Lana Insurance Center Inc

1259 South Broad St
Wallingford, CT 06492

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Medicare Insurance FAQs

When you reach the age where you are eligible for Medicare, you have choices. Many myths exist about advantage plans and what they do and do not cover. You may not realize all the ramifications of your decisions. At Lana Insurance Center Inc. in Wallingford, CT, we are here to help guide you and to answer your questions about the choices you must make when it comes to your Medicare coverage. 

Medicare Insurance FAQs

What is a Medicare Advantage Plan?

A Medicare Advantage Plan is coverage provided by private insurance companies that covers the same things that Medicare covers. The advantage is that many of the plans include your prescription coverage. You may also get lots of other benefits, including membership in a gym, dental coverage, OTC money to spend, and more. Some cost no more than your Medicare payment, others have a monthly fee. 

What does Medicare Supplement (Medigap) pay?

Medicare doesn’t cover 100% of medical care. Medigap insurance helps to fill in the gap between what Medicare pays and what is actually charged. Private insurance companies provide coverage. 

What do I need to know about Medicare Part D (prescription plans)? 

Traditional Medicare doesn’t have prescription coverage, you have to buy it separately. You may not be aware that you are required to have a prescription plan once you become eligible for Medicare. If you have creditable prescription coverage from another source, you may be able to avoid the penalty you are required to pay for not having it. Keep records of your other coverage to prove you had it. The penalty will be added to your Medicare prescription coverage once you do get it and it will never go away, ever. Since it is a percentage, if the premium goes up, so does your penalty. 

Give Us A Call

Contact Lana Insurance Center Inc. in Wallingford, CT to discuss what options you need to consider when it comes to Medicare insurance. 

I Have A Life Insurance Policy Through My Job. Do I Need To Buy Another One?

Many people have life insurance policies through their jobs. This is a great way to get coverage since it is usually cheaper than buying a policy on your own. But is this the only policy you need? Probably not. In most cases, having two life insurance policies is better than having just one.

Here are some reasons why:

Your Work Policy May Not Be Enough

The policy that your employer provides is probably not enough to cover all of your expenses if you die. Most work policies only pay out a few hundred thousand dollars, which may not be enough to cover things like your mortgage, college tuition for your children, or other debts and final expenses.

You May Not Be Covered If You Leave Your Job

If you leave your job, your life insurance policy will usually go with you. But there are some exceptions. For example, if you retire or are fired, you may not be able to keep your policy. So it’s vital to have a second policy that is not through your employer in case you lose your first one. Talk to Lana Insurance Center Inc. in Wallingford, CT to understand more about getting additional insurance in case you lose your job.

You May Want Different Types of Coverage

Employer-provided life insurance policies are usually "term life" policies. This means they only provide coverage for a certain period, such as five or ten years. But you may want a "whole life" policy, which provides coverage for your entire life. Or you may want a "universal life" policy, a type of whole life policy with more flexibility. So if you want different types of coverage, you may need to purchase more than one policy.

Contact Us Today

As you can see, there are many good reasons to have two life insurance policies. If you have a policy through your job, that’s great. But don’t stop there. Get a second policy from Lana Insurance Center Inc. in Wallingford, CT to ensure you and your family are fully protected.

Why You Need Condo Insurance

When you own a condo, you have a home that is yours for as long as you want to keep it. It’s important to cover that investment with a condo insurance policy. This type of policy covers you in a number of ways all in one insurance policy. When you have a condo and aren’t insured, call us at Lana Insurance Center Inc. in Wallingford, CT to help you get started. 

Why You Need Condo Insurance

Protection for Your Condo

Your condo is likely your largest investment, and it needs to be protected with an insurance policy. Your condo insurance will cover the condo itself with enough protection to pay for large repairs, or even rebuilding if it’s needed. When you have this insurance and a covered incident happens that damages your condo, the policy pays for the necessary repairs. This is vital coverage to have with the high cost of repairs. 

Protection for Your Belongings

It’s important to have this coverage because it protects your possessions as well. When you have this coverage, it can pay for your possessions that are lost in a damaging incident. Issues like disasters and accidents can happen, and they can ruin your belongings. When you have a damaging incident occur, you could be left with nothing if you don’t have this coverage in place. 

Liability Protection

Condo insurance also gives you an amount in liability coverage. This protects you in case someone comes into your condo and has an accident with injuries there. This coverage pays for the expenses of this person, including lost wages and medical bills. It’s always smart to have this coverage in place so that you don’t have to face paying for these expenses by yourself. 

Get Your Condo Insurance

If you own a condo, it should be protected. To get started, call us at Lana Insurance Center Inc. serving the greater Wallingford, CT community. 

Will auto insurance cover property damage to my own home?

Auto insurance provides drivers with many different benefits. From liability coverage to coverage for damage to your own car, auto insurance is a wise investment. Even if you opt to purchase the state minimum auto insurance coverage, and nothing more, you have many benefits and protections.

