Protect yourself and your family

As you look towards retirement, have you thought about:

Long-term care insurance offers options to close the gap between your retirement income plan and potential long-term care costs. And life insurance can make it easier to share a legacy with your family instead of costs and expenses.

Set up a long-term care consultation (open Calendly website) and get free instant life insurance quotes (you do not need to share any personal information) to start exploring your options.

More about staying safe with your pool

The Consumer Product Safety Commission recommends that you create a pool safety tool kit to have near your pool to ensure you are ready to respond if there is an incident. It should include:

Once you are set on safety precautions and on knowing all your responsibilities as a pool owner, you can relax and enjoy! Here are a few fun facts about from swimmingpool.com that you might find interesting:

Have a fun summer!

How to be a clever insurance consumer

When it comes to personal insurance, there are numerous options to choose from out there. Many people grab quick insurance quotes online, looking for the cheapest rates. But think about this statement: “Insurance doesn’t matter…until it does.” What might you be sacrificing for a cheaper premium? If you’re underinsured and something happens, you could be on the hook for a significant sum of money.

Let us help you raise your game when it comes to personal insurance knowledge. We’ve been helping Wisconsin public school employees make better insurance decisions since 1972. By becoming a more clever consumer, you’re more likely to find the right coverage with the right insurer for your needs—lowering your financial risk and providing appropriate coverage for you and your family.

Here are a few tried and true guidelines to follow.

The three principles

When purchasing insurance, following a few basic principles can help guide you to the best decision for your needs.

1. Buy value, not price

Say you go online and get a quote that could save you over $400 a year compared to your current insurance. Seems like a good deal on the surface. But you need to look deeper than just the price quote.

Make sure you’re comparing apples to apples. Is their liability coverage the same as you what currently have? Is it appropriate? Are all of the necessary coverages included in the quote? There are many reasons you could be seeing a lower premium estimate, which may leave you at higher risk. For example, shorting yourself on liability coverage will leave you exposed to potential loss. Lower liability limits may also make you ineligible for umbrella insurance, which requires underlying liability limits of $250,000/$500,000. If this is the case, saving about $33 per month isn’t really any savings at all.

At Member Benefits, we strongly believe insurance should not be bought as a commodity. Your insurance needs are not the same throughout your life nor are they the same as your neighbors’.

2. Maximize your insurance dollar

If you’re going to spend money on insurance, purchase the most appropriate coverage you can get for your dollar to lower your financial risk. Kay Licciardello, Personal Insurance Consultant, explains it this way: “Think about risking the small dollars to protect the big dollars. Raising a deductible from $250 to $500 only exposes $250 of your assets, but the savings there could potentially pay for protection of an additional $400,000 in assets and future earnings.” This concept is sometimes difficult to understand, because many of us tend to think about risks we have experience with or can conceive of, like a fender bender or losing a cell phone. The risk of catastrophic events is often dismissed because they happen less frequently, even though they can be far more financially devastating.

3. Insure for the catastrophic

It’s the real reason we have insurance. The safety net of liability insurance only stretches as far as the coverage amount you have. Umbrella insurance is overlooked by a lot of people, yet most financial advisors consider it a must-have. Many people think it’s only for the wealthy and that it’s expensive insurance to carry, but it’s actually very affordable.

Do you have a car? Teenage driver? Watercraft? Use the internet? These are four of the biggest causes of liability losses. You don’t have to do outlandish things to be at risk. And it’s very possible to be sued like a millionaire—even if you aren’t one.

Umbrella insurance kicks in when your liability limits on your home policy have been reached. Say you cause a car accident that results in severe injuries for multiple people and the medical bills are $400,000, which exceeds your $300,000 liability auto insurance policy limits. Your umbrella insurance can cover the remaining $100,000.

Another advantage of umbrella insurance is that it provides you with protection if you face liability for certain acts not usually covered by your home policy, such as slander, libel, invasion of privacy, and more.

Lastly, scheduled personal property is an optional insurance policy that can be added to your home insurance to help ensure full coverage of expensive items. But Steve Schofield, Personal Insurance Consultant, reminds us, “Scheduling items like electronics, collectibles, and jewelry is something to consider, but if you’re doing that at the expense of coverage for the catastrophic loss, it isn’t the best use of your insurance dollar.”

