Fixed Rate Annuities

Fixed rate annuities make a great alternative to bank CD’s since they currently have a more favorable rate of return.  Fixed rate annuities are not guaranteed by the FDIC, however, in Illinois they are guaranteed by the Illinois Guarantee Fund and other states have similar arrangements. The most important factor when considering the fixed rate annuity is that you will leave the money in the account for the full term to avoid surrender penalties.  With that being said, the current rates as of 7/31/2014 are:

36 Month 1.90%

60 Month 3.00%

These rates are locked in for the term of the contract.

Please contact Beau or Brad by phone at 309.833.1755 or by email at info@macombinsurance.com to learn more.

* Single premium deferred annuities. Rate guaranteed for 3 or 5 year contracts; should you choose to continue this annuity after the third or fifth year guaranteed period, the minimum rate is 1%.  IRS penalty for withdrawals before age 59 1/2.  Issued by Liberty Bankers Life Insurance Company, Policy Form.  Interest rate effective 7/31/2014 and subject to change without notice.  $10,000 minimum purchase payment. Monthly interest subject to a minimum amount of $100.  Excess withdrawal are subject to market value adjustment. Information is based on an Illinois contract.

 

PGIB Business Clients, Are You Checking Out Your Exclusive Website?

Clients of our agency have access to an enormous wealth of information surrounding human resource matters, loss control, compliance, wellness programs and much more.  Please email me for an introduction and login credentials at info@macombinsurance.com.

Client Website Intro

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Independence Day

We would like to wish our clients and friends a terrific and safe Independence Day.

In order to allow our staff the opportunity to enjoy the holiday we will close at 2PM on Thursday, July 3rd and reopen on Monday, July 7th at 7:30AM. Should you have an emergency while we are closed, please call Dawn at 309-333-2331 or Ardell at 309-333-0222.

In the words of Benjamin Franklin, “Where liberty dwells, there is my country.”

Enjoy!

Beau

Do you need flood coverage?

Do you need flood insurance? That is answered by thinking whether or not you own property that could be damaged or destroyed by water. If the answer is yes, then you should seriously consider buying flood insurance. Most persons who need the protection buy coverage offered by the National Flood Insurance Program (NFIP). If your community doesn’t participate in the program, you’ll have to look into coverage from private insurance companies.

Is A Flood Loss Likely?

The chances of your business, home or personal property being damaged by a flood depends primarily upon where you live. They also depend on other factors such as:

  • how much of a flood warning you receive
  • the level of flood precautions you take (such as moving personal property from lower levels to higher levels), and
  • the precautions taken by your community (such as the use of flood controls in construction standards or sandbagging threatened areas).

Floods are related to weather conditions and tend to affect very wide areas. This often makes chances of a flood loss higher than a loss from fires or windstorms. Many people have the obsolete belief that flood insurance is only needed if you live in a flood prone area.

I Live In A Flood Zone?!

If you hear the term “flood zone,” you may think that it refers to locations that are particularly vulnerable to flooding. Wherever you live in the USA, you live in a flood zone. While your area may have a lower chance of flooding than a coastal area or a location situated near a body of water, your area could still experience flooding. A very dry part of the country can be susceptible to flash floods; hilly locations may be harmed by drainage; snowy locations may suffer from heavy snow thaw; other areas may suffer deluges or flooding due to a heavy rain season which has soaked the surrounding soil. So, if you’ve insured yourself against fire, wind and other causes of loss, it certainly makes sense to also protect yourself from the potential of a flood loss.

Why Worry When Disaster Coverage Is Available?

Are you thinking that, after a flood, your loss may be handled by the government declaring a disaster area? However, you’re still taking a couple of large risks. First, your flooded locale may not be deemed a disaster area. Second, being designated as a disaster area is not a bargain. Disaster area status only gives citizens access to government disaster loans. IF you qualify for assistance, you have replaced insurance protection with an obligation to pay off a large, long-term loan. Is it worthwhile to gamble on an opportunity to pick up more debt? You’ll find flood insurance to be a cheaper and much more valuable alternative.

Call Lori at 309-833-1755 to discuss what options you have.

Parent / Teen Driving Agreement

We have all heard that communication can be critical, however, there are many times when a conversation can seem uncomfortable and therefore never happens.  Talking with teens about expectations when getting a driver’s license can fall into that category.  That is why we are providing a customizable parent / teen driving agreement to help initiate dialogue and set a mutual understanding of restrictions.

We strongly encourage you to sit down with your young driver and utilize the form we are providing.

Contact us with any questions or to discuss.

Parent Teen Driving Agreement 1

Opening at Noon Feb. 5

Due to inclement weather, we will delay opening until Noon.  At that time, we will have limited staff due to rural road conditions.

Please contact me at 309.333.1292 should you have an urgent matter.

Beau

Opening at Noon Feb. 5

Due to the inclement weather, we will delay opening until noon today, February 5.  At that time we will have limited staff due to the rural road conditions.  Thank you for your understanding.

Contact me at 309.333.1292 with any urgent matters.

Beau

 

Concealed Carry Beware!

Concealed carry permits bring with them additional responsibility should you ever need to use your firearm in self-defense.  If you are brought into a lawsuit, you are responsible for defense at your own cost which homeonwers and other insurance does not cover.  In light of this expense, West Bend Mutual has established a reimbursement bond at a very reasonable cost of $100 for $50,000 of coverage or $175 for $100,000.

We hope you will never be in the situation to need this bond, but those that do will be glad to have purchased the coverage.

Here is a link to view the brochure: Concealed Carry Bond

Contact Jill at 309-833-1755 to get you set up.

 

 

11,571,900

This number represents the average number of identity thefts reported in the U.S.A. each year.  The problem is that this number is increasing significantly each year with the average loss per stolen identity is $4,930.  Often times the criminals are overseas making the prosecution and obtaining restitution nearly impossible.  So what can you do as a business owner and what can you do as an individual?

Business Owners

As a business owner, you have a responsibility to protect your customers information.  This includes things like credit card information and bank account information but it also goes further.  Information is considered “private” when it includes a name with any of the following: social security number, date of birth, drivers license number or any other information that is not otherwise public.  Of course if your business maintains health information on individuals, this expectation has been in place for some time.

A few basic steps can go a long way.

  • Shred all documents when no longer needed
  • Encrypt emails (generally requires a third party vendor to your email)
  • Lock files
  • Only allow access to private information to those who need it within the organization
  • Maintain virus  protection on computers and servers
  • Enforce a strict policy with employees

Since the business management can never know when or where a breach may occur, we recommend maintaining insurance coverage to help cover the immense costs associated with complying with the requirements of the law.  This includes notification, providing credit monitoring for customers in addition to rebuilding trust in your organization.

Individuals

There are proactive and reactive methods of dealing with your identity.  The single most important proactive step a person can make is to freeze your credit with the three major credit bureaus.  This makes it impossible for a thief to take your information and set up credit accounts.  One of the best places we have found to guide you through the process is here.  Once your credit is frozen, the only way to establish a new credit account is to use the PIN provided to you to set up a temporary thaw.

If you are a victim, you must complete a police report to allow you to begin to recover your loss.  Most insurance companies have an optional coverage for ID theft protection, at a minimal cost, which will help you through the rebuilding process along with the expenses.  One important note is that the insurance is not designed to replace the the stolen money, that is usually accomplished by proving your loss to the creditors who are to responsible.

Credit Freeze Letters

Our agency is well versed on coverage options for both businesses and individuals, call us today at 309-833-1755 to learn more.

 

source for statistics is: http://www.statisticbrain.com/identity-theft-fraud-statistics/

 

 

Hobby or Business

Your hobby may significantly affect your insurance needs. They often require a large investment in tangible property and may even create some legal responsibility to other persons or their property.

Hobbyists: Collectors or Enthusiasts

Hobbies typically involve either collectors or enthusiasts. A collector acquires property that especially attracts him or her. Examples include people who collect stamps, art, coins, autos, antiques, comic books, baskets, dishes, glassware, sports memorabilia, etc. An enthusiast also collects a certain type of property. However, the enthusiast acquires property in order to pursue a given, physical (particularly sporting or artistic) activity. Examples are hunters, musicians, painters, sculptors, cyclists, and enthusiasts of many types, such as fans of model or radio control planes, helicopters, etc.

With collectors, the focus should be placed on the nature of the property being acquired. With enthusiasts, besides attention to the property exposure, there should be equal emphasis on the liability exposure that is inherent in their activity.

Property Coverage Needs Created By Your Hobby

Your special property should be properly insured. Most homeowner policies provide minimal protection for collectible property. Why? Items such as coins, stamps, antiques, guns, etc., are often fragile. Also, such property is very valuable in relation to its size. The value of collectibles kept in one room may be more valuable than all of the rest of your home’s contents. Regular homeowner coverage is not designed to handle high-valued property that is easily destroyed, lost or is vulnerable to theft.

Even when collectible property is eligible for a policy’s full coverage, this may not be enough. You may want your special property to be covered from more causes of loss than your family room couch. It may be worthwhile to buy an endorsement to add additional coverage for your collectibles to your homeowner policy. Depending upon the type and value of your collectibles, you may even have to consider specialty coverage which typically makes consideration for replacement cost and for property that appreciates in value.

Liability Coverage Needs Created By Your Hobby

If your hobby is more hands-on, then be sure you’re protected against any legal liability related to your activity. Ask yourself the following:

  • Are there any dangers associated with the hobby?
  • Does the hobby involve frequent travel to sites or meets?
  • Does the activity attract frequent visitors to your home?
  • Do you publish hobbyist newsletters or give advice to others?
  • Do you actively sell or trade property on or away from your home?
  • Does your activity involve equipment that’s inherently dangerous to others?
Get Serious About Protecting Your Hobby

Fortunately, many aspects of a hobby, especially legal liability, are covered by a homeowners policy. However, your activity may need special or even business coverage (see part 2 of this series). The way you spend your leisure time should be a happy diversion. Don’t let your enjoyment be interrupted by inadequate protection. Discuss your special interest with an insurance professional who has a special interest in meeting your coverage needs.

See part 2 soon.


COPYRIGHT: Insurance Publishing Plus, Inc. 2012

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