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April is Distracted Driving Awareness Month

March 13, 2020 Gary Gnade

April is Distracted Driving Awareness Month. Many distractions exist while driving, but cell phones are a top distraction. So many drivers use them for long periods of time each day. Almost everyone has seen a driver distracted by a cell phone.

Every year in the U.S., almost a half million people are injured or killed in traffic accidents attributed to the combination of texting and driving. The statistics are shocking, especially in view of the fact that this danger could be completely avoided. According to statistics compiled by the National Highway Traffic Safety Administration in 2019, distracted driving was a reported factor in 8.5% of fatal motor vehicle crashes.

Texting can make vehicle accidents 23 times more likely to happen.

[Read more…]

Why Everyone Should Consider Umbrella Insurance

February 5, 2020 Kate Deane

Many people wonder, “Is umbrella insurance worth it?” A case can be made that just about everyone can benefit from umbrella insurance.

An umbrella insurance policy is extra liability coverage that exceeds the limits of your typical home and auto policies. Its main purposes are to protect your assets and to provide extra security should you be at risk for being sued for causing damage to someone’s property or injury in a personal liability situation. And as an extra benefit to you, if you add umbrella coverage to your existing home/auto policy, you may be eligible for a discount which would further reduce your auto and home insurance premiums.

Let’s look at some instances where umbrella insurance would pick up where your other coverage leaves off:

Auto Example:
It’s determined by a court that you’re liable for causing a car accident with multiple vehicles, and the cost to cover the damages and injuries is $850,000. However, the liability limit on your auto policy is only $300,000. In this case, your insurance would pay only $300,000 for the entire accident, and you’d be responsible for the remaining $550,000 out of your own pocket!

With an umbrella policy, however, you could extend your liability limits beyond the maximum provided by your underlying policies. In this case, an umbrella policy would provide liability limits above the $300,000 limit of your auto policy, up to the limit you choose for your umbrella policy (typically anywhere from $1 million to $5 million in coverage).
In other words, you wouldn’t be left paying the remaining $550,000.

Homeowners Example:
Let’s say your homeowner’s insurance has a personal liability limit of $300,000. You throw a large holiday party and one of your guests slips and falls on your icy front steps. She ends up with a concussion and some astronomical medical bills, and she decides to sue you. In court, the jury sides with your party guest and awards her a judgment of $1 million. This judgment is $700,000 higher than your homeowner’s insurance liability limit. Remember, think of umbrella insurance as a fail-safe for your savings and other assets.

Other scenarios umbrella insurance may cover include:

Your dog bites a neighbor’s child.
A fire at your condominium spreads to other units.
An accident occurs at your rental property.

One costly incident like those listed above that exhausts your auto or home policy could result in financial ruin. For a relatively low annual rate you can get a significant umbrella policy to protect you, your family, and your assets. Contact Gnade today and talk to one of our knowledgeable insurance agents to find the best insurance coverage for you.

This blog was written by Gnade Insurance Group and West Bend Mutual Insurance Company.

4 Ways to Prepare for Open Enrollment

October 11, 2019 Kate Deane

OPEN ENROLLMENT: NOVEMBER 1 – DECEMBER 15

Apply by December 15th for your 2020 health coverage to be effective by January 1, 2020.

It is that time of the year again, Open Enrollment for Individual Health Insurance. During this time of year you can renew, update and compare your current health insurance plan.

Whether applying for the first time of renewing your coverage, it is a good idea to gather essential information for your application.

Information to have available for your application:

Social security numbers, date of birth for you and whoever will be on your plan.
Your estimated gross household income for 2020.
An understanding of plan for your medical needs for the year, including a list of current medications.
The names of any doctors you would like to have in your network.

