Category Archives: Newsletters

Click the image below to download a PDF of our Fall 2022 Quarterly Newsletter:

Click the image below to download a PDF of our Fall 2022 Quarterly Newsletter:

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We are pleased to announce the hiring of Debra D’Anniballe as an Account Manager on our Commercial Lines Team.

Debra D’Anniballe joined Emerling Floss Murphy & Associates in May 2022.

She specializes in large commercial accounts, and brings with her 21 years of experience in the insurance industry.  She is a member of The Institutes and has her CISR.

Deb graduated from Monticello High School and Bryant and Stratton College.
She resides in Lockport, NY with her two sons and her Boxer, and loves spending time doing “anything outdoors.”

Click the image below to download a PDF of our Spring 2022 Quarterly Newsletter:

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While no one likes thinking about their own mortality, writing a will is an important part of planning for your family’s future.

When creating a will, you start by deciding who will receive your assets when you’re gone. But this is just the first step. Once your plan is on paper, someone still has to make sure your final wishes are met and your family is cared for.

That someone is your executor – the person designated to perform all the legal tasks related to your last will and testament. It’s a big job. So before you write down a name, seriously consider the responsibilities to determine who might be a good fit.

WHAT DOES AN EXECUTOR DO?

Your executor doesn’t have to be a professional. All it takes is a patient, mature person who can handle the responsibility.

The duties of an executor include:

• Offering your will for probate
• Taking inventory and managing your assets
• Using your estate’s funds to pay bills, including taxes, funeral and burial costs
• Notifying banks, creditors, and government agencies of the death
• Distributing assets to beneficiaries
• Preparing and filing final income tax returns
• Paying off any debts

HOW TO CHOOSE THE RIGHT PERSON TO BE YOUR EXECUTOR

Because of the significant responsibilities placed on your executor, not everyone will be right for the job. Here are some tips on how to choose an executor for your will:

1. Choose someone you trust. Pick someone who is emotionally and financially wise. It helps if you know your executor will be humble enough to ask for help if things get complicated, too.
2. Name a successor. Ideally, your executor will outlive you. But in the event that doesn’t happen, it’s always wise to name a successor – just in case.
3. Avoid any feuds. When it comes to dividing your estate, tensions can run high. Choose a neutral party that will cause the least amount of conflict. Consider a group who works well together, or someone outside of the family to minimize disputes.
4. Choose someone qualified. Make sure your first choice is a legal one. In most cases, non-U.S. citizens, felons and minors can’t act as executors. If your executor is young – such as a son or daughter – you can request that he or she only acts as executor after reaching a certain age.
5. Find a third party, if needed. Consider using a bank, trust company, or other professional to manage your estate. Third parties can ease the burden for loved ones, and the cost can be covered from your estate.
6. Change if necessary. As your life and relationships change, you may want to consider changing your executor, too. Periodically review your will to ensure your executor is still someone you trust to serve your estate.
7. Get their approval. Always talk to your executor about the role beforehand.  Go over your will so they’re prepared for the work ahead. This will make it less overwhelming for them when the time comes.

The process to get a life insurance policy isn’t that different from what you’re used to.  You find a company you trust and work with a trusted professional to determine how much coverage you need.

However, with some life policies, there’s one main difference: you have to get a life insurance medical exam. Keep reading to find out how it works and what to expect.

WHAT IS A LIFE INSURANCE MEDICAL EXAM?

A life insurance medical exam, more commonly referred to as a “paramedical exam” by insurance professionals, is an opportunity for your life insurance company to review your medical history and collect information for your life insurance application.

There are typically two stages to this exam: a verbal questionnaire and an examination done by a health professional, usually a paramedical professional or a nurse.

WHY DO I NEED A LIFE INSURANCE EXAM?

Just like an insurance agent asks you questions about your vehicle and driving habits when you’re quoting for an auto policy, your life insurance company wants to learn more about you before issuing you a life policy. An exam helps them to:

1. Verify the information you originally gave when applying for a life insurance policy.
2. Get a more complete medical history. The questionnaire goes into more detail about your family’s medical history.
3. Identify any underlying conditions. A more in-depth view of your medical history and results from your bloodwork may reveal a condition you were unaware you are at risk for, or might already have – for example, diabetes.

However, not all life policies require you to get a life insurance medical exam. Life policies below $100,000 typically require you to only complete an application and answer several questions before it is reviewed by an underwriter.¹ Your agent will assist you in completing the application, you will sign it and your agent submit it for underwriting review.

