Forbes recently published an article reporting that only 10% of Millenials have enough life insurance in place to cover self-reported needs should they die. That is a scary statistic. Not carrying the proper life insurance puts your family members at financial risk, in the event of your death.
The article reports:
Millenials report a 78% shortfall in life insurance coverage.
By contrast, Gen Xers report a 48% coverage shortfall.
Baby Boomers have a 37% shortfall.
In terms of purchasing life insurance, the article says, "Get enough insurance to replace the lost income of the deceased, so the surviving spouse can carry on with paying the mortgage and saving for retirement."
The American Institute of CPAs has a life insurance needs calculator (link here) to help you determine how much you really need.
Check out the full article here: https://www.forbes.com/sites/ashleaebeling/2018/11/13/the-big-millennial-life-insurance-gap/#65995fea6ac4
And, if you have questions about your life insurance policy, or getting a quote, call your agent.
Erie’s Employment Practices Liability coverage protects business owners from lawsuits involving:
If a customer or employee makes a claim, whether it’s true or not, the legal costs to defend your business could be crippling. Employment Practices Liability covers defense costs and liability charges.
Call us to discuss adding this coverage to your commercial liability policy.
As a professional brewer, vintner or distiller, you’ve worked hard to establish a business that produces a quality product. That’s why it’s so important to make sure you have the right insurance protection. The ERIE Custom Collection® Breweries, Wineries and Distilleries Program has been crafted with your unique business needs in mind. Contact me to learn more.
Let us help you detect water damage in your home before it’s a major loss. How? By offering you a free Roost Smart Water Leak and Freeze Detector. After you download the app, you’ll be able to receive notifications on your smartphone if your home is experiencing water, temperature or humidity problems. This small device could help prevent a big loss. Contact our agency today to find out how to get yours.
Life insurance is important for your financial health, peace of mind, and protecting your family. Make sure you sign up for a policy today, because this is the hard truth: when you need life insurance, you can't get it.
For the sixth consecutive year, Erie Insurance received the highest ranking in the J.D. Power 2018 U.S. Insurance Shopping Study for "Customer Satisfaction with the Auto Insurance Purchase Experience." The study measures auto insurance shopping purchase behavior and purchase experience satisfaction among customers who recently bought insurance, and Erie received the highest numerical score: 877 out of 1,000.
This is huge for Erie because J.D. Power surveys real customers and no other carrier ranks higher.
Also on the trophy shelf, Erie earned A.M. Best's rating of A+ (Superior). While Erie Family Life Insurance earned A.M. Best's rating of A (Excellent). These accolades speak to Erie's financial strength. Customers can be sure Erie is financially sound and will be there for its customers.
For more information on Erie's awards and rankings, visit its website: erieinsurance.com/awards
CNN published an article earlier this month about the fact that after years of decline, the injury death rate among people in the United States ages 10 to 19 is rising. The CNN article was based a new report from the National Center for Health Statistics at the US Centers for Disease Control and Prevention. The report found auto injuries to be one of the leading causes of death.
Below are some highlights from the article:
- The rise in deaths is attributable to injury-related deaths, such as traffic accident fatalities, drug overdoses, homicides and suicides, as opposed to illness.
- Among 10- to 19-year-olds around the world, road traffic injuries were the leading cause of death in 2015.
- Motor vehicle traffic fatalities accounted for 62% of these unintentional injury deaths.
- The new report was based on data from death certificates filed in all 50 states and the District of Columbia between 1999 and 2016.
Check out the full article for more information on the study: https://www.cnn.com/2018/06/01/health/youth-injury-death-rate-cdc-study/index.html
We feel this study highlights the importance of practicing safe driving, as well as the need for our lawmakers to dedicate time and money to creating and enforcing legislation that will support safety on the road. Things like driver-training courses, putting down our phones while we drive, and new laws that address road safety are critical.
Hear from real customers why Erie Insurance is consistently ranked among Pennsylvania's best companies for claims service.
Whether it's a business or personal insurance claim, it's so important to have an agent who can answer questions and advocate for you with your insurance company. That's the real reason to shop insurance through an agent rather than online.
This article published on CNN Money, is an interesting read and illustrates why it's important to get insurance quotes through an agent or a reputable carrier.
The article explains, "Increasingly, sites that offer you car insurance quotes or price comparisons can snag the extensive personal information you provide and pass it on to insurance carriers, agents or industry organizations, even without your consent."
Often these comparison sites also sell your personal information to third parties; allowing them to build a customer profile of you for things beyond insurance.
Check out the full article for tips on how to avoid unknowingly sharing your personal data while obtaining an insurance quote.
Bodily injury liability pays others when you are responsible for causing injuries in an auto accident. It could pay for things like someone's medical expenses, rehabilitation expenses, and even pain and suffering or other non-economic damages.
