Mortgage Life Insurance – Is There a Better Way?

Posted by Alex Boyer on Wed, Apr 27, 2016

mature-couple 

Many of our clients are bombarded with mailed solicitations for the purchase of Mortgage Life Insurance. A common question they ask us, particularly those for whom we write homeowner’s insurance, is:

"Do I need, or should I get, Mortgage Life Insurance?”

Our short answer is that, like much life insurance, Mortgage Life Insurance can be helpful in the right circumstance. However, there may be far better alternatives for you and your family.

Let us share 5 reasons why you should speak to E & K about Term Life Insurance, as compared to Mortgage Life Insurance, if you are concerned about how to leave your family without the worries of a mortgage should something happen to you.

  1. Unlike most Mortgage Life Insurance, with Term Life Insurance your coverage amount will not decline as your mortgage balance declines.
  2. Your family may use the proceeds of Term Life Insurance for whatever they deem necessary.  This may be to pay off your mortgage, but it doesn’t have to be. Your family may use the proceeds for other important household, medical or college expenses  It’s nice to have that flexibility when you never know what life may throw at you.
  3. As the owner of your Term Life Insurance, you can pick the beneficiaries. The beneficiary doesn’t have to be the bank holding your mortgage.
  4. Even though you pay the premiums of a Mortgage Life Insurance policy, the bank, not you, usually owns the policy and is the beneficiary – not your family.
  5. You may have to replace your Mortgage Life Insurance policy if you refinance your home. Aside from being a pain, health changes may make you less insurable in the future. With Term Life Insurance, you don’t have to replace your policy just because you refinance your home.

Let E & K help you make the best life insurance decisions for your family.  We can help you structure protection with the flexibility you want that makes sense with your budget.

Please call us to speak to one of our life insurance professionals and, as always, thank you for giving E & K the opportunity to service your insurance needs.

This is not an offer of coverage or a solicitation of insurance to anyone outside of the State of New Jersey. Policy descriptions provided here are not statements of contract. Please refer to the policy forms for full disclosure of all benefits and limitations. Please note that any life insurance offered by insurance companies through E & K as an agent of the companies is not a deposit, not FDIC or NCUSIF insured, not guaranteed by the institution, not insured by any federal government agency and may lose value.

Tags: Homeowner Insurance, E&K Insurance, Homeowner, Insurance, Homeowners insurance, term life insurance, mortgage, mortgage life insurance, life insurance

Only 1 in 3 Know When Puppies Become Dogs

Posted by Alex Boyer on Tue, Apr 19, 2016

Please enjoy this article on dogs and pet safety, courtesy of Selective Insurance company.

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Each of us may not see eye to eye on everything, but here's something we all can agree on: Puppies are pretty doggone precious. Who among us doesn't melt at the sight of a young pug's scrunched snout or fall to pieces looking into the doughy eyes of a tender-aged Labrador?

Where there's less like-mindedness, however, is exactly when puppies transition to full-grown pooches, according to a newly released survey.

Veterinarians indicate that puppies shed their pup status usually by the time they turn 1 year old. Talk to your average dog owner, though, and few realize that this is the case - even though they may think they know. Nearly half of respondents in a recent poll, conducted by pet food company Royal Canin, said they could determine when dogs moved into adulthood. In reality, however, less than 1 in 3 got the answer right.

Of course, age isn't the only thing that changes when young canines become dogs. Their behaviors do as well. In fact, a number of people wrongly believed that dogs' activity levels determined when puppies became adults, the poll found. Approximately 1 in 4 said it had to do with their teeth, specifically when their incisors and fangs grew in.

One-third of all home insurance claims relate to dog bites

Unfortunately, a number of people are all too familiar with just how sharp dogs' teeth can be, as thousands of bites happen every year, often affecting young children. You may be surprised to learn that nearly one-third of all homeowners insurance claims are dog bite-related, according to the Insurance Information Institute. For example, in 2014 - the latest year that data is available - the number of dog bite claims fell by 5% from the previous year. However, the cost of treating dog bite injuries rose, averaging over $32,000 per claim from $27,850.

While some dog bites may not penetrate the skin, even one bite is one too many. With National Dog Bite Prevention Week approaching, the following are a few basic things you can do to ensure your four-legged companion becomes a well-adjusted adult:

Seek out dog training
Hiring a dog trainer may be an expense, but it's well worth the investment, as both you and your dog will learn basic commands like "Sit," "Heel," and "Stay." Obedience classes can also help your puppy calm down and be less hyper. Excess energy can sometimes lead to a bite due to over aggressiveness or biting too hard during play.

dog2.jpgConsistency is a key element to effective dog training.

Be respectful of a dog's space
If you have children, make sure they understand that dogs are just like people, in that they don't want to be bothered during times when calm is necessary, like when they're eating or sleeping.

Socialize your dog
The more your dog is around people, the easier it will be for your pet to behave properly when prompted. However, if still a puppy, it's best to introduce new interactions at a more gradual pace rather than all at once, which may be overwhelming and result in overstimulation.

For more tips on dog bite prevention, visit the American Humane Association's website.

Tags: Homeowner Insurance, Insurance, Homeowners insurance, pet owners, pets, dogs, pet safety