Timeline for Open Enrollment:

Nov. 1, 2019: Open Enrollment starts — first day you can enroll, re-enroll, or change a 2019 insurance plan. Coverage can start as soon as Jan. 1, 2020.
Dec. 15, 2019: The last day to enroll in or change plans for coverage to start Jan. 1, 2020. After this date, you can enroll or change plans only if you qualify for a Special Enrollment Period.
Jan. 1, 2020: Coverage for the year starts for those who enroll or change plans by Dec. 15, 2019.

Schedule an appointment with one of our Health Insurance specialists online HERE.
You can also call our office to make an appointment at 815.464.8800.

Life Insurance Terms

August 20, 2019 Kate Deane

Like many industries, the world of insurance has its own unique set of terms to describe its products that can be hard to understand unless you work in insurance. This is funny because everyone needs insurance, so why not make it easier to comprehend? To help you understand the information included in a life insurance policy, we’ve gathered some basic terminology in this easy-to-reference overview.

Types of Policies

Term Life Insurance
Term life insurance is a standard insurance policy that provides coverage for a specific period of time. This means if you don’t die within the term, your beneficiary doesn’t get the death benefit and the policy expires. You can select the term that works best for you, and common lengths for term life insurance are 10, 20, or 30 years. One of the challenges for people who purchase term life insurance is deciding how long the policy should last. You may want to have the policy last until you retire or as long as your youngest dependent will need financial support.

Whole Life Insurance
Whole life insurance covers you for as long as you live (as long as premiums are paid on time), at a locked-in rate that won’t increase as you age or if your health status changes. It may also build “cash value” over time, which is money that gets set aside with each payment you make, like a nest egg for the future.

Universal Life Insurance
Universal life insurance is a form of permanent insurance, meaning coverage can last for your lifetime as long as premiums are paid. This can be purchased by individuals but is also regularly offered by employers as group universal life insurance.

Variable Life Insurance
Variable life insurance is a permanent life insurance policy with an investment component. Coverage will remain in place for your lifetime so long as premiums are paid. Every variable life insurance policy has three primary components: Death benefit, Cash value, Premium. Every time you make a premium payment, a portion of it goes towards the cost of insurance and insurer’s fees. This is the money that essentially pays to keep the death benefit in place. The remainder of the premium goes towards the policy’s cash value, which is similar in structure to a brokerage account. The cash value can be invested in certain securities (often called sub-accounts) which resemble mutual funds.

Terms

Beneficiary
The person or party named by the owner of a life insurance policy to receive the policy benefit.

Contingent Beneficiary
The person to receive proceeds of a life insurance policy if the primary beneficiary passed away before the insured.

Cash Value
The savings element of a permanent life insurance policy, which represents the policy owner’s interest in the policy.

Convertible Term Life Insurance Policy
A term life insurance policy that gives the policy owner the right to convert the policy to a permanent plan of insurance.

Dividend
A return on part of the premium.

Face Amount
The amount of the death benefit payable under a life insurance policy.

Insured Life
The person on whose life the policy is issued.

Permanent Life Insurance
Life insurance that provides coverage though the insured’s lifetime and also provides a savings element. Also known as whole life.

Policy Anniversary
As a general rule, the date on which coverage under an insurance policy became effective.

Premiums
Amount paid to the insurance company to buy a policy and keep it in force.

Renewable Term Life Insurance
A term life insurance policy that can be renewed at the end of the policy term.

Interested in getting a Life Insurance quote or learning more? Visit our website.

Why do we buy insurance?

June 20, 2019 Kate Deane

The process of buying insurance can seem like a heavy load. Many people are under-educated on insurance; but they all know one thing: They need coverage. Historically, that hasn’t always been the case.

Why has our society shifted this way? Is it tradition? Is it law?
It’s both. Even in the democratic/capitalistic society we live in, insurance is mandated by both tradition and law.

