Four things you need to do when you choose a dental insurance policy

Protecting the health of your teeth is important for your quality of life and overall health. Having dental insurance gives you the peace of mind of knowing that any expenses you incur as the result of dental problems will be paid for.

If you’re looking for a dental insurance policy in Niles, IL, you can get the information you need from us at Bob Korvas Agency Inc. We recommend those on the market for dental insurance do the following four things when selecting a policy:

Research your options

The first thing you need to do to find the best dental insurance policy is to collect as much information as possible about your options. There are numerous providers of dental insurance and usually numerous plan options offered by each provider. Research your options and compare costs as the first step in your search for the right policy.

Consider your risks for needing expensive dental work

If you only need to go in for routine cleanings, you don’t need as much dental coverage as someone who regularly needs more involved treatments like fillings and root canals. The worse your overall dental health is, the more coverage you should invest in. Consider your dental health and your risks for needing more expensive procedures when selecting from among various policy options.

Find a dentist you can use within the network

Dental insurance policies sometimes limit coverage to certain dentists within a network. You, therefore, need to find a dentist within the network who is located near you before you commit to a policy.

Factor the costs into your budget

It’s important to make sure that you’ll be able to afford any monthly premiums you’ll need to pay. Factor the costs of your insurance into your budget to make sure that purchasing the policy won’t set you back financially every month. 

Contact us at Bob Korvas Agency Inc. to learn more about dental insurance in Niles, IL. 

What are the Benefits of Getting Health Insurance?

Most people today have a lot of different personal insurance needs. For a typical person, this may include having auto insurance, home insurance, or even condo insurance. While all of these forms of insurance are important, the most important of all may be having a quality health insurance policy in place. There are several benefits that come when you have a good health insurance policy. 

Access to Affordable Care

The main advantage of getting good health insurance is that you will have access to affordable healthcare. The cost of healthcare has continued to go up significantly over the past decade. Those that do not have access to health insurance will likely not be able to see the doctor or get access to prescription medication. When you get this insurance, you can see a physician for an evaluation and gain access to any other procedures or services that you need. 

Compliance with Legal Requirements

For those that are in the Niles IL area and do not have health insurance, it is likely that you will be penalized. Today, all people are required by law to have health insurance and those without evidence of insurance could be hit with a financial penalty at the end of the year. When you have insurance all year long, you can avoid being charged with this financial penalty. 

Choosing the right health insurance policy is a big decision and one that should not be taken lightly. Those that are in the Niles, IL area should reach out to the professionals at Bob Korvas Agency Inc. to discuss their insurance needs and options. Bob Korvas Agency Inc. will help you to get into a policy that gets you to access to the affordable healthcare that you need and deserve. 

Life Insurance as Part of Estate Planning

There is a trend in the United States that is called “the graying of America,” which means that Americans, on average, are getting older. The baby boomers who were born in the 1950s and 1960s are either already retired or nearing retirement.

For those who are lucky enough be well off, one thing they can do is use life insurance as part of estate planning because of its unique tax advantages and the ability to avoid gift taxes as well.

We need to add a disclaimer here because these laws can change at any time. For our discussion in this post, we used the existing IRS rules as of December 2019. 

Work with your tax accountant, attorney, other advisors, and your insurance agent at Bob Korvas Agency Inc. serving Niles, IL and the surrounding area, to get information about the current rules when implementing any estate planning.

Life Insurance as an Estate Planning Tool

Currently, life insurance death benefits are not considered taxable income. You need to report receiving the benefits to the IRS but the amount is not included in your taxable income. One way for elderly adults to give something to their kids and grandkids is to buy single-premium life insurance and make them the beneficiary. Upon your death, any benefits paid to them are tax-free, if the laws stay the same.

Avoiding the Gift Tax

The current rules allow an annual gift of up to $15,000 that you can give to anyone. This amount is not considered taxable income for the gift recipient.

If you buy a life insurance policy that accrues cash value, any cash value above the $15,000 is taxable, if you give the policy to another person while you are still alive. If you give a life insurance policy that has a cash value of less than $15,000, you can also buy an annuity at the same time that gives them a check each year until your death that is less than $15,000 to pay the premiums. The cash value builds up tax-free and the tax-free death benefits are paid when you die.

Summary

These are just a few ways that life insurance can be an excellent tool in estate planning. Be sure to get competent tax and legal advice. Then, work with your agent at Bob Korvas Agency Inc.in Niles, IL to get a quote for all your insurance needs.

3 Ways to Protect Your Business From Vandalism and Theft

While many business owners do not want it to happen, there is always a chance that your business could be the next victim of a vandalism attack or theft. At Bob Korvas Agency Inc. we want to offer our customers in the Niles, IL area three of the best ways to protect their business while they are opened and closed from vandalism and theft. 

