How are the Fires Impacting You?

The past week has been a wild ride for those of us in Yorba Linda! The Blue Ridge Fire has been pummeling through our area, and the Silverado Canyon Fire sweeping through Irvine.  Needless to say–this fire has hit pretty close to home. This week, Tammy and I, as well as my sons, Craig and Connor, have had to evacuate our homes at some point. We are so thankful for our firefighters who are working day and night to contain these wildfires. In fact, our own son, Casey, recently returned home from fighting the Glass Fire for 11 days.   So, how are YOU doing?  Have you been able to stay in your home? We pray that you are all safe.

The Cost of Care

While this idea may be hard to imagine for many, but many people need additional support and assistance later in life.  In fact, the Urban Institute and the U.S. Department of Health and Human Services both concur that more than half of 65-year olds today will require assistance in their lifetime. The percentage increases to 90% if we are talking about at least one spouse requiring long term care. When you look at the hard numbers of what this assistance costs, you will see how quickly it could devour a healthy nest egg.  For example, nursing home care costs families $90,000-$100,000 per year.   According to the 2019 Genworth Study, here are the yearly costs of that assistance: Homemaker Services: $51,480Homemaker Health Aid: $52,620Adult Day Health Care: $19,500Assisted Living Facility, private one bedroom: $48,612Nursing Home Care, semi-private room: $90,156Nursing Home Care, private room: $102,204 Although many will need help for less than two years, about 14% will require care for more than 5 years. For this long-term care, traditional health insurance and medicare will not pay for prolonged visits.  These insurance plans only cover short term care, and they do not cover custodial care and help with day-to-day tasks. As many retirees are on a fixed income, this can quickly reduce a healthy savings account.Many families seek long term care insurance for the peace of mind that if they should require that care, they will not run out of savings due to long-term assistance costs.  Traditionally, people will purchase this insurance for their family in their 50s and 60s.   If you are interested in learning more about long-term care insurance, simply hit reply to this message or call our office (714.340.0295) and we will be happy to help you.

Life Insurance Awareness

September is National Life Insurance Awarenessmonth. If you have not thought about life insurance, now is a good time to consider your options. Over the past few months we have received quite a few questions about life insurance policies, and we put together a quick guide to help you make the best decision for your needs. Essentially, there are two types of life insurance policies available for your family. 1. Term Life Insurance This life insurance policy is the most popular kind of life insurance.  It is less expensive than permanent, and it is temporary, meaning you can purchase insurance plans for 10, 20 or 30 years.   If something happens to you, during the term of the policy, it pays out the death benefit. Most term policies have no other benefit provisions. Once the term is over, the policyholder can either renew it for another term, convert the policy to permanent coverage, or allow the policy to terminate.2. Permanent/Whole Life Insurance You will have this policy until you pass away.  Permanent life insurance is more expensive, and is designed for people who have dependents that will require their financial support. A permanent life insurance policy is not as straight-forward as a term life plan because there is also an investment piece known as a cash-value, which is tax-deferred and grows slowly. How to know which type of life Insurance is right for your family… Term Life Insurance is relatively inexpensive, and provides peace-of-mind that if something should happen, your spouse and children would be protected financially. Most families we work with choose the Term Life Insurance plan because you can obtain large amounts of coverage for reasonably low costs. Also, by the time the term is over, children have moved out of the house, no longer needing financial support (hopefully!) … Read More

Does your Auto Policy Include THIS?

