Understanding Different Types of Insurance
When determining how to best cover you and your family, there are several types of insurance to consider.

  • Workers' Compensation. This may cover you in the event you become disabled at work. In New York, employees also receive New York Disability Benefits Law (DBL) insurance, a state disability insurance program that replaces some level of income in case of disability caused outside of work. According to Richard Anthony, Vice President of Sunmark Insurance Services, "New York State DBL covers 50% of your current income, up to $170 per week. Keep in mind, the premium is made on a pre-tax basis, which makes this a taxable benefit to you."

  • Short-Term Disability. This offers coverage for a short period of time, usually no longer than 26 weeks. Short-term disability is often offered through your employer.

  • Long-Term Disability. This picks up where shortterm disability leaves off. Depending on the policy, it can offer coverage all the way to age 65. It can be offered through your employer, or on an individual or group basis. "You can purchase a policy on your own, but avoid making your payments on a pre-tax basis," Anthony advises. "This makes your disability benefit taxable. Also remember to add a cost-of-living rider to your policy. The coverage you buy today may not be enough in 10 or 20 years without this feature."

  • Injury Coverage. This coverage is commonly found under other types of insurance, such as auto, homeowners or umbrella policies.
    • Call 866-580-9760 to review your insurance coverage options with a knowledgeable Sunmark representative.
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    Previous Issues
    Let Your Child Learn By Experience - Yours
    You taught them to walk by holding their fingers as you showed them how to put one foot in front of the other, and you taught them to ride a bike by steering and steadying the bike as they pedaled - why should teaching your child about money be any different? Money matters are an everyday essential part of life. It's not necessary to set aside extra time to discuss money when opportunities to pass on your financial wisdom are all around you:

    • At the ATM
    Next time you take money out of an ATM, use it as your chance to explain the concept of working, paychecks and saving. After all, children may not realize where the money in the ATM comes from. For older children, discuss the costs of withdrawing money from ATMs - most financial institutions charge fees to use ATMs which can add up - and the importance of balancing your checking account so you do not "accidentally" overdraw your account.

    Sunmark Help: Open a Moola Moola Savings Account for your child to show them how saving can be fun. Each time they make a deposit in a Sunmark branch, we'll give them a special surprise. For teenagers 16 and up, open a checking account with one parent as a joint owner so they learn first-hand how to handle money. Our Free Checking with Extras is a no minimum balance and no monthly fee account without hidden restrictions like required direct deposit - making it perfect for those just starting out.

    • At Home
    A weekly allowance can teach kids how to set priorities and learn to take care of financial obligations - especially if you help them set up a spending plan. Discuss what you expect them to pay for (such as school lunch, fun clothes or summer camp) and what they hope to buy before you give them any money. Economic experts advise lengthening the time between allowance payments as kids get older. A weekly schedule is fine for grade-schoolers, but middle-schoolers should be able to make money last for two weeks (semi-monthly payments). You could even stretch high-schoolers' payments out longer as they become more adept at managing their finances.

    Sunmark Help: Deposit money directly into your child's account just like a paycheck, and use SunLink, our online banking feature, to let them login to see when it comes in and what goes out. It's a great way to show them the value of what they earn and how to accumulate savings.

    • At School
    You could pay their lunch money directly, or you could let them manage their own lunch money. For example, cash doled out Monday morning should be enough to last through Friday.

    • In the store
    Kids - and adults - can have a hard time deciphering needs from wants. Coming up with a long-term incentive can encourage delayed gratification - giving up a small purchase now may mean a bigger payoff later.

    Sunmark Help: Open up a savings account or certificate for long-term goals; that way your child's money is earning dividends while they learn about delayed gratification. Make saving even more tangible for your child by showing them their statements, so they can see how their money is growing.

    • What Do You Think? Tell Us About Your Experience [click here]

    Behind the Wheel : Resources for the Road
    • Teen Driving Contract
    Ready to draw up that driving contract, but not really sure where to begin? Review a sample teen driving contract with important items that should be included. Also find links to safe driving tips in various driving situations (bad weather, avoiding dangerous drivers, what to do when you see wildlife, etc). This information is not only good for your teens, but for drivers of all ages, after all, they practice what they see! For more info ... http://www.teendriving.com/drivingcontract2.htm †

    • Teen Behavior Contract
    If only the stress of having a teenage driver in the house ended once they successfully passed their driving test. Truth is, that's usually just the beginning of your concerns that cause you to pace around worrying until they are back safely under your roof. Get tips on how to make the teen driving experience less stressful for both you and your teen. For more info ... http://www.teenbehaviorcontracts.com/teen_driving.htm †

    • Drive Safely
    Your teen can prove their physical driving ability by passing their driving test, but are they ready emotionally? Before you sign that driving contract, have your teen complete the online attitudinal awareness survey - a series of questions that will evaluate your child's attitudes towards risk, responsibility and authority based on their responses. You can purchase the report that will help you identify the type of driver your teen is before you hand over those keys. For more info ... https://drivesafety.com/content/index.asp?page=teendash_parents †

    • Teen Insurance
    Encourage responsibility and give your young driver the "out" they need in pressured situations with the Teensurance Safety Beacon GPS system through Safeco Insurance. The Teensurance Safety Beacon allows you to set boundaries with your teen by establishing driving do's and don'ts and notifies you when those boundaries have been crossed. Set safe driving areas; know where the vehicle is at all times; receive notifications each time the vehicle is moved and when your teen is exceeding the speed limit. This not only provides you with peace of mind, it gives your teen a reason to say NO when pressured to be "cool" by their friends. For more info ... http://www.teensurance.com †

    • Parent Contracts
    Don't let the phrase "You never told me that" stump you again. Parents of adolescents know the power of that line, which often causes them to impose lighter penalties because they feel guilty of non-communication or feel obligated to give their kids another chance. Get it in writing so everyone knows what's expected of them. Purchase any of the nine teen/parent contracts that address general behavior, driving, dating and more. For more info ... http://www.parentcontracts.com/ †

    • What Do You Think? Tell Us Your Behind The Wheel Stories [click here]

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