Spencer Insurance Agency - Spencer Insurance Agency, Inc

Did you return the Annual Review Checklist?

To quote Heraclitus “The Only Thing That is Constant is Change.”

Things change in your life every year. That is why Spencer Insurance sends an Annual Review Checklist to our clients once per year.  You should have received one in the mail recently.

Spencer Insurance Agency makes coverage recommendations based on your lifestyle. Life changes and we need to know about
these changes to make sure your insurance is up to date. Our goal is to provide you with the proper coverage at a competitive price.
We understand that price is important to you however the “True Cost of Insurance” includes the out of pocket costs you incur when you do not have the proper protection.

We suggest you complete and return the Annual Review Checklist to us at your earliest convenience. Feel free to call us to discuss the checklist.

Don’t be caught short with coverage come claim time.  Contact us now!

Turn the clocks back and check your smoke detectors and fire extinguishers.

         

This Saturday night we welcome the extra hour sleep as we turn the clocks back one hour.

But don’t forget the more important task when turning clocks back:  Check your smoke detectors and fire extinguishers.

If you have smoke detectors that have removable batteries then change those batteries.  Many of the smoke detectors today have a battery life of 10 years and then you need to throw it out and get a new one. So check the date on the smoke detector to see how old it is.  Don’t wait!  If it is 10 years old replace it.

While you are at it, check your fire extinguishers to make sure they still have a full charge.  If not replace them or have them serviced.

Spend a little time checking.  After all you did get an extra hour of sleep.  It could save your life.

 

 

What is the #1 threat to your retirement savings?

 

Even if you are in your thirties or forties you need to pay attention to this article.  Your future retirement assets are at risk too.

You insure your homes yet there is only a 1 in 300 chance of a house fire. You insure your cars and yet there is only a 1 in 30 chance that you will have an auto accident. There is a 4 in 10 chance you will need long term care yet very few people insure their retirement assets to protect those assets from long term care expenses. Yes, long term care expenses are the #1 treat to your retirement assets.

According to “Genworth’s cost of care survey”  for 2017, here are the average annual cost in Pennsylvania:

  • Homemaker services (care in the home) $50,336
  • Adult Day Care $16,120
  • Assisted Living Facility $41,400
  • Semi Private Nursing home room $111,325

What is long term care?  Long term care is help needed to assist with the activities of daily life such as bathing, dressing, eating, using a toilet, continence or transferring from a bed to a chair. You may need this care in the home or in a facility.  How long would your retirement assets last if one or both of you needed long term care?

Here are some solutions:

  • Pay out of pocket. Even if you can afford to do this I can show you a better way
  • Medicare – Medicare only covers skilled care after being in the hospital for 3 days. So if you just need custodial care or are not getting better Medicare will not help you. Even if you do receive Medicare benefits for long term care they only last for 100 days. (20 of those days at $0 copay and 80 of those days with a copay of $167.50.)
  • Medicaid – Many with minimal assets will need to use Medicaid.
  • Private Insurance. Long term care insurance has changed dramatically.

Up to a few years ago if you purchased long term care insurance you received a policy similar to a disability policy and you had a certain monthly benefit for a certain number of years. The problem with these policies were that the price was not fixed and most policies saw many increases in premiums.  In addition, if you never needed to use the policy and passed away your heirs received nothing. Many insurance companies have gotten out of this market.

Did you know that today you can use life insurance benefits to pay for your long term care?  You purchase a permanent life insurance contract that includes a long term care insurance rider. If you qualify for long term care benefits (same qualification as the old policies) you can start taking up to 4% of your life insurance benefit monthly to help you pay for long term care expenses. That means if you have a $250,000 life insurance policy you may be able to take up to $10,000 a month to pay for your long term care. When you use all of the $250,000 death benefit then the policy ends.  Best of all if you never need long term care and pass away then your heirs would receive the $250,000 death benefit.