For many prospective clients that we work with, they have one goal when purchasing Auto Insurance: Get the very best policy, for the very best price.  (By the way–this is always OUR goal for our clients, too!) But we have found that sometimes, in an effort to get the very best price, some customers have opted for a lesser policy, thinking they would not need the “extras.”  This is human nature!  No one wants to pay a penny more than needed to get the best insurance. But later, when they need that insurance, they are upset to realize that they opted out of the extras that would be really great!  It is often those “extras” that would  be a great cushion after something happened to their car. Whether you choose to include these in your Auto Policy or not, let’s have a look at what these extras are so that you can determine if they should be included in your policy. 1. Rental Car CoverageRenting a car will run you between $30-$70 per day.  Depending on the duration at the repair shop, this could be a significant cost if there is a lengthy repair time for your car.2. Roadside AssistanceWhether it is a dead battery or flat tire, roadside assistance can be pricey!  Roadside assistance can be a great comfort to you if something goes wrong.3. Gap InsuranceIf you have an auto loan, you may want to consider Gap Insurance.  With traditional auto insurance, if your vehicle is totaled or stolen, you will be given the cash value of the car.  If your auto loan exceeds the value of the car, you will have to pay off the difference out of pocket.  Gap insurance will help you to cover that difference. Not sure if you have any of these “extras” included … Read More

Life Insurance 3.0

One of the most popular questions we get at the Canzone Agency is… “When should I get life insurance?”   While there is no standard answer, we can share with you reasons that our customers tell us they are purchasing life insurance to protect their family from potential financial hardship. People typically come to us for life insurance when: The couple is getting married.Wedding bells are ringing, and the couple wants to start off on the right financial foot! A baby is on the way. Couples need to make sure that each spouse, and children, will protected financially. Getting a New Job Changing employers will cause change in employee-sponsored plans and salary. Health is a consideration.If there is a history of health concerns, it is wise to purchase life insurance early on. Buying a HomeIt’s necessary to consider replacement income to pay the mortgage.When we provide these life insurance quotes, many of our customers are pleasantly surprised by the cost. Most people assume life insurance is much more expensive! If you are interested in getting a quick “check in” on your life insurance needs, simply give us a call 714-340-0295, and we would be happy to get you a quote or make sure you are covered for everything you need.

Road Trip Tips

Many families are looking to hit the open road for their vacation this year If your family is going on a road trip this summer, here are a few tips to keep you safe and happy on the road. 1. Clean your car before you go.  It is always best to have a squeaky clean car to start your trip. Make sure to vacuum and clean your car out before you leave.2. Check your vehicle’s oil and fluids.It may be time to change your oil, so make sure to check oil levels and washer fluid levels before you hit the road. 3. Print your insurance card.Make sure your insurance card is current, and that it is easily accessible. 4. Double check your license and registration to make sure nothing has expired.You will also want to take a look at your driver’s license and car registration to make sure everything is up to date. 5. Make sure to save roadside assistance numbers in your phone, in case you have any trouble with your car.Many times, your auto insurance provider offers roadside assistance.  Check with your provider for details on this coverage. 6. Plan your apps in advance (iExit, Starbucks,Gasbuddy).If you need an afternoon pick-me-up, you will want to know where you can get a cup of coffee or tea. Be sure to download iExit, Starbucks or similar apps to plan your upcoming stops. 7. Plan your music, podcasts and audiobooks in advance.Make sure to download your music, podcasts and audiobooks before you depart. Wifi and cell signals can be hard to count on, so plan ahead. 8. Research your directions, and make sure to take the scenic route.After you determine your route, check to see if it is the scenic route. 9. Get plenty of sleep the night before your trip.Stay safe and … Read More

Should I Consolidate My Policies?

One of the top questions we get is: “Does it really make a difference to have one provider for different policies?”Many people start out with auto insurance, then later add homeowners, life, boat or another insurance policy down the road.  They have purchased each policy separately, and now use multiple providers for their insurance needs. What people often don’t realize are the benefits of having one, excellent provider.  Most importantly, there are A LOT of savings to be had when you combine policies within an insurance company. Next, you have one point of contact for all your insurance needs. There is often less confusion and paperwork to complete. If you are curious to know what the impact would be to have all policies from one provider, simply give us a call 714-340-0295, and we can get you a quote.

Tony Canzone Returns to Canzone Group

June has been circled on our calendar for 12 months now(!). This is a big month for the Canzone family, and we are so excited to finally be able to share it with you.