How Life Insurance Helps You While You are Still Alive

Life insurance agents have two stereotypes to overcome. The first is the portrayal of life insurance agents in movies as pushy annoying jerks that want you to buy insurance that you do not need. Those stereotypes are false. The agents at Bob Korvas Agency Inc. serving Niles, IL and the surrounding area, are nice, friendly people. Their main goal is to help you. They do not make you want to run away screaming. That only happens in silly movies.

The other thing that life insurance agents have to deal with is procrastination by their clients about getting adequate life insurance coverage. This happens because there is a false belief by many that life insurance is only worth something after a person dies. Younger people, in general, think they are going to live forever, so the concept of life insurance is something they prefer not to consider. As with all misconceptions, this is not true either.

Life Insurance Benefits While Alive

Life insurance, when organized properly, provides many benefits to a person while they are still alive. Whole life insurance builds cash value that can be used to borrow against in the future. Term life insurance can have a rider that covers permanent disability for a person seriously injured who cannot work. That could be anybody, even a younger person. 

If you happen to get a deadly illness, there are policy choices that allow you to cash out or borrow on the policy, to help pay medical bills. Work with your agent to talk about these things and you will not only have a pleasant experience, but you will also feel more protected. Caring for their clients is what the agents at Bob Korvas Agency are good at doing.

When should you start to have life insurance?

The answer is right now. Just look at how a major global pandemic came out of nowhere. The best time to get life insurance is immediately if you do not already have it. The good news is if you are young then the cost is manageable. If you set the policy up on auto-pay, you will probably not notice it. It will slowly, but very steadily, build up value over time to be ready if you need it.

Summary

Why not go ahead and take the time to call your agent to get a complimentary comprehensive insurance review. It makes good sense and will calm you in times of stress to know you have adequate coverage. To get an insurance review and a quote, contact your agent at Bob Korvas Agency Inc. in Niles, IL.

Three important numbers regarding your commercial insurance policy

Commercial insurance is an essential product that many business owners need to have to protect their company’s finances. If you’re interested in buying commercial insurance in Niles, IL from Bob Korvas Agency Inc. you need to carefully research your options.

In particular, you need to pay attention to the following three important numbers in your commercial insurance policy details. 

The coverage limits on your commercial insurance policy

Coverage limits on your policy are the maximum amount your insurance provider is going to pay out on claims. You need to consider how much your company’s liabilities are.

Ideally, you want to have coverage limits that are high enough to cover any potential accident or damages your company could experience. However, it’s important to understand that the higher your coverage limits are, the more your commercial policy will cost you. 

The amount of your commercial insurance premium

Your commercial insurance premium is the cost of your insurance coverage. You need to crunch the numbers and work your premium costs into your company’s budget. Fortunately, commercial insurance premiums are a business expense that you can write off on your company’s business taxes. 

The deductible amount you must pay before coverage kicks in

Another key number is the amount of your deductible. Your deductible is the amount your company must pay out-of-pocket before the insurance company takes over to pay for claim damages. 

The lower your deductible is, the fewer accidents and damages at your company will cost. However, your premiums will be higher if your deductible is low. 

If you have questions about coverage limits, monthly premiums, or deductibles, let us know. We’re here to help Niles, IL business owners meet their commercial insurance needs at Bob Korvas Agency Inc. 

Motorcycle Safety Tips Every Rider Should Know

Safety is paramount when riding a motorcycle due to the extensive injuries that an accident can cause. By taking precautions, motorcyclists can protect themselves against the devastating effects that an accident can cause. Whether you’re a newbie or motorcycle pro, these safety tips compiled by Bob Korvas Agency Inc. in Niles, IL can help keep you and others safe on the road.

Choose Your Bike Wisely

Use wisdom when choosing a bike as some are easier to handle than others. New riders should purchase a bike designed for beginners and work their way up to a more powerful model after they’ve gained experience on the road. Match the size and weight of your bike to your weight and build to facilitate handling. Your bike should also be comfortable for city and highway riding. 

Wear Safety Gear

Always wear a helmet to protect your head and face in the event of a crash. A full-face DOT-approved helmet constructed of crash-resistant materials will provide the best protection against accidents. A leather jacket, durable pants, gloves, and non-skid boots will protect your arms, legs, feet, and hands when riding and reduce the risk of serious injuries in an accident.

Drive Defensively and Respect Road Laws

Drive defensively on the road to reduce your risk of accidents. Stay alert and within easy sight of other drivers. Signal when changing lanes and always look left and right when turning. Stay within the speed limits as speed can be deadly in an accident. Respect all road laws and avoid reckless riding as it only takes one careless act to end your riding career permanently.

Purchase Motorcycle Insurance

Make sure you have adequate motorcycle insurance to protect you and others on the road.

For more information about motorcycle coverage options and costs, contact Bob Korvas Agency Inc. in Niles, IL. 

What is umbrella insurance and do I need it?

Although you have a homeowner’s or commercial insurance policy, you may be in the market for more coverage than that policy allows. If this is the case, you will want to look into obtaining an umbrella insurance policy but what exactly is it?

An umbrella insurance policy is a secondary type of liability insurance that covers your personal responsibility over and beyond the standard liability that is covered under your homeowner’s or business’ insurance policy. The umbrella liability insurance gives you extra coverage against lawsuits and other claims that may be levied against you or your business. Basically, umbrella insurance is a great way to further protect your financial future and your assets.

To obtain umbrella insurance, you must already have a primary insurance policy in place since it will be secondary to that policy. It will cover you or your business if there ever comes a time when there is litigation arising from property damage or injury caused by you or your business. This means the associated legal defense costs against such claims will also be covered.

For example, let’s say you are flying your remote control airplane in your yard at your home but you are not that good at flying it. The plane comes down and hits a person walking in the area, causing injuries to them. Your homeowner’s insurance policy may cover the person’s hospital bills, but then they sue you for lost wages and medical bills they have incurred as a result of the mishap. Your umbrella insurance policy will help you cover the charges your attorneys will levy to defend you in court on such a lawsuit.

Basically, an umbrella insurance policy gives you extra peace of mind in case of a disastrous event occurring. The skilled and experienced agents at Bob Korvas Agency Inc. in Niles, IL are ready to assist you with all of your umbrella insurance needs.

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.