As with anything, however, there are a few areas where your auto insurance wouldn’t provide any coverage. Our team at Lana Insurance Center Inc. in Wallingford, CT understands that drivers often have a lot of questions when it comes to what’s covered under their auto insurance policy. We’re here to eliminate the confusion. 

What’s Covered Under a Standard Connecticut Auto Insurance Policy?

If you plan on legally driving within the state of Connecticut, you are required to carry auto insurance. In order to meet the state’s minimum auto insurance requirements, you must carry bodily injury liability at $25K per person and $50K per accident. By state law, you must also purchase property damage liability coverage at $25K per accident. These are the state minimum auto insurance coverage requirements, which means you can always purchase more than the minimum. You can also purchase auto insurance that will provide medical coverage as well as pay for damage to your own car.

What’s Missing?

You may not notice that there’s no provision or coverage for damage you may cause to your own property while driving. If you’re a homeowner, you may have coverage for damage to your own property under your homeowner’s insurance. However, if you don’t own a home, or don’t have homeowners insurance, you may find yourself without coverage for this type of accident. Auto insurance policies typically don’t include coverage for damage to your own property. As a result, it may be a good idea to speak with a member of our team from Lana Insurance Center Inc. in Wallingford, CT.

One of our team members can help you determine the best insurance coverage for property damage. Give us a call. We’re standing by.

When Should You Review Your Home Insurance?

Your property value will change over time, especially as you make improvements. Although your home insurance policy provided the necessary coverage when you first got it, it doesn’t mean that it still does. Because your home insurance needs to change as your house changes, you should review your coverage to ensure it is on track. Lana Insurance Center Inc., serving Wallingford, CT, shares a few instances when you should review your home insurance.

When Should You Review Your Home Insurance?

Remodels

You can add value to your property when you undergo significant remodeling projects. This is particularly true if your focus is in the kitchen or bathroom. In the event that the remodel causes your market value to increase, your existing home insurance policy may not be adequate any longer. It is important to review your policy after remodeling to ensure you are covered in the event of a disaster.

Safety Improvements

When you make security improvements to your home that can protect accidents from occurring, you will usually immediately reduce the insurance company’s risk. These improvements can be anything from flame-resistant roofing materials to a security system. When safety and/or security improvements are made, it is important to speak to your insurance agent, as there may be savings in store for you. 

Swimming Pool Installation

If you decide to add a swimming pool, trampoline, or other potential hazards, you should speak to your insurer beforehand. Although these items can be incredibly fun, they also increase the risk of an injury to occur. More often than not, an increase in your home insurance coverage will be needed to ensure you are properly covered.

If you have decided it is time to review your home insurance policy, speak to Lana Insurance Center Inc., serving Wallingford, CT.

Commercial Insurance Policy Breakdown

Lana Insurance Center Inc. was built on reliability and trust. We strive to treat our clients like family by ensuring they find the coverage they deserve. We offer flexible policy options to protect our clients when life throws unexpected situations their way. We look forward to assisting you.

Commercial Insurance Policy Breakdown

Commercial insurance is an asset for business owners. You have to deal with different tasks every day. While you face these different challenges, you also have to navigate the possibility that you can be sued at any moment. Commercial insurance covers your property if you are the victim of an accidental fire or if a natural disaster moves into the area and causes damage. Commercial insurance also covers your inventory if it’s stolen or damaged. Liability coverage is a major part of your policy. You are covered if a customer enters your business and suffers an injury. You are also covered if one of your products causes property damage. The policy will assist with any necessary medical treatment and repairs. If your business suffers extensive damage, interruption coverage can assist you. This type of coverage allows you to continue operating your business while your property is repaired.

Workers’ compensation helps you take care of your employees. You are covered if your employees are injured in the workplace. The policy covers their treatment and rehabilitation. This is a great way for you to attract the best talent available by showing that you treat your workforce with respect. If your business evolves in the future, you can add extra coverage such as cyber liability insurance and errors& omissions insurance.

Lana Insurance Center Inc. Will Help You Protect Your Assets

Contact our office to learn more information about commercial insurance and how you can get a quote.

Do You Qualify for Medicare Insurance?

At Lana Insurance Center Inc., we work with a broad range of different people. For example, many of our clients need or have Medicare coverage to help with their health needs. But do you qualify for this type of protection or not? It is important to fully understand this factor to ensure that you get the high-quality and enjoyable policy that you need to avoid complications. 

Qualifications for Medicare 

  • You receive retirement benefits from Social Security or Railroad Retirement Board benefits 
  • You or your partner worked for a Medicare government employer and paid Medicare taxes
  • You are 65 years or older and did not pay for Medicare taxes (see the second point here) 

Before assuming that you fall under Part A coverage, it is important to talk to your agent to learn more. Many people qualify for Part A and don’t have to pay premiums if they need kidney dialysis, receive a kidney transplant, or are entitled to Social Security benefits or Railroad Retirement disability help for 24 months. In this situation, you do not pay premiums but can instead get your coverage for free due to economic or health problems. 

