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Erickson Insurance Service J. David Erickson, CIC AAI

Erickson Insurance Service J. David Erickson, CIC AAI. 1069 N. Main Avenue, Suite 2 Erwin, TN 37650 743-2426. Insurance Considerations . As You Move Toward Retirement. As Someone Who is Retiring, You Have…. Spent Your Years Building a Certain Amount of Wealth

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Erickson Insurance Service J. David Erickson, CIC AAI

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  1. Erickson Insurance ServiceJ. David Erickson, CIC AAI 1069 N. Main Avenue, Suite 2 Erwin, TN 37650 743-2426

  2. Insurance Considerations As You Move Toward Retirement

  3. As Someone Who is Retiring, You Have…. • Spent Your Years Building a Certain Amount of Wealth • Hopefully Enough For an Enjoyable and Lengthy Retirement • Place in Life Cycle Means Giving Certain Considerations to Insurance Items • Auto, Home, Life, Umbrella

  4. Automobile Insurance Considerations • Mileage Driven • Cars Owned • Age Discounts 50-70 • Why just to age 70? • Driver Safety Courses • Limits of Insurance • Umbrella

  5. Homeowners Insurance Considerations • Cost to Replace? • Deductibles – High vs. Low • Protection For You Instead of Bank • Review Limits of Protection • Additions or Alterations • Umbrella

  6. Umbrella Insurance Considerations • Asset Protection • Underlying Limits of Insurance • Coverage • Uninsured/Underinsured Motorist • Cost

  7. Miscellaneous Considerations • Water & Sewer Backup from Drains • Special Property • Incidental Business • Combining Policies • Identity Theft

  8. Identity Theft • Fastest Growing Crime in the U.S. • Over 10 Million People a Year • Only 250,000 Complaints per Year • Takes Time to Identify • Takes Time and Money to Resolve • Leading cause of U.S. Consumer Fraud

  9. Thieves Use Identity • Make Purchases • Receive Loans • Withdraw Funds • Use Name with Police • Use Name at Medical Facility

  10. Do You Know Someone Who Has Been a Victim of Identity Theft?

  11. Creative Thieves • Steal Wallets and Purses • Steal Mail, Bank Statements, CC Statements, New Checks, Tax Information • Complete Change of Address Forms • Rummage Through Trash “Dumpster Dive” • Fraudulently Obtain Credit Reports by Posing as a Landlord or Employer.

  12. Victims Experience? • Confusion & Frustration • Time Consuming • Emotional Toll • Makes You Feel Like You Have Done Something Wrong

  13. Financial Cost • Out-of-Pocket Expenses • 60 Hours on Average • $1,200 Out-of-Pocket Expenses • Legal Fees • Credit Bureau Reports • Loan Reapplication Fees

  14. Pop Quiz Time – True/False • I Have My SS Card With Me At All Times • I Have Not Ordered My Credit Report For At Least Two Years • I Do Not Have a PO Box/Locked Mailbox • I Do Not Shred or Tear Personal Mail • I Utilize My Mothers Maiden Name or Family Birthdays as Personal Passwords or Access Clues

  15. Quiz Results • If You Answered Two or More of These Questions “True” You Are at An Increased Risk For Becoming an Identity Theft Victim

  16. Insurance Protection for I.T. • Identity Recovery Coverage – 2 Main Components. • Identity Recovery Counselors & Case Management Service • Expense Reimbursement Insurance

  17. Coverage Included • Recovery Fees • Out-of-Pocket Expenses • Lost Wages • Legal Fees

  18. What About Pricing? • $20.00 Per Policy – Homeowners • Annual Price • Does Not Vary with Size of Household • Most Home Insurance Carriers are Adding an Identity Theft Coverage Option

  19. Questions?

  20. Erickson Insurance ServiceJ. David Erickson AAI, CIC 743-2426

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