Posts Tagged ‘Beck Insurance Agency’

Kylie Schultz attends CIC in Baltimore.

Wednesday, November 20th, 2019

Kylie Schultz, (personal lines, farm, and life agent at Beck Insurance Agency), is in Baltimore, Maryland finishing up the last day of her first CIC institute, Personal Lines.

There are seven* CIC institutes. Each institute is 2 days of coursework (16 hours total), followed by a 2-hour essay exam that is required only if obtaining the designation. The CIC program is a continuing education program and a professional certification program. Any eligible individual may attend classes without taking the examinations or working toward the designation. Courses reflect the laws and regulations in the state in which the institute is held.

  1. Personal lines institute addresses the insurance needs of individuals, families, and family members, and explains the complexities of state-specific personal lines forms.
  2. Commercial casualty institute covers Commercial General Liability, Inland Marine, Ocean Marine, Business Auto, Commercial Umbrella/Excess Liability coverages.
  3. Commercial property institute covers ways to maximize coverage for various types of commercial property accounts.
  4. Life and health institute provides the basic, essential background knowledge for property and casualty agents to succeed in the life and health insurance market.
  5. Agency management institute covers the internal operations and factors necessary to run an agency. A case study is used throughout the program for practical application of the theories, methods, and procedures.
  6. Commercial Multiline covers Commercial Inland Marine Concepts & Coverages, Crime Coverages & Endorsements, Cyber Exposures and Coverages, Employment Practices Liability Insurance, Excess Liability/Commercial Umbrella Coverages
  7. Company Operations covers Executive Strategies, Regulation & Compliance, Actuarial Practices & Accounting, Product Development, Agency/Policyholder Services, Underwriting, and Claims

To become a designated CIC, the candidate must complete all five courses and pass the examinations within five calendar years. CIC designees make a commitment to update their CIC designations annually.

A CIC candidate may earn the CIC designation by completing any four CIC institutes plus one Certified Risk Managers (CRM) course. CIC and CRM designations can be earned by completing nine programs: any four of the CIC institutes and all five CRM courses (Principles of Risk Management, Analysis of Risk, Control of Risk, Financing of Risk, and Practice of Risk Management).

Kylie joined Beck Insurance in June of 2016 and became licensed in Property & Casualty a few months later. Kylie initially focused on customer service and has now transitioned into a sales and consulting role, focusing on personal lines Home, Auto, Umbrella, Recreational Vehicles, Farms, and more.  Email Kylie today at kylie@beckinsurance.com, or click here to request a quote!

A NECA split dollar arrangement offers business owners a sophisticated life insurance solution

Tuesday, November 12th, 2019

For successful business owners, purchasing life insurance with corporate dollars can be an effective way to protect their family or to recruit and reward key employees. The following case study shows how a business funded a large life insurance policy through a Non-Equity Collateral Assignment (NECA) split dollar arrangement.

Case Study:

•Male, preferred non-smoker, owns a 45% interest in a C corporation that generates solid annual revenue.
•He wants to provide a minimum of $3M death benefit indefinitely to protect his family, within the following parameters:◦Using cash from the business to pay the premium, with the business recouping its premium cost upon the business owner’s death
◦Wants the business to cover the business owner’s personal tax cost, if any, during the premium-paying period (15 years)
◦Exiting the arrangement at the business owner’s retirement (age 65)
◦Using the policy cash value to pay any personal tax due upon the exit from the arrangement

The Plan:   A NECA Split Dollar Arrangement

How it Works:

•Split dollar is a term used to describe an arrangement in which a life insurance policy’s premium payments and benefits are split between two parties. In a split dollar arrangement, one party has a life insurance need and the second party has the funds to pay for the policy.
•Under a Non-Equity Collateral Assignment (NECA) split dollar arrangement used in this case, the business pays the annual premium for a life insurance policy, which is owned by the business owner.
•The policy is pledged — via a collateral assignment — to the business as security for repayment. Under the terms of this agreement, the business is required to be repaid the GREATER of the premiums paid or the cash value.
•The death benefit in excess of the repayment amount is paid to the policy beneficiary.
•In this case, the business will also pay any income tax charged to the business owner on the “economic benefit” costs associated with the trust’s share of the death benefit via an additional cash bonus. (Fundamentally, a NECA arrangement works very much like a conventional loan but with economic benefit costs in lieu of loan interest.1)
•At retirement, the NECA agreement terminates, and the business decides to waive its right to repayment (aka releases the assignment). The business owner uses policy cash value to pay the tax on the forgiven debt.

Why it Works:

•Business owner secures his life insurance death benefit goal of $3M in all years using money from the business to pay the premium.
•The business owner’s tax on the economic benefit cost is lower than the tax on the annual premium.
•The policy cash value does not exceed the total premium paid while the agreement is in place.
•The life insurance policy can support a distribution from the policy cash value to pay the business owner’s tax due on the release of the collateral assignment.

The Result:

When a business owner client has a life insurance need—or when they want to retain/reward a key employee — using corporate dollars through a NECA Split Dollar arrangement can provide a valuable benefit.

