May 2018 E-News: Don’t Rely on Employer Life Insurance Coverage Alone, Agency Happenings, Texas Trivia, Recipe of the Month & More!



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Don’t Rely on Employer Life Insurance Coverage Alone

life_insuranceFewer employers are offering life insurance to workers as an employee benefit.

Only 48% of employers offered life insurance as an employee perk, as of 2016. This reflects a steady decline of 23% compared to 2006 levels, according to the Life Insurance Marketing and Research Association (LIMRA).

The decline is curious, given that an average of 6 in 10 employees rank employer-paid life insurance as an “important” or “very important” part of an employer’s benefits package.

Americans are Underinsured

Americans are dangerously under-protected when it comes to life insurance. Three in four American households without life insurance report they would have immediate or near-immediate trouble paying for basic living expenses in the event of the death of a primary wage earner.

But relying solely on group life insurance coverage from your employer may not be sufficient. Tax laws limit the deductibility of employer-paid life insurance premiums to those required to provide a death benefit of $50,000, when many American working families need several times that amount of protection.

Even among those who have group life insurance from their employers, half still report they would have immediate or near-immediate hardship in the event of a breadwinner’s unexpected death, according to LIMRA figures.

Own Your Own Coverage

Even if employers weren’t cutting back on life insurance as an employee benefit, there are many good reasons to contact your TXINS insurance agent and take out your own life insurance policy. Here are our top 5:

1. It goes where you go. If you leave the company, you may lose your coverage. If you have a history of health issues, it may be difficult or impossible to get life insurance at that time. If you own your own policy, you don’t have to worry about losing your life insurance when you leave the company.

2. More coverage. While employers often limit what they’ll pay for to a death benefit of $50,000, or one to two times your salary, this may not be nearly enough. Experts often recommend owning at least 10-20 years’ worth of your current income in life insurance protection – particularly for younger families early in their careers.

3. More features. While most workplace life insurance policies are one-size-fits-all, buying your coverage from an agent in the open market means you can customize your insurance policy. For example, you can choose whole life or universal life insurance for permanent life insurance that accumulates cash value.

You can also get coverage to cover your spouse or domestic partner, whether or not they are working. Or you can choose to layer affordable term insurance with permanent coverage and convert your term insurance to more valuable permanent coverage over time, as your income increases.

4. Broader protection. As you go through your insurance needs analysis, you may uncover the need for other forms of insurance protection not provided by your employer. Since 2006, employers have become less likely to offer important insurance benefits like long-term care insurance, critical illness or cancer insurance, and long-term disability coverage.

5. You control the policy. If you get all your life insurance from your employer, they could shut their doors, lay you off, go bankrupt, or simply cancel the benefit tomorrow. Again, if you’ve had medical problems, it could be difficult or impossible for you to line up replacement coverage. By owning your own policy and not relying on your employer, you guarantee that no one can terminate the policy except you.

 

We Are Here for You!

Texas Insurance & Financial Services, Inc. is your trusted advocate. As an independent insurance agency, TXINS represents a wide network of A-rated insurance companies, which allows us to find the best insurance policy to fit your needs and budget. We don’t believe in cookie cutter policies and will customize a plan specifically for you. Your overall satisfaction is our top priority.

TXINS offers complimentary insurance reviews to ensure you are getting the right coverage for yourself, your family, or your business. To schedule your review, contact us today at 800-541-9849 or via email. Together, we will ensure you are protecting what matters most.

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AGENCY HAPPENINGS
  • Happy May birthday to Jo Ann Hernandez! We hope you enjoy your special day!
  • Happy May work anniversary to the following TXINS staffers: Marcie Ramm-4 years and Amber McDonald-4 years. We are so proud to have you as members of the TXINS team!
  • Congratulations to Kenny Trochta for winning April’s Texas Trivia Contest. We hope you enjoy your free Whataburger gift card! Don’t miss your chance to win a $5 Whataburger gift card in our Texas Trivia contest….check out this month’s question below!

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Protect Your Home or Business from Flood Loss
Most likely your homeowners or general commercial insurance policies don’t cover flood damage.
Just a few inches of flood water inside your home or business can mean thousands of dollars in damage. The average flood claim equates to $37,000. Only a separate flood insurance policy covers flooding. If a flood damages your home, business, or the contents inside, don’t be left to pick up the financial pieces by yourself, protect your investments with flood insurance.

Know Your Flood Risk
• Flood risk for each building is set by FEMA on flood zone maps in the National Flood Insurance Program (NFIP).
• Flood insurance is required by lenders to protect homes and businesses in high risk flood zones. In low-moderate risk flood zones, informed owners often choose to purchase flood insurance with preferred risk (discounted) rates.
• There is a 1 in 4 chance your home or business may be damaged by flood, even if you are mapped into the low-moderate risk flood zone. Don’t be fooled by a line on the map; everyone has a risk of flooding.

Flood Insurance is Important for Everyone
• Floods happen everywhere – in all 50 states and in your neighborhood. Flood insurance helps homeowners and business owners weather the storm.
• Common causes of flooding include: tropical storms, rapid rainfall, spring snowmelt, changing weather patterns, clogged rainwater systems, new building development, even drought or wildfire conditions.
• Flood insurance pays qualified claims quickly so you can begin to rebuild and recover.
• Property owners or renters can protect their homes, businesses, condo units, and their contents.
• Don’t rely on federal disaster assistance. Disaster assistance, typically a loan for less than $3,500 to be repaid with interest, is available only with a presidential declaration.

Don’t Delay!
Generally, there is a 30-day waiting period from the receipt of premium until the policy goes into effect. Hurricane season officially starts June 1, 2018. Now is the best time to secure flood insurance. Don’t wait until it’s too late.

Contact a TXINS agent today to learn more about flood insurance.

 

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Recipe of the Month:
Ham & Cheese Brunch Bake

Author: Delish
Prep Time: 15 min   |  Cook Time: 45-55 mins
Serves: 4

Ingredients:

  • 10 large eggs
  • 1 1/2 c. milk
  • 2 tsp. Dijon mustard
  • 2 tsp. fresh thyme leaves, plus more for garnish
  • 1 tsp. garlic powder
  • kosher salt
  • Freshly ground black pepper
  • 4 c. cubed French bread or baguette
  • 1/2 lb. ham, chopped
  • 1 1/2 c. shredded white Cheddar

Instructions:

  1. Preheat oven to 350 degrees. In a large bowl, whisk together eggs, milk, dijon, thyme, and garlic powder and season generously with salt and pepper.
  2. Butter a large baking dish. Add bread and top with ham and cheddar. Pour over egg mixture.
  3. Bake until eggs are cooked through and ham golden, 45 to 55 minutes. (To make ahead, cover baking dish with aluminum foil and refrigerate at least 4 hours and up to overnight, then bake as directed.)
  4. Garnish with more thyme and serve.

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Texas Trivia

Despite flash floods that occur in the Texas Hill Country, San Antonio’s River Walk generally has remained safe from the river overflowing. With a hidden secret at its heart, the River Walk flood control system protects the lives and businesses of thousands in downtown San Antonio.

Long before downtown San Antonio centered around the River Walk, floods regularly devastated the area. Between 1845 and 1921, seven catastrophic floods overflowed the San Antonio River (1845, 1865, 1880, 1899, two in 1913, and 1921). In 1920, civil engineers conducted a study of the river to determine the best ways to prevent future floods. This would form the basis of the planning for the River Walk flood control system.

Since its planning in 1929, the River Walk would become a feat of engineering and commercialism. Thanks to funding procured from the Works Progress Administration in 1939, the River Walk’s initial bridges and walkways were built, and the signature cypress trees along the river were planted. The River Walk flood control system worked, and the tourist area now hosts an estimated 10 million visitors each year.

Dams are critical components to help maintain water levels along the San Antonio River and the River Walk. How many dams can be found along the length of the San Antonio River? Email us your answer. If you are one of the first three people to answer correctly, you’ll win a $5 Whataburger gift card! 

Show Your Spirit, Texas!

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Congratulations to Bertha Gomez of El Campo, TX for being our April Referral Program winner. Thank you for your referrals, Bertha!
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From our customers…

“Everyone is responsive, reliable, and respectful.”
James Mohon, Tyler, TX

Texas Insurance & Financial Services, Inc. is proud to be an independent Trusted Choice Agent. We provide our clients with a choice of companies, offer complete customization of policies, and advocate on our clients’ behalf to ensure each receives quality service and quality product. We are committed to providing competitive pricing and unparalleled customer service. You have our word on it.

 

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