“Insurance doesn’t matter…until it does.”

Major considerations

Keep these things in mind to help maximize what you’re getting from your auto and home insurance policies.

Be smart about submitting claims

Making multiple claims in a short period may trigger a rate increase or even cause an insurer not to renew your policy. For example, making three claims in two years may cause an insurer to think you have a proclivity for claims.

A recent survey of Consumer Reports members who filed one claim in the previous three years said they saw no subsequent premium increase. Only 12% had hikes of $200 or more annually. That suggests there’s not much of a downside to filing a single claim.

However, it’s generally best to avoid making claims of just a few hundred dollars above the deductible. Doing so might erase discounts you’re getting for remaining claim-free.

Also keep these two things in mind regarding claims:

  1. When you buy insurance, you are essentially buying a legal document—a contract. The fine print in the document will make all the difference when you file a claim.
  2. When you decide on an insurer, you also get the people who will interpret the document and decide whether they will pay your claim or not.

Be sure you have people you can rely on to give you the best service possible. Bob Manor, Senior Claims Specialist at Member Benefits, shared a recent story. “A member was in a car accident which rendered the car undriveable. She believed the driver of the other vehicle was at fault and asked if we would provide a rental car. Unfortunately, she had not purchased Rental Car Reimbursement coverage, so her policy would not pay for one. She was very nervous about trying to locate someone at the other insurance company to ask about a rental car, so I made a few phone calls and put our member in touch with the right person at the other insurance company. The member replied back, ‘I couldn’t be happier. Member Benefits staff explained the situation to me, but they also went beyond what was normal.’”

How much of a house will your insurance build?

You may have seen in the news recently that the cost of lumber has skyrocketed. The high demand for housing has escalated the price of lumber to triple or even quadruple in recent months. In fact, the cost of all building supplies has gone up, from glue to foam to insulation (PBS Wisconsin).

It may be a unique time but now as always it’s important to know that your home insurance policy has you covered. When insuring your home, it should be insured for 100% of its replacement cost. “Replacement cost is different from both assessed value and market value. Make sure you know the difference when insuring your home. We can help explain it to you,” says Dave Stelmaszewski, Personal Insurance Consultant. “Replacement cost reflects how much it would cost to rebuild your house in the same spot, with materials of like kind and quality.”

For homes built during or after 1950, Member Benefits’ home policy pays the full cost to repair or replace your home with materials of like kind and quality without the limits imposed by most other insurers. For homes built prior to 1950, this coverage provides up to 125% of the dwelling limit on your policy.

Choose your car wisely

Premiums can vary by model. When car shopping, ask your insurer for premium quotes on the different vehicle models that you’re considering.

Tim Ganoung, Personal Insurance Consultant, adds, “Older cars don’t necessarily need extra coverage. Consider dropping collision coverage if your car has decreased in value or you can afford to replace it. However, if you have any classic cars, make sure they’re appropriately covered. We offer optional coverage specifically for vintage vehicles.”

Actively pursue discounts

Discounts may include breaks for bundling home and auto policies with the same carrier; taking a safe-driving course; letting your carrier know about your lower annual mileage; and reporting your teen driver’s good academic average, typically a B or better. (See Member Benefits’ auto insurance discounts and home insurance discounts.)

Keep your credit and driving record clean

Both have an impact on the price of your insurance premium. Insurers maintain that credit history is a good predictor of risk that they’ll have to pay for insurance claims.

Factor in life changes

If you get married, add a teen driver to your policy, add or remove a vehicle, etc., those things can impact your premium. Be sure you discuss any changes with your insurer so you remain properly insured. Personal Insurance Consultant Stefanie Walsh adds, “Do you have children who bought their own car, are getting married, buying a home, or renting their own apartment? They may be eligible for policies with us. And if you’re retiring soon, don’t worry—you’ll still be our member and can continue your insurance with us. You may be even be eligible to start a new policy if you’ve already retired.” Call us to find out more.

Lastly, can you say this about your insurance carrier? One of our members recently told us, “(The person I worked with) was so very patient working through all my questions and explaining all of my options for home and auto. He made me feel so confident in my decision and broke down each step. I am so thankful for this amazing benefit, the Member Benefits community, and him. Thank you.”

