The Benefits and Drawbacks of Group Health Insurance

One of the most important benefits that employers give their employees is the benefit of group insurance. For some, these group benefits are the only forms of insurance protection that an individual will ever have. But when possible, employees should enjoy these group benefits not as a sole source of protection from all the financial risks they face, but as a supplement their personal insurance policies.

If you aren’t sure why you should have both individual and group insurance coverage, consider these points on three different types of group insurance policies:

• Life insurance: Group life insurance benefits are very inexpensive and can be a great comfort to your family if they lose you while you are employed. But these plans are not portable—meaning you can’t take them with you when you leave. Having your own life insurance policy allows you the comfort of knowing you are insured whether you are employed or not. In addition, group life insurance benefits do not generally include accruing cash values which can be a source of tax-free loans in the future.
• Health insurance: Group health insurance coverage is especially helpful when you have a pre-existing condition that is hard to get covered with an individual health insurance policy. Group health costs can also be more affordable for those who have pre-existing conditions. However, group coverage can be less competitively priced for those who are young and healthy. It is also restrictive in options. You may not be able to see your existing doctors and have it covered in-network. And when you leave your employer, you can only carry the coverage for an additional 18 months in most instances.
• Disability: When you are employed and covered by a group disability insurance plan, you will have an affordable premium along with the protection of either short- or long-term disability benefits—and in some cases, both. This will be especially helpful if you suffer an injury that is not covered by workers compensation. But if you leave your job and go to another employer who doesn’t offer that benefit, you could be left without a disability benefit after a non work-related accident, illness or injury.

It is up to you to fully protect yourself and your family from financial risks. Insurance policies offer you an affordable, reliable means for doing so. And while employer-sponsored group policies do offer some attractive benefits, they may not be suitable as your only source of protection. Contact us to discuss your options for Group Health Insurance in South Carolina at (864) 269-6860.

Covering Your Liabilities with Commercial Auto Insurance

Being a business owner is a lot like being a professional athlete in a competitive sport. Not only do you need to do that thing you do—and do it well, but you must also pay attention to everything going on around you and look out for potential problems before they occur. This can be an exciting and invigorating way to live, but it can also expose you to many risks that are easily covered if you invest in the right kind of insurance coverage for your company.

Commercial auto insurance is one of the types of insurance policies that can offer your business protection, but it’s often overlooked by business owners who underestimate the amount of risk they face by carrying the wrong kind of car insurance for the business use of their vehicle.

Customer-related Liabilities
If any of your client’s property ever enters your vehicle, then you could be facing some major potential liabilities.  Not only could an accident or theft result in the loss of the client’s property and value, but depending on the nature of the property, that loss could lead to negative impacts on your client’s business or personal life, which would increase your liability. 

And your ‘customer’s property’ doesn’t just mean items that they hand over to you for your care or repair, it can also mean deliverables that your customer paid you for and expected you to deliver by an agreed upon date. This broadens the pool of what you can consider your client’s property and, as a result, increases your potential liability.

Employee Liabilities
If you send an employee out on an errand for your business or have them carrying your customer’s property in their vehicle, and they have an accident during this business-related travel, you are liable for their injuries and damage to their vehicle. If you have commercial auto insurance, then the claim can be put through your auto policy. If not, your business could lose money settling its responsibility.

There is no benefit to not buying the right kind of insurance for your car and business. Commercial auto insurance is an affordable way to protect your business assets and ensure the continuation of your company. Without it, you could lose your business and your livelihood after just one uncovered accident. Contact us today to discuss your options for South Carolina Business Auto Insurance at (864) 269-6860.

Understanding Cash Value Loans on Life Insurance

If you have a whole life insurance policy then part of your annual premium payment is applied toward your policy’s accumulating cash values. Cash values create the surrender and loan value of your life insurance contract, which means that your policy has a value beyond its death benefit, and that value can be borrowed against. Before you decide to take a loan from your life insurance policy, there are some things that you should understand.

A loan is a loan: Cash value loans are just that—loans. They do need to be paid back. If you don’t pay back the loan before death, your death benefit can be reduced by the amount of the outstanding loan balance and interest. Depending on the amount you’ve borrowed, this could have a serious impact on your beneficiaries.

Interest charges: You will be charged interest on cash value loans, but that interest is paid back to you in your cash values.

Premium loans (APL): Your cash values can be applied to premiums due if you have this feature set up through your insurance company. It is called an applied (or automatic) premium loan (APL) and while it may prevent your policy from lapsing, it is still a loan and, if not paid back, can reduce your death benefit. Don’t take for granted that your insurance company has automatically set your policy up for this process, call your agent to make sure.

Surrender value: While this post is primarily about cash value loans, it is important to clarify surrender values since they represent a different portion of your cash value reserves. Your actual cash value may not be the amount of money that you are entitled to if you decide to surrender your policy. Your surrender value represents the policyholder equity, and the amount of money you would be paid by the insurance company if you decided to surrender your policy.

Taxes: Loans from cash values are not taxable. Because they are loans to be paid back, they are not considered gains. Cash received through a cash surrender may be all (or partially) taxable.

Cash value loans, while convenient and accessible, should not be taken lightly. The decision to borrow from your life insurance policy could have an impact on your heirs if you aren’t able to pay it back before death. Additionally, if you take enough, you may wipe out any remaining balance, leaving your policy without the option for an APL if you miss a premium, which puts you in danger of lapsing. Take some time to evaluate your need for the loan and the possible consequences of taking it before you move forward. Call us if you have any questions or concerns about South Carolina Life Insurance at (864) 269-6860.

What is the difference between Flood Insurance and Home Insurance?