1. Install an Alarm System

The first thing that you should do as a business owner is to install an alarm system that requires a code for entry and can be armed when the business is not occupied. This alarm system will trigger a phone call to law enforcement if entry is made without a code and the thieves will be caught quickly. If they identify an alarm system right away, most of them will be deterred from attempting to break into your business or cause any damage due to cameras. 

2. Light up the Perimeter

Arm your outside perimeter with motion sensors and external lighting at the entrances to the building. This gives your employees and customers a clear view of the door and minimizes hiding places by the perpetrators. If they are able to be seen, they will move on past your business. 

3. Clean up the damage quickly

If your business does fall victim to a vandalism attack, you want to have the damage cleaned up and corrected quickly. The reasoning for this damage is often to deter your business potential and incite a public reaction from you, as the owner. Also, leaving this viewable for a long period could put your business as a target for future attacks. 

Secure it with Commercial Insurance

The best option for business owners in Niles, IL is to supplement their business security with commercial insurance. Call our agents at Bob Korvas Agency Inc. today for more information. 

What Does Commercial Insurance Cover?

Choosing to invest in commercial insurance can protect your business’s assets and create peace of mind. However, as a business owner, it’s a good idea to gain clarity on exactly what commercial insurance covers. As with anything, the more you understand how this beneficial insurance works the easier it will be to take advantage of all the benefits of commercial insurance. 

What are the Key Benefits of Commercial Insurance

Above all else, commercial insurance protects situations where you or your business may be held liable for damages or physical harm to a third party. Without this insurance, you are left having to protect your business’s assets without any safety shield. Commercial insurance provides a safety net for your business when it comes to liability. This insurance is also beneficial when it comes to protecting your business assets, even if you’re not being sued by a third party. 

How Does Commercial Insurance Work?

Commercial insurance works by providing general liability insurance for third party liability claims. Also, it works by providing workers compensation to your employees should they become sick or injured on the job. It also safeguards your companies assets and protects you from unexpected natural catastrophes. The benefits are many. Plus, commercial insurance is often a legal requirement to operate and run a business. Commercial insurance also works by providing advertising liability, risk-sharing, and naturally limiting or minimizing financial losses. The Bob Korvas Agency Inc. of Niles, IL can help you to understand how and why commercial insurance is a wise investment.

What’s NOT Covered by Commercial Insurance?

Typically, commercial insurance will not cover any orders your company couldn’t fulfill as a result of damaged inventory. Business Interruption Insurance would cover this type of situation. Instead, the general liability portion of your commercial insurance would only cover your damaged inventory.

As a business owner, it behooves you to understand all the benefits that commercial insurance can provide. It’s also a good idea to become familiar with what commercial insurance doesn’t cover. Call Bob Korvas Agency Inc. We’re here to help. 

 

Should life insurance be a part of retirement planning

The part that life insurance plays in retirement planning is disputed. Retirement planning is to benefit you when you reach the age when you can retire. Life insurance benefits your beneficiaries. That seems to be a contradiction. But the reality is, many financial advisors believe that there are some real benefits to making life insurance an integral part of your retirement planning. If you live in or near Niles, IL the agents at the Bob Korvas Agency Inc. can talk to you about what part life insurance can play in your retirement planning. 

Protecting your income

When you retire, often your expenses decrease but if one spouse dies, at the very least, one social security payment will no longer be coming in. This is the sort of thing that can change retirement from comfortable to a struggle. Life insurance provides a way to supplement the retirement income or replace the payment that is now missing. 

Protecting your savings

The final years of many people’s working lives involve catch up saving to get their retirement accounts up to where they should be. If one spouse dies during this period, the surviving spouse may find that they are going into retirement in a less than solid financial position. A term life insurance for 10 or 15 years at this time can make all the difference. 

Long term savings

With interest rates as low as they are, the rate of return on some whole life insurance policies can be higher than the rates that banks are paying. With no risk, this can be an attractive alternative to riskier investments. 

These are just a few of the reasons that life insurance should be a part of your retirement planning. To discuss life insurance and retirement planning give the Bob Korvas Agency Inc. in Niles, IL a call to discuss your options. 

 

 

How Much Motorcycle Coverage Do I Need?

When it comes to your motorcycle, you have a minimum amount of coverage you need to hit to be legal on the road in Niles, IL. But the question of how much coverage you need goes beyond that of your legal requirements. Bob Korvas Agency Inc. wants you to know more about the types of coverage you can buy, so you’re likely to make the right decision. 

Core Coverage Options 

If you own your motorcycle, it may be tempting to get liability coverage only, which is usually the least expensive policy you can get. With liability, your motorcycle isn’t covered in the case you cause an accident. Your policy will pay out for damage or injuries if you are at fault for other people, but it cuts off the coverage there.

If you buy collision insurance, your motorcycle will be covered in the event of an accident though. If you buy comprehensive, you’re covered for everything already mentioned plus compensation if your bike is stolen. Comprehensive will also cover damages if you hit an animal as well. 

 What Do You Need?

