For Shelly Harrell, director of operations at Leliaert Insurance Agency in Osceola, Indiana, the importance of life insurance cannot be overstated. 

With more than 30 years of experience assisting Leliaert clients, Shelly has witnessed firsthand the benefits of having a life insurance policy and the peace of mind it can bring to families in the face of unexpected tragedy. 

“Everybody always thinks insurance is boring; It’s not,” Shelly explained. “There’s new stuff every day. Some days it’s stressful but, a lot of days, it’s about educating people.”

What Type of Life Insurance is Right For You?

Life insurance can be the difference between staying and moving when a head of household passes away. For families with children, this can be an especially difficult adjustment, both emotionally and financially. However, with the right life insurance policy in place, families can ensure they have the financial security they need to move forward and provide for their loved ones.

But what type of life insurance policy is right for you? That’s where Shelly and the team at Leliaert Insurance Agency can help. There are typically two main types of life insurance policies to choose from: term and whole life.

Term life insurance provides a death benefit for a set period of time, usually 10, 15, 20 or 30 years. This makes term life insurance an affordable option for those who need coverage for specific financial obligations, like a mortgage or a child’s college education.

Whole life insurance, on the other hand, provides both a death benefit and a cash value component that grows tax-deferred over time.

“We have a lot of people wait until they’re retiring (to purchase a policy),” Shelly explained of trends she’s noticed. “With a higher premium, you may get lower coverage.”

Whole life insurance tends to be more expensive than term life insurance, but it can also provide greater long-term savings and investment opportunities.

What’s the Cost?

So how much does life insurance actually cost? According to Shelly, the cost of a life insurance policy can vary widely depending on a number of factors, including age, health and lifestyle habits. However, as a rough estimate, a healthy individual in their 30s can expect to pay around $20 to $30 per month for a 20-year term life insurance policy with a $500,000 death benefit.

“A lot of carriers are doing an express issue,” Shelly shared as alternative to policies requiring more comprehensive medical exams. “They will pull prescription records and medical records and motor vehicle records — basic info — and then they give you a price.”

One thing to keep in mind when shopping for life insurance is that it’s important to tell the truth about your health and lifestyle habits. Insurance underwriters will rely on this information to determine your risk level and set your premiums, and lying about your health or smoking habits could result in higher premiums or even a denied claim down the line.

“The underwriters can be understanding as long as they know what they’re seeing,” she said. “They’re going to find out in the bloodwork.”

How Leliaert Insurance Agency Can Help

The key to finding the right life insurance policy is to work with an experienced and knowledgeable insurance agent like Shelly and the team at Leliaert Insurance Agency. With our decades of shared experience, more than 15 major carriers and a deep understanding of the insurance industry, we can help you navigate the complexities of life insurance and find the policy that meets your unique needs and budget.

When it comes to protecting your family’s financial well-being, there’s no substitute for a good life insurance policy. Contact Leliaert Insurance Agency today to learn more about our comprehensive coverage options. 

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If your bike goes down, the trusted guidance of a fellow motorcycle rider may save you from financial burden.

Based in Osceola, Indiana, Lelieart Insurance Agency is known for our comprehensive approach to insurance, with a veteran roster of devoted agents such as longtime rider Samuel Hoover, a team member since December 2017. 

Samuel is an expert in auto and motorcycle insurance trends, ensuring his clients have an advisor and access to the right coverage. When he’s not planning his next trip to Sturgis or weekend ride with his wife, he’s helping to keep others protected.

MedPay Can Make the Difference

You may ride defensively, but mistakes happen. That’s where MedPay can help.

“People often don’t fully grasp what MedPay means,” Samuel said.

MedPay insurance, also known as medical payments coverage, is a type of auto insurance that provides drivers and passengers with assistance in covering medical expenses incurred during a crash. MedPay can cover a variety of medical expenses, including ambulances, hospital stays, surgery and medical treatment. This type of policy is an optional add-on to standard insurance and can often be purchased separately. 

It’s important to note that MedPay policy limits tend to be relatively low, so it may not completely cover all medical expenses in the event of a serious incident.

Of Lelieart’s more than 15 major carriers, a key advantage of ERIE Insurance for motorcycle MedPay is that they offer up to $25,000 in coverage, Samuel said. 

Many policies only include up to $1,000 of coverage or no additional coverage at all — “That’s a red flag,” Samuel cautioned — leaving clients vulnerable to staggering medical expenses. Emergency medical procedures, ambulance rides and scans may cost a minimum of $10,000, he said, and without sufficient coverage, it could put clients in financial distress.

Custom Paint Job? Consider Accessories Coverage

“About 90% of bikes have a custom aspect,” Samuel explained.

For motorcyclists with personalized rides, accessories coverage is a must-have.

