How Does Whole Life Insurance Work?

A whole life insurance policy works very differently from a term life. It has its own rules and benefits, and it’s a popular choice for those who want to financially protect their families. If you need life insurance, call us at San Marcos Insurance Group in Chandler, AZ to find out more. 

A Lifetime of Insurance

While term life is in effect for a specific time period, whole life stays in effect for the rest of your life. It is an insurance type that is there when you need it, no matter what your age. If you keep paying the required premiums, your insurance cannot be canceled by the insurance carrier. And, the rate doesn’t go up over time. There is a set rate for your premiums, and this will not increase as you get older. Upon death, it pays a specific death benefit to the beneficiaries as agreed in the contract. 

Building Cash Value

Another facet of whole life insurance is that it slowly builds a cash value. The insurance company that issued the policy will take a portion of the profits made on it, through the company investing the premiums, and puts it into a cash value that you can borrow against if you ever need to. When you borrow it, the borrowed amount is deducted from your death benefit until the loan is paid back. If you were to die before the loan is fully paid off, the remaining amount is subtracted from your death benefit. 

Get Insurance for Life

If you are interested in getting a whole life insurance policy, call us at San Marcos Insurance Group in Chandler, AZ to get more information and to talk to an agent about your specific coverage needs. 

Commercial Insurance for Doctors

Although Arizona does not require medical practitioners to carry malpractice insurance or E&O insurance, many of its hospitals do. San Marcos Insurance Group wants you to protect your Chandler, AZ medical practice with the types of insurance policy those in the medical field need.

While the state does not require doctors, nurses, or other medical practitioners to carry commercial insurance, you should do so to protect your business’ financial health. Most hospitals require each medical practitioner to purchase a malpractice policy, one of the types of commercial insurance that applies to medical personnel.

This type of policy pays the settlement costs and legal and court costs if you, the medical practitioner, act with negligence in the course of delivering your expected level of care. While the hospitals also carry insurance, they require each individual practitioner to also provide their own policy.

A physician who builds medical devices, whether of a prosthetic nature or equipment to treat a medical issue requires E&O insurance. The E stands for errors and O stands for omissions. This type of insurance applies to situations where the device fails and harms the patient and/or fails to function as intended. The patient can sue for damages, and the E&O policy pays the settlement, legal, and court costs. Many medical practitioners do not require this policy, but those who design prosthetics do, as well as those who develop medical equipment, implant technology, etc. Hospitals typically require this policy if a doctor or nurse, or technician works on developing any type of medical equipment.

These two specialized liability policies provide protection for the practitioner and the hospital. Contact San Marcos Insurance Group of Chandler, AZ to learn more about insurance policies best suited to medical practice.

Required Auto Insurance in Arizona

States set their own requirements for the auto insurance their citizens should have in place. In Arizona, the law is slightly different from most states. If you need auto insurance, or you want to add to your auto insurance, call us now at San Marcos Insurance Group in Chandler, AZ to talk with an agent.

A Fault State

Some states are no-fault states, requiring coverage for themselves for bodily injury no matter who was responsible for the accident. However, Arizona does have fault rules. If someone has been found to be responsible for causing an accident, they are at fault for it. They have to be financially responsible for the accident. 

Financial Responsibility

The main rule for Arizona drivers is that the driver has to take financial responsibility for an accident they cause, and they must be able to prove that they are able to do so. For most people in the state, this is done by getting auto insurance. There are mandatory minimum amounts for the bodily injury liability for each person and another amount per accident. It also requires property damage liability coverage that comes with its own mandatory coverage minimum. 

Another way that drivers can legally prove that they can be responsible for an accident is to have a specific amount in a certificate of deposit. This has to be kept by the Arizona State Treasurer’s Office, and the driver must show proof of this money is available. 

Both of these options may be too small to take care of a serious accident, however. It’s a smart decision to add to them so that you can pay for serious accidents that have a lot of injuries and property damage. 

Get Your Insurance Policy

To get your auto insurance policy, call us at San Marcos Insurance Group in Chandler, AZ to make your appointment with an agent. 

Is home insurance in Chandler necessary?

The Chandler, AZ area is a very popular place for anyone to move to or visit. People continue to be drawn to this community due to the great weather and access to many local amenities. This can make it a great place if you want to be a property owner. If you are interested in purchasing a new home in this area, you should make sure that you get a proper insurance plan. There are several reasons why this insurance protection should be considered a necessity.