When you first contemplate buying insurance, there are many various terms and policy choices that can be easily misinterpreted. Many consumers don’t realize the full scope of what their policies cover. What are the deductibles and limits on the policy? What special situations are covered in the auto or homeowners policies? All of these questions are easily answered by calling your insurance agent or scanning your policy.

But not all insurance misunderstandings are innocent. If you believe some insurable incident is covered by your existing auto or homeowners’ insurance policy and it really isn’t, you could be exposing yourself to financial risks that you are unable to face on your own. One cause of this type of uncertainty involves flood insurance.

Many consumers believe that flood insurance is included in their homeowners’ policy. Unfortunately, this assumption is so common that many policy holders don’t ask their insurance agent if their homeowners’ insurance policy will cover the destruction caused by flood waters—they just assume that it will.  This assumption can turn out to be a very costly mistake after a flood actually occurs. Presuming that their homeowners insurance policy provides flood coverage stops them from taking the required steps to find out the truth about flood insurance and protect their family and their assets accordingly.

Now that we know that homeowners insurance policies do not cover damage caused by flood waters, let’s determine what actually comprises of flood waters. The National Flood Insurance Program defines a flood as:
“A flood is a general and temporary condition where two or more acres of normally dry land or two or more properties are inundated by water or mudflow.”

The definition of a flood is simple to understand, but the reason that many homeowners think it’s included in their insurance policy is because many of the events that can cause floods cause other damages that are covered under a homeowners insurance policy. For instance, a hurricane may cause wind damage to your home that is covered in your policy, but it may also cause normally dry land to be briefly flooded by water, which could seep into your house and damage your floors and furniture—but because those are flood waters, they will only be covered if you have a flood policy.

So call us to get your flood policy in place today, whether you live in a flood zone or not. It’s protection that isn’t covered in your homeowners policy but needs to be in place to keep your family safe. Call us today at (888) 269-6860.

How do insurance companies assess drivers’ risk?

When you apply for an auto insurance policy, before the insurance company can issue the policy they must try to foresee how much risk you will be worth if the policy is written. This helps them to manage the claims experience they have, determine whether or not to issue your policy and, if they do issue your policy, decide how much to charge you for it. The process during which they assess your risk is called underwriting.

While underwriting your auto insurance policy for coverage, underwriters will take into account various criteria including your previous driving record. They will obtain a motor vehicle report (MVR) to see how many tickets, accidents and other driving incidents you’ve had, what the tickets have been for, and decide how much influence those actions have on your current driving habits. Some of your past behavior—like speeding—will make you a riskier candidate to insure than others. This is because your past deeds and choices imply something about your personality and habits. Someone who has been cited with several speeding tickets in the past is more likely to have an accident and has also shown a propensity to ignore the legal speeding limit. This shows that the driver might be liable to disregard other driving laws and safe driving practices, therefore making him more likely to have an accident resulting in an insurance claim. Read more on underwriting for auto insurance.


As an independent agency we can offer our clients what direct writers cannot; More Choices and Better Rates.  We combine old fashion values and service with only select companies that provide stable financial stability. Contact or call us today for a free South Carolina auto insurance quote at (888) 269-6860.

South Carolina Auto Insurance

Auto Insurance

Auto insurance protects you against financial loss if you have an accident. It is a contract between you and the insurance company. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy.

It's really all about protecting yourself financially.

• If you're in an accident or your car is stolen, it costs money, often a lot of money, to fix or replace it.
• If you or any passengers are injured in an accident, medical costs can be extremely expensive.
• If you or your car is responsible for damage or injury to others, you may be sued for much more than you're worth.
• Not only is having insurance a prudent financial decision, many states require you to have at least some coverage.

An auto insurance policy is comprised of six different kinds of coverage. Most states require you to buy some, but not all, of these coverages. If you're financing a car, your lender may also have requirements.

Most auto policies are for six months or a year. Your insurance company should notify you by mail when it's time to renew the policy and to pay your premium.

South Carolina

Can a state really be “Made For Vacation?” The answer is "Yes!" when that state is South Carolina.


From Table Rock in the foothills of the Blue Ridge Mountains to the wide sandy beaches of our breathtaking coastline, the Palmetto State is made for vacation. From the crystal clear water of Lake Jocassee to the cobblestone streets of historic Charleston. From delicacies like she-crab soup to more South Carolina events and festivals than there are days of the year to 368 emerald green golf courses and 47 unique and beautiful South Carolina state parks. From our quaint small towns to our Heritage Corridor to incredible shopping, entertainment and nightlife… if vacation is on your mind, it’s time you put South Carolina vacations on your calendar.



Maybe you’re thinking about holding that next family reunion. Maybe it’s time for a romantic escape, that long-overdue girl’s getaway or an incredible guy’s golf week in America’s #1 golf destination. Or maybe what you really want is the best family vacation destinations in the country.

Heritage Insurance Agency

As an independent agency we can offer our clients what direct writers cannot; More Choices and Better Rates.  We combine old fashion values and service with only select companies that provide stable financial stability. Contact or call us today for a free South Carolina auto insurance quote at (888) 269-6860.

(Source and Photo: DiscoverSouthCarolina.com)

SC Officials Worry About Growing Doctor Shortage

Lauren Eleazer 8/29/2010

CHARLESTON, S.C. (AP) -- South Carolina already has a shortage of primary care and experts say the loss of a state-funded grant program to encourage young doctors to practice in rural areas is only going to make the problem worse.

The Post and Courier of Charleston reported Sunday that as more people get access to insurance and seek regular medical care, there are fewer doctors are practicing general medicine.

The American Academy of Family Physicians says only one in five medical school graduates go into primary care.

Hampton County, for example, has seven primary care physicians for a population of more than 22,000. Pete Tucker recruits doctors to the county and says he needs at least five more primary care doctors there. He has been unable to hire a single doctor in more than a year.

Source
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