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1147 Hwy 315 Blvd
Wilkes-Barre, PA 18702

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How to Combine Life Insurance and Savings

At The Shay Agency, we want to help Wilkes-Barre, PA, residents protect their financial security and provide for their families. Our agency offers a unique insurance product, a cash-value life insurance policy, that enables you to save money in an interest-earning account while maintaining a life insurance policy. 

How Cash Value Policies Work 

A cash-value life insurance policy provides traditional whole-life coverage and a savings component that takes the form of a money market or savings account. When you pay the premium for the traditional life insurance policy, a portion of each month’s premium goes into the savings account pre-tax. That means you also build a tax-free savings account that earns monthly interest. 

When You Pay Taxes on the Cash Value Savings Once the account vests, you can withdraw funds from it or use it as collateral for a loan. At this time, you pay taxes on it. If you never touch the savings account, you never pay taxes on it. It grows via its interest and contributes to your net worth. 

How It Benefits Your Beneficiary 

Most cash-value accounts return the savings component to the insurance company at your death. In most cases, there’s little left because individuals and their families use the money to pay the premiums on the whole-life policy as they age. Some individuals withdraw funds from the account for medical care or other necessary expenses. The whole life policy that forms the other half of the insurance product pays its full benefit to your beneficiary unless you borrowed against the policy or depleted the savings component. In those cases, the death benefit reduces the amount of the withdrawal. 

Here’s an Example

You purchase and maintain a $100,000 whole life plus cash value account policy. It vests. Each month, you pay a premium. In this example, you contribute to the savings over the years, building a cash value account of $10,000. Five years before your death, you withdraw $5,000 to make renovations so you can use a mobility chair in your Wilkes-Barre, PA, home. This withdrawal reduces your death benefit by $5,000 unless you repay the money. Because you choose not to do so, when you die, your beneficiary receives $95,000 as your death benefit.

Contact Us Today

Let the insurance agents at The Shay Agency help you prepare your finances for life and death. Contact us today to establish a cash-value life insurance policy.

How Long Does an Accident Affect Your Auto Insurance Rate?

Choose The Shay Agency in Wilkes-Barre, PA, for your auto insurance needs. Our strong dedication to finding the best individualized insurance coverage lets you hit the road confidently. We value top-notch customer service, with our highly competent team ready to guide you through all possible driving scenarios. Our commitment to expert knowledge and custom-fit solutions means you’re well-protected in your vehicle. Trust The Shay Agency as your reliable insurance partner for a worry-free driving experience.

Understanding the Impact of Accidents on Your Auto Insurance Rates

Several factors must be considered to understand an accident’s impact on your auto insurance rate. At The Shay Agency in Wilkes-Barre, PA, we include the impact duration and the accident’s severity. For minor fender benders, your premium might increase for three to five years, while more serious accidents can have ongoing implications.

Insurance companies often examine your driving record and details of the incident before determining the rate hike’s duration. The frequency and fault of accidents also play a significant role in how long accident rates will affect your insurance premium. Therefore, timely communication with your insurance provider and seeking solutions to reduce premiums after an accident become vital to minimizing your insurance costs over time. Preserve a clean driving record and handle any issues promptly with your insurer – these actions will gradually lower your auto insurance rates.

Enjoy Top-Tier Auto Coverage with The Shay Agency

Contact us at The Shay Agency in Wilkes-Barre, PA for personally tailored, high-quality auto coverage. Our expert team can assist you in finding the perfect insurance solutions to ensure you have the protection you deserve. With The Shay Agency’s commitment to excellence, we promise a seamless, stress-free experience in securing the coverage that fits your needs just right. Contact us today and enjoy peace of mind on the road.

What Add-Ons Should I Consider for My Home Insurance Policy?

Some homeowners in Wilkes-Barre, PA, believe that their homeowner’s policy will cover all risks associated with their property. However, that is not the case. Virtually all homeowner’s insurance policies have exclusions, meaning they won’t cover specific incidents. So, how do you insure these additional risks?  The Shay Agency can advise homeowners on what additional coverage they should consider?