Insurance Offers Valuable Coverage

The main reason that you should consider home insurance to be a necessity is that it can offer you very valuable coverage. A quality home insurance policy will give you coverage to repair or replace your dwelling, replace your personal items, and even liability coverage. In a situation where there is a fire, theft, or other forms of loss, this coverage will prove to be very valuable.

Coverage is Required for Many

A home insurance policy is also necessary because it is required for many Chandler property owners. Many people here are required by mortgage lenders to carry home insurance as it will offer protection for the bank’s collateral. Additionally, if you live in a home association, there will be bylaws that will cover your need to carry home insurance. 

Owning a home will provide a lot of benefits to people that are in the Chandler, AZ area. If you are looking to purchase a home here, you should call the team at the San Marcos Insurance Group. When you do call the team at the San Marcos Insurance Group you can get the insight you need to pick a policy that is right for your situation. This will ensure that you and your home are properly covered and protected at all times. 

Hidden Health Insurance Facts Arizona Residents Should Be Aware Of

Based in Chandler, AZ, San Marcos Insurance Group serves the community by offering different types of insurance coverage. As an independent agency, we offer our clients flexible policies that suit their individual needs. Providing excellent customer service is one of our top priorities.

Hidden Health Insurance Facts

Health insurance is an asset that assists you in maintaining good physical conditioning. The policy covers yearly health checkups with your doctor, as well as any urgent care visits. If you are diagnosed with an illness and you have to be hospitalized, health insurance will protect you. The policy also covers any medication that your doctor may prescribe to help you feel better. While you are researching different policies, here are some hidden health insurance facts that you may not be aware of.

Alternative Treatments

Your health insurance policy may cover you if you pursue alternative forms of treatment. If your doctor recommends that you try acupuncture, yoga, or some chiropractic treatments, your health insurance policy may allow for it.

Staying Fit

Be sure to research the terms of your policy carefully to see if there are any benefits for striving to maintain a healthy lifestyle.  It is possible that your policy may include extra benefits for going to the gym regularly and staying active. The policy may also include benefits if you are adhering to a strict diet or are generally trying to watch what you eat. To assist you, your policy may include tips on different types of food to try.

In Home Visits

If you are feeling ill, but are unable to get to the doctor’s office in Chandler, AZ, your health insurance policy may cover in home treatment. This provides you with a layer of comfort that you can rest easy at home.

Consult With San Marcos Insurance Group

To learn more information on health insurance, visit our website today!

How can commercial insurance protect my Arizona business?

Those that are in the Chandler, AZ area will likely notice that there is a strong local economy that continues to support businesses of all types and sizes. Due to this, it can be a great place to start a business. When you are looking to start any type of business in this area of Arizona, it would be a good idea to get commercial insurance. When you get commercial insurance for your company, it will protect your organization a number of ways.

Insurance Gives Liability Protection

The risk of liability claims is a real one for any business. Those that are found liable for damages for any reason will need to pay for the damages that they caused. In some cases, this could be very devastating for your business. Due to this, you should get a commercial insurance policy as it will include liability insurance. This will help your business can remain solvent even if you are found liable for major damages.

Protection for Business Investments

Another reason that you will want to get commercial insurance is that it can provide you with protection for your business investments. Anyone that starts a business will have to invest a lot of capital to get it off the ground. This could include making investments in equipment, inventory, or other assets. If these assets were ever stolen, damaged or destroyed, the impact could be significant. With commercial insurance, you can receive protection for these assets.

If you are looking for commercial insurance in the Chandler, AZ area, you should reach out to the team at the San Marcos Insurance Group. If you do call the San Marcos Insurance Group you can learn more about this type of insurance and how it can protect you, which will help you choose the right policy. 

Do You Need to Have Auto Insurance When Your Vehicle Is in Storage?

Is it necessary for you to keep your auto insurance even when you have your vehicle in storage? You aren’t required to have insurance on your automobile in the state of Arizona while it’s being stored though you may want to continue it through these months and make some adjustments. An independent agent at San Marcos Insurance Group of the Chandler, AZ area can assist you.
 
Change in Your Coverage
 
If you only drive your car or truck part of the year or have some reason you’re not going to be driving it for a while you should look into making a switch to storage coverage instead of your standard policies. Most companies will drop the collision and liability coverage so that you’ll only have comprehensive coverage.
 
When using storage coverage, you’d be keeping your vehicle off the street in one place, typically a locked garage. When you have this type of coverage, it should make your premium drop significantly. It applies when it comes to instances such as a vehicle that’s not used regularly, one that’s in need of repair, or if it’s owned by a military member who’s deployed. You’d still have many of the same benefits. It also helps you maintain insurance history so that there won’t be any problems where it’s considered a lapse.
 