So why should you care if you are in your thirties or forties?  Since this is life insurance the younger and healthier you are the lower the cost. You can have plans that will be paid up by the time you retire.

As always Spencer Insurance Agency wants you to understand your options. Check out our website for more information about long term care insurance. Contact us today to set up a time to talk about long term care expenses and long term care insurance. Decide for yourself how much of your retirement assets will be protected against long term care expenses.  Spread the word to your friends and family because few people know about this option.

Fall is here and so are the Spencer Agency’s fall safety tips!

Fall Auto and Home Maintenance - Abington, Glenside, Jenkintown Homeowners Insurance company Spencer Insurance

 

As summer comes to a close I ask “will we get rid of this rain and humidity.”  I am looking forward to some crisp fall days and seeing the beautiful change of the color of the trees.

But it would not be fall without Spencer’s fall safety tips.   Check these tips out so you can prevent future claims. This fall section has tips on how to prepare your car and home for fall and winter.  It also has some teen driver tips for parents of teen drivers.

       

Lastly, September is Life insurance awareness month so I have some tips on how to protect your family with life insurance.  Tips on what you need to do with your life insurance if you are getting married or divorced. Rachel will tell you why you should not delay purchasing life insurance.

As always just contact us if you have any questions or concerns.  “Your protection and peace of mind is our only business.”

Important: We may not be on a direct path of Hurricane Florence but you should still prepare!

 

Hurricanes are very unpredictable and the predicted paths can change, but this does not mean we should not prepare for the worse. Fortunately it looks like our area is going to be spared from the brunt of the storm but a big impact of this storm is the potential for up to 30 inches of rain for the south. Hopefully things change and the storm is not as potent as it is predicted. This is hurricane season and there are two more storms following Florence and many times these storms reach us as tropical storms with a lot of rain and wind.

This summer has been one of the wettest on record for our area. The ground is saturated which means even a small amount of additional rain becomes a problem. Make sure you make preparations now:

• Inspect your roof, flashing and siding. Replace your roof or flashing if it is old and worn.
• Prepare your basement before flooding occurs. Raise items stored in the basement, make sure your sump pump has a battery backup, and think twice before making your basement a living area.
• Landscape your home to help absorb water and keep water away from your home.
• Check your gutters and downspouts to make sure they are not clogged.
• If you have a storm drain on the street near your home make sure it is clear of debris so the water can flow into the storm drain. Rake up leaves and other debris that may be clogging the storm drain.
• When you have a loss make sure you correct the problem that caused the loss so it does not happen to you again.

Most of us are in preferred flood zones but you should still consider the purchase of flood insurance. Rates are less expensive in preferred flood areas. That small dried up creek can rise quickly causing water to run through your property. Buying flood insurance now won’t help you with Florence as there is a 30 day waiting period but there are more storms in the future. You hear it all the time after an area floods “I have been living her for over 50 years and my home never had flooding before.” Don’t be the one that will say this to the reporter.

Keep in mind that when our area receives a storm watch or warning most of our insurance carriers will put a moratorium on our binding authority which means we may not be able to offer you insurance. Some tips:

• If you are making settlement on a home during a potential storm make sure the policy is issued now or delay settlement if possible until after the storm.
• If you are planning on picking up a new car I would suggest you wait until after the storm so your new car does not flood or get damaged by a tree reducing its value. Wait to take possession of the new car until after the storm leaves the area.
• Be aware of where you park your car during a storm to avoid flood and trees.
• Put your valuables on a separate inland marine policy. Many of these policies cover flood damage.
• Make sure you have enough water back-up coverage on your homeowner’s policy.

Even if you have the proper coverage claims are still a hassle. You still need to clean up and fix what is broken. So take some time to prepare and avoid possible claims. As always our staff at Spencer Insurance Agency is here to assist you with any claims you do have. Call us at 215-885-2200 to report a claim, review coverage or purchase flood insurance. Our website is also available 24 hours a day and has phone numbers for all our companies to report claims directly. Expect some delays as the volume of claim calls increases dramatically when a hurricane hits the United States.