Source:  John Hancock

Call Beck Insurance Agency at 419-446-2777 for more information or submit a request here.

The Value of Life Insurance

Monday, November 11th, 2019

We know how important it is to seize the moments and live your best life now.  But don’t forget to protect the financial future of the people who depend on you.  One way to get started is with life insurance.  It can help provide for your love ones when they need it most.  How?  By helping to pay off your mortgage and other debt.  Cover college expenses.  Providing cash to settle your estate.  And more.  Plus, life insurance can also offer you living benefits, like helping you pay fewer taxes in retirement, be prepared for the cost of an unexpected illness, or boost your financial portfolio.

Most people recognize the value of life insurance but more than 40% of Americans don’t have it.  And of those who do, almost 20% say they don’t have enough.  So what’s stopping them?  Most people overestimate the cost of life insurance by more than three times the actual cost.  Life insurance comes in many shapes and sizes and we are here to help you find the right solution for your needs and budget…and protect the life you have built.  Ready to get started?  There is no better time than now.  See how much coverage you need at principal.com/lifecalc.

Or, contact Beck Insurance Agency today.  Call 419-446-2777, or click here.

Salon Booth Renter Insurance – $250 / yr

Wednesday, October 16th, 2019

Are you a hair stylist? A beautician? Are you required to carry your own liability insurance?

Finally an easy, local, affordable market for booth renter insurance…right here!

Beck Insurance Agency can quickly provide salon booth renters the coverage they need, at an annual premium of $250.  Packages include $1,000,000 in beautician professional liability, $1,000,000 commercial general liability per occurrence, $2,000,000 commercial general liability aggregate, business personal property of $10,000, and a $10,000 business income limit.  Additional coverage may be added at an increased cost.

What do we need from you?  All we need is your name, location & mailing addresses, a phone number, an effective date, and your payment information.  That’s it.  Quick, and easy.

Contact Beck Insurance Agency today to secure or replace your beautician liability coverage today.  You can call us at 419-446-2777, email us your details at help@beckinsurance.com, or submit your information here and we will get you set up quickly.

 

4 Things to Look For When Buying A Used Car

Wednesday, September 11th, 2019

Buying a used car? Used vehicles can be significantly less expensive to purchase than new vehicles, but their history could end up becoming costly. Here are some things to look for when shopping for a used vehicle to help you find any lurking issues and feel more confident in your purchasing decision.

1.Take note of the VIN. The 17-digit vehicle identification number (VIN) is typically found by looking through the vehicle’s windshield near the driver side dash. Use the VIN to look up: ◦Open recalls on the vehicle (nhtsa.gov)
◦The vehicle’s service and repair history (carfax.com)
◦If the vehicle has been stolen (nicb.org)
◦Whether or not the vehicle has been in a flood (dmv.org)

2.Ask questions. Ask the seller: ◦Why are you selling the car?
◦What was the vehicle’s prior use? (Who drove it? Was it mostly city, highway, or country road driving?)
◦What is the vehicle’s history (e.g., recalls, accidents, theft, flood)? See if the seller’s response matches the reports you found when searching the VIN.

3.Go for a test drive. Get in the car and drive it. Do you feel comfortable and safe? Listen to how the vehicle sounds when traveling at varying speeds and stopping. Examine the vehicle’s exterior and interior. Look for rust, dents, cracks, signs of water damage, funky smells, and tire quality. Check to see if everything works, including the doors, trunk, lights, windshield wipers, A/C and heater, turn signals, locks, audio system, mirror and seat adjustments, and automatic safety features.

4.Check the vehicle’s price. Look up the vehicle’s value on websites such as TrueCar.com, kbb.com, Edmunds.com, or cars.com. If you have concerns with the vehicle, ask a mechanic to do an inspection and estimate how much it would cost to fix any issues. Consider the cost of tax, title, registration, insurance, and any warranty in the price of the car as well.

Buying a car can be stressful. Follow these tips before purchasing a used vehicle to help save headaches and money down the road.

For a full review and quotes on your auto insurance please call Beck Insurance Agency at 419-446-2777, or click here to submit a request.

Who insures vacant homes? We do.

Monday, September 2nd, 2019

While your vacant dwelling is waiting for new renters or owners, or just simply waiting, you can rest assured it’s properly protected. As your partner in property protection, we also can quickly and seamlessly transition your Vacant Dwelling policy to Landlord Insurance.

What coverage is provided?

Named peril coverage. Our “basic form” policy (CP 10 10) protects your vacant dwelling from fire, windstorm, hail, vandalism, smoke, sprinkler leakage, lightning, explosion, vehicle damage, sinkhole collapse, aircraft damage and volcanic action.
All risk coverage available. For broader protection, our “special form” policy (CP 10 30) provides coverage for all causes of loss unless specifically excluded from the policy. Our “special form” policy also provides theft coverage for properties with an active central station fire and burglar alarm.
Property coverage available up to $5 million limit of insurance.
General liability coverage available. Select this coverage (CG 00 01) for financial protection up to $1 million should you be found legally responsible for an accident on the property that causes injury to others.
Easily transition to a landlord insurance policy. Is your vacant property now ready to rent? Your vacant dwelling insurance policy can easily be converted to a landlord insurance policy with a simple endorsement.
Multiple locations. If you have more than one vacant dwelling in the same state, we can provide coverage with just one policy.
Flexible policy terms. We write 3-, 6- and 12-month policies in most states.
Flexible payment options. Installments are available for 6- and 12-month policies including the ability to pay online any day, any time.
Solid protection. We have been protecting vacant properties since 1978. Our coverage is provided by a carrier with a group rating of “A” (Excellent) by A.M. Best, the leading rating agency for the insurance industry.

