We all know that health insurance covers health-related costs such as hospital visits, doctor appointments, and medication. You might also know that life insurance helps your family with expenses after you die. One thing that most people aren’t familiar with is senior market health and life insurance. What makes senior health and life insurance different from regular insurance, and how does it benefit you?

What is senior health and life insurance?

Senior health and life insurance are similar to regular health and life insurance. Most life and health insurance policies can be more expensive for the older generation because they are more of a risk for the insurance companies. This is where senior market health and life insurance come in. Unlike regular life and health insurance, senior market insurance guarantees acceptance if you meet the age requirement of 65 or older.

How does senior health and life insurance benefit you?

Many people over the age of 65 are unemployed due to age-related factors such as forced retirement or health conditions. With that, they often have a fixed income and can’t afford expensive insurance policies. Senior market health and life insurance benefit you because most policies have a price cap, requiring premium costs to be under a certain amount.

Unlike regular life insurance, senior market life insurance does not discriminate based on your age. If you start a policy later in life, regular life insurance has higher premiums. Because of this, some people opt out of life insurance, which leaves their loved ones with funeral and burial expenses after they die. With a senior market life insurance policy, your loved ones will have something to cover those costs.

Regular health insurance often requires physical exams and screenings. Seniors can often be denied health insurance coverage because of the higher risk of health conditions. Health care can be expensive, leaving them with high medical bills to pay. Senior market health insurance guarantees acceptance if you meet the age requirements.

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Contact us at Stonewall Grace Insurance in Buena Vista, VA for more information.

Although you can apply for both life and disability insurance at different times, many people recommend you apply for them both concurrently. One reason is that they take the same time to apply and get approved, and you can use the same medical exam. This means you don’t have to have two separate medical exams for the application process. There are pros and cons to having life and disability insurance. We will help you determine whether they are right for you.

Life insurance for Me

Life insurance is not for everyone. For example, if you do not have financial significance to the household, you might not need life insurance. If you are the sole financial provider, it might be a good idea to get life insurance to protect the finances of your loved ones.

There are two different types of life insurance: long-term and short-term. Long-term life insurance takes effect from when you get the policy until you die. You don’t have to renew your policy with a long-term insurance policy. Short-term life insurance lasts for a certain number of years before expiring.

Disability insurance

Disability insurance covers you if you develop a disability from an injury or illness affecting your workability. It protects your financials while you are alive. There are various types of disability coverage, some of which have different requirements for qualification. It is a good idea to talk to your insurance company to find out what the disability requirements are and whether it would be a good fit for you.

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There are many reasons why life and disability insurance might be a good fit, but they are not a good fit for everyone. Talk to us at Stonewall Grace insurance in Buena Vista, VA to determine if either one or both would benefit you.

If you are running a business from home in Buena Vista, VA, you may wonder if you need commercial insurance. After all, if the company is just you operating out of your living room or garage, what kind of coverage do you need? The answer here depends on several factors. In this post, Stonewall Grace Insurance explains when home-based business insurance is necessary and why it matters. 

What Kinds of Businesses Require Commercial Insurance? 

The answer to this question can vary depending on the size and scope of your business. Suppose your home-based business involves customer interaction, such as face-to-face meetings or phone calls. In that case, you must have commercial insurance to protect yourself from potential liability issues. This is especially true for businesses that involve physical products or services, such as repair work or delivery services. 

If your home-based business does not involve customer interaction, then the need for commercial insurance may not be as great—but there are still some important considerations to keep in mind. For example, if your business involves using hazardous materials or equipment, then having commercial insurance can help protect you in case of an accident or injury on the premises. Additionally, suppose your clients require proof of insurance before working with you (which many do). In that case, having the right coverage can make all the difference in getting those clients onboard quickly and efficiently. 

Contact Stonewall Grace Insurance, and we can answer any questions about commercial insurance for home businesses. With appropriate coverage in place for everything from general liability claims to product liability protection, Buena Vista, VA, residents can rest assured knowing their businesses are adequately protected against any potential risks they may incur while operating out of their homes.

Are you a renter in the Buena Vista, VA area? Do you mistakenly believe that your landlord’s property insurance policy will cover your possessions? The insurance professionals at Stonewall Grace Insurance can provide you with the coverage you need as a renter.

It is good to remember that the landlord’s property insurance only covers losses to the building itself. Your personal property is only protected by a renter’s insurance policy that you must purchase.

Another reason why so few renters have insurance coverage is that they underestimate the value of their personal possessions. Add up the cost of your electronics alone. It wouldn’t take long to get into the thousands of dollars for some renters. Then add clothing, furniture, and kitchen supplies. It would be very costly to replace all these items. They are worth more than you think.

Liability is another good reason to have a renters’ policy. You could face a lawsuit if you have a dog and he suddenly decides to bite a neighbor, friend, or a pizza delivery person. Another good reason to have a renters’ policy is that your landlord might require it.

