SilverBlog

Wisdom from our industry experts and our SilverLink magazine.

 
 

Blog Tag: insurance

Summer has a distinct sound – hamburgers sizzling on grills, music playing at outdoor festivals and bats crashing into baseballs. You’ll also likely hear the crack of thunder, the howl of strong winds and the clink-clink-clink of hail (probably bouncing off your roof or car). Inclement summer weather is unavoidable in many areas of the country, and people are often left with a sinking feeling as they are forced to listen to their homes and automobiles weather a severe storm. If you’ve ever experienced this, your first thoughts were probably about the deductibles on your homeowners and auto insurance policies.

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The first half of 2017 was marked by significant loss – not only in dollars, but, more tragically, lives as well. Three tornado outbreaks ripped through various parts of the country, resulting in over $3 billion of damage. Parts of California experienced severe flooding after a massive rainfall that caused a $1 billion loss. Hurricanes Harvey, Irma and Maria triggered one of the most destructive hurricane seasons in history. Needless to say, 2017 has not been good to the insurance industry from a global perspective. The U.S. property and casualty industry has recorded a net underwriting loss of $5.1 billion for the first six months of 2017, compared to only $2 billion for the same period in 2016.¹

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We get it – life insurance can be confusing. With so many different coverage options, it’s often difficult to know what is right for you or fully understand the policy you’ve already purchased. In very broad terms, there are two types of life insurance contracts: 1) term insurance; and 2) permanent insurance policies, such as universal life insurance.

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An Accident Waiting to Happen
Car accidents happen in the blink of an eye – a split second that turns a casual drive into a frightening collision. It doesn’t take long for panic to set in. You become worried about your passengers, yourself and your vehicle. One of the few calming factors during all of the chaos is knowing that this is what insurance is for. Accidents happen and insurance comes to the rescue. Right? Well, not always.

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When we shop for important things such as cars, appliances, and electronics there is a natural tendency to stay with what we know from past experiences and buy the same brand and model. It is a safe, dependable decision that we can feel good about. When it comes to insurance plans, many people have the same decision-making process and want to stick with “something and someone I know”. Again, a safe decision but maybe not the right one as we move ahead in the new work of benefits. The Affordable Care Act has changed the way we think of all our insurance plans, not just medical.

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