Here’s the bottom line: Find an insurance company that provides fair and fast claims settlements, offers great customer service, helps you review your policy thoroughly, and proactively offers help and advice. That’s what you’ll experience at Member Benefits.

Give us a call at 1-800-279-4030 with your questions, or schedule a personal consultation to review your current insurance coverage. We’re here for you.

1-800-279-4030
weabenefits.com/consults
weabenefits.com/quote

Taking a summer road trip?

If you’re planning on hitting the road for a getaway, follow the Boy Scout motto of “Be Prepared”—you may save yourself some potential frustration. Here’s a quick list to look over before you head out.

Do some car prep

Have an emergency kit

Have a cell phone

COVID considerations

Make sure you’re covered

Drive safely and enjoy your summer!

Q&A on long-term care insurance

If my dad had long-term care insurance, could he have stayed home? He paid for his home care for three years, then ran out of money and had to go to a nursing home. 

One of the best benefits of long-term care insurance is the ability to stay in your home. Having to pay the full cost of care out of pocket often means depleting your savings. Having long-term care insurance provides that buffer to keep you in your own home or the ability to pay for an assisted living facility and avoid a nursing home.

Can I be paid to be a caregiver to my parents?

There are some policies that allow you to pay “independent caregivers” to provide care.

My mother has been on a waiting list at a nice nursing home and she has almost $100,000 in assets. They told us there is a six month waiting list, and now she is having to use her savings to pay for care at home. My neighbor’s mother went on the waiting list AFTER my mother and only had to wait a few weeks before she got in. My neighbor said her long-term care insurance helped speed up the process. Is that correct?

That is correct. Nursing homes are a business. When a bed becomes available, they are looking at who can be “self-pay” the longest. They don’t get the same amount of money for a Medicaid patient as they do a self-pay patient, so a person with a long-term care policy is more desirable because they will self-pay longer. They don’t necessarily have to take whoever is next on the list.

We were told long-term care costs a lot of money up front. Is that true?

There are policies that allow you to pay a one-time “lump sum” up front. However, there are also policies that allow flexible payment options such as paying over 10 years. Many people like the idea of paying a lump sum and others prefer to pay annually. They can be designed to fit your needs.

Learn more about long-term care insurance
weabenefits.com/ltc
1-800-893-1621

Schedule a phone consultation with Eileen (opens to new website).

Reevaluate your insurance needs after retirement

A lot changes when you retire. Your day-to-day life is different and you may do more traveling, have new hobbies, or even a new home. Life may be different now—but you still need to protect yourself and your family with insurance that’s appropriate to your circumstances.

Old policies may no longer meet your needs, but be cautious about cancelling policies without doing a careful evaluation first. One size does not fit all. Here are a few guidelines to consider.

Health insurance

As you age, your health care costs tend to increase, so health insurance is vital. If you retire before the age of 65 and no longer have health insurance from your district, go to healthcare.gov to view your insurance options. If you lose your health care coverage not by choice, you have some flexibility and potential benefits for purchasing insurance.

Once you’re on Medicare, you may want to consider a supplemental policy to help pay for services not covered by the basic plan.

Consider dental insurance and vision insurance to help cover preventative checkups and new health issues as you age.

Long-term care insurance

Our life expectancies are longer than ever, which means we’re more likely to need some sort of long-term care during our lifetimes. Most costs for extended care needed during recuperation from strokes, accidents, illnesses, and operations are not covered by health insurance or Medicare.

Life insurance

You may want to keep your life insurance for the next generation. Beneficiaries on your retirement accounts may need to cash out within 10 years, and life insurance can help offset that.

Home/renters/umbrella insurance

It’s important to maintain coverage on your home and possessions. Without insurance, any loss you suffer would have to come from savings. If you move, be aware of any new hazards in your geographic zone or how your needs might change (with a new pool, for example) and how that could affect your liability coverage.

