Don't wait until its un-affordable to lock down Life Insurance...

Don't wait until its un-affordable to lock down Life Insurance...

With the large number of millennials starting a family and making first time home purchases Life insurance is an important part of securing your families financial future. There are many factors that affect the price of Life insurance, here is a list of 7 main rating factors (no specific order).

- Age
- Gender
- Smoking (including vaping, medical marijuana)
- General health
- Pre-existing health issues (including maintenance prescriptions)
- Driving record
- Hobbies (scuba diving, sky diving, etc.)

The difference between getting Life insurance in your 20's and 30's compared to 40's and 50's is literally thousands a year for the same coverage amount. Example, a 30 year old perfectly healthy San Diego, National City Ca male with no previous health conditions purchasing a 30 year term with $500k coverage could be $40 month. That same coverage for same person 15 years older could be between $80-200 month or more depending on health at that time.

Why wait? Other bills, busy, don't want to take the medical exams? For the price of a Starbucks coffee daily you could have a solid Life insurance policy covering your loved ones in case of a tragedy. As far as being busy and medical exams most Life insurance companies will send a mobile lab to you at home in anywhere in California including San Diego, National City, Carlsbad, etc or work to complete the 20 minute exam and send in all testing for you at no additional cost. 

Give us a call with any questions or to schedule an appointment to look into your options today.

Taylor Company Insurance & Financial Services

Patrick Patterson

Cell: 760.566.8544

Office: 619.477.6330

Fax: 619.477.1882

Website: www.taylorhouseinsurance.com

Frequently Asked Questions about Flood Insurance

Frequently Asked Questions about Flood Insurance

DOESN'T MY HOMEOWNERS INSURANCE POLICY COVER FLOODING?
No. Flood damage is not typically covered by a homeowners insurance policy.

AM I ELIGIBLE FOR FLOOD INSURANCE?
You must live in a community that participates in the National Flood Insurance Program (NFIP) to qualify for National Flood Insurance. Find out if your community participates in the NFIP and the kinds of NFIP resources available in your community  San Diego, National City Ca 91950

CAN I GET FLOOD INSURANCE IF I'M RENTING A PROPERTY?
If you live in a community that participates in the NFIP, you can get flood insurance to cover the contents of your home or business. San Diego, National City Ca 91950

I LIVE IN A LOW-RISK FLOOD ZONE. DO I REALLY NEED FLOOD INSURANCE?
Even though flood insurance isn't federally required, anyone can be financially vulnerable to floods. In fact, people outside of mapped high-risk flood areas file over 20-percent of all National Flood Insurance Program flood insurance claims and receive one-third of Federal Disaster Assistance for flooding. When it's available, disaster assistance is typically a loan you must repay with interest. A Preferred Risk Policy provides both building and contents coverage for properties in moderate- to low-risk areas for one low-price. San Diego, National City Ca 91950

WHY DOES MY MORTGAGE LENDER REQUIRE ME TO BUY FLOOD INSURANCE?
Under federal law, the purchase of flood insurance is mandatory for all federal or federally related financial assistance for the acquisition and/or construction of buildings in high-risk flood areas (Special Flood Hazard Areas or SFHAs).

The amount of flood insurance coverage required by the Flood Disaster Protection Act of 1973, as amended by the National Flood Insurance Reform Act of 1994, is the lesser of the following:

1. The maximum amount of NFIP coverage available for the particular property type,
2. The outstanding principal balance of the loan, or
3. The insurable value of the structure.

If the property is not in a high-risk area, but instead in a moderate- to low-risk area, federal law does not require flood insurance; however, a lender can still require it. In fact, over 20-percent of all flood insurance claims come from areas outside of mapped high-risk flood zones. Note that if during the life of the loan the maps are revised and the property is now in the high-risk area, your lender will notify you that you must purchase flood insurance.

I'M NOT IN A HIGH-RISK AREA, BUT I'D LIKE FLOOD COVERAGE. IS THIS POSSIBLE?
Yes! You are eligible to purchase a flood policy with the same coverage you would receive if you lived in a high-risk area. That is, of course, as long as your community participates in the NFIP. A Preferred Risk Policy provides both building and contents coverage for properties in moderate- to low-risk areas for one low-price. San Diego, National City Ca 91950

Call Taylor Company Insurance & Financial Services for a quote today! 619.477.6330
San Diego, National City Ca 91950

http://taylorautoinsurance.com/
https://www.floodsmart.gov/floodsmart/pages/faqs.jsp

Travelers: Top Rated Homeowners Insurance Company in California

Travelers: Top Rated Homeowners Insurance Company in California

The California home insurance market is the largest in the country, with over 50 providers competing for customers. As a result, the average rate for homeowners insurance is pretty low, despite an otherwise expensive housing market — quotes for annual premiums averaged just $980 in 2012, which is lower than the national average for that year.

California’s enormous size and varying climates, however, create sizable differences in coverage costs among Golden State cities. And earthquakes and floods, two of California’s most common natural disasters, are not covered under standard homeowners insurance policies — so it’s crucial to do your research to make sure you get adequate coverage for the best price possible.

Travelers

Travelers has been providing service for over a hundred years, so they know a thing or two about insurance. Their homeowners insurance policy is comprehensive, with a lot of add-on options and an array of discounts available, ensuring a policy that you’re happy with at a price that is reasonable.

California residents can take advantage of their add-on earthquake, flood, and landslide coverage, which is not available from every provider and is incredibly valuable if you live in a high-risk area. Residents can also take steps to get their home certified ‘green’ and receive a 5% discount on homeowners’ insurance — in addition to reduced energy bills.

Travelers has an easy-to-use online claims center that simplifies the process to a few steps, as well as day and night phone support in case you need extra assistance. Their website provides excellent additional educational resources and tools as well to help consumers learn more about their policy options and tips for safeguarding their homes.

In San Diego county, Carlsbad to National City California we have seen a bundling savings with Home and Auto policies of 30% in 2016. Taylor Company Insurance & Financial Services specializes in placing clients in bundled insurance policies including Commercial and Business lines.

http://taylorautoinsurance.com/
http://www.thesimpledollar.com/best-homeowners-insurance-in-california/

It’s Not How Much You Make…It’s How Much You Save

It’s Not How Much You Make…It’s How Much You Save

We need to find many, not one, silver bullets to have people save for a life that is going to be closer to 100 years,” Joseph Coughlin, director of MIT’s AgeLab.


That came right out of the USA Today, on Aug. 1, Coughlin is a pretty smart guy. He was named by Wall Street Journal as one of “12 pioneers inventing the future of retirement…,” and by Fast Company as one of the “100 Most Creative People in Business.”

This is the man that is telling us we should be preparing to live to be 100.

This gives even greater meaning to the phrase: “It’s not how much you make, it’s how much you save.”

But the fact is, it’s hard to save a lot if you’re not making a lot. And it’s hard to make a lot if you’re not writing a lot of new business.

Why this subject and why now?

It won’t be long before we’ll be creeping up on the end of the year and that brings on the annual goal setting ritual in most agencies.

Goal setting can be remarkably different from agency to agency. Some leaders have producers set minimum goals that they are guaranteed to hit. Other agencies just assign a new business goal, ranging from $25,000 on the low side to $70,000 as an average. High performing firms average six figures or greater.

This all makes sense from a business perspective. Leaders need to have budgets. However from a personal perspective it couldn’t be worse.

If you’re projected to live to be 80, 90 or even 100 years old, how are you ever going to save enough money to provide financial security if you’re not killing it every year?

How much do you need to save to potentially have financial security?

The 4% Rule

The 4 percent rule was first proposed in 1994 as a “safe withdrawal rate” from a retirement portfolio. It works like this: Withdraw 4 percent of your portfolio in the first year of retirement, then increase the dollar amount that you withdraw each subsequent year to keep up with inflation.

If I’m killing you with numbers, let me try and make this real. If you retired today with $2 million in your account, you could safely withdraw $80,000 (4 percent) annually. Adjust that every year to deal with inflation and with a portfolio invested in 50 percent bonds and 50 percent stocks, they think it will work out for you. If you think having $2 million in your retirement account and you’re only 40 years old is enough, you could be screwed.

Here is what I did; I reverse engineered my goals.

I started with my retirement date and projected how much money I needed in my investment account. I started that 18 years ago when my oldest was six years old. By the way, I also had a four-year-old, two-year-old and a newborn at that point.

Once you know how much money you need, you can then determine how much you need to save and for how many years. My number was $65,000 after tax dollars for 25 years. Once you know how much you need to save you can then determine how much new business you have to write to get your book big enough to throw off that much extra income.

Any other goal setting process is foolish.

On occasion I’ll get asked, “when is enough, enough”? Obviously, I can’t answer that. It’s simple to me, if you have a $500,000 book, you’re making anywhere from $150,000 to $200,000 in most shops. When Uncle Sam gets through with you, you’re pocketing from $100,000 to $140,000.

Is that enough to pay your bills, take a vacation and still save $65,000 a year? In most cases the answer is no.

It’s important to cooperate with your agency principal in their goal setting ritual, but please don’t let it stop there. Even if you’re working with a financial planner, you might not be any better off.

One of the great things about being a producer is your unlimited ability to make money. So plan your goals, don’t wait for them to be assigned to you. You’re better than that.

At Taylor Company Insurance & Financial Services we make sure we have each client placed with the proper coverage's to protect your income and savings from potential lawsuits. Specializing in Home and Auto bundled packages along with Commercial/Business Insurance in San Diego, Carlsbad to National City Ca.

http://taylorautoinsurance.com/
August 22, 2016
Insurance Journal West Magazine
http://www.insurancejournal.com/magazines/features/2016/08/22/423536.htm