Most insurance policies provide for a base of roughly $3,000 in coverage, but there’s a good chance that may not be enough to cover more expensive accessories or a custom paint job. By documenting the itemized list of accessories and aspects of the bike for coverage purposes, customizations can easily be added for a $100-$200 annual cost, on average. 

Safeguard Yourself Against the Under-Insured or Uninsured

Samuel shared a cautionary tale from his family, illustrating the pitfalls of overlooking policy options.

TLDR: opting for under-insured or uninsured motorist coverage can save headaches.

“So, my dad bought a new bike in my mom’s name,” he recalled. 

“My brother and I were riding; he gets hit by a vehicle in a hit-and-run. The policy was with Progressive. They initially say, ‘Well, there’s no coverage for his injuries,’ and we’re trying to figure out, well, how is that? 

“So fast-forward, I look at it, and my dad didn’t have under-insured or uninsured motorist coverage on there. So, basically, the only way they covered it was because my brother was not named on the policy … and they paid out because he could sue against the policy. I still have no idea how they paid it out but they did, they paid for a portion of his injuries. 

“But if he was on the policy with Mom and Dad, there would have been no coverage whatsoever. That was a lesson I taught my dad when he finally had me look at it.”

Lock In Your Current Rate with ERIE

Over the past two years, rate hikes have been happening across the board. 

“In regard to auto trends, I’m seeing a steady increase in rates and more premium payouts,” Samuel said, noting annual increases are hovering around “$200–$300, easy.”

ERIE Insurance is one of the few big players allowing customers to lock in their current auto rates. In comparison to ERIE Insurance’s exchange program, ERIE Rate Lock policyholders should expect a more thorough report to conducted, including credit and driving record checks, as well as an evaluation of the vehicle and how it is stored.

“Driving history will dictate placement pretty quickly,” Samuel explained. “As long as you don’t make a policy change, such as a new new driver or vehicle, they don’t run reports at your renewal.”

Following a nationwide rash of auto thefts involving Kia and Hyundai vehicles, owners of such makes are also feeling the sting of rising insurance bills. 

“I have clients who had those vehicles and their rates skyrocketed because of the probability of them being stolen,” he added, reinforcing his recommendation of locking in rates now. 

The biggest downside to ERIE’s offer? Some policyholders may experience sticker shock should they make changes to their policy, which releases the lock and applies current rates.

How Lelieart Insurance Agency Can Help

With years of experience riding motorcycles himself, Samuel understands the unique needs and risks associated with this activity. 

“If it’s unfair to our client,” he said, “we’re going to step in.”

Have a question or not sure where to start with your coverage? Samuel can help clients select the best available options, including med pay, comprehensive collision insurance, the ERIE Rate Lock and more.

Avoid risking your ride — or worse.

Call Samuel Hoover and the Leliaert Insurance Agency today for the coverage you need to ride with peace of mind.

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When choosing the best add-on options for auto insurance, consider medical payments coverage, or MedPay, to ensure you, your family and other passengers are protected in the event of an automobile crash, regardless of who is at fault.

What does MedPay coverage include?

• EMT and ambulance fees
• health insurance deductibles and copays
• doctor or hospital visits
• surgery, x-rays or protheses
• nursing services
• chiropractic care
• therapeutic services
• injuries sustained by a vehicle as a pedestrian, cyclist or public transit user
• funeral expenses

Why MedPay?

MedPay is one of the most overlooked aspects of an auto insurance policy — drivers are often mindful of their vehicles first, with the potential for personal health issues from a crash taking a back seat.

If you or your passengers don’t have health insurance, MedPay is essential coverage.

According to debt.org, basic hospital costs averaged $2,607 per day in 2020, with overnight stays sending costs soaring to an average of $11,700.

It’s common to see hospital bills from crash-related injuries in excess of $25,000, and depending on a policyholder’s location, ambulance services alone can cost $1,000 to $3,000. 

It can also take months of litigation for a decision to be reached following a crash, stalling payouts as bills pile. With MedPay, payouts occur immediately for policyholders.

MedPay helps those with health insurance by covering deductibles and copays. For instance, your health insurance provider may pay the partial cost of an emergency room visit, leaving you to cover a $3,000 deductible. If you’ve selected a coverage limit of $5,000, your MedPay insurance could cover the deductible and ease the copay burden.

MedPay can even cover policyholders injured as passengers in another vehicle.

What’s the difference between PIP and medical payments coverage?

Similar to medical payments coverage, personal injury protection also assists in paying the medical expenses of you and your passengers, regardless of who is at fault.

PIP covers collateral expenses related to a crash, such as lost wages, child care and rehabilitative care, in the event you’re unable perform essential duties. MedPay does not cover such services.

PIP is available in no-fault states; MedPay is available in states that aren’t no-fault. Depending on state law, PIP is sometimes required; MedPay is always optional.

Speak with a Leliaert Insurance Agency staff member today to help you determine the best fit for your coverage needs.

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