Family Protection with Life Insurance

A personal insurance policy is there to cover the cost of the unexpected, but it also provides people with the peace of mind in knowing that financial matters will be taken care of when life’s nasty surprises suddenly rear their ugly head. Of all the different types of personal insurance currently available, it is perhaps life insurance that pulls at the heart strings the most. A sudden death can leave dependent relatives vulnerable, but life insurance can ensure that loved ones are looked after financially when an income is suddenly lost. There are a number of factors to consider before buying the best insurance policy for your needs.

How Much Insurance Coverage Do You Need?
The more coverage you require, the more expensive your premiums will be, so it’s important to gauge your liabilities and purchase only the amount of coverage you need. If you are the main earner in your household, you will want to know that your mortgage is taken care of, your children are looked after until they grow up and any outstanding financial liabilities are paid off. You should consider taking out a policy that will pay beneficiaries at least seven times your annual salary. It is also good practice to assess your life insurance needs once a year. You may not realize it at the time, but growing incomes can lead to higher debts and higher standards of living.

Read more on finding the best life insurance policy for your needs. If you are currently considering Oklahoma city life insurance but are unsure of which type of policy is best for your specific circumstances, call us at 800-375-8356, and we’ll talk you through your options.

Convoluted Dental Practice Liability Insurance Questions

The classic vision of a dentist is someone who hands out toothbrushes and floss to kids during their bi-annual check-up. However, as the sophistication of dentistry increases, so do the expectations and, as a result, the risk of malpractice claims.

Modern dentists face the same type of malpractice claims as doctors. Malpractice claims can result from:

• Medication and anesthesia errors
• Incorrect diagnosis or failure to detect a serious condition
• Failure to fully inform patients of potential costs
• Failure to properly chart client options and choices

A failure to properly chart client options and choices can be particularly hazardous to dentists. For example, a patient in severe pain may choose an extraction instead of suffering through more extensive reconstructive procedures. At the time it may seem like a logical choice. However, weeks or months later, the patient may not like how the extraction looks and blame the dentist.

Documentation is critical. Good charts can save a dentist from an expensive malpractice claim. Professionals recommend keeping track of treatment plans that are rejected by a patient, either through treatment management software of by hand-written notes.

Managing expectations is also key. Adults who want the same bright smile they had in high school are more likely to become disenchanted with a drawn-out, complicated and expensive treatment regime. Laying out costs and realistic expectations in a written treatment plan early on can help avoid complaints when the work is finished.

Even with detailed charting, malpractice claims can occur. It is vital that dentists have malpractice insurance to protect themselves financially against claims. Typical dental malpractice insurance has graduated levels. There are policies for students, first year professionals and full professionals. A dentist who gets insured early in his career and establishes a record of solid record-keeping and claims history, may find his rates remain more stable through his career.

Dental Practice liability insurance is a cost of doing business for any professional and must be factored into the potential cash flow of a practice. Dental practices also must consider malpractice insurance for hygienists and care managers, as well as dentists. Call us at 800-375-8356 to discuss your Oklahoma dental practice insurance needs.

Personal Liability Umbrella Insurance

The United States has seen 512,000 federal civil lawsuits, according to Statistics Brain. While only two percent of these cases went to trial, the sheer amount of lawsuits filed shows a trend toward a litigious society. Homeowners insurance and automobile insurance cover the majority of cases that would cause an individual to get sued. However, these insurance policies do not have an unlimited payout if the court rules that you're held liable for damages. After the insurance company cuts you off with a lifetime limit, your personal assets are at risk of being taken to fulfill a lawsuit judgement. A personal liability insurance policy covers the gaps that other insurance plans leave open. It's commonly called an umbrella policy, as it is an overarching coverage that fills in the protection gaps.

Personal Liability Insurance Pros
An umbrella insurance policy is available at $1,000,000 and higher in coverage. This additional coverage extends over any other policies that you hold, increasing the total liability by the amount of the umbrella policy. Your future earnings and assets are protected from civil lawsuits with this policy, as you won't have to worry about not having enough insurance coverage for any claims. You'd never want to run into a situation where you didn't have enough coverage, you got sued, and you and your family ended up homeless and without a penny to your name. This type of insurance also covers certain types of lawsuits that other insurances don't protect you against, such as those involving businesses that you run, false arrest, and slander lawsuits.

Should you Get Personal Liability Insurance?
Personal liability insurance is useful to have, but if you're running on a limited budget, you can determine whether you have enough risk factors to require this coverage. You also have to factor in the top premium on your existing insurance policies. Many umbrella insurance companies want you to maximize the amount of coverage you get from your policies before you add on additional protection.

You might not think that you are particularly at risk to be sued. Maybe you don't own a car or a home, and you don't run a business. However, that doesn't prevent you from causing an accident, such as one that makes a doctor unable to work for several years. A severe car accident could cause him to lose full function of his hands, make him unable to stand for long periods of time, or cause other injuries that make it impossible to do his job without extensive physical therapy. If he sues for lost wages, you're going to be hit with significant financial losses. Unexpected situations can happen at any moment, and in a sue-happy legal environment, it's safer to get as much protection as possible.

To learn more about the advantages of getting Oklahoma City personal liability insurance, give us a call at 405-751-8356.

Insurance Tips for Homeowners for the Summertime

Summer is the time for kicking back, soaking up the sun, and having fun with your friends. However, summer can also give rise to some less-desirable effects on your insurance policies. To avoid being stung by an unexpected insurance issue that could leave you out of pocket, take a few moments to familiarize yourself with the top five ways in which the arrival of summer can have an impact on your insurance policies.

Heat Waves During the summer, temperatures rise. Not only will you feel hotter, but your home and your vehicle will also be affected by the heat. One consequence of summer heat is that household air conditioners are forced to work overtime in order to keep the inhabitants cool. This increased use will put a strain on the air conditioner, increasing the likelihood that it will break down. To avoid being faced with a repair bill that you simply cannot afford, you should make sure that your air conditioner is covered by an insurance policy. It would also be a smart move to carry out some routine maintenance on your air conditioner to decrease the likelihood of the unit breaking down and necessitating an insurance claim. Choosing to take preventative action rather than waiting for a breakdown and then claiming on an insurance policy could help to keep your insurance premiums low.

Thunderstorms The other weather condition to watch out for in summer is thunderstorms. Summer storms can lead to flash flooding, which can wreak devastation on homes and other properties. Most home insurance policies do not cover flooding, so you may need to take out a separate flood insurance policy to cover you against this summer weather hazard.

Summer Travel Summer is traditionally the time of year that people take a vacation in another part of the country or even overseas. If you are traveling abroad, you need to organize travel insurance before you leave. Even if you are traveling within your own country, you should check which hospitals you can use in the area where you will be traveling. Many health insurance policies require you to use particular hospitals, so make sure you know which ones are allowed on your policy before you travel.

Road Conditions The hot summer weather can worsen the state of the roads. The road surface can crack in the heat, leading to potholes, which can cause serious damage to a vehicle that drives over them at high speed. Although most insurance policies cover pothole damage, you might find that your premiums rise as a result of your claim. The best way to limit the damage caused by potholes is to reduce your speed when driving.

Summer Activities Summer brings many exciting opportunities for having fun in the sun. From swimming to skydiving, summer is the time to try a new activity, but before you dive in, check that you have the necessary insurance coverage in case something goes wrong. Standard travel insurance policies do not cover all activities, so you may need to take out extra sports insurance or upgrade to a more comprehensive travel insurance policy.

For more information about insuring your home and family this summer, call 800-375-8356. You can get a free Oklahoma City home insurance quote for any extra insurance you need to keep you safe this summer.

The difference between Single and Joint Life Insurance

The decision on whether single life insurance is better than joint life insurance is not a straightforward one. Although many people choose between single and joint insurance based on cost, in reality, the savings may end up being negligible when the unexpected happens. There are many different ways to look at the matter. Insurance decisions vary between different circumstances.  These circumstances include:

- a single professional in a committed relationship with another single professional;
- both partners in a marriage work in full-time careers;
- you belong in a more traditional marriage where one spouse is a higher income earner while the other takes responsibility for home and family.

In addition to the nature of your relationship, other factors include whether you have dependents or a joint business or if critical illness is present. Learn more about single vs joint life insurance. 

People are complex and we live complex lives in which things don’t always turn out as expected. When it comes to life insurance, the possible outcomes are many and varied, and there are different insurance policies to help you adapt to these eventualities. Your insurance professional can help you make the life insurance choice that is right for you. Contact us today at 405.751.8356 and to get an Oklahoma City life insurance quote.

Comprehensive Dental Practice Insurance

Dental practice insurance is a necessity.  It is not something a dentist should debate whether or not to have. In fact, the earlier a dental practitioner insures his practice, the better. Those who wait until they need insurance are seldom able to buy it. A typical dental practice faces different risks such as unforeseen disabling illness, malpractice suit and others. Since it is not easy to pinpoint the risks that will befall a dentist, it makes sense to insure against as many risks as possible. A comprehensive dental practice insurance is the best option to go for since it covers everything (nearly) a dentist might need such as malpractice, disability, workers compensation, facility and office overhead insurance. Learn more about the different types of dental practice insurance coverage.

Home Insurance Market Value versus Replacement Cost

When purchasing home insurance, one of the most important decisions you have to make is whether to accept a policy offering market value or replacement cost. No one wants to have to file a claim with his insurance provider. However, there are instances in which you may need to do so. This particular decision revolves around how the claim value will be determined. It can make a big difference in the amount the insurance provider presents to you for your claim. 


What Is Market Value?
Market value is a term describing the value of something now. In short, if you were to sell your home today, how much would you get for it? It takes into consideration many factors including increasing or falling property values.

Benefits to market value include the following:

• It is a practical option for many.
• This is a more affordable option.
• It pays what your home is worth right now, not taking into consideration purchasing very specific types of wood or managing the details of the cost to rebuild the property.

If you have a historic home or you have very specific, valuable components to it, this option may not be right for you. If your home is valued about the same as any other on your block, this makes sense.

What Is Replacement Value?
On the other hand, you may want to select replacement value. If you were to lose your home (or the specific covered item in your policy), this policy would pay whatever the cost is to have it repaired and to rebuild your home after the loss. In a worst-case scenario where there is widespread damage, how much will it cost to replace your home or that item?

Click to read more on the benefits of replacement value.

Are you unsure of which option is right for your home? Give us a call today to find out how we can help you. Contact us at (405) 751-8356 today or get a Oklahoma City home insurance quote online.

Personal Insurance Do's and Don'ts

Many of us don't want to think about what would happen if we suddenly lost our job, became medically disabled, or tragically left loved ones to behind suddenly to fend for themselves. Personal insurance provides a safety net for you and your family in the event of such misfortunes. Knowing what to do and what not to do when deciding on the right policy can save time and money now, and assure a hassle-free experience if the worst should happen.

Let's take a look at what personal insurance is. This type of policy comes in 4 basic categories:

Income Protection
This type of insurance provides payments to you in the event that you become disabled or are otherwise unable to work.

• Do: Be sure the policy you are purchasing will provide enough income to cover any mortgage payments and monthly obligations that are imperative for you and your family's monthly needs. 
• Do Not: Choose your plan just because it is the cheapest. Be sure the benefits are what is needed to live and cover important bills if you become unable to work.

Permanent Disability Insurance
This coverage will pay a lump sum in the event that you suffer an accident or injury that prevents you from being able to work in the future. Don't count on Social Security Disability Insurance to cover your expenses as 65% of initial SSDI claim applications were denied in 2009.

• Do: Be sure to get enough coverage to not only replace your current income, but also enough to cover future medical costs and pay any outstanding bills. Your insurance agent can recommend the plan that fits your situation the best.
• Do Not: Forget any possible expenses that are necessary for you to live, if you become permanently disabled.

Illness/Injury Insurance
This type of personal insurance provides a lump payment if you suffer a sudden major health issue such as a stroke or heart attack. This would be an option if you are ineligible for income protection insurance due to being presently unemployed.

• Do: Remember that this type of policy is not just for older or at-risk people. According to The Center for Disease Control, nearly 600,000 people die of heart disease in the United States every year. Many die because they lack the money to get adequate treatment due to unemployment.

Life Insurance
Life insurance is essential for those of us who are married, raising children, or have people depending on us financially. The coverage amounts vary from policy to policy but a lump sum payment is made to the beneficiaries you choose if you pass away.

• Do: Be sure to have a policy that pays enough to pay off all existing debts, funeral expenses, and enough left to take care of your family's needs. According to J.D. Powers and Associates, studies of widows and widowers whose husband/wife died young (between the ages of 30 and 55) shows that less than 25 percent thought their spouse had enough life insurance coverage.
• Do: Shop around and compare plans. Ask questions and understand the policy before you finalize any type of insurance coverage.

For more information on which Oklahoma City Personal Insurance policy would best benefit you, give Alexander & Strunk Insurance Professionals a call at 405-751-8356.

Can Having Bad Credit Affect Your Insurance Quote?

Having bad credit not only penalizes you from getting mobile phone contracts, obtaining a mortgage or getting a great interest rate on a car loan, but it also increases your insurance premium.  Bad credit shows lenders and suppliers that you have a habit of defaulting on payments or bad spending habits, which puts them at risk.  Because of this risk you are often penalized by having to pay higher than normal interest rates or you may be denied financing and funding altogether.  This is no different when obtaining insurance quotes.  Home Insurance, health Insurance and car insurance quotes are all affected by credit risky behavior.

How Insurance Companies Calculate Your Premium
According to CNN Money, how insurance companies calculate your premium has been a long kept secret; however,  90% of home and auto insurance carriers use a score based on your credit report as part of that secret.  It is important to note that the credit score used to determine your premium is not just your traditional score given by the three credit bureaus.  Your credit score along with other information is used to calculate what’s called an insurance credit score.  This insurance credit score determines how much you'll pay per month for your car insurance.  Good driving habits, no accidents and a low amount of claims on your policy can help improve your insurance credit score, which will lower your premium for the next term, should you decide to go with the same insurance company again.

Why Your Credit Score is Taken into Consideration
Businesses use your credit score to determine how likely you are to simply pay your bills on time.  Other companies use your credit score to determine your credit risk and how likely you are to repay monies loaned.  If you have small marks on your credit report such as defaulting on a hospital bill or having libraries fines, this may not give you " bad credit," with an insurance company; however, a credit report that contains bankruptcies, loan defaults or unpaid utility bills will negatively impact your insurance credit score.

Another form of credit which is often overlooked by consumers, but not by lenders or insurers is Chexsystems. Chexsystems is a credit bureau used by banks and other financial institutions to report bounced checks, accounts closed with negative balances, and other charges related to FDIC insured institutes. Chexsystems is referred to as a “bank's blacklist”.  If your name is on this list, you may be denied bank accounts, loans and in some cases insurance.  However, insurance companies understand the need to be insures, so they will often extend insurance albeit with the penalty of having to pay a higher than usual premium.

For more information about an Oklahoma City insurance policy, call an Alexander & Strunk agent today at 800-375-8356.