Eligible vacant dwellings include:
•Dwellings that are 100% vacant and not undergoing repairs, remodeling or renovations of any kind
•Dwellings with up to four residential units
•Dwellings with three residential units and one commercial unit
•Dwellings with two residential units and two commercial units
•Fully skirted mobile homes that are anchored and/or on a permanent foundation
•Individual condominium and townhouse units

Buildings intended for demolition do not qualify for any of our insurance products.

Contact Beck Insurance Agency at 419-446-2777 or click to request a quote.

5 Benefits of Dash Cams

Thursday, August 29th, 2019

Dashboard cameras—have you seen them in cars? Cameras mounted to the dashboard are not just in police cars anymore. A camera that records sounds and images both outside and inside your car can have several benefits, including:

Proof of an accident. A video record can help prove you were not responsible for an accident or traffic violation. It can also help expedite a claim with your insurance company.

Extra set of eyes. Some dash cams continue to record when your car is not in use, like when parked, providing the ability to capture hit-and-runs or break-ins.

Improve your driving. Driving videos can be used to review your driving skills. Some dash cams also have built-in safety warnings like if your car is too close to the vehicle in front of you or if your car starts to drift out of its lane.

Monitor teen driving. Parents can view how their teen is driving and see who else is in the car. Dash cams with GPS can also track when and where they were driving.

Road trip memories. Since the camera will be recording, quick and unexpected moments can be captured safely without reaching for a phone or being distracted while driving. These can be shared or downloaded to another device.

The cost of a dashboard camera can range from $25 to $250, depending on the features included. However, it may pay for itself after using it to fight a ticket or get reimbursed for your auto insurance deductible. Installing a dash cam typically involves applying the camera’s suction cup to a window or the dashboard—just don’t place it in a spot that obstructs the driver’s view.

Posted by Lisa D. on August 23, 2019 in Auto Focus

How to Avoid Distracted Driving

Tuesday, August 27th, 2019

3 Tips for Keeping Your Eyes on the Road in a Digital World

Forty-eight states have banned texting while driving, yet distracted driving is listed as a probable cause for an increase in the number of collisions each year. The following steps are potential safeguards for you to consider while driving:

Put Your Phone in a Distraction-Free Mode

Adjust your phone’s settings so that you aren’t tempted to look at (or respond to) every buzzing, dinging or flashing notification. Try putting your phone into airplane mode while driving to your destination to eliminate all distractions. If putting your phone in airplane mode seems too severe, most phones have settings that will allow for media sound and major service providers offer a free app that will silence text alerts once your vehicle attains a certain speed, while still allowing GPS apps.

Ask Your Passengers to Help

When you are unable to turn off alerts completely, passengers can be a useful extra set of hands. Enlist your passengers as navigator or DJ so you can keep your focus on the road.

However, regardless of whether your alerts are set to “on” and you are travelling alone, always remember to…

W82txt

Did you know drivers normally spend five seconds looking at their phones when receiving a text? That’s enough time to cover more than the length of a football field when traveling at highway speeds.

As part of our commitment to reduce distracted driving, Auto-Owners began the W82txt campaign, which attempts to increase awareness of the dangers of distracted driving through local advertising and education, as well as direct community engagement by local Auto-Owners agents.  Click here for the original blog post.

Thank you Auto-Owners Insurance for all that you do in trying to keep us all safe!  For more information or auto insurance quotes please contact Beck Insurance Agency at 419-446-2777, or click here!

Life Insurance 101

Thursday, August 1st, 2019

There are interesting differences between Term Life Insurance and Whole Life Insurance when you dig down deep.

Term Life Insurance is the least expensive today, but the most expensive over time.  Less than 1% collect a term life death benefit.

Whole Life Insurance is the most expensive today, and the least expensive over time.  100% payout, with the ability to add Long Term Care coverage.

So how can you say whole life over time is less expensive than term life?  Call Beck Insurance Agency at 419-446-2777 or click to schedule an appointment and a life insurance illustration comparison.

Auto-Owners Insurance Company continues exceptional financial ratings.

Thursday, April 25th, 2019

Auto-Owners Insurance Group continues to be recognized for exceptional financial strength and stability among the nation’s largest insurers. Auto-Owners has once again received the highest AM Best Rating of A++ (superior), and is only 1 of 9 P&C insurers in the United States to do so. This now makes it 47 years in a row Auto-Owners has earned this coveted rating.

Beck Insurance Agency is proud of our relationship with Auto-Owners, having signed our agency contract with them in 1950.

For more information on Auto-Owners click here.

For Auto-Owners quotes call 419-446-2777, or click here.