Let’s hope for the best but prepare for the worse!

We remember. . .

Today we remember that solemn day.  We take a moment to stop and reflect.  We pray for all those who died that day.  We pray for all who are put in harm’s way. Thank you!

Thank you for voting us “Best Insurance Agency” for 4 years in a row!

 

 “Best Insurance Agency”

 

Thank you to all who voted.  Spencer Insurance Agency was voted “Best Insurance Agency” for the 4th year in a row in Montgomery Media’s Readers Choice “Best of Montco 2018.”  Readers of Montgomery Media’s newspapers throughout Montgomery County voted.

We appreciate the confidence you have in Spencer Insurance Agency. I would like to thank my staff.  It is their dedication to our clients that made this award possible.

Just a reminder, we love to share your good news.  Send us your news and a photo and we will place it in our newsletter!

Thanks again,

A few thoughts. . .

  

 

 

I apologize if I am repeating myself but we seem to be the last to know some important changes in our client’s lives.  Many of life’s events have a huge impact on your insurance. I spoke to a friend recently whose son needed to use an Uber driver frequently.  The Uber driver suggested he call him directly and not use the Uber app and he would give him a discount.   Sounds good at first but it is a nightmare for you.  If the Uber driver does not use the Uber App when picking you up then the driver has no insurance coverage for his car. Uber won’t cover him in this case and the personal auto policy has an exclusion for this activity.  Scary, but as I said we are always the last to know important information.

Please contact us and discuss your situation if any of the following life changing events.

  • You are getting married
  • You are getting separated or divorced
  • Having a baby
  • Sending a child to live at college
  • You are putting your house in your children’s name
  • You are putting your house in a trust
  • You are downsizing and preparing for retirement
  • You have unrelated adults living in your home
  • You or your child uses your car for food delivery and/or for Uber or Lyft

Our insurance companies have ways to accommodate most situations but not all.  Contact us to discuss your personal situation. Better to contact us before you do any of these life events so we can discuss how to adjust your insurance coverage so you are properly protected.

Great Golf Outing and a Great Cause

 

Come join us for the 9th Annual Cathy Garry Memorial Golf Tournament sponsored by the Cathy’s Kids Foundation.

When: Monday August 6, 2018 – Early Registration ends July 13th.

Where:  Center Square Golf Club

Go here to register.

This golf outing is a lot of fun and all the proceeds go to helping a family dealing with cancer to go to Disney.

The Mission Statement: “The mission of the Cathy’s Kids Foundation is to provide comfort
and joy to children currently suffering from the effects of cancer. We strongly embrace the idea that HOPE is the best weapon to fight cancer. Our annual Cathy Garry Memorial Golf Tournament raises funds in Cathy’s memory. All proceeds raised will help to send a child and his/her family to Walt Disney World. Please help us bring HOPE to a family in need.

All those who have met our mother Cathy know what a caring and compassionate individual that she was. Despite three different bouts with cancer, she never complained about her own situation or health. Her focus in life was always the well-being of others. We ask that you help our foundation keep her caring and compassionate spirit alive. She would be touched to know that children were being helped in her name.”

So get a foursome together and have a great time supporting a wonderful charity.

Congratulations to our winners and our 4th of July hours

Congratulations to our recent Big Spin winners.  Dave Schweizer won a $50 Gift card and Jo Cornely won a iPad Mini.  Find out here how you could be our next winner.

 

All of us at Spencer Insurance Agency wish you and your families an enjoyable and safe 4th of July Celebration!

Please observe a moment of silence for all those who have fought to make our freedom possible.  Have a safe and enjoyable 4th of July!

Our office will be closing at 3:00 PM on Tuesday  July 3rd and reopen Thursday July 5th.

Close

Check out how you can win an iPad mini.

Open