For some people, they may be willing to take their chances with liability only, especially if the motorcycle is older. However, if you value your motorcycle, you may want to have more extensive coverage. You should also consider what will happen in case you’re hit by an underinsured or uninsured driver. If someone else causes the damage to your vehicle but can’t pay for it with their insurance coverage, you’re still responsible for the damages (both for bodily injury and property damage). 

Bob Korvas Agency Inc. wants the people of Niles, IL to have all the coverage they need for their motorcycles. If you want to learn more about your coverage options, call today!

Does Illinois Require You To Have Health Insurance?

Wherever you stand on the Affordable Care Act, the tax penalty for going without insurance has been one of its most controversial features. Many have been relieved to learn that, in Illinois, these penalties are being phased out in 2019. Those who were filing taxes in April of 2019 may have found that they did have to pay a penalty for not carrying health insurance in 2018, but those filing in 2020 will not have to pay that penalty if they live in Niles, IL.

Of course, it’s a good idea to carry insurance whether or not it is required in your state. The costs associated with a sudden illness or injury can eat up your life savings more quickly than you might realize, and simply being able to go into the doctor’s office for regular check-ups can go a long way towards ensuring that you don’t suffer those illnesses in the first place, or at least catch them early on when they are most easily treated.

That is to say that, in Illinois, health insurance is not a legal requirement, but you could argue that it is a personal requirement. To ensure a higher quality of life and good health, health insurance is an absolute must. You can always buy another car or rebuild your home in the event of a serious storm, but we’re only given one body.

If you’re shopping around for health insurance in Niles, IL and want to make sure that you are covered, get in touch with Bob Korvas Agency Inc. You need a policy that suits budget and your personal and health needs, and that’s what Bob Korvas Agency Inc. is here for.

Will Dental Insurance Cover Clear Aligners?

Clear-aligners have become a popular alternative to braces. Though not as effective for severe crowding, they have proven a handy solution to mild crowding, while being aesthetically less distracting than conventional braces, and able to be taken out when necessary.

Because these devices need to be custom-made, they can be quite expensive, meaning that most patients would much rather have the cost covered by their insurance than out of their own pocket. But will your dental insurance cover them?

Typically, a dental plan will cover a portion of the cost of clear-aligners. The cost of a clear-aligner will vary from one brand to another, and the same goes for the dollar amount an insurer will cover on the cost. Typically you can expect an insurance provider to cover anywhere from one third to one half the cost of a clear-aligner.

This often goes for braces and other corrective measures, as well. Most insurance plans offer limited coverage for orthodontic work for adult patients. However, having insurance in place can make a big difference in what an individual will pay out of pocket. Having a good dental plan in place can mean getting significant discounts on costly procedures. Traditional braces tend to be less expensive than clear-aligners, and this is often the deciding factor for people in need of orthodontic work.

If you’re looking to get covered in Niles IL, get in touch with Bob Korvas Agency Inc. Whether you need to be covered for basic check-ups and cleanings, or you need more extensive work done, you’re going to wind up spending less at the dentist if you have the right coverage.

The Top 4 Insurance Products Your Startup Needs

Due to the fast pace of a business startup, many entrepreneurs overlook the insurance products needed to protect their growing Niles, IL company. Not only do you need insurance coverage to protect your assets in the event of a claim, but insurance coverage is also, in itself, a company asset that needs to be properly utilized. Before you speak with a Bob Korvas Agency Inc. agent about your insurance needs, familiarize yourself with the following four important business insurance products. 

First-Party Property Insurance 

This type of insurance policy is critical for any startup with significant infrastructure — including tech companies – because it protects against damage to the servers themselves. Additionally, you can add business interruption coverage to your policy to cover any loss due to an event that causes downtime to repair or replace the equipment.  

Comprehensive General Liability Insurance (CGL) 

The most valuable thing about Comprehensive General Liability insurance is that if claims are brought against you, your staff, or your business it requires that your insurance company provides or pays for your company’s legal defense.  

Comprehensive General Liability insurance will protect your company assets if a claim is brought for alleged: 

  • Property damage  

  • Personal property  

  • Third-party bodily injury 

  • Advertising injury 

Employment Liability Insurance 

Employment liability insurance is not the same as the worker’s compensation insurance required by a state, but it can be purchased as part of a package that includes it and other insurance coverage. Discrimination claims are expensive to litigate and settle. With Employment liability insurance, your startup will ensure that in the event a claim is filed for gender, age, nationality, ethnicity, race, or sexual orientation discrimination its defense will be provided or paid for by your insurer.  

Cyber/Media Insurance 

Given the surge of high-profile hacking events in the business world recently, the need for cyber insurance has never been more clear. Cyber/Media insurance policies provide both indemnity and defense coverage, and can often be expanded to include crisis management, services for compliance, and disclosure and regulatory notice and requirements, once an event has occurred. 

For more information about how each insurance product can cover your startup and protect your business assets call the Bob Korvas Agency Inc. today or stop by our Niles, IL office to speak with an agent in person.