It is fitting that October, the spookiest month of the year, is also Cyber Liability Awareness Month. Cyber scams and attacks are definitely a creepy part of commerce nowadays. Thankfully, there are insurance products to help protect and prevent those tricksters from harming your business. You might not be aware of just how much power a cyber attack wields, so to give you a better understanding I’ll share a truly frightening statistic – just about 60% of hacked small and medium sized businesses close within 6 months.

Many of us have received an email from a Nigerian Prince, or maybe a call from someone saying a family member has been arrested and they urgently need you to wire them money - or better yet, an IRS impersonator threatening you regarding an outstanding tax balance. The point is, the scammers have gotten smarter, but so have we. There is an insurance product now that will protect you from hackers and wire fraud, so you won’t have to pay the penalty for malicious actions taken against you or your business. Now, that doesn’t mean everything is covered, so be sure to review the limits with your agent to better understand what is included and excluded in your Cyber Liability policy. As most businesses have unique risks, there are additional ancillary coverages to make sure you have the best possible coverages for your needs.

It is a blessing we typically have plenty of time to prepare for a hurricane, but it can also lead us to procrastinate or possibly underestimate the amount of damage a storm can generate.  Of course, it is better to overprepare than to be scrambling last minute, but sometimes natural disasters - like flash floods or tornadoes - don’t give us any warning.  Knowing how to prepare yourself and your property is important, but we have noticed knowing how to handle a claim once it happens is sometimes overlooked as part of the preparation process.  It is important to understand the steps ahead of time so you can protect yourself from fraud or damaging delays.

If you experience an incident that results in a claim, the first thing you need to do is make sure everyone is safe.  Call emergency services if you are in need of their assistance.  Once it is safe, you can assess the damage and start the process.  

If you are a motorcycle enthusiast in Central Florida, chances are you have already heard about the organization I am going to introduce today - Ribbon Riders. Here’s something you might not know though - Ribbon Riders was co-founded 10 years ago by one of Jallad Insurance’s very own, Karen McBride! The charity organization’s philanthropic focus is to provide immediate financial assistance to Central Florida residents currently battling breast cancer or dealing with the after effects of treatment. The group is comprised of women who are either breast cancer survivors themselves or are passionate about the cause because breast cancer has touched the lives of a loved one.

Ribbon Riders is celebrating their 10th year and their largest annual fundraiser is happening this weekend! Their GO PINK! event is the 2nd largest motorcycle charity ride in Central Florida. The day includes a scenic and escorted motorcycle ride, grilled lunch, and an afternoon of music, raffles and auctions to help raise funds for their cause. Jallad Insurance is proud to be a sponsor of GO PINK! so Ribbon Riders can further their mission of “providing hope, relief and assistance to those battling breast cancer.”

If you have a bike of your own, or would just like to enjoy the festivities, click on the image below to learn more about Ribbon Riders and their event. We hope to see you Sunday!

go pink 2018

In the last 100 years life expectancy has more than doubled, giving us more time to enjoy life’s pleasures. The medical advancements in health care are even more innovative now with the help of new technologies. And while increased longevity is a blessing, it also means more of us are at risk for developing a long-lasting illness, or disability, that will require additional financial support than we may have planned for previously.

An insurance policy that protects your quality of life in the event of unexpected health issues is Income Protection, also know as an Individual Disability policy. This coverage can assist you in paying bills while you are unable to work due to disability, or if you become unemployed due to your illness. You may think that is what Worker’s Compensation is for, but 95% of disabling accidents/illnesses are not work related, which means Work Comp wouldn’t cover you. Personal savings may not be able to sustain your needs for a prolonged period of time either, especially since a recent Federal Reserve study found that 47% of Americans wouldn’t be able to handle an unexpected emergency costing $400. Insurance is a safety net to use in case of emergencies, and protecting your paycheck is no different. Plan ahead for the what-ifs in life, so you can focus on recovering and get back on your feet sooner.

Life Insurance policies can also include supplementary financial benefits. This is accomplished by adding “riders” to your policy. The Care4Life Acceleration Rider is a popular addition, as it allows you to receive an advance on a portion of the total death benefit. This can be used to cover medical expenses, make modifications to your home, provide for help around the house, or even fund a trip with your loved ones. You can use the advance on the policy to fund your end of life needs, while still maintaining a death benefit for your beneficiaries to use towards your final expenses, as well as providing them financial stability and ease of mind after you’re gone.

Providing care for yourself or a loved one with a chronic, critical or terminal illness can be financially burdensome. Use these products to prepare and protect yourself, and them, from that possibility.

Understanding the difference between your options is the first step in finding the right life insurance solution. We want to make the process simpler, so we have outlined some of the basic differences between the 2 main Life Insurance policy types – Term and Whole. Of course, there are a lot more variables and options to consider, so it is best to speak with a professional, but this explanation will build a solid foundation for your discussion.

Death Benefit Only

Term Life Insurance has the benefit of being more affordable, which is a budget-friendly way to get started with coverage. It allows you to afford a policy earlier in life and puts coverage in place for the time frame, or “term,” you choose (up to 30 years). Of course, there is a reason why it is more affordable - it is more basic and has an expiration date, so it only covers you for the life of the policy. In other words, if you wish to continue to have life insurance coverage after your Term policy expires, you may need to re-qualify, which would entail underwriting taking place when you are older, and potentially less healthy. Think of Term Life Insurance as having a “Death Benefit Only,” meaning it will pay out the “benefit” to your surviving relatives if you have a policy in place at the time of your death.

Living & Death Benefit

Certain types of life insurance also have a cash accumulation feature. This is one of the biggest benefits of Whole Life Insurance, as it can be used to help increase your quality of life while you are still living. It can help you reach savings goals and allow you to use those savings towards a new business, retirement income, and/or providing long term care. As we explained, this is a more expensive option, but it provides you with more coverage options. You can think of Whole Life Insurance as providing you with a “Living & Death Benefit,” allowing you to be better prepared for your future. The underwriting process may be more thorough as the company is considering all of the potential risk your future may hold (not for just a specific time frame), but it takes away the worry of having to re-qualify for life insurance if a health condition unexpectedly occurred.

Renting Vs. Owning

Another way to understand the difference between the two types of policies can be explained by using the comparison of renting vs. home ownership. Term Life Insurance is like renting, where it can be more affordable and allows you to prepare for other options. You have a wonderful place to live for the term of your lease, but you don’t have any guarantees for a renewal after it has expired. Whole Life Insurance is like home ownership, it can be more expensive, but you are able to build equity with your payments (cash value) and there isn’t an expiration date, so the policy covers you for the rest of your life. Click here to learn more about how Whole Life Insurance works:

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LSJ Insurance Agency Inc., Insurance Agency, Maitland, FL