Today was a special day at Schwartz Insurance Group. During lunch, we recognized the first ever non-associate with an honorary Agency Core Value Award … as Jo Mena joined us for a retirement sendoff.

Jo has been our small group sales rep from Humana for many years – she has taught us about the business, Humana’s evolving portfolio of plans and certainly, she has taught us about trusted relationships. She has been a true partner and we are glad to be able to honor her this way – here’s Jo’s story:

At Schwartz Insurance Group, we are proud of our associates. We are proud that many of them have been here 10, 20, even 30 years. It says something about our business … but even more about them. So, we know that 40 years is truly a milestone!

We also know something about loyalty, dedication and commitment. And, we truly appreciate what an opportunity it has been to work alongside Jo Mena, the gold standard of sales rep from ANY carrier.

Humana is a better partner and Schwartz is a better agency because of Jo. We proudly recognize her for showing us all a golden path to building on a legacy!

As we said today, we offer thanks, congratulations and the best of luck to Jo as she heads off for her first travel adventure. We will all miss her, but we know she’ll stay in touch – we look forward to seeing the pictures!

P.S. Fortunately, following in Jo’s shoes is our long-time best service rep, Shelley Stepp – we are lucky to be able to continue working with Shelley in her new capacity.

As a responsible driver, you assume that everyone who drives is responsible, and insured, just like you are. This is a dangerous and naïve assumption to make, as some states have reported that almost 25% of drivers are uninsured or underinsured (UM/UIM). What does this mean for you?

What happens if I do not have UM/UIM insurance?
When someone who has no insurance or doesn’t have enough insurance causes an accident, your insurance company may not cover the damage. There is a good chance that the uninsured/underinsured person who hit you doesn’t have any money to pay for the damage either. It is usually a waste of time trying to sue them or to fight with your insurance company if you are not covered. If you do collect any money, it will mostly likely be used to cover medical expenses and not to repair your car or other property damage.

Do I Have Uninsured/Underinsured Coverage?
At this time, most states do not require this type of insurance – it is considered “optional” coverage. If you do live in a state that mandates that you have one or both types, then you are covered, but most of us are not so lucky. To make sure that you are covered, call your insurance agent and ask them exactly what your policy covers. If you are not covered, ask them to add the UM/UIM coverage to your policy. Adding this option to your policy only costs a little more than what you already pay, but could save you a tremendous amount of time and money if you are ever in an accident with someone who is not insured properly.

UM/UIM insurance can be applied to many situations. Not only does it protect motor vehicle accidents, but it can also protect bodily damage you have. This becomes especially important when you do not have the cash flow to cover medical expenses or lost wages if unable to work.

Protect yourself, protect your family and protect your property by having uninsured/underinsured coverage. Contact us if we can help answer any questions about this or any insurance-related issue.

Again this month, Schwartz Insurance Group selected one peer-nominated associate to receive a Core Value award. The winner is chosen because they "lived” one of our agency’s core values … typically an event or accomplishment above and beyond the call of duty in servicing our customers. This month, Mike Morgan was selected – here’s Mike’s story:

If you want to buy a t.v., you will compare options before making a decision. If you want to buy a car, there’s likely even more research. Buying an entire business requires a wide range of due diligence.

As we neared the close of a business purchase, it was critical to have good questions prepared and good processes ready to evaluate the data. It was good to have someone on our team who delivered.

Mike Morgan kept our eye on the before and even the after. And after it was all complete, it was clear that for him, this is what Gets the Juices Flowing.

Congratulations, Mike! Here’s a bit more about him, in his own words:

1. Tell us a little bit about the type of work you do for Schwartz Insurance Group.

Chief Financial Officer and IT planning and support

2. When you aren’t at work, what keeps you busy?

Gym, home, wife, life – I can always keep myself occupied.

3. Have you always been in this industry? If not, what brought you where you are today?

I have been a part of the insurance industry for five years. Matt and Scott offered me an opportunity at the right time.

4. What’s one thing you love about what you do for a living?

The variety of my work – every day brings something new.

5. Tell us a little bit about what you do for fun.

Gym, movies, travel – my wife and I have shared some really memorable trips together and I look forward to enjoying more.

6. If you could do one thing for a living that had nothing to do with your current job, what would it be?

Actually, nothing. Accounting is the job that I want to do and being part of an active and growing business is fun for me. I would like to help Wounded Warriors some day, and I appreciate all the things we’ve done here at Schwartz in helping our troops.

Unfortunately, we live in a litigious society. And some individuals, particularly those with greater wealth, have a higher-than-normal loss exposure to lawsuits. This tendency is often referred to as a “suability factor” and can can be determined by examining the following:

• Size of savings account and stock portfolio
• Size of real estate holdings
• Current family income
• Profile in the community and media
• Leadership activities on not-for-profit boards
• Leadership activities in home owners’ associations
• Future income opportunities

People with a low suability factor should strongly consider securing a personal umbrella policy with at least $1 million in liability limits. People with a high suability factor should nearly always have a personal umbrella policy with at least a $2 million limit. Policy limits are available as high as $15 or $20 million, when circumstances warrant.

Remember that these are relatively inexpensive policies that provide excess liability coverage over homeowners and personal auto insurance policies. In some cases, they provide broader liability coverage than that found in the underlying policies. More importantly, they provide you great peace of mind, knowing that your personal assets are secure, even if you are the target of a lawsuit.

Get more personal lines insurance and risk management tips and ideas from IRMI.

Copyright 2012 International Risk Management Institute, Inc.

No one wants to think about dying. But, while it is unpleasant to imagine life without a loved one or your spouse living without you, not preparing for an inevitable event is a poor decision. No one knows when the time will come, but when you have life insurance, you can rest easy that your family will not be burdened financially by an untimely death. Here is a very short list of circumstances that may prompt you to look into your current life insurance protection.

I am married:
If you are married or living with someone, it is important that you have life insurance to cover all of your bills, funeral arrangements and an income supplement that equals at least six months of pay. The last thing you want to do is to leave your partner with unpaid debt or ongoing expenses and no income to pay for it.

I have a mortgage:
Buying a house is a huge step in someone’s life, but it’s expensive. Unfortunately, most mortgages do not come with a built-in life coverage plan and your spouse or family will have to pick up the tab if you die unexpectedly. There are term options with many insurance companies to match your life insurance with your mortgage term.

I have children:
While you often need life insurance even if you do not have children, it is absolutely necessary if you do have children. It’s a parent’s worst nightmare to not see your children go to college or start a family of their own, but it helps to know that you can help them with their future, even if you are not a part of it.

I own a business:
If you have partners, setting up a buy-sell agreement, funded by life insurance is critical. If a partner dies, you don’t want the spouse walking in – as your new partner – to complicate what likely already a tough situation. Even without partners, life insurance can be a tool which allows your heirs to continue operating the business you began.

As a rule of thumb, whenever you go through a major life event, whether that is buying your first house, getting married, having a baby or opening your own business, life insurance should likely be on your “to do” list. Not all policies are created equal and most people need some advice to select the right protection for their circumstances.

The representatives at Schwartz Insurance Group can help you decide if life insurance is something is appropriate for you, what type and how much you need and of course, saving money on what you do purchase. Call us anytime or take a moment to share some basics by using our online form to get the process started. Do the right thing for your family.