Life isn’t one-size-fits-all – and neither is life insurance.

Here are a few frequently asked questions that may help you understand and navigate the best life insurance policy for you.

1. How much life insurance do I need, anyway? There are a number of factors that can influence the amount of life insurance you need – including age, debts, monthly expenses and number of. As a general rule of thumb, purchasing a policy worth 10 to 15 times your gross income is used as a starting point in cultivating your policy.

2. Is Life insurance expensive? Purchasing an insurance policy worth hundreds of thousands of dollars may sound like an expensive proposition. But the truth is, life insurance is more affordable than you may think. As an example, and depending on your policy, a $250,000 life insurance policy could cost less than $15 a month.

3. Do I need a medical exam to purchase life insurance? Not always, but do expect to answer certain questions. It’s more likely you’ll need an exam as your age and/or the amount of coverage requested increases. For some life insurance policies, your insurer will require a brief medical exam, more commonly referred to as a paramedical exam. It’s similar to a standard physical. A paramedical exam professional will measure vitals like your height, weight, temperature and blood pressure. You’ll also have to have blood drawn and a urinalysis test completed.

4. Can I purchase life insurance without a health exam? Not all life policies require you to get a paramedical exam. Life policies below $100,000 typically require you to only complete an application (with the help of your agent) before it is reviewed by an underwriter. If you’re between the ages of 18-55, you may be able to get an instant-issue term or whole life policy with up to $500,000 in coverage by answering several application questions without having to complete a life insurance paramedical medical exam.

5. Why should I think about life insurance if I’m young and healthy? Life insurance is a smart purchase at any age. Even if no one depends on your monthly income, a life insurance policy will cover your funeral expenses and debts — including student loans. And there’s another advantage of purchasing a policy at a young age: lower rates. Because insurers price policies based on risk (and young people have a far lower mortality rate than older groups), your rates are generally less expensive if you’re young and healthy. Buying a policy when you’re young and healthy makes it easier for you to buy more coverage in the future. Plus, you’ll have a policy (locked in at a great rate) now, should you ever need it.

6. I have a policy through work. Isn’t that enough? As part of an overall benefits package, many employers offer some form of life insurance coverage to their employees. Since this coverage is typically paid for by the employer, it’s a great benefit to have. But it’s still wise to hold your own personal life insurance policy.

7. I don’t work outside the home. Why should I think about life insurance? Being a stay-at-home parent is a full-time job. And while your work may not generate an income, it does significantly reduce your household expenses. Think of all the extra costs associated with child care, transportation and meal preparation that would be incurred if you were no longer around.

8. What’s the difference between term and permanent life insurance? Term life insurance provides coverage over a fixed period of time. Term life insurance is a cost-effective option to provide protection for the loved ones you leave behind. With this type of policy, you can select a term that will cover you when you need it most — such as the time it will take your children to reach adulthood. Permanent policies, such as whole life policies, provide coverage over your entire lifetime. That means your family and beneficiaries are covered for the duration of your life. Whole life insurance accumulates cash value, too, providing you the option of borrowing against it in the future.

9. I’m a rock climber. Can you still cover me? Assessing risk is a key component of underwriting a life insurance policy.  Dangerous hobbies — like skydiving, rock climbing or vehicle racing — make you inherently riskier to insure. However, just because you’re an adrenaline junkie doesn’t automatically mean you can’t get life insurance. Before giving you a quote, your insurance agent may ask you to fill out a written questionnaire to understand more about your hobby. In many cases, you’ll still be able to get insurance. Just expect to pay a little extra to account for the additional risk.

10. What is a life insurance beneficiary? A beneficiary is a person or entity designated to receive the funds from your life insurance policy in the event of your death. Your beneficiary can be a person, business, trust, charity, church or even a school. An insurance policy can have more than one beneficiary.

11. How do I choose a beneficiary? Choosing a life insurance beneficiary depends largely on how you’d like your life insurance benefit to be used upon your death. If you have young children, naming a spouse or close family member you trust as your beneficiary and memorializing your wishes may be one way to provide for your children’s care in your absence.

12. I don’t have kids. Why should I think about life insurance? The need for life insurance isn’t limited to parents. Whether you’re entering adulthood or nearing retirement, everyone can benefit from owning a life insurance policy. Beyond providing for children, a life insurance benefit can be used to cover expenses like funeral costs or pay off any outstanding debts.