Author: abraham

Does my life insurance payout get affected by New York estate tax if my net worth is above a certain threshold?

The beauty of life insurance is that it passes to your beneficiaries outside of tax consequences. So your named beneficiary will receive your proceeds of your policy, regardless of your tax status, regardless of your income, regardless of your net worth, which comes to them tax-free.

We’d be happy to review your insurance coverage options with you! Give us a call at (631) 213-3331 or visit https://www.camillebunicciagency.com.

Is there a hybrid life insurance policy available in New York that also covers long-term care expenses?

In New York, you’re likely looking for an accelerated benefits rider, which can be added to various types of life insurance policies. This feature is most commonly found in permanent life insurance policies, such as whole life or universal life, although some term life policies may also offer this benefit.

An accelerated benefits rider typically allows the policyholder to access a portion of their death benefit while still alive, in order to help pay for care if they become unable to perform at least two of the six activities of daily living (ADLs)—which is the usual trigger for long-term care assistance.

We’d be happy to review your insurance coverage options with you! Give us a call at (631) 213-3331 or visit https://www.camillebunicciagency.com.

How does business interruption insurance work? Does it cover operational costs and lost income if I temporarily shut down for renovations or relocation?

Business interruption coverage actually is what’s called a dependent coverage. In order for business interruption coverage to apply, there first needs to be a property loss. If you’ve had a fire, a theft, a car drive through your building’s front glass window forcing you to claim and then you need to shut down because you need to make renovations, you need to make other repairs or whatever else happens and you’re gonna have loss of income. At that point, business interruption coverage would apply because you’ve had another sort of claim and you need to be out of business to address the incident that caused that claim. But it doesn’t cover redecorating or remodelling. I’m gonna shut down for a week, that would not be a covered claim.

We’d be happy to review your insurance coverage options with you! Give us a call at (631) 213-3331 or visit https://www.camillebunicciagency.com.

One of the most common questions we hear about home insurance is so simple and super understandable. Why are my rates going up?

I know it can feel frustrating and confusing. The truth is there are a large number of reasons why you might see higher home insurance premiums, but not all of them are things you can control. If there’s an increase in the cost of replacement materials like lumber or stone or in the cost of labor that will probably translate into higher premiums.

Likewise, if the value of your neighborhood is on the rise and, therefore, the value of your home is increasing, it will cost more to insure.

Can’t forget to mention that if there’s a large number of people in your area making insurance claims that could translate into higher rates as well, your insurance agent might be able to help you find ways to offset these cost increases. So don’t be shy about contacting them to find out more.

We’d be happy to review your insurance coverage options with you! Give us a call at (631) 213-3331 or visit https://www.camillebunicciagency.com.