This can be a tricky matter when it comes to some state’s vehicle registration laws. Your best bet for this situation is to cancel registration for the vehicle (which makes sense if you won’t be using it for a long time) and make sure that it remains off the road.
 
If you’d like more information and to see if you should make this change, reach out to San Marcos Insurance Group. The agents assist new and returning customers with the right fit for their situation in the Chandler, AZ region.

Do I always need home insurance in Arizona?

The Chandler, AZ area is a community located outside of Phoenix. Property owners here have continued to benefit from the continued demand for housing, which can make owning a property a good investment. If you are going to purchase a home here, it is very important that you have it properly covered by insurance. There are several reasons why you need to make sure that your home is covered by a proper insurance plan at all times. 

Protects Investment

One of the reasons that you always need to have home insurance is that it can protect your investment. The largest purchase that most people in the Chandler area will ever make will come when they buy a home. To ensure that your asset and investments are protected, you should get a full home insurance policy. This will ensure you are covered if the property is ever seriously damaged and you need to make repairs or rebuild the home entirely. 

Ensures Compliance

Another reason that you will always need to have home insurance in Arizona is that it will ensure you remain in full compliance with your insurance requirements. Those that own a home here will likely need to take out a mortgage, which comes with specific insurance requirements. Additionally, if you live in a home association, you will be required to carry home insurance at all times. Having a proper policy will help to keep you protected and in compliance. 

Those that live in the Chandler, AZ area, and are looking for insurance for their property should call San Marcos Insurance Group. At the San Marcos Insurance Group you are going to receive support and guidance that will help you find and build a quality policy. This will ensure you are properly protected. 

How to Make Sure You’re Getting Customized Health Insurance in Arizona

If you want to get health insurance for specific circumstances that go beyond the general coverage of a health insurance policy, you’ll need to talk to an independent insurance agent. For top-quality insurance products in the Chandler, AZ area, reach out to San Marcos Insurance Group.

The Issue with a One-Size-Fits-All Health Insurance Plan

When you sign up for a health insurance policy that’s too generalized without any coverage for your particular medical conditions, it can lead to trouble now or further down the road. You may end up needing a certain treatment or procedure and won’t have the ability to use your insurance for this. Or, you may have to visit a specialist doctor and the appointment(s) won’t be covered if there’s not something built into your policy in regards to it. This can leave you scrambling to get the funds for urgent health matters or losing out entirely which is likely to cause a worsening of those health issues that would have been addressed otherwise.

Make an Appointment with an Agent

It’s in your best interest to set up an appointment to discuss the concerns you have and health issues that fall outside of the range of what most general insurance covers. Let them know of your situation if it affects what you should get for health insurance. Then, they’ll make suggestions and tailor a package with the right policies and any additional coverage amounts that would be ideal.

Visit San Marcos Insurance Group, a team that is proud to serve the greater Chandler, AZ region for insurance needs. If you have questions, contact us and a representative will do their best to answer and put you at ease about the process of signing up for health insurance.

Why Your Business Needs Commercial Insurance

If you own a business in Chandler, AZ, then you need everything you can get to keep your business protected. Commercial insurance is a way to help keep your business from toppling in the case of an accident or worse. Some new and upcoming business owners may be unfamiliar with commercial insurance and what it covers. Luckily, you can learn all of the in’s and out’s of commercial insurance with San Marcos Insurance Group. 

What Does Commerical Insurance Cover?

Commercial insurance, or business insurance, is a type of insurance that protects you and your business from property damage or reputation damage. If you’re unfamiliar with commercial insurance protection, here are some areas in which commercial insurance can provide coverage for you and your business: 

  • Financial compensation for employees who are injured on the job
  • Repair costs
  • Replacement costs
  • Equipment damage
  • Liability
  • Lawsuits

These are just some of the general areas in which commercial insurance can provide coverage for you and your business. The specific coverage amounts and coverage types will depend on what coverage policy you choose. However, if you want to find the right commercial insurance policy for you and your business, visit San Marcos Insurance Group to protect your business. 

Why Is Commercial Insurance Important? 

Commercial insurance protects your business’s property and employees. After all, your employees are what keeps your business going. It only makes sense to keep them safe and protected, so that your business can continue to thrive. As a business owner, you want to do everything you can to ensure your business does well. That’s why it only makes sense to have commercial insurance. 

Stay Protected with San Marcos Insurance Group

To help you keep you and your business protected, visit San Marcos Insurance Group to find the right coverage for you. Our office serves the Chandler, AZ area.