The state of PA requires every driver to maintain the following minimums for this coverage: $15,000 per person and $30,000 in aggregate. However, we always recommend our clients carry more than the state minimum. This is one of the most important coverages you carry to protect you and your family's personal assets.
Clearsurance, an independent community where insurance customers share their individual feedback on auto, homeowner’s and renter’s insurance, has recently ranked Erie among the top 10 best insurance companies in 2018 for both home and auto.
Erie ranked 5th out of 10 among auto insurers, and 2nd out of 10 among the home insurers included.
And here are the results as displayed on Clearsurance:
By: William Forbes
CNN posted an article today on how Arity, a unit of Allstate insurance, is developing a technology to track smartphone use in cars. The hope is that Allstate will be able to tell when drivers are actively using their phones while operating a vehicle. And, at some future point, Allstate may use the information to determine car insurance rates.
It's an interesting article, but the most shocking and fascinating points, to me, were in Arity's research. The article says, "Arity analyzed data from 160 million trips by hundreds of thousands of Allstate drivers. What it found confirmed research showing that drivers on their phones are more dangerous."
Using claims data, Arity found that distracted drivers are costing insurers 160% more than drivers focused on the road. The research confirmed that distracted drivers are more likely to get into an accident and these crashes tend to be more severe.
In fact, Arity recommends drivers put their phones into airplane mode before heading out in the car.
Distracted driving is a topic we at Forbes Insurance Agency have posted about in the past, and will continue to shout about. The effects of distracted driving and using your phone while you drive are now being studied by multiple agencies, and they are all saying the same thing - this behavior is causing more accidents, more fatalities, and more expensive claims for insurers.
Here is a link to the full CNN article, titled, "Do you text and drive? Your car insurance may go up," http://money.cnn.com/2018/01/24/technology/texting-and-driving-distracted/index.html.
Here are links to some of our past blog posts on this topic:
- Smartphones Are Killing Americans: https://forbes-insurance.com/forbesinsuranceblog/2017/11/1/smartphones-are-killing-americans
- Why Are Car Insurance Prices Rising? https://forbes-insurance.com/forbesinsuranceblog/2017/6/7/why-are-car-insurance-prices-rising
- Claims Increase The Cost Of Insurance: https://forbes-insurance.com/forbesinsuranceblog/2017/3/8/claims-increase-the-cost-of-insurance
- Pennsylvania Passes Daniel's Law - Stricter Penalties For Texting And Driving: https://forbes-insurance.com/forbesinsuranceblog/2016/11/8/pennsylvania-passes-daniels-law-stricter-penalties-for-texting-and-driving
By: William Forbes
Erie Insurance published a helpful article on its blog, ErieSense, on how to prevent your pipes from freezing this winter, and what to do if it happens.
I am re-posting the tips below. But, I wanted to highlight one of the most important things the article mentions. If your pipes do freeze, call a plumber to help you thaw them safely and avoid further damage to your home.
It may seem intuitive, but it's worth reminding folks they do not have to handle this situation on their own - call a professional to help you winterize your pipes, or thaw them, if you've run into that problem.
Here are Erie's steps for preventing frozen pipes:
- Drain water from pipes that are likely to freeze. This includes your swimming pool and sprinkler water supply lines.
- Disconnect any hoses from the outside of your home, drain the hoses and store them in the garage. Make sure to close the indoor valves supplying these outdoor access points.
- Insulate the area around vents and light fixtures. This helps prevent heat from escaping into the attic.
- Seal any wall cracks. Be sure to pay careful attention to the areas around utility service lines.
- Open kitchen cabinets. This allows the warm air to circulate around the pipes.
- Keep the garage doors closed to protect water lines.
- Allow your faucets to drip cold water on the coldest days. The movement will make it harder for the water to freeze.
- Keep your thermostat at the same temperature day and night. Never let it fall below 55 degrees Fahrenheit when you leave your home.
- Ensure you have proper seals on all doors and windows.
- Place a 60-watt bulb in areas where you’re concerned about pipes freezing. Make sure there are no combustible materials near the bulb.
- Take swift action if the pipes located inside an exterior wall are freezing. Cut a hole in the wall toward the inside of the house to expose those pipes to warmer air.
Check out Erie's full blog post for signs that your pipes are frozen and tips for thawing them yourself: https://www.erieinsurance.com/blog/frozen-water-pipe-prevention.
A big thank you to Lauterborn Electric, one of our favorite clients, for the T-shirts! We received these just before the holiday, and it was definitely Christmas come early at the agency. Thanks, friends!
If you're in the Philadelphia area and need a light bulb changed (or perhaps something more complicated), give these guys a call: lauterbornelectric.com.