regarding specific privacy practices.
We reserve the right to amend, modify or supplement this Privacy Statement at any time in accordance with applicable laws and regulations. If changes are made to the Privacy Statement, we will provide copies of such changes as requested or required by applicable laws. For information about your individual right of access or this Statement, please send a written request to: info@familyinsuranceassociates.com

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 my home covered for fire with my homeowners’ policy?

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Your homeowners’ policy protects you if your house burns down as a result of fire, for example – fire as a result of a forest fire, lightning or electrical fire. The dwelling limit on your policy means the carrier will pay you upto that limit to build your house. This is also called coverage A.

With many Insurance carriers, you can opt to add an additional replacement cost option for an additional premium, that will increase the dwelling limit amount. An electrical fire, for example, due to electrical wiring that is hidden in the wall that you cannot see or expect would be covered but fire due to negligence or poor maintenance is not covered.  Not saying that fire caused by appliances will not be covered, if you have well-maintained appliances it should be covered. 
You must have heard about adjusters coming in after a claim. They are there to assess the extent of damage as well as the cause. Anytime a carrier finds negligence or intentional harm, a claim is not covered. 
Feel free to ask additional questions from your agent.

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.

 

 

 

 

 

 

Split Limit Insurance Vs Combined Single Limit

Posted on by Monika

Split Limit Liability Insurance
In New Mexico you have options to purchase a split limit or combined single limit automobile policy. In a split limit automobile policy, you will purchase a limit of liability insurance that will have three numbers. Your declarations page of your auto insurance policy may include an annotation that looks something like 100,000/300,000/100,000, for example.

In the given example, your policy would be providing you with a maximum of $100,000 of bodily injury liability per person with a maximum amount per accident of $300,000. If you seriously injured one person in an accident you would have $100,000 of liability protection to offer them in compensation for their loss (medical expenses). If two people were injured in the accident, your policy could provide up to $300,000 for that accident, but not more than the $100,000 limit per person.

The property damage limit of liability is independent of the bodily injury limit and paid separately. This means if two people sustain $100,000 of medical bills each after the accident and you totaled the new $70,000 Corvette they were driving, your policy could issue a total claim payment of $270,000 in order to cover the property damage and the bodily injury losses resulting from your at fault accident.

Combined Single Limit (CSL) Liability Insurance
If the liability coverage on your auto policy is written as a combined single limit, there is no differentiation between bodily injury payouts per person, per accident, or property damage claims. All claims are paid out of the same combined limit, up to the amount stated on your declarations. For example, your policy may list your liability limit as $500,000 CSL. This means that in the event that you cause an accident which results in one person sustaining bodily injury losses and medical bills totaling $400,000 you would have an adequate amount of insurance to pay for those 3rd party losses.

If your bodily injury liability coverage had been written as a split limit for $100,000/$300,000, the scenario of one driver in the other vehicle sustaining $400,000 of bodily injury loss would leave you underinsured by $300,000.

Which is better, Split Limit or CSL?
It really depends on the specifics of the accident, and since no one has a crystal ball, the most imperative thing is to be sure that you have an adequate amount of liability coverage. With the rising medical costs and vehicles today, sufficient liability limits must be maintained to complete a comprehensive risk management portfolio. Oftentimes, Umbrella Liability policies can be used as an inexpensive means to increase the amount of liability insurance limit you carry when the underlying limits available on a personal auto policy are not sufficient in protecting your assets from potentially large liability settlements.