John Schaeffer Insurance Agent

03/19/2024

Invest in real estate? Want free food and booze? Or just simply want to hang out with me? Come to the next meetup on 4/2 at 6pm!

Let's meet up and talk Real Estate and investing! Drinks and appetizers provided, first come, first served!

10/10/2023

Are you currently maxing out your retirement accounts and need another option to assist your retirement portfolio?

Did you know you could use life insurance to build cash value that you can borrow from? It's is a strategy often associated with permanent life insurance policies, such as whole life or universal life insurance. These types of policies offer both a death benefit and a cash value component, which can be used as a savings or investment vehicle. Here's how it works:

Purchase a Permanent Life Insurance Policy: Start by purchasing a permanent life insurance policy. Whole life insurance and universal life insurance are the most common types that include a cash value component.

Regular Premium Payments: Pay regular premiums into the policy. A portion of each premium payment goes toward the cost of insurance coverage, and the rest is allocated to the cash value account.

Cash Value Accumulation: Over time, the cash value of the policy accumulates and grows. This growth is typically tax-deferred, meaning you won't pay taxes on the gains as long as the money remains in the policy.

Access to Cash Value: You can access the cash value of the policy through withdrawals or loans. Keep in mind that withdrawals may be tax-free up to the amount you've paid in premiums, while loans need to be repaid with interest.

Loan Repayment or Withdrawals: You can choose to repay the loans or let them reduce the death benefit. If you withdraw cash, it reduces both the cash value and the death benefit.

Tax Benefits: The cash value growth is tax-deferred, and if you manage the policy correctly, you can potentially access the cash value tax-free through loans or withdrawals. Additionally, the death benefit is typically income-tax-free to beneficiaries.

Investment Choices: Some universal life policies offer investment options within the policy, allowing you to invest the cash value in various assets, such as stocks, bonds, or mutual funds.

Dividends (for Whole Life): Some whole life policies pay dividends, which can be used to increase the cash value or purchase additional paid-up insurance, further boosting the policy's cash value.

It's important to note that using life insurance to build cash value is a long-term strategy. The cash value typically grows slowly in the early years of the policy because of fees and insurance costs. It may take several years or even decades for the cash value to become substantial.

Also, this strategy may not be suitable for everyone, as the costs associated with permanent life insurance policies can be higher compared to term life insurance.

If you have any questions or would like to discuss more about the options available to you send me a dm!

09/19/2023

🏠🛡️ Securing My Home Sweet Home! 🏡✨

Hey there, friends and fellow homeowners! 🤗 Today, I want to talk about something that's close to my heart (and wallet) – Homeowner's Insurance. 🧡

Our homes are our havens, and protecting them is non-negotiable. But, you know what they say – "Knowledge is Power!" 💪💡

🤔 Have you ever wondered:

🌪️ How to safeguard your home against natural disasters?
💰 What factors affect your insurance premium?
📦 What kind of coverage should you prioritize?
🤷‍♂️ And the big one: How to strike a balance between great coverage and a budget-friendly premium?

08/08/2023

🏠🚗 Protect What Matters Most! 🛡️🔒

Life is full of uncertainties, but you can safeguard your loved ones and assets with the right insurance coverage! Whether it's your home, car, health, or family's future, insurance provides the peace of mind you deserve.

🏡 Safeguard your home against unforeseen disasters.
🚘 Drive confidently knowing your car is protected.
💪 Ensure your health is taken care of, no matter what.
👨‍👩‍👧‍👦 Secure your family's financial future.

Don't wait for the unexpected to happen. Let us help you find the perfect insurance plan tailored to your needs. Contact us today to get started! 💼📞

08/03/2023

Why does my auto insurance premium keep going up?

08/02/2023

Want to know WHY your homeowner insurance premium keeps rising?

07/21/2023

A little known fact about insurance policies is the coinsurance clause...

A coinsurance clause is a provision commonly found in insurance policies, particularly property insurance and health insurance. It is designed to encourage policyholders to share the risk of loss with the insurance company by requiring them to pay a certain percentage of the covered expenses after the deductible has been met.

In property insurance:
In property insurance, the coinsurance clause is applied to commercial property and sometimes to homeowners' policies. The clause typically states that the policyholder must insure the property for a specified percentage of its full replacement value. This percentage is often set at 80% or 90%.

If the policyholder fails to maintain coverage equal to the required percentage of the property's value, and a covered loss occurs, the insurance company may only pay a proportionate amount of the claim, rather than covering the full loss. This means the policyholder becomes responsible for a larger portion of the loss out-of-pocket.

Example:
Let's say a commercial property is valued at $1,000,000, and the policy has an 80% coinsurance clause. The policyholder should carry insurance coverage of at least $800,000 (80% of $1,000,000). If they only insure the property for $600,000, which is 60% of its value, and a $200,000 loss occurs, the insurance company will only pay 60% of the loss, or $120,000. The policyholder would have to cover the remaining $80,000.

07/04/2023

Time to celebrate the day when we all collectively decided that grilling meat and setting things on fire was the best way to honor our independence!

On this glorious day, let's remember that the only thing hotter than the summer sun is our patriotism for fireworks. Remember, it's not a proper July 4th celebration until someone accidentally sets off the smoke alarm while attempting to light up the grill.

In the spirit of freedom, let's declare our independence from all diets and indulge in an excessive amount of potato salad, hot dogs, and ice cream. After all, we fought for the right to life, liberty, and the pursuit of tasty treats!

