What do I need to know when picking a health insurance plan?

Those in the Altoona, IA area will have a variety of health insurance needs. One form of insurance that people here will need to consider getting is health insurance. If you are going to pick any health insurance plan, many factors need to be considered along the way. It would be best to consider a couple of items when you are choosing your next health insurance plan. 

Type of Plan and Network

You will want to spend time assessing your type of plan and the network that comes with it. Many health insurance plans today have networks of primary care physicians and specialists that are within them. In many cases, your personal costs are much lower if you receive care from someone inside your network. You should evaluate the network of each insurance provider to ensure your preferred care providers are included. 

Costs Incurred

Another factor that you need to understand when choosing a health insurance plan is what your costs will be. A health insurance plan comes with complexities and different costs. Some of these can include your monthly premiums, co-pays for standard care and prescription, deductibles for individuals and all people under the plan, and total out-of-pocket maximum costs. You should carefully compare these plans to assess what the true costs will be. 

Residents in the Altoona, IA area need to make sure that they fully understand their insurance options. When looking for a new plan in this area, it would be wise to call Luke Peterson Insurance. The team with Luke Peterson Insurance understands the importance of health insurance. They also can help you be summarizing your options to make it easier for you to choose a plan that is ideal for your situation. 

4 Facts About Auto Insurance

When you own a vehicle in Altoona, IA, it’s good to purchase the right auto insurance coverage. This way, your vehicle is protected against various perils, including theft, vandalism, hail, fire, accidents, and many more. You are also protected against liabilities and medical expenses you incur following an auto accident. 

However, the reality is that auto insurance can be confusing even to the most experienced car owners. With many myths flying around, separating the chaff from the grain can be a daunting task. Thankfully, Luke Peterson Insurance is here to offer auto insurance facts that will enable you to make an informed decision every time you shop for car insurance.

Auto insurance is mandatory in Iowa

Iowa requires you to carry liability coverage in your auto insurance policy. The liability coverage should have minimum bodily injury and property damage coverages to protect you when involved in a car accident that you are at fault.

Car insurance comes with more than one option

Auto insurance isn’t about liability protection only. It incorporates other options for optimal coverage. Typical auto insurance coverages include:

  • Comprehensive coverage for non-collision perils, like theft, fire, and vandalism.
  • Medical payments coverage to pay for medical expenses and final expenses for you and your passengers following an auto accident.
  • Collision coverage to cover for your car damage after an auto accident.
  • Uninsured/underinsured motorist coverage to protect you against damages and medical expenses caused by motorists with little or no insurance

Car insurance rates are not standard

Yes, your auto insurance computation won’t be the same for your spouse or colleague, even when the vehicle model is similar. Insurance companies factor in the below when determining your auto insurance rate.

  • Claim history
  • Driving record
  • Age 
  • Credit rating
  • Gender
  • Marital status
  • Occupation and education level
  • Zipcode

You can show proof of insurance ownership from your phone

In Iowa State, when asked to prove vehicle insurance ownership, you can use a car insurance ID card from your smartphone. 

Car insurance in Iowa

Need auto insurance? You are on the right page. Contact Luke Peterson Insurance in Altoona, IA, and our friendly team will help protect you and your vehicle.

Understanding Universal Life Insurance

Getting your universal life insurance in Altoona, IA is vital because you will be covered as long as you pay the necessary premiums. Luke Peterson Insurance has encouraged family leaders to have a universal insurance policy and meet the essential requirements because this is one of the most critical insurance policies. Here are some of the significant benefits of universal life insurance. 

You Have Flexibility with Premiums

In standard life insurance policies, you have to pay fixed premiums to continue to enjoy the associated benefits. However, in universal life insurance, you have flexibility in premiums, which means your financial status will determine the amount you want to pay without facing extra fines or discontinuation. 

Your Cash Value Earns Interests

As highlighted above, universal life insurance has a cash value aspect, which is not commonly available in other types of life insurance policies. The cash value aspect that will be earning you some interest is suitable for your financial health because you will be getting a passive income. 

You Can Adjust the Death Benefits

How much your beneficiaries will acquire is not a fixed value as well. You have an option to adjust everything, including your death benefits. However, if you adjust the death benefits upward, it is essential to highlight that you should be prepared to pay more premiums. 

You Can Borrow Against Your Cash Value

Sometimes borrowing becomes very hard in the financial sector because lenders request that you must have collateral against your borrowing. In this case, you have the opportunity to use your cash value as collateral and get loans against it. 

Understanding universal life insurance will always be a challenge to new buyers. However, in Altoona, IA, Luke Peterson Insurance helps borrowers understand universal life insurance and make sound decisions. Contact us today for more information.

Commercial Insurance for Small Businesses Explained

Altoona, IA, is one of the best cities to start your small business. When you start a business, you have to be ready to deal with several risks. It would help to be able to protect your business from potential liabilities it’s likely to face. 

Luke Peterson Insurance Company in Altoona, IA provides commercial insurance for small businesses. If you want to know more about this kind of coverage, keep reading.

Commercial Insurance for Small Businesses

Commercial insurance comprises different types of coverages that protect businesses, employers, and employees. Most commercial insurance policies have coverages such as liability, crime, and property, among other optional policies. 

Choosing the Right Commercial Insurance 

Business owners are usually in a dilemma on the type of insurance they need and its cost. Your business is the primary determinant of the commercial insurance you should buy. You ought to consider other factors such as:

  • Number of workers
  • Location
  • Gross annual revenue
  • If the company rents or owns vehicles 

As your business continues to grow, you might want to