Traditionally being uninsured/under-insured is a recipe for financial disaster. Drive with state minimums on your car coverage? Boom, a 3-car pile-up suddenly has you facing bankruptcy. Not properly covered with your home insurance? Boom, one bad storm and you’re homeless. You went the cheap route on your business or commercial insurance? Yep, that’s right, one bad liability claim and you’re suddenly updating your resume. Even reading this now, you probably aren’t getting that worried though, because insurance has been ingrained in your head since before you ever thought about buying it. Everyone knows someone that once had a life changing event from not having the right coverage; and they made a point to make it very clear to learn from their mistake.

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How do you say “GNADE”?

May 17, 2019 Gary Gnade

Even after being in business for 30 years, we still get asked all the time, “How do you say Gnade?”

(GUH-NAH-DEE)

Especially after opening a new office in Dubuque, Iowa where the Gnade name is less known – we thought it would be a good idea to help answer this question! Although, it is always fun to hear how people think it should be said. ?

We also get asked “Where did Gnade come from?” It is the last name of the owner, Gary Gnade. ?

Gnade Insurance Group came into existence back in 1988 shortly after a Gary decided to leave an eight-year career selling life insurance door-to-door for Prudential Insurance. By mortgaging his and his wife’s home, Gary started his agency in a small office in Tinley Park by hiring one agent and a part- time receptionist. Over the years as the business continued to grow along with the family, the two oldest sons Gerard and Bryan came on board. The company has grown to its current status of 29 employees with two locations; one in downtown Frankfort, IL and a new office in Dubuque, IA.

For more topics on our blog here and read more about us on our website: www.gnadeinsurance.com

May is Disability Insurance Awareness Month

May 1, 2019 Kate Deane

When it comes to protecting your assets, one of the most important things you can insure is your ability to work and earn a living with Disability Insurance.

With disability coverage you can continue to pay your bills and keep from going into serious debt.

If you were to ask yourself, “What the longest vacation I’ve ever taken?”, you’re probably right there with most people at two weeks. The reason is that the average person cannot go without income for more than two weeks. This is where disability coverage can help when the unexpected happens. If the average person cannot make it more than two weeks unpaid, why go months without any income, neglecting bills or payments, when disability insurance can help you?

Life does not stop when you are disabled and cannot work.
While you might not get you full salary, you will be covered. Here is an example of how it works:

Disability Insurance can help pay for other expenses while you are unable to work. Investments like health insurance, retirement, health expenses and college funds are just some of the life expenditures you might have to keep up with.

Want to know how much Disability Coverage you need?
Here is a document to help you figure that out: Disability Insurance Calculator

[Read more…]

Distracted Driving and Texting

March 21, 2019 Kate Deane

April is Distracted Driving Awareness Month. Many distractions exist while driving, but cell phones are a top distraction. So many drivers use them for long periods of time each day. Almost everyone has seen a driver distracted by a cell phone.

Every year in the U.S., almost a half million people are injured or killed in traffic accidents attributed to the combination of texting and driving. The statistics are shocking, especially in view of the fact that this danger could be completely avoided. According to statistics compiled by the Department of Transportation in 2018, 3477 people died and another 391,000 were injured in motor vehicle crashes caused by drivers who were distracted because they were texting or using cell phones.

Texting can make vehicle accidents 23 times more likely to happen.

[Read more…]

Flood Insurance 101

March 4, 2019 Kate Deane

According to the Federal Emergency Management Agency (FEMA), flooding is the nation’s most common natural disaster. Twenty percent of flood claims are filed by people living in moderate- or low-risk areas. Floodwaters have the power to damage not only your home and sense of security, but also your financial future.

While some regions, such as coastal areas, are more flood-prone than others, the unpredictability of climate change exposes all property to some risk. And torrential rainfall isn’t the only culprit. Mudflows, rapid snowmelt during spring and ice jams during winter also cause flooding. Even an inch of water can cause thousands of dollars in damage.

Flood insurance provides the protection you need to cover losses after a flood ravages your property. The cost of premiums vary based on the amount of coverage you need, what’s covered and your property’s flood risk.

[Read more…]

February is American Heart Month

January 31, 2019 Kate Deane

Believe it or not, heart disease can happen at any age.