And of course, let's not forget about our furry friends who are convinced that fireworks are the ultimate enemy. They'll be hiding under the bed or behind the couch, seeking solace from the explosive chaos. Remember to give them extra snuggles and comfort during this challenging time for them.

So, whether you're grilling like a boss, setting off fireworks that could rival a small city, or simply enjoying a day of relaxation, have a hilarious and unforgettable July 4th! And remember, sparklers are like tiny wands of joy, so wave them with enthusiasm (and watch out for your friend who thinks they're a human sparkler!)

06/27/2023

Did you know you could potentially use life insurance to pay off your mortgage 5 years early AND have some money leftover?

Benefits of Signature GUL in a Mortgage Scenario

• Mortgage protection for the life of the mortgage and beyond – with a permanent life insurance product.

• Three Guaranteed Cash-Out Opportunities that can be used to pay down the mortgage early – Years 15, 20, or 25.

• Three Accelerated Benefit Riders at no additional cost – Chronic, Critical, & Terminal.

Want to learn more? Send me a message or schedule an appointment using my scheduler link.

06/13/2023

Do you have questions about your auto policy?

Do you truly understand what your homeowners policy covers?

Has your life changed to the point where you think your current policy may not provide the proper protection?

If you answered yes to any of these questions then it's time to review your coverage with an agent.

Click the link below to schedule a time to review your policies.

Book a time to meet in two easy steps.

05/09/2023

Hey there, homeowners! We know that insurance might not be the most exciting topic, but trust me, it's important. After all, you wouldn't want to end up homeless because your house burnt down and you didn't have any coverage, right? That would be a real bummer.

But let's be real, homeowners insurance can be a little confusing. What even is a deductible? And why does it seem like insurance companies are always trying to nickel and dime you? We feel your pain. That's why I've put together this helpful guide to understanding homeowners insurance, with the typical Schaeffer style of humor to keep things light.

First things first, what does homeowners insurance actually cover? Well, it can vary depending on your policy, but typically it covers damage to your home and your belongings caused by things like fire, theft, and natural disasters. It can also provide liability coverage in case someone gets hurt on your property and sues you. Basically, it's like a safety net for your house and everything in it.

Now, let's talk about deductibles. This is the amount you have to pay out of pocket before your insurance kicks in. Think of it like a really expensive game of rock-paper-scissors: you hope that you never have to play, but if you do, you want to come out on top. The higher your deductible, the lower your premium (aka your monthly insurance payment) will be. So, you have to decide whether you want to risk having to pay a lot upfront in case something happens, or paying more every month just in case.

But here's the thing about insurance companies: they're sneaky little devils. They'll try to find any excuse to deny your claim and keep your money. Did your house get destroyed by a tornado? Sorry, that's an "act of God," so we're not covering it. Did your dog eat your couch? Sorry, that's not covered under our policy. Did a tree fall on your car? Sorry, wrong kind of insurance. It's like playing a game of whack-a-mole, except the moles are your claims and the insurance company is the one holding the mallet.

So, what can you do to protect yourself? Well, first of all, make sure you read your policy carefully and understand what's covered and what's not. If you have any questions, don't be afraid to ask your insurance agent (hopefully it's me or it WILL be me). We're there to help you, even if we do get a commission for selling you a policy. And if something does happen and your claim gets denied, don't give up. You can appeal the decision or even take legal action if necessary. Just remember, you're the customer and you deserve to be treated fairly.

In conclusion, homeowners insurance might not be the most exciting topic, but it's definitely an important one. So, take the time to understand your policy and make sure you're covered for whatever life throws your way. And hey, if all else fails, just build a bubble around your house and live in there. That's probably covered under "act of insanity," right?

05/08/2023

Are you tired of the boring and dry auto insurance industry? Well, fear not my friends, because I'm here to inject some humor into this topic with a realistic blog post about auto insurance. Buckle up and enjoy the ride!

Let's start with the basics: what exactly is auto insurance? It's like a safety net for your car, protecting you and your wallet from unexpected accidents or damages. But let's be real, the only time we really think about auto insurance is when we're forced to pay those damn monthly premiums.

Now, let's talk about the different types of auto insurance. You've got liability, collision, comprehensive, and the list goes on. It's like a menu at a fancy restaurant, but instead of picking out delicious dishes, you're choosing the level of coverage for your car. And just like at a restaurant, you're probably going to end up paying more than you expected.

Have you ever wondered why auto insurance companies use animals as their mascots? Geico has a gecko, Progressive has Flo, and Allstate has that creepy dude with the deep voice. I guess they figured if they couldn't make auto insurance exciting, they could at least make it more interesting.

But let's be real, the real star of the show is the claims process. It's like a game of telephone, but instead of passing messages along, you're passing blame. You hit someone, they hit someone, and before you know it, your auto insurance company is calling you to ask what happened. It's like a pop quiz you never studied for.

And don't even get me started on the discounts. You get a discount for having a good driving record, a discount for bundling your policies, a discount for being a safe driver, and the list goes on. It's like playing a game of "How many discounts can I get before my auto insurance company realizes I'm not that great of a driver?"

In conclusion, auto insurance may not be the most exciting topic, but with a little humor and a lot of discounts, we can make it a little less painful. Just remember, always wear your seatbelt, obey traffic laws, and pray that you never have to file a claim. Happy driving!