Consider Your Situation

Add-ons, also called riders, are additional coverage options that allow you to customize your protection. Not everyone will need each add-on, so analyzing your needs before buying such coverage is essential. Among the types of riders you should consider are the following:

  • Scheduled property for items worth much more than your deductible
  • Flood insurance and sump pump overflow essential in low-lying areas at risk for floods
  • Identity theft to protect you from costs associated with thieves stealing your information
  • Umbrella insurance provides additional liability insurance beyond what your policy covers

Endorsements vary by each insurance company, so it’s essential to check with your agent to determine which add-ons are available through a specific company. Some endorsements, such as scheduled property and flood insurance, can be expensive. Scheduled property increases with the amount and value of property insured. Flood insurance may be required if your home is in a flood plain. You may also want to consider underground utility service coverage if you live in an older property. Homeowners are responsible for mishaps that happen on utility lines on their properties.

Determining Your Needs

If you are wondering what you need regarding add-ons to your policy, the professionals at the Shay Agency can help. Each year, we advise hundreds of homeowners in Wilkes-Barre, PA, on the best policy riders for their needs. Contact our office today to get started on your personalized quote.

 

The Difference Between Term and Whole Life Insurance

Understanding Life Insurance Policies: All You Need to Know

When it comes to securing the financial future of your loved ones, having a life insurance policy is paramount, especially if others depend on you. This security blanket can shield your family from potential financial turmoil. At its core, there are two primary life insurance types, term life, and whole life, each functioning differently to safeguard your family after your departure. Therefore, deciphering the differences between these policy types is crucial for making the best choice for your family. For more information about these life insurance forms, contact us at The Shay Agency in Wilkes-Barre, PA.

Term Life Insurance: A Temporary Safety Net

Term life insurance provides coverage over a set term or period. This means the policy remains valid for a specific number of years, whether it’s five, ten, or twenty years, agreed upon before the policy’s execution. Once this term elapses, however, the policy expires, prompting the policyholder to secure a new policy for continued coverage.

Whole Life Insurance: Lifelong Coverage

In contrast, whole life insurance does not encompass a set term, remaining valid as long as the policyholder maintains premium payments. This continuous coverage system ensures your policy remains intact provided you stay up-to-date with payments, rendering it immune to cancellations by the insurance company. Although it comes at a higher cost than term life policies, many individuals favor whole life insurance due to its lifelong validity, eliminating the need for policy renewals.

Securing A Life Insurance Policy: An Essential Step

Regardless of the policy type you opt for, securing life insurance is essential. When you’re ready to explore your policy options further, reach out to us at The Shay Agency in Wilkes-Barre, PA.

Does Wilkes-Barre, PA auto insurance cover vandalism and theft?

Every Wilkes-Barre, PA driver must carry liability insurance. The state requires a minimum amount of coverage you must carry, and failure to do so can result in serious consequences. Even if you are found to be not at fault in an accident, you face serious potential penalties if the officer discovers that you are uninsured, including fines, license suspension, and registration suspension. But even carrying the required insurance does not protect you from everything. The Shay Agency can help you ensure you have the coverage you need.

Liability Insurance Is Limited

If you only carry liability insurance, you only have coverage for the victims if you are found to be at fault in an accident. Liability insurance does not cover your own damages in an accident, and it does not cover other circumstances.

Comprehensive Coverage

You can benefit from comprehensive coverage if you are concerned about theft or vandalism. Comprehensive coverage protects your own vehicle if you are a victim of theft or vandalism. There is also coverage for damages incurred if you hit an animal while driving or if your car is injured during bad weather, such as from a tree limb.

Collision Coverage

Suppose you are also concerned about having protection for your own vehicle. In that case, collision coverage will pay to repair or replace your vehicle if you collide with another vehicle or even a tree.

Contact The Shay Agency for All Your Insurance Questions

The minimum amount of insurance may not be enough to protect your assets if something happens. We can help you find a policy that offers the protection you need. If you would like to compare policies or have any questions about Wilkes-Barre, PA insurance, please call The Shay Agency today.