Some risk factors for heart disease and stroke are preventable. American Heart Month teaches us the ways we can help reduce our risks while eliminating those we have control over. Do you have one of these risk factors for cardiovascular disease? Obesity, physical inactivity, high blood pressure, cigarette smoking, high cholesterol or diabetes.

Here are a few things you can do to prevent heart disease:

Check your blood pressure often. There are millions of people in the United States who have high blood pressure, and millions of them are as young as in their 40s and 50s. If you are one of them, make sure to have it under control and keep up with your doctor.
Eat healthy foods. Cutting down on salt intake and eating foods full of nutrients and essential vitamins can help lower blood pressure and regulate blood sugar.
Quit smoking. Over 35 million adults in America are smokers and thousands of young people are picking up the habit daily. If you’re a smoker, do your best to quit or cut down. It’s what’s best for your health.
Get exercise daily (at least a little). Pretty much any health article you read will tell you the benefits of exercise. Exercise not only helps with boosting mood and energy, but can also reduce your risk of cardiovascular disease. Those who get moving are nearly 50% less at risk of developing heart disease than those who spend all day sitting. Health professionals recommend at least 30 minutes of exercise per day most days of the week to maintain a healthy fitness level.
Fun tip: spend more time with your pets. Studies have shown that stroking a pet can help to lower blood pressure. Read more about how pets help to keep us happy and healthy here.
Know the symptoms. Unlike the highly-dramatized examples that we are shown on TV or in the movies, heart attacks often start as mild discomfort in the chest followed by more gradually more intense pain. Did you know? The symptoms can differ by gender. For men, the most common symptom is chest pain. For women, however, the symptoms can range from chest pain to nausea, vomiting, shortness of breath, and jaw or back pain.

Heart disease is the leading cause of death for both men and women.

Heart disease kills an estimated 630,000 Americans each year. In the United States, the most common type of heart disease is coronary artery disease (CAD), which can lead to a heart attack. You can greatly reduce your risk for CAD through lifestyle changes and, in some cases, medication.

In an article by heart.org they explain how to help prevent heart disease at any age. Read it here.

April is Distracted Driving Awareness Month. Many distractions exist while driving, but cell phones are a top distraction. So many drivers use them for long periods of time each day. Almost everyone has seen a driver distracted by a cell phone.

Texting can make vehicle accidents 23 times more likely to happen.

Many people wonder, “Is umbrella insurance worth it?” A case can be made that just about everyone can benefit from umbrella insurance.

Let’s look at some instances where umbrella insurance would pick up where your other coverage leaves off:

Other scenarios umbrella insurance may cover include:

OPEN ENROLLMENT: NOVEMBER 1 – DECEMBER 15

Apply by December 15th for your 2020 health coverage to be effective by January 1, 2020.

Information to have available for your application:

Timeline for Open Enrollment:

Types of Policies

Terms

The process of buying insurance can seem like a heavy load. Many people are under-educated on insurance; but they all know one thing: They need coverage. Historically, that hasn’t always been the case.

Even after being in business for 30 years, we still get asked all the time, “How do you say Gnade?”

(GUH-NAH-DEE)

We also get asked “Where did Gnade come from?” It is the last name of the owner, Gary Gnade. ?

When it comes to protecting your assets, one of the most important things you can insure is your ability to work and earn a living with Disability Insurance.

April is Distracted Driving Awareness Month. Many distractions exist while driving, but cell phones are a top distraction. So many drivers use them for long periods of time each day. Almost everyone has seen a driver distracted by a cell phone.

Texting can make vehicle accidents 23 times more likely to happen.

Believe it or not, heart disease can happen at any age.

Here are a few things you can do to prevent heart disease:

Heart disease is the leading cause of death for both men and women.

Gnade Insurance Group protects the states of Illinois, Iowa, Indiana, Wisconsin, Michigan, and Missouri!

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