By comparison, you will have to pay a premium if you qualify for Part B, which many people do. Don’t worry: you don’t have to pay these premiums out of your pocket in many cases. The premium is often taken from a Social Security, Civil Service Retirement, or Railroad Retirement Board check. Don’t receive these payments? Then, you do need to pay your premiums. 

Learning More About Your Coverage 

If you’re not certain if you qualify for Medicare, it is important to talk to someone who can help you. This insurance coverage could help to improve your overall quality of life if used properly. Call us at Lana Insurance Center Inc. to learn more about whether or not you qualify for this protection.

What Protection Does Condo Insurance Provide?

While condo insurance is not required by state law in Connecticut, it’s a wise investment choice whether a condo is your primary residence or is an investment property for you and your family. Lana Insurance Center Inc. is here to help in any way we can as you shop around for condo insurance in Connecticut.

Condos often come with condo associations, which typically do require condo insurance within their bylaws. If you worked with a lender to secure a loan to purchase the condo, they often require a minimum coverage policy on condominiums. 

What Does Condo Insurance Protect?

While many condo owner’s associations cover the exterior structure of the condo, the protection of the interior falls on the owner. This is where insurance comes into play; whether your home becomes damaged due to weather or natural disaster, or is broken into and your belongings are stolen — these are the scenarios where you need insurance, and not having it can leave you in financial hardship or ruin. 

Liability coverage is also important when purchasing condo insurance; this type of coverage helps if someone is injured while at the residence and requires medical attention. Liability insurance is often overlooked, so avoiding that scenario by adding it to your policy is highly recommended by most insurance companies. 

The truth is simple — investing in condo insurance is a no-brainer. It’s simple enough if you trust the experts at Lana Insurance Center Inc. We’re a team of insurance professionals who can guide you through the process of selecting a policy with adequate coverage for your needs and leave you feeling satisfied and well protected against anything that may happen. 

How Does Life Insurance Protect Me?

Investing in life insurance is a sound financial decision but an emotional one too. It’s a challenging topic to talk about, but it gives comfort when you know it protects the financial interests of your loved ones when you pass on. 

Still not sure how life insurance protects you? Lana Insurance Center Inc. shares more insights.

Provides financial well-being to your loved ones

If your dependents rely on your income to pay financial obligations like child care, college fees, and monthly bills, life insurance replaces your income when you die. This way, your loved ones can meet their financial obligations even in your absence.

Pays for your debts

If you have a mortgage, car loan, or credit card, you don’t have to pass the financial burden to your cosigners and loved ones upon your demise. Proceeds from life insurance can be used to settle financial obligations. Besides, life insurance enables you to pay for final expenses, lessening the financial burden on those you leave behind.

Keep the business in the family

Life insurance isn’t all about individuals. It’s pivotal for business owners. Life insurance proceeds can pay outstanding business loans as well as buying your business partners time to think of the next course of action after your death.

Besides, life insurance ensures that your business can be passed to your family. Life insurance covers costs related to transferring your business legacy to your beneficiaries.  

It supplements your retirement income

When you invest in a permanent life insurance plan, it accumulates a cash value that you can borrow against or make withdrawals to cater for emergencies. While most people think life insurance comes into play when they die, it has “living benefits” that you can enjoy while here on earth.

Are you ready to get started with life insurance? We encourage you to contact Lana Insurance Center Inc. to kick-start the conversation.

Commercial Insurance – FAQ

Operating a business is exciting and daunting at the same time because any business is a serious investment. If you are a responsible business owner, you understand that like any investment your business needs protection. One of the most effective ways to protect it is to get commercial insurance. If you have never had this type of insurance and need more information about it, here are the answers to the most common questions about it: 

Why Is Commercial Insurance So Important?

Possible lawsuits, accidents, property damage claims, medical bills, natural disasters, the high costs of litigation are the main reasons businesses should have commercial insurance. 

What Drives the Cost of Commercial Insurance?

There are certain factors that have an impact on commercial insurance. They are the type of business, the number of employees, the value of your company assets that you want to insure, and some others.

How To Choose the Type Of Business Insurance?

The choice of business insurance depends on the type of business, business needs, risks associated with the business, At a minimum, it is recommended to carry business liability and business property insurance. 

Is Business Insurance Tax Deductible?

Your business insurance is one of the costs of operating a business. That means you can deduct insurance premiums, including premiums for professional liability insurance and general liability insurance. 

Lana Insurance Center Inc – We Are Ready To Serve Your Insurance Needs

If you live in Wallingford, CT, or any other nearby town, and you are looking for proper insurance to protect your business, Lana Insurance Center Inc. is an insurance company you need. We specialize in different types of insurance, including commercial insurance. If you need help in choosing a beneficial business insurance plan, or you have any questions, we are always ready to answer your questions. 

Our Partners
  • Guard
  • Liberty Mutual
  • Metlife
  • Nationwide
  • Progressive
  • State Auto
  • Travelers