Renters insurance provides protection for your personal property against a long list of disasters, including:

• Damage caused by falling aircraft
• Damage caused by cars or other vehicles
• An explosion
• Falling debris or other objects
• Lightning or fire
• Civil commotion or riot
• Smoke
• Theft
• Malicious mischief or vandalism
• Volcanic eruption
• Weight of snow, sleet, or ice
• Hail or windstorm
• Damage from steam or water from sources, including appliances, air conditioning, heating, plumbing, or sprinkler systems

Losses from earthquakes and floods are not covered in a standard policy. A separate rider or policy would be required. Also, hurricane wind damage may require a separate rider.

Make sure you have renters insurance for your own protection. For very little money each month, you will have the coverage you need for peace of mind. Contact Stonewall Grace Insurance today.

When you shop for health and life insurance coverage at Stonewall Grace Insurance, you might not realize that you qualify for senior market options. The insurance industry defines the senior market as applying to those 45 years of age or older. It targets senior market products at those aged 45 to 85 years old and requires no health check to acquire a life insurance policy.

Senior Means so Many Things

The insurance industry tries to make it easier for individuals in Buena Vista, VA and other locations to obtain the health and life insurance they need. One way it does this is senior market insurance sometimes misses part of its target audience because those individuals don’t yet consider themselves seniors.

Business defines a senior citizen as those who’ve entirely retired from working unless referring to a senior executive, which means an individual in a C-level or top management position. Healthcare terms it as those 65 years of age or older. Social Security Administration (SSA) once considered 65 the retirement age but now determines it to occur at 70. That’s a senior citizen to the SSA. The American Association of Retired Persons targets those aged 50 and older.

Senior Market Insurance

You probably understand that every industry defines the “senior market” differently. In the insurance industry, those aged 45 and older qualify for senior products. The industry doesn’t mean that it considers those ages of people as senior citizens. It addresses an issue of ageism in healthcare that assumes a person’s health declines beginning about the age of 45.

This assumption, tied to long-term data, makes it more challenging for individuals aged 45 and older to obtain health and life insurance. To solve this problem, the insurance industry developed the senior market, which only includes insurance products that don’t require a medical exam to obtain.

Shopping this market lets a 45-year-old who beat cancer, for example, obtain health and life insurance. Since the individual doesn’t have to undergo a medical exam, they can more easily qualify for the policy. Although their premiums cost more, Stonewall Grace Insurance does its best to offer the most affordable options to Buena Vista, VA residents.

It can be devastating if you cannot work due to injury or other conditions. The loss of income can compel you to give up things you love, and it can be hard to make ends meet. Stonewall Grace Insurance knows government assistance programs in Buena Vista, VA don’t always cover certain conditions, and even when they do, the coverage might not be enough.

Social Security: What It Covers

You can qualify for disability benefits from the Social Security Administration if you are out of work for 12 months. The SSA considers "disability" as a physical or mental impairment that prevents you from doing any work. The SSA covers various impairments, such as arthritis, cancer, diabetes, and more. Head injuries, paralysis, and eyes and ears can be grounds for disability.

Is Social Security Income Enough?

Unfortunately, the answer is often no. The monthly disability payment is low, and you will need to pay for medical coverage and some expenses associated with being out of work. You may have to move in with a friend or relative or apply for other government assistance to help with the extra costs. On average, the yearly income from Social Security is less than $20,000.

Can You Rely On Employer Disability Insurance?

Disability insurance is usually limited and can’t replace your salary if you become disabled. Some employers will require you to apply for Social Security benefits first.

Benefits of Having Individual Disability Insurance

Disability insurance can help pay bills while you’re disabled or use money from the policy to pay off debt. Some policies also provide a death benefit.

Bottom Line

Don’t rely on one safety net in case of disability. If you live in Buena Vista, VA, please get in touch with Stonewall Grace Insurance to learn more about disability and life insurance.

Basing your business at home is becoming more popular all the time. It is less expensive when it comes to a start-up than having to rent a business location. You may assume that because your business is located in your home, your home insurance is adequate coverage. At Stonewall Grace Insurance in Buena Vista, VA, our experienced team can advise you on all aspects of commercial insurance and where your home business will find home insurance lacking. 

Commercial Property Insurance

Your home insurance has personal property coverage. It is designed to replace your furniture and things like clothing, books, and items you use every day. Your home business is likely to use many things that are not personal property. Home insurance will not provide the coverage you need for your raw materials, inventory, and things that are strictly business items. 

Commercial Auto Insurance

If you are using your personal vehicle for business purposes, you need to rethink that. If you have an accident while you are in the process of doing business, your personal insurance won’t cover you. That is very serious and could cost you your business and your personal wealth. You need to have your business vehicle covered with commercial auto insurance. 

Commercial Liability Insurance

Any business is vulnerable to being sued. Anyone who visits your home on business has the potential to be injured and sue you. If you are sued by someone visiting for business, your home insurance won’t cover the injury. That could cost you everything you have, and it isn’t worth the risk. 

Workers Compensation

If you have more than two employees, this is something you need to think about and are required to have. 

Contact Stonewall Grace Insurance in Buena Vista, VA to discuss your home business and commercial insurance.