How to Choose the Right Life Insurance for You

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Most people don’t want to think about life insurance too soon because it gets them thinking about when they die and leave their loved ones behind. Even though it’s something most people don’t want to think about, it’s important to think about and plan for sooner rather than later. There are many life insurance policies and ways to calculate how much life insurance might be right for you.

Types of life insurance policies available

There are two main types of life insurance policies available on the market. The first is term life insurance. Term life insurance only covers a certain time rather than the rest of your life. This option does not come with the option of building cash value as the permanent option does.

The second type of life insurance is permanent life insurance. Permanent life insurance is set in place for the remaining part of your life instead of a set time. With this comes a premium rate that is set at a fixed rate. Unlike term life insurance, permanent life insurance builds up cash value.

Important things to consider

On top of deciding whether you want term or permanent life insurance, other things are also important to consider.

  • Your policy should include enough to pay off your debt in full, plus a little extra for interest.
  • Income replacement for dependents if you are the sole income provider
  • Only insure people who would be a financial loss to you if they died.

Calculating how much life insurance to get

There are a few different ways to calculate the right amount of life insurance that you should have.

  • Multiply your annual income by 6-10 and add 100,000 per child.
  • Multiply the annual salary by the number of years left until you retire.
  • Take the amount of money survivors will need to maintain a standard of living and multiply it by 20.
  • DIME: Debt, Income, Mortgage, Education

Contact us today for a quote at Family Insurance Associates in Ruidoso, NM.

What to look for when selecting a commercial policy for your New Mexico business

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Family Insurance Associates is the insurance resource for business owners in the Ruidoso, NM area. If you are looking for the right commercial insurance policy to protect your business, we are here to help! Contact our office today to learn more. 

Look for these features when selecting your commercial insurance policy 

Thinking of starting a new business, or has your established company outgrown its current policy? Finding the right commercial policy is an integral part of protecting your business. Below are a few features to consider when selecting your policy:

  • An adequate level of protection – assess your coverage needs considering the value of all equipment and machinery. Be sure that your policy limits are enough to protect your business.
  • Coverage for any specialized needs like high inventory risk or liability needs if you operate in an industry with many lawsuits associated with doing business. Liability protection is also crucial in high-risk industries where injuries often occur.
  • Work with a local agent – when you obtain your commercial insurance policy through a local agent, you will have an effective resource available if you ever need to file a claim. A local agent will also be helpful when reviewing your policy for completeness before renewal.

Finding the right commercial policy doesn’t have to be a chore when you work with a local agent!

We are here to help with all of your commercial insurance needs 

If you own a business in Ruidoso, NM, or the surrounding area, turn to the team at Family Insurance Associates for all of your commercial insurance needs. Contact our office today and schedule a consultation to find out more about commercial insurance.

How Much Comprehensive is Enough?

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If you have full-coverage insurance, that usually means you have liability, collision, and comprehensive. This multi-layer insurance package helps protect your vehicle from various risks and losses. Anyone in need of comprehensive insurance may wonder how much is enough. The expert agents at Family Insurance Associates serving the Ruidoso, NM area, are ready to help. 

Comprehensive Coverage

Comprehensive coverage is insurance that protects your vehicle from damage related to incidents other than collisions. For example, if you receive hail damage or a wild animal destroys or damages your car, you can rely on your comprehensive insurance to cover expenses and repairs after you pay the deductible. If you want the best level of protection, you need to select the best option. 

A top insurance agent can help you determine which level of comprehensive coverage is suitable for your needs. Some determining factors are the value of the vehicle, any improvements or customization, and the potential losses incurred from a covered event. Our knowledgeable team can carefully assess your situation to recommend the best coverage. They can also assist with submitting documents, payments, and even claims if you have any. We are committed to exceptional customer service for the residents of the area. 

Reach Out to Us

The team at Family Insurance Associates in Ruidoso, NM is excited to offer top insurance products to residents of the surrounding areas. We strive to give each customer the options they need and provide the information necessary to make the best choices. Call or stop by our office today to speak to an agent and find out how we can offer peace of mind through reliable insurance products. 

Help Finding the Right Medicare Insurance

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Medicare covers persons over the age of 65, young people who are disabled, or persons requiring a kidney transplant or dialysis (End-Stage Renal Sickness). This is an insurance program by the federal government. Family Insurance Associate offers alternatives to the original plan by the national health (part A and B) for drugs and health coverage in Ruidoso, NM. Our services may include coverage for prescribed medications, or one may need to purchase part D cover separately. We also have Medigap plans B and N for Medicare supplements.

From our options, you can opt for a plan that caters to out-of-pocket expenses that Ruidoso’s original method doesn’t have, like deductibles and coinsurance. With us, you can buy part D as a standalone cover too. We follow the rules set by Medicare and dully notify our clients of any changes before starting the following enrollment period.

How Family Insurance Associates work with Medicare

Each entity (Us and the Primary payer) coordinates with each other to determine who pays for your services first. We pay for what our primary payer cannot pay or what is missing in the stated plan between our clients and their primary payer. The primary payer pays up to what the client has bargained for, and we pay the remaining costs that have no coverage on the latter’s plan.

We provide extensive research findings and sources for the best providers for vision, hearing fitness programs, routine dental checkups, and cleaning, among our exclusive Medicare drug plan coverage. All these come to ensure you get the best satisfaction.

Are you ready to purchase Medicare Insurance? Family Insurance Associate is your ultimate place of insurance in Ruidoso, NM. We strive to attend to all insurance queries you may have and help you source the best programs in New Mexico, among them Humana, Cigna, and United Healthcare Insurance. Call or visit us, and we will give you coverage that is perfect for you.

How Much Home Insurance Do I Need?

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If you have bought home insurance, it’s a great way to protect your valuable asset. However, if you want optimal coverage, you should buy the right amount of coverage. So, do you have sufficient home insurance? While each homeowner’s needs vary, Family Insurance Associates in Ruidoso, NM has a guide to help you determine the amount of coverage you need.

How much dwelling coverage should I have?

You should invest in enough coverage to rebuild your home from scratch. Typically, if your house is totally destroyed, your insurer will pay the house’s actual value after removing the depreciation. If you don’t want to dip into your pocket after a total loss, you must insure your home against the replacement cost.

You need to talk to your insurance agent for advice if you don’t know about your home’s replacement cost. We have tools to help you get the correct value for your home.

How much content coverage do I need?

Like dwelling coverage, purchase enough content coverage to replace all your assets in the worst-case scenario. However, to ensure everything in your possession has been insured, conduct an inventory count from one room to another to ensure nothing has been left out.

How much liability coverage do I need?

Most homeowners have liability coverage of $100,000. This amount may be sufficient for minor liability claims. However, if you need higher liability coverage, consider liability coverage of about $300,000. But should you need even higher coverage, we advise our clients to consider umbrella insurance or excess liability coverage.

Still not sure you have everything you need to buy the right amount of home insurance? Please reach out to Family Insurance Associates. Our team of experts will analyze your current insurance needs to determine the amount of insurance required.

Are There Any Limitations Or Exclusions With Dental And Vision Insurance?

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The best way to protect yourself from unnecessary expenses is to ensure you know what you’re signing up for. Check your company’s plan closely to ensure that these benefits are covered 100 percent. In addition, make sure you understand any waiting periods before you can receive coverage. Waiting periods vary widely, but they are often between 90 and 180 days—Call Family Insurance Associates in Ruidoso, NM for expert help. 

What to Know About the Restrictions 

Dental and vision insurance plans have strict limitations, including yearly maximums on benefits and a minimum period of coverage. Some plans have a waiting period before coverage begins. Dental plans have a maximum benefit amount for dental procedures. 

You might have a vision plan that only covers up to a certain dollar amount of prescription eyewear. Similarly, a dental plan might only cover certain procedures, such as root canals, but not cosmetic dentistry like teeth whitening. 

Some dental and vision plans have limitations on how often you can visit the dentist, how much vision care you can receive, or how much you can spend on vision care. Major medical usually has a fixed dollar amount, such as $500 or $1,000. 

You may not be covered for certain services, such as orthotics, during the first few months of your policy. Some policies have a maximum value. After receiving that amount, you must continue to pay for the plan’s share of the cost of covered services. Some plans have a maximum number of visits or amount of money you can spend on vision care per year. 

Final Thoughts 

If an employee’s spouse has a vision plan through their employer, can the employee add that spouse to their vision plan to avoid paying for the spouse’s vision coverage? What if the spouse’s vision plan is better than the employee’s vision plan?

Does the employer need to keep track of all of these plans? What if an employee has vision coverage through their spouse’s vision plan and the employee’s spouse has a better vision plan? For the correct answers, call Family Insurance Associates in Ruidoso, NM.

When should you review your life insurance needs

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Life insurance is not something that is one and done. The life insurance that is right for you when you are 25 and unmarried may not be the same life insurance that is correct even ten years later. It needs to be reevaluated from time to time. At Family Insurance Associates in Ruidoso, NM, we know that this is not a subject most customers are very familiar with. We are delighted to discuss all the vital information with you. As independent insurance agents, we have loads of options to find the perfect fit. 

When you first go out on your own

Part of adulting is taking responsibility for your life. You are young and healthy, and dying is probably far down on your list of worries. But, it is never too soon to take responsibility for any debt that you may have. You may not need vast amounts of life insurance, but making sure you have some is good. 

When you change employers

If you count on the life insurance provided with your benefits package through your employer, changing jobs will affect your life insurance. 

When you start a family

Children are the most major change you will probably ever make in your life, and they are certainly someone you need to provide for. This long-term thing may require years of your income, depending on how young your children are. 

Retirement

Once you are retired, there may be very little need for life insurance unless you are not in a position to pay for final expenses. Talk about the options with your independent insurance agent. 

Contact Family Insurance Associates in Ruidoso, NM when you are ready to sit down and discuss what your life insurance needs are.

What Commercial Insurance Is Needed in New Mexico?

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New Mexico law mandates that businesses with three or more employees, regardless of whether they are full-time or part-time, carry workers’ compensation insurance to help pay for medical bills related to workplace injuries and illnesses. If your company is in the construction industry, you will need workers’ compensation insurance if you have just one full or part-time employee. Additionally, any vehicle owned by the business must have commercial auto insurance coverage with at least the below minimum liability requirements:

  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $10,000 property damage liability per accident

While it may be tempting to skimp on insurance to save money for your business, failure to carry the two required insurances in New Mexico can have a devastating impact. Consequences of not having commercial insurance can include the following:

  • Fines and Jail: Failure to have workers’ compensation insurance violates New Mexico state law and subjects the business owner to numerous penalties and even jail time for repeated offenses.
  • No Safety Blanket: If a customer trips and falls outside your builder or is sued after missing a key client deadline outlined in the contract, you’ll want insurance to help pay for the required remediation. Not having coverage means you’ll be on the hook for all the costs.
  • Loss of Clients: Many contracts will require that you have adequate insurance coverage, and failing to do so may result in losing work.
  • Loss of Property: If you rent space for your business, a landlord may decide not to work with you if they learn that you do not have liability insurance or any other coverage

At Family Insurance Associates in Ruidoso, NM, we understand the time, commitment, and expense required to run a successful business. Consequently, we’ll work with you to find the perfect commercial insurance policy for your needs. 

When To Shop For New Auto Insurance

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Auto insurance is a unique expense because it is required by law. Because this is such an important bill each month or each year, you will want to make sure you get the best deal you can. At Family Insurance Associates, serving Ruidoso, NM, and the surrounding areas, we want to help make sure you always get the right insurance products at the right price. Keep reading to learn about when you should shop for new auto insurance. 

Annually

It is good to shop around and compare auto insurance prices at least once a year. This allows you to see if you are getting the best possible price. 

When You Get Married

If you are planning to get married, or if you recently got married, you might want to consider comparing rates again. Married couples can get special discounts when they bundle their policies together. Putting your insurance together is also a great way to simplify your budget and hopefully lower this expense each month. 

When You Add a New Driver

If you plan to add a new driver, you will want to compare rates. Your car insurance expenses could change if you add a new driver. This is especially true if you are adding a new teen driver. Be sure anyone you add to your policy has a good driving record and is someone you can trust. 

When You Purchase a New Car

When you purchase another vehicle, your insurance rates could change. If you are adding this vehicle in addition to others, you will want to discuss with an insurance agent which vehicle should be primary. 

If you would like to learn more about our insurance products, don’t hesitate to contact us at Family Insurance Associates serving Ruidoso, NM, and the surrounding areas. 

Does My Disability Qualify Me For Medicare?

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In general, Medicare is available for anyone over the age of 65. However, some people with certain disabilities may be able to obtain coverage through Medicare at a younger age. If you think you have a qualifying disability, Family Insurance Associates of Ruidoso, NM is happy to discuss available options with you.

What Disabilities Qualify for Medicare?

In order to qualify for Medicare under the age of 65, a person must have been receiving Social Security Disability benefits for at least two years. In addition, someone with End-Stage Renal Disease or Amyotrophic Lateral Sclerosis may also qualify for coverage.

It is important to note that there is a waiting period of five months for a person to begin collecting disability benefits once it has been determined that they are disabled. However, people with ALS or ESRD are not required to collect benefits for the two-year minimum in order to qualify for Medicare.

To qualify for Medicare with ESRD, the person must generally have completed three months of regular dialysis or have had a kidney transplant. People with ALS are eligible for Medicare as soon as they begin collecting disability benefits.

Enrolling in Medicare

Typically, once someone meets the criteria for Social Security Disability, they will be enrolled in Medicare Part A and Part B automatically. Anyone who meets the requirements but does not qualify for Social Security benefits will be able to purchase Medicare and pay a monthly premium for Part A and Part B.

Anyone qualified for disability benefits will receive a Medicare card via mail once the required time period passes. In the event they do not receive a card, they will need to contact the Social Security office directly.

If you need help in determining the benefits for which you qualify, contact Family Insurance Associates of Ruidoso, NM.