The Sky is Falling!

The National Weather Service announced that the loud boom and shaking ground reported Saturday, January 1, 2022,  by people across suburban Pittsburgh was probably caused by an exploding meteor.

Experts suggest that the meteor event happened while falling through the atmosphere.  Exploding meteors, also called airbursts, are a kind of cosmic traffic accident when a larger piece of space rock collides with the Earth’s atmosphere and explodes.

Every year, the Earth is hit by about 6100 meteors large enough to reach the ground. That’s about 17 every day. The vast majority fall unnoticed, in uninhabited areas.

However, there are roughly 180 known impact craters (caused by  meteors, asteroids and comets) worldwide and  a third of them—including some of the biggest—are located in North America.

The earth is pelted with 40 tons of space debris a year. Most of that is in teeny dust particles. To do real damage, a meteor usually has to be bigger than a Volkswagen when it enters the atmosphere.

So what happens if your business or personal property is hit by a meteor, asteroid of comet?

Falling objects, including satellites, asteroids, meteors and space debris are covered by standard homeowners and business insurance policies. These policies would cover the damage that the falling object causes to your home or business. If your property, equipment or other objects are damaged, your policy should cover that too.

What about your personal or company car? If a meteor damages your vehicle, you will be covered under the optional comprehensive portion of an auto insurance policy.  If space debris causes an auto accident, the liability portion of the policy would cover medical expenses or related lawsuits.

But what if a meteor hits one of your employees, at your place of business? Medical expenses would be paid for under health insurance. And in the very unlikely event of a death,  a life insurance policy would ensure you’re covered.

The likelihood of getting hit (or killed) by a meteor is about 1 in 250,000. For context, the chances of you being struck by lightning is estimated at 1 in 135,000. The odds are in your favor.

Now you know.

Are your ready to review your policy or are you in need of new or additional coverage? Let our team go to work for you.


Should You Buy Life Insurance during COVID-19?

You probably already know that life insurance offers financial protection for your loved ones, if you pass without warning.  But maybe you hadn’t even considered acquiring life insurance until trudging through a global pandemic. Now things are just different.

According to reports provided by Deloitte & Touche LLP, COVID-19 has prompted a notable increase in life insurance activity. Deloitte went on to conduct a life insurance consumer survey in November 2020, which “revealed that 40% of interviewed underinsured buyer are now considering increasing their coverage because of the pandemic.”

Formerly the Medical Information Bureau, the MIB Group also reports younger people appear more interested in increasing mortality coverage (life insurance) in response to COVID-19. The reason? Although there is no direct data, it would follow that younger people are more likely to have children and mortgage debt to cover if they died.

Younger people have also experienced higher unemployment rates throughout the pandemic. As a result, they have looked to purchase individual coverage to make up for the loss of employer-sponsored policies.

Although the extreme government counter measures to COVID-19 have started to wane, the threat of COVID-19 will continue to exist. “Rather than die out, the virus will likely ping-pong back and forth across the globe for years to come.” – Foreign Affairs

New cases in the United States have more than doubled over the last 14 days (as of June 20, 2021) to an average of 31,745 a day, driven mainly by infections among the unvaccinated. With just 49 percent of the country fully vaccinated, the US government is scrambling to persuade more people to seek out shots so that the U.S. can achieve herd immunity.

As it stands now, the US market is just beginning to rebound. It’s going to take time.

And as the market begins to find solid ground, employers also need to be reviewing how to insure their employees are receiving a mortality benefit, which makes sense for them and their families.

Because of the ongoing pandemic, you may want to consider purchasing a life insurance policy. If you have an independent policy or if you carry the policy through your employer, it’s time to discuss the terms of your policy with an Enscoe Long insurance broker.

If you are an HR specialist, who manages insurance benefits, your goal is to provide best in class insurance products, including mortality benefits, for those you represent. It’s our job to ensure you reach that goal.

While some life insurance companies have changed their approach to applications in response to the COVID-19 outbreak, others are underwriting applicants with pre-pandemic guidelines. Enscoe Long will work with you to determine which company/policy will work with your unique circumstances.

If you already have an active policy in place and you pass as a result of a pandemic-related illness, your family will still receive the death benefit, even if you had traveled abroad. Life insurance covers pandemics, assuming you were truthful about your travel plans during the application process.

There are life insurance options available for everyone and working with Enscoe Long is the best way to find the right life insurance policy for you.

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