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.

Auto Insurance For Teenage Drivers: How to Minimize It

Teenagers are excited about getting their independence when they pass their road tests. As a parent, however you may be stressed about including your kids on your auto insurance policy. Oklahoma City Insurance companies usually view teenagers as high risk drivers due to their lack of experience and perceived incompetence behind the wheel. Teenagers are often adventurous on the road; they may want to try stunts they have seen in movies or on television. Insurance companies know this, that is why your premiums will increase when your teenager starts driving. Fortunately, there are several factors you can control to minimize the raise in premiums when you add teens to your insurance policy.

Type of Vehicle

Teenagers often like customized, fast and sporty vehicles. These teens enjoy speeding which is exactly what makes them high risk drivers. Insurance companies on the other hand, hate seeing teenagers in fast vehicles. The faster the vehicle, the higher the chances of an accident. Think twice before buying a sports car or other turbo-charged vehicle since your insurance premiums will shoot up. In addition to worrying about premiums, you should ensure that your child drives a car which is even safer than yours because teens are more likely to get into accidents due to their lack of experience and willingness to take risks.

Driving History

Insurance companies favor drivers with clean driving records. If your teenager causes any type of accident, your insurance premiums will rise. Your premiums will also go up if your child gets speeding tickets because breaking driving laws can increase the risk of accident. Teens who have few to no driving related incidents on their records will be seen as a lower risk, so you'll pay less if your kids keep their driving records clean.

Enrollment in a Teen Driving School

All teenagers should take driver's education in order to lower their risk level. Insurance companies will offer lower premiums to kids who are in these types of programs. The grades your kids get in these classes can also significantly impact the premiums. Insurance companies often award a 25% premium discount to teenagers who score a mean grade of ‘B’ or more in driver's education courses.

Driving Frequency

Your premiums will be higher if your teen drives more frequently because every time an adolescent gets behind the wheel, it's considered a higher risk than if an adult was driving. Thus,  if your child is listed as an occasional driver, your premiums will be low compared to if he or she is listed as a permanent driver. If possible, limit your child's use of the car to occasional drives in order to keep premiums low. If you want your child to be able to drive frequently, take extra safety precautions to minimize the risk to your teen and to your vehicle. You might also want to consider getting separate insurance for your teen driver to save money on your premiums.

There are lots of factors to consider when adding teenagers to auto policies. If you are thinking about getting a vehicle for your teenage driver or adding your child to your policy, call an agent at Strunk Insurance today at 800-375-8356 for a free quote.

Insurance A Brief History

The insurance industry is one that affects nearly every aspect of people’s day-to-day lives. People can have insurance on their vehicles, homes, businesses, properties and even lives. The companies that provide these policies even eliminate risks in some cases, such as is the case when they demand additional safety measures on construction sites or offer incentives for safe drivers. The insurance industry, however, did not just appear overnight. It has had a long and storied past.

Insurance is about distributing risk. Merchants would distribute their supplies, wares and other property across multiple ships when traveling across treacherous rivers. This would reduce the risk of loss if any single vessel happened to capsize.  

Insurance became far more sophisticated in Europe’s post-Renaissance period than it was during its ancient roots.  The current model used by insurance companies throughout the world can be traced to 1680, but it continued to develop in the United States over the years, and at one point before the Civil War, the morally deficient practice of allowing slave owners to insure their slaves became somewhat popular. The 19th century also saw some insurance companies, like New York Life Insurance and Trust Company, expand from insuring just local citizens to the people in the entire region around them. This laid the groundwork for modern national insurance companies.

The Social Security Act of 1935 was the first nationally mandated form of insurance in the United States. The passage of this legislation gave rise to the concept in America that insurance was a valid and even ideal way for people to achieve personal economic security. This paved the way to getting insurance for the millions of people in America who have it. Once the federal government accepted insurance as a positive thing, the rest of the country soon followed.

No one can argue that insurance is a benefit for individuals throughout the world, but people didn’t always have this safety net. We live in a world where it’s just accepted that anyone with financial resources can secure insurance if they wish to, so it’s hard to imagine times when this choice didn’t exist. Thanks to ancient civilizations, however, the constant evolution of insurance continued throughout many millennia to lead to the system that we have in place today.  

People have known for thousands of years that insurance policies are a knowledgeable investment. Take their advice and contact an agent at Strunk Insurance for a free Oklahoma City insurance quote today.