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. 

Life Insurance: A Plus for Singles

If you’re waiting until you’re married or have a family before considering a life insurance policy, you could be missing out. Life insurance from Bob Korvas Agency Inc. in Niles, IL can be just as beneficial to singles as it can to couples with children. Here are some of the benefits you stand to gain by purchasing a life insurance policy while you’re young and single.

Save Money

Buying life insurance when you’re young and healthy can save you a substantial amount of money as the older you get, the more costly your policy. If you get married and start a family, later on, you’ll have a life policy in place to protect your spouse and children.  

Pay Debts

Life insurance benefits can be used to pay off your debts if you were to suddenly pass on. That way no one has to assume this responsibility after you’re gone. If your parents co-signed student loans for you or you took out a mortgage with a significant other, you don’t have to worry about leaving them with these debts upon your unexpected demise.

Support Loved Ones 

Life insurance benefits can be designated to provide financial support to elderly parents or younger siblings after you’re gone. If you’re helping loved ones financially now, you can have peace of mind that this help will continue in the event you were to suddenly pass on.   

Pays Funeral Costs

If you’re like most singles, you’ve probably made no arrangements for your funeral in advance. Life benefits can be used to cover your funeral costs, freeing your loved ones of the financial burden during this difficult time in their lives.

To learn more about life insurance options, benefits and policy costs, contact Bob Korvas Agency Inc. in Niles, IL today.

3 Tips to Protect Your Motorcycle From the Elements

Being in the Chicago area, Niles, IL, is as good a place to enjoy riding a motorcycle like any other. The bike offers freedoms that can’t be matched by cars, but that freedom comes with a risk. Chicago weather gets rougher than a lot of other areas. You want to protect your beloved motorcycle from the elements, so Bob Korvas Agency Inc. has a few simple tips that will keep your bike in top shape.

Cover It

Sure, it’s obvious, but a frustrating number of riders don’t have a cover with them at all times. Covers are made to fit in most saddlebags, and they’re incredibly convenient. Wherever you go, the protection goes with you, and they more than handle the majority of bad weather. Most importantly, a good cover defends against the harshness of the sun.

Store It

As great as your motorcycle cover is, it shouldn’t be the only line of defense. Covered parking is your best friend whenever available. If you have a riding off-season, then protected storage is even more important. Long sits in changing weather can produce all kinds of ill effects on a combustion engine. If a bike sits outside long enough, a bad enough storm is bound to test the limits of your foldable cover. It’s amazing how often people suffer damage to their motorcycles because they didn’t find a roof for it.

Insure It

In Niles, IL, you only need liability coverage for your bike. If you want to protect it, you should probably consider investing in additional insurance. Contact your Bob Korvas Agency Inc. representative today. They’ll help you browse insurance options to find the right fit that protects your beloved motorcycle and doesn’t tank your retirement plan.

If You Have Professional Liability Insurance, Do You Also Need Umbrella Insurance?

Professional liability insurance is a “must-have” for most professionals. It goes by different names. It is called malpractice insurance for those in the healthcare and legal professions. It is called errors and omissions (E&O) insurance in the financial services sector.

Just about anyone who needs to maintain a professional license under state law, needs to have professional liability insurance. Even if you have professional liability insurance, it may not be enough, on its own, to protect you from the risks. That is why also having umbrella insurance is a wise choice.

Umbrella Insurance Benefits

Umbrella insurance enhances the coverage of underlying professional liability insurance and perhaps other insurance policies as well.

Here is the way umbrella insurance works. If there is a claim that exceeds the limit of an underlying policy, such as the limit of a professional liability insurance policy, the umbrella insurance pays the excessive portion of the claim. After the primary insurance limit is exhausted, umbrella insurance pays covered claims up to the limit of the umbrella policy.

For example, if a doctor has professional liability (malpractice) insurance that has a $1 million limit and there is a settled, covered claim for $3 million. The first portion of $1 million is paid on the claim from the professional liability policy and the remaining balance of $2 million is paid under the umbrella insurance policy.

Another benefit is that umbrella insurance may protect the insured person from things that are not covered in other insurance policies. For example, these might be a defamation lawsuit or a case regarding sexual harassment in the workplace. Umbrella insurance may also cover the legal expenses incurred in fighting a lawsuit. Ask your agent to be sure about specific coverage.

Umbrella insurance can be tailored to fit particular needs. Consult with your agent at Bob Korvas Agency Inc. serving Niles, IL and the surrounding area to discuss your circumstances.

Conclusion

Professional liability insurance and umbrella insurance are usually used together, to provide adequate protection from more risks. To get a quote for umbrella insurance, talk to your agent at Bob Korvas Agency Inc. in Niles, IL by calling 847-470-8830.

Is full dental insurance the right option for you?

If you are in need of dental insurance, it is important to check your options. Preserving your teeth is an important part of your health and having the right dental coverage is important. Bob Korvas Agency Inc. of Niles, IL can help you with your dental insurance needs.

Partial coverage can be a cost-effective option. Full coverage is more comprehensive and if you have a family you may find you need a wide range of treatments to cover various members needs.

The right dental insurance will help to keep costs down. Without coverage, expensive dental bills can become a huge burden. It is typical to get a full coverage plan that will give you a break down of different treatments that are covered under that plan. For example, if you needed a root canal or fillings, this would be discussed in the plan.

Free dental cleanings come with many plans. Usually, a plan will pay for a percentage of the cost of treatment. With a full coverage plan, the term “full coverage” can mean different things depending on what is needed. For example, “full coverage” means a dental insurance policy that will cover basic services like teeth cleaning, X-rays, and check-ups. For a different person, they may need a full-coverage plan to reduce the cost of any dental services, regardless of what they are.

When you are looking for the right plan or policy, many factors, including a number of people in your household, adults or children, and if there is a need for orthodontic care.
A variety of dental plans have premiums, co-pays and/or deductibles, and the insurance pays the dentist directly for services. Discount plans simply give a percentage of the discount and you pay the rest directly.

Whatever your needs, contact Bob Korvas Agency Inc. of Niles, IL to find out more information on specific dental plans.

3 Reasons to Add Dental Insurance to Your Health Policy

Good dental health is extremely important as it is an excellent indicator when it comes to a person’s overall health and well-being. The agents at Bob Korvas Agency Inc. make themselves available to residents of Niles, IL when they have questions about dental insurance and if it is really needed. There are several benefits to having a good dental policy in place, especially if you have children. 

Annual Dental Check-Ups

Annual dental check-ups are essential to maintain good dental health. Visiting the dentist on a regular basis allows them to correct any abnormalities and show you ways that you can better care for your teeth and mouth. This is especially beneficial for children whose teeth are still developing.

Preventive Care

For adults, preventive care is essential in helping them keep their teeth and soft tissues healthy. By filling cavities and correcting imperfection, your dentist can keep your smile bright and your self-confidence high.

Dental Emergencies

You never know when a dental emergency might occur. Having dental insurance in place can cover costly dental expenses that result from injuries to the teeth and other soft tissues in the mouth. Extensive corrective procedures can be rather costly and may lead to financial hardship, especially if they are required and not an option you can turn down.

If you are interested in adding dental insurance to an existing health insurance policy, call Bob Korvas Agency Inc. They work with residents living in the Niles, IL area to provide the best possible dental coverage. Don’t wait until a dental emergency occurs to realize you need dental insurance. Call their office today and talked to one of their reputable agents.