Don’t crack up over windshield damage

A windshield is a crucial part of the safety system of your car. It provides strength and structural support to the vehicle, allows air bags to be deployed properly, and helps prevent you and your passengers from being ejected during an accident. In a front-end collision, the windshield provides up to 45% of the structural integrity of the cabin of the vehicle and in a rollover, up to 60% (Auto Glass Safety Council (AGSC)).

A windshield also protects you against extreme weather conditions. Changes in weather can expand or contract the windshield, which can cause cracks or chips to expand. Dirt and debris can also become embedded in cracks, making a repair less effective or impossible. So even if the damage to your windshield is minor, it’s important to get it repaired as soon as possible.

Newer windshields are specialized equipment

Many windshields today have safety and navigation sensors added, so repairs can be costly. For example, front collision sensors may be mounted on the car’s rearview mirror stand just inside the windshield. For these sensors to work properly, the windshield glass has to meet very specific requirements for clarity and lack of distortion. So even if your windshield has minor damage, it may mean you’ll need to replace it with an original equipment manufacturer windshield, not the less expensive aftermarket glass. Adding to that cost is the specialized technician who must recalibrate the front collision sensors for the new glass.

Repairs (if appropriate) are generally much less expensive than replacement, which is a good reason to take care of them as soon as possible before minor damage gets any worse.

Be prepared before you repair or replace

Before you choose a repair shop, safewindshields.org suggests you ask them the following questions:

AGSC provides a certification program for installers as well, so ask if a company’s technicians are certified and by whom. If someone tells you they are certified by an insurance company, that is most likely not true. Member Benefits does not certify windshield technicians.

In most cases with your Member Benefits policy, if you file a claim for damage to your windshield and the glass company determines it is repairable, your deductible is waived. If the windshield needs to be replaced, it is subject to the comprehensive deductible.

Questions about your insurance coverage?

1-800-279-4030

weabenefits.com/consults

Protect your home and the people you love

While deaths from home fires in the U.S. have steadily gone down since 1980, even one death from a preventable fire is too many. Here are some tips to help keep you and your family safe.

Cooking

Be alert and stay in the kitchen while you are frying, grilling, boiling, or broiling food. Keep anything that can catch fire away from your stove top.

Heating

Keep all flammable items at least three feet from a space heater, stove, or fireplace. Never leave portable heaters unattended and be sure fireplace embers are extinguished before leaving the room.

Other common causes of fire

Smoking, electrical problems, and candles are common hazards. Institute a “no smoking” policy in the house, check cords for damage or wear, and switch to flameless candles.

Working smoke alarms are a must

About three out of five fire deaths happen in homes with no smoke alarms or nonworking smoke alarms. Install smoke alarms on every level of your home, inside bedrooms, and outside of sleeping areas. Test smoke alarms monthly and replace batteries annually—same for your carbon monoxide detector. Replace alarms that are 10 or more years old.

Make an escape plan

Visit the National Fire Protection Association to learn how to make a fire escape plan for your family.

Source: National Safety Council

Two products to help ensure your financial security

Life insurance

Member Benefits is very pleased to announce we have partnered with Associates of Clifton Park (AoCP) to offer life insurance to our members.

Life insurance not only helps ensure your family’s financial security, it provides peace of mind.

It’s also an important part of your family’s financial stability and well-being. If anyone depends on your income, they would likely struggle without it if you were to pass away.

Have you considered life insurance and what it might mean to your family? We answer some frequently asked questions to help you decide.

When is the best time to buy life insurance?

Now! You will never be younger or healthier. Life insurance costs less the younger you are.

Why should I purchase life insurance?

Life insurance is essential when there’s someone you care about who would suffer if you and your financial contributions were no longer in the picture. This could include a spouse, children, disabled family members, aging parents, or anyone else who depends on your earnings to make ends meet. It’s a simple answer to a very difficult question: How will my loved ones manage financially if something were to happen to me?

What does life insurance cover?

Some common immediate and everyday expenses people use life insurance for include:

In addition to letting your loved ones maintain their standard of living now, life insurance also helps ensure their future. Some common non-immediate expenses life insurance covers include:

What type of life insurance should I have?

While there are several different types of life insurance to consider, what they all have in common is that they pay cash to your loved ones in the event that you pass away.