Four reasons why it’s so important to have commercial insurance

Insure your company in Wilkes-Barre, PA with a policy from The Shay Agency. With insurance coverage, your company will enjoy a lot of advantages. 

The following are four reasons why it’s so important to have commercial insurance coverage. 

Carrying commercial insurance shows professionalism.

Companies should be insured if they want to show professionalism. Customers are more likely to do business with an insured company they know is financially secure. 

Being insured makes running a business less stressful.

If you’re running your business without carrying insurance, you may feel constantly worried about possible expenses that can come up. Being insured gives you more peace of mind and can minimize your stress as a business owner. 

Having commercial insurance might be required by the terms of the contracts.

If you have partnerships with other businesses, these businesses might require you to have commercial insurance. Your customers might also require you to be insured as part of contract agreements with your company.

Carrying commercial insurance can, therefore, qualify your company for more opportunities.

Commercial insurance coverage can keep you in business if you face a costly issue like a lawsuit.

If your company gets sued, the resulting expenses could put you out of business if you don’t carry any coverage. With commercial insurance, you can cover the costs of a lawsuit so that your business can continue to operate and isn’t ruined financially. 

Contact us at The Shay Agency if you want the right commercial insurance solution. We can give you a quote on insurance coverage for your business in Wilkes-Barre, PA.

Tips to Minimize Accidents On a Holiday Road Trip

As your dedicated auto insurance partner in the greater Wilkes-Barre, PA area, The Shay Agency wants you to hit the road confidently and return home with nothing but cherished memories. Here are our top tips to minimize accidents on your holiday road trip. 

1. Vehicle Check-Up: A Stitch in Time Saves Nine

Ensure your vehicle is road-ready by scheduling a pre-trip check-up. This includes inspecting brakes, tires, fluids, and lights. A little maintenance goes a long way in preventing unexpected breakdowns.

2. Plan Your Route: Navigate with Care

Before setting off, plan your route and familiarize yourself with potential traffic and construction areas. Knowing what lies ahead allows for smoother navigation, reducing the likelihood of last-minute lane changes or sudden stops.

3. Rest Well, Drive Well: Combat Driver Fatigue

A well-rested driver is a safer driver. Plan breaks in your journey, especially during long stretches. Fatigue contributes to accidents, and regular breaks help keep you sharp behind the wheel.

4. Weather Wisdom: Adapt to Conditions

Check the weather forecast along your route and be prepared for changes. Rain, snow, or fog can affect driving conditions. Adjust your speed and driving style accordingly, and always remember: it’s better to arrive late than not at all.

5. Defensive Driving: Your Best Insurance

Practice defensive driving techniques. Stay aware of your surroundings, maintain a safe following distance, and anticipate the actions of other drivers. Vigilance on the road is your best defense against accidents.

Remember, your safety is our priority at The Shay Agency, serving the greater Wilkes-Barre, PA region. Drive responsibly, and let’s make this journey memorable for all the right reasons. Contact us today if you’re looking for a new auto insurance policy or quote. 

Home Policy Features That Can Protect You This Winter

As we all prepare for winter, The Shay Agency is here to meet the insurance needs of the greater Wilkes-Barre, PA community. Several home policy features can protect you this winter. Let’s take a closer look.

Let Us Help You Get Ready for Winter

Winter weather can cause damage to your home in several different ways. From ice storms that create fallen trees to burst pipes, you want to know that you’re protected. Now’s an ideal time to review your current policy to ensure it provides the necessary coverage. Features that provide alternative accommodations if your home is deemed uninhabitable due to a covered event are important to have. Storm and ice damage is difficult enough to deal with without having to find somewhere to stay while your home is being repaired. Before winter arrives, you’ll want to sit down with your local agent to ensure you have the coverage you and your family need.

The right insurance policy can help you get through winter without too much stress. It’s impossible to know how severe the upcoming winter will be, but it’s possible to be prepared. Before the cold weather sets in, you’ll want to double-check your heating and plumbing systems to ensure they’re in good working order and ready to go. And you’ll be spending more time at home, so now’s the time to take care of any necessary house repairs.

The Shay Agency is here for you!

The Shay Agency is here to serve the insurance needs of residents in Wilkes-Barre, PA, and the surrounding area. Contact us today to learn more about the different features available with today’s home insurance policies. We look forward to hearing from you soon!

Your Guide to Comprehensive Commercial Insurance in the Keystone State

What Does Comprehensive Commercial Insurance Mean?

When you add comprehensive coverage to commercial insurance, you get an insurance solution that covers a variety of unseen and potentially devastating risks for Pennsylvania business owners. 

Comprehensive insurance is an all-inclusive insurance type that covers a broad range of perils. Pennsylvania business owners enlist the help and support of The insurance professionals at The Shay Agency to learn more about their business insurance options in Wilkes-Barre, PA. 

Comprehensive policies for business owners can include the following protections.

  1. Liability Coverage
  2. Property Insurance coverage
  3. Business Interruption Insurance
  4. Cyber Liability Insurance

Why Comprehensive Commercial Insurance is a Must-Have for Pennsylvania Business Owners 

If your business ever gets hit by a devastating fire, flooded out by a natural disaster like a hurricane, or becomes the subject of a slip-and-fall liability suit – comprehensive commercial insurance can help protect your investment. 

Choosing your first comprehensive commercial insurance policy can be daunting with the many coverage options available. This is where licensed commercial insurance agents can help confused business owners make more informed insurance decisions. 

A licensed insurance agent at The Shay Agency can help you understand the benefits of comprehensive commercial insurance by assessing your unique business needs and providing customized options to help you mitigate risk. 

Business Owners: Get Comprehensive Commercial Insurance for Peace of Mind in Pennsylvania

Pennsylvania business owners get peace of mind when they know their most significant investments are protected with comprehensive insurance coverage. 

Don’t wait until the inevitable happens and your business is faced with a legal claim, cyber threat, or unexpected business interruption without insurance. 

Contact a knowledgeable agent at The Shay Agency in Wilkes-Barre, PA, and get a free quote for comprehensive commercial insurance today! 

Motorcycle Insurance for Multiple Bikes

For motorcycle enthusiasts who own multiple bikes in and around the Wilkes-Barre, PA area, navigating the insurance world can sometimes be as exhilarating as hitting the open road. Fortunately, riders with a collection of motorcycles have various options to simplify their insurance coverage while ensuring their prized possessions are well-protected.

Multi-Bike Insurance: Convenience and Comprehensive Coverage

One appealing option for those with multiple motorcycles is multi-bike insurance. This approach allows riders to consolidate coverage for all their bikes under a single policy. 

Benefits of Multi-Bike Insurance

Consolidating your motorcycle insurance offers several advantages:

  1. Simplified Management: Managing individual policies for each bike can be time-consuming and confusing. Multi-bike insurance simplifies the process by providing a single policy covering all motorcycles.
  2. Cost Savings: Insurers may offer discounts for multi-bike policies, reducing your overall insurance costs compared to insuring each bike separately.
  3. Flexibility: You can choose coverage levels, deductibles, and other policy features that align with your requirements.

Considerations When Insuring Multiple Bikes

While multi-bike insurance offers compelling benefits, there are a few essential considerations to keep in mind:

  1. Bike Types: Ensure that the policy covers all types of motorcycles you own, whether cruisers, sport bikes, touring bikes, or off-road models.
  2. Usage Patterns: Some policies may have restrictions on mileage or usage.
  3. Valuation: Depending on the age and rarity of your bikes, you should discuss the agreed value or stated value coverage options to ensure proper compensation in case of a total loss.
  4. Comparison Shopping: Comparing quotes and coverage options from different insurers is essential to finding the best fit for your multi-bike insurance needs.

The Shay Agency Can Help You

At The Shay Agency, we can answer all your questions concerning motorcycle insurance. We assist the Wilkes-Barre, PA region. Contact us today.