Great 8 Family Protection Plan

The purpose of insurance is to protect you against a large financial loss.  And for most individuals and families there are 8 essential ways to fully protect themselves from such losses. We offer the GREAT 8 PROTECTION PLAN:

1. Homeowner/Flood Protection 
2. Auto Protection
3. Personal Umbrella Liability Protection 
4. Identity Theft Protection
5. Disability Income Protection
6. Health Protection
7. Life Protection
8. Long Term Care Protection

Homeowner/Flood Protection

• Guaranteed Replacement Cost Coverage – Most insurers do not offer this, but we do.  If your home is totally destroyed our insurer will pay the cost to replace it (using same design and type of materials), even if it exceeds the coverage limit.
• Personal Injury Liability Coverage – Most insurers will not include this coverage, ours do. It pays for liability claims arising from libel, slander, defamation of character.
• Sewer and Drain Back Up – Pays for losses cause by sewer and drain back up as well as sump pump failure (electrical or mechanical) and water backs up as a result. 
• Flood – every home is in a flood zone. We offer coverage for all types of zones.  Remember you need this coverage to protect you against large financial losses. An unexpected flood can be devastating.

Auto Insurance Protection

We find that people buy low liability limits and low deductibles.  It should be the opposite.  You need to buy high liability coverage limits to guard against a bad auto accident.  To offset the premium, take a higher deductible.

Personal Umbrella Liability Protection

• Give excess liability coverage over your auto, home, boat, landlord liability coverage.  If you own assets, you need this coverage.  Designed to protect you from large lawsuits that are covered by your underlying policies
• Cost of this policy is low, but the need for you is high.
• Gives added protection for those who travel the globe. 

Identity Theft Protection

• Provides Fraud Coverage as well as Identity Recovery Coverage should anyone takes your identity.  
• This coverage can be added to your ERIE homeowners policy.  Most companies only pay for expense reimbursement.

Disability Income Protection

• Your greatest asset is your income.  If you lose it because of an accident or sickness, it can be catastrophic to your family’s finances.
• You want to buy a long term policy which pays a benefit of 5 years or longer.  Obtaining a policy that pays to age 65 is best.
• The premium is expensive.  Check with your employer to see what they offer.
• You need a policy that pays at least 60% of your gross pay. 

Health Protection

• Most people are covered by their employer for health insurance.
• If you can’t get coverage through work, you should obtain an individual policy. Those types of policies are medically underwritten. 
• Buy a policy with a Health Savings Account (HSA). 
• Buy coverage with lifetime limits of protection.

Life Insurance

• If your family depends on your income to provide for them, then you need to protect that income with a term life insurance policy.
• Term insurance is designed to provide the most coverage for the least cost for a specified period of time.  If you died tomorrow, how much money would your family need  to keep them going over a certain amount of years.
• You can buy policies with 10, 15, 20, 25, and 30 year term periods.  The premium remains level depending on how many years you buy. 
• Do not underestimate the protection amount.

Long Term Care Protection

• Provides protection if you are in a nursing or assisted living facility,  where you either are cognitive impaired or cannot perform at least 2 of 6 Activities of Daily Living (i.e Eating, Dressing, Toileting, Transferring, etc…)
• Insurers offer benefit plans that would last for 2 years to plans that pay for the rest of your life.
• If you are 60 years old, you need to look at your long term care needs today.