Steve Gregory, Principal at AoCP, explains, “We offer life insurance from a variety of insurance carriers, including term insurance and universal or whole life insurance policies. Most people purchase life insurance to provide benefits to their loved ones when they are no longer here, but there are also a variety of ‘living benefits’ that life insurance can offer. We can review options to help you decide what best meets your needs.”

Who needs life insurance?

This question is a very personal one. Some of the people who commonly consider life insurance include:

Married or partnered people. Those left behind often find it difficult to cover daily and future living expenses without a partner’s financial contributions. This is often as true for young couples as it is for empty nesters closing in on retirement. Life insurance can help ensure your surviving spouse or partner can maintain the standard of living you worked so hard to achieve.

Parents. It is estimated that it costs $233,610 to raise a child to age 18 (USDA). And that number increases if you plan on contributing to your child’s college education.

Statistics like this underscore how incredibly important it is for parents to consider life insurance. This is as true for working parents as it is for stay-at-home parents whose unpaid contributions to the family would be expensive to replace. And single parents supporting families on their own have an especially important need for financial protection in the form of life insurance.

Retirees. Surviving partners often have to make do with less Social Security and pension support. They may also have unforeseen funeral costs to cover. This can seriously hamper their finances.

What’s more, if you’re planning on leaving money to heirs, they could be required to pay estate taxes of up to 45%. Life insurance, which is almost always exempt from federal taxes, can be immensely helpful in any of these situations.

Business owners. Surviving family members are often not prepared to take over a business when an owner passes away. This pain is only compounded when a business has debts that are backed by assets like the family home. What’s more, a family that wishes to continue running a business may need to buy out a partner’s shares.

Those who only have group insurance through work. Group insurance is usually limited in amount and scope, and only covers you while you remain an employee. Individual insurance can be purchased for any amount needed and allows you to choose your own time period of 10, 20, 30 years or more.

What life situations would warrant life insurance?

There are certain life events that should make you ask, “Do I need life insurance?” They include:

Learn more from Associates of Clifton Park

There are many reasons to consider life insurance. The good news is that getting life insurance is simpler and more affordable than most people think. One of the best ways is to work with a licensed insurance agent who can walk you through the entire process.

Adds Steve, “Educators love to teach and learn, as they know knowledge is power. The life insurance world has changed beyond comprehension in the last couple of years. For example, did you know there are programs that reward healthy living, with the potential to earn lower premiums, and other rewards? Contact us to learn more about all of your options.”

Do you have health concerns or questions? AoCP shops over 70 policies, so chances are they can find the right policy and price for your situation.

Do you have a quote from an agent or company and want an education or second opinion? We can help. You DO NOT need to provide any personal information to compare life insurance quotes with us. If you have questions about your quote and if there is a better fit, we may tell you to go with it or give you better alternatives.

Contact us and speak with a Licensed Life Insurance Advisor. Fill out our online information request form or give us a call.

1-800-893-1621
weabenefits.com/life

Long-term care insurance

Long-term care (LTC) has been called “the greatest uninsured financial risk today.” That’s because most costs for extended care needed during recuperation from strokes, accidents, illnesses, and operations are not covered by health insurance or Medicare.

LTC is the care you may need at home if you are unable to perform daily activities on your own, such as eating, bathing, dressing, or going to the bathroom. It may also include care in the community, such as in an adult day care facility.

Long-term care insurance (LTCi) provides coverage for quality LTC that may be needed at any time in life. Without LTCi, these costs are paid from one’s personal savings and assets.

Fortunately, LTCi policies can be tailored to cover varying circumstances. They are not one size fits all. When deciding which coverage you’ll need, here are some things to consider:

Because your first claim might be years into the future, it’s essential to obtain your policy from a trusted source to ensure that customer service and insurer funding will be available at the time of need.

For more information, contact Associates of Clifton Park.

1-800-893-1621
weabenefits.com/ltc

Home and car safety tips

But during the pandemic, some localities have seen an increase in home burglaries, theft from autos, and theft of autos. So it’s important to remain vigilant. Here are a few tips to keep in mind.

Home

Cars

Need an insurance review?

If you’re curious about whether your home and auto are adequately covered, we can help! Call 1-800-279-4030 and talk with a Personal Insurance Consultant. Or sign up for a personal consultation.