Posted by John Coyle on Fri, Oct 03, 2008
You may not consider a broken bone, nervous condition or bout with influenza completely disabling, but such afflictions may cause you to miss work for an extended period of time, which could put undo stress on your finances and quality of life. Should an accident or illness ever render you unable to work and generate income, disability insurance could truly be a lifesaver. Many people believe that their workplace will provide necessary reimbursement in the event of a misfortune, but that is not always the case. Even if available, company-issued disability insurance is not always sufficient and may only provide a very small portion of your earnings each month. Tri-Star Insurance Professionals, Inc. of Plano, Frisco and North Dallas can give you the full rundown regarding supplemental policies to find one that best fits your needs.
According to the Health Insurance Association of America, about 30 percent of middle-aged Americans will suffer a disability of at least three months at any point in their careers. That being said, a quick lesson on disability insurance may come in handy someday.
What exactly is disability insurance?
Individual disability insurance is in place to provide you with a high, tax-free percent of your income if you cannot work due to a legitimate reason. As the details of every disability insurance policy differentiates between providers, aiming for the cheapest rate is not always the best idea. A quality contract will increase the likelihood of higher monthly benefits.
How Long Can I Receive Disability Benefits Through My Policy?
Monthly benefits are payable for a fixed period depending on the severity of the claim. Following a short waiting period after filing your benefits may last as long as a lifetime or as little as a two years. Generally, longer waiting periods are a result of a cheap policy. The most commonly available benefit periods are two years, five years, and to age 65.
How Much Disability Income Coverage Do I Really Need?
Experts recommend that a policy should replace 60 to 70 percent of taxable earnings. If purchased with after-tax dollars, your monthly reimbursement will usually be income tax free unless you have a group policy through your employer, which is always taxed.
What are some tips to obtaining coverage?
As insurance usually gets more expensive as you get older due to diminishing health, buying young is a smart move because you will be able to lock in a lower premium. Also, consider purchasing a noncancelable policy, which is protected from cancelation or adjusting premiums as long as you pay your premiums on time. Finally, comparing policies from at least three different insurers is ideal, and an independent insurance agency such as Tri-Star Insurance can do all the work for you.
If you want to learn more about individual disibility insurance contact Roger Harkins of Tri-Star Insurance today at 214-387-0600 or visit them on the web at www.tristarins.com. Give yourself peace of mind by knowing you will be financially covered in the event of an accident or illness.
Related Links
National Organization on Disability
Disability Resources
Texas Department of Insurance
Posted by John Coyle on Fri, Jul 18, 2008
With a vast assortment of insurance plans on the market, it can sometimes be frustrating to find a package that fits your needs at a reasonable price. If you are looking for low-cost insurance in the North Dallas, Plano, or Frisco areas, then let Tri-Star Insurance Professionals aid you in finding just the right combination of personalized insurance coverage at just the right cost. To ensure that you will receive maximum coverage at the most competitive price, Tri-Star plays to its strengths as an independent agency, versus a captive insurance agency, to find you the best option available.
What is the difference between an independent agency and a captive agency?
A “captive” insurance agency is just what it sounds like. Agents are a captive of the company they work for which means they exclusively represent that company. They can only provide you with the rates that their agency offers with no exceptions. There are many easily recognizable captive agencies such as State Farm, Allstate, and MetLife.
On the other hand, an “independent” insurance agency represents numerous companies. Independent insurance agents, or brokers as they are commonly called, can research what the top insurance companies offer and let you choose the rates and coverage that is best for you. Basically, they are free to do business with any carrier in order to find a package that is tailored to your needs. By working with an independent agent, you have more choices available than just what a single company offers.
How Can I Lower The Cost of My Insurance?
In order to lower their insurance costs, many people choose to ask for a higher deductible. Deductibles are what you are required to pay before your insurance policy kicks in. By asking for a higher deductible, you can save more on your monthly premiums, but the potential for out-of-pocket expenses is much greater. For example, if your deductible is $2000, a trip to the emergency room, or even a minor surgical procedure may require you to pay the whole cost up front. If doing that would plunge you into severe financial strain, then requesting a higher deductible is unwise.
Many people also decide to minimize the amount of coverage they currently have with a policy in order to save money. “That’s not necessary”, says John Coyle, agent at Tri-Star Insurance, "there are legitimate ways you can retain decent coverage while not draining your pocketbook". Prices vary from company to company, so shop around for the best rates. That is where an independent agency such as Tri-Star in Plano - Frisco - North Dallas can come in handy, because they will do all the legwork for you by researching to find the most affordable plan available. Also, by combing packages such as auto and home insurance, you may receive a multi-policy discount.
If you are looking for the best in low-cost insurance, call John Coyle or one the talented associates at Tri-Star Insurance today at 1-800-880-4600, or visit www.tristarinsurancepros.com.
Related Links
Insurance Information Institute
Texas Department of Insurance
Insurance Blog
Posted by John Coyle on Mon, Jun 30, 2008
If you are considering moving to a condominium, you may be wondering whether you need a standard homeowner’s policy or something more.There are a lot of perks to condo living in Texas. You don't have to deal with tending to your lawn all summer long. You never have to paint a house again. Your utilities bills are cut dramatically. For those of you who are interested in low-impact living, you may even find yourself in a "green" condo! There are many benefits, no doubt. Nevertheless, there is one piece of business that you still need to take care of -- condo insurance. No, you don't need your homeowners’ policy any more, but you do need to protect your property and investment. John Coyle knows how to help you get the coverage you need at a price you can live with. Tri-Star Insurance offers these tips about buying insurance for your condominium.
HO-6
Condominium insurance is different from standard homeowners insurance. The policy you need for a condo is referred to as an HO-6. An HO-6 protects your personal property from damage and loss from things like fire, smoke, vandalism, theft, storms, lightning, theft, explosion, broken glass or volcanic eruptions. However, it does not cover earthquakes, floods or hurricanes. You will need separate coverage for these types of disasters.
Condominium insurance pays for things like your personal belongings, electronics, clothes, furniture and the other items in your home that you own. You will probably need extra coverage, however, for jewelry, art, baseball card collections or other personal luxury items.
Master Policies
Your condo association will have a master policy. This policy covers damage to the structure of the building, as well as things like elevators, stairwells, basements and other common areas. It is very important that you clearly understand everything that is and is not covered by the master policy, because whatever that policy does not cover is your personal responsibility. The premiums for the master policy will come out of your condo association’s dues, but unless the master specifically says otherwise, tenants need to pay the deductible on the policy before coverage kicks in. That deductible will be split evenly among all of the individual owners, so you need to know how much that is. Make sure you have an emergency fund, if you need one, to be able to contribute your required share.
There are two main categories of master policies. One is known as “bare walls in” and it covers damage to everything between the exterior framing and the walls of your condo. Fixtures and installations are not covered in a “bare walls in” policy. Neither are floors and ceilings of individual units. If your building has a “bare walls in” policy, you need to be sure you have extensive coverage in your HO-6 policy and its addendums. The other type of policy is known as an “all in.” This “all-in” is a sure bet because you won’t need individual coverage for the floors, ceilings, fixtures and installations.
Call a Pro
It can be easy to be confused about condominium coverage. Tri-Star Insurance Professionals, owned by John Coyle, provides condominium insurance that you need for your new North Dallas, Frisco or Plano home. To learn more about condo insurance, call them today at 214-387-0600 or toll-free at 1-800-990-4600.
Related Links
CondoAssociaton.com
Find a Condo
Condominium Decorating Tips
Posted by John Coyle on Sat, Feb 16, 2008
To be certain that your small business will be protected from potential losses due to accidents, illnesses and injuries, acts of nature or crime and potential legal liability, you need a commercial insurance agency that offers complete coverage for your small business. In the North Dallas, Plano and Frisco areas, that agency is Tri-Star Insurance Professionals, Inc. John Coyle, of Tri-Star Insurance, has been in the insurance business for nearly 20 years and specializes in businesses that operate in North Dallas, Plano and Frisco, TX. Contact Tri-Star Insurance Professionals today at 214-427-7231 or call toll-free at 1-800-880-4600. They will work with you to make sure your commercial insurance needs are handled professionally and with the utmost in customer service.
If you are an entrepreneur starting your own small business in the North Dallas, Plano and Frisco TX areas, your small business needs commercial insurance coverage in these four areas:
Commercial Liability Insurance: While you plan for and expect to provide your customers with a great product or service and excellent TLC, the harsh reality is that problems happen and you need to be protected in the event that your small business gets sued. A general liability policy can protect your company’s assets from being lost to a lawsuit.
General liability insurance will help you cover the costs associated with any lawsuit. Typical coverage includes things like your attorney’s fees, court costs and other expenses involved in the investigation and defense of your suit. It will also cover any judgment or settlement that may be assessed against your small business.
Commercial Property Insurance: Commercial property insurance is another type of commercial insurance you need to protect your business from losses due to things like fire, theft and vandalism. No one likes to think about losses like this and with the right commercial property insurance, you won’t have to. This type of small business insurance will pay for the costs of repair or replacement of items that are damaged or lost due to unforeseen circumstances like theft, vandalism or fire. Some policies will also pay to repair or replace equipment that breaks down. If your losses cause you to suspend operation of your small business, many policies will reimburse you for your loss of income for a pre-determined amount of time. This can be life saving to your business. Why risk losing everything do to situations that are out of your control, when commercial property insurance is available to protect you?
Worker’s Comp Insurance: Worker’s comp insurance is required by law in most states and is a critical insurance need for your small business. Whether or not you carry small business health insurance, you do need to provide worker’s comp coverage. This type of insurance covers the medical costs associated with an employee accident or illness that is the result of the workplace and job. By accepting worker’s comp insurance, the employee is agreeing not to sue the company for any losses due to the illness or injury and the employer agrees to provide state-mandated benefits.
Commercial Auto Insurance: If you own or rent any vehicles for business use, you need to consider your options for commercial vehicle insurance. As with personal auto insurance, types of coverage vary widely and can cover damage to your vehicles or someone else’s vehicles involved in an accident. Commercial auto insurance can also cover medical expenses resulting from an accident. You'll want to consider a comprehensive policy to cover losses incurred from fire, lightning, theft, hail, flood and vandalism as well.
Related Links
Entrepreneur
Frisco Chamber of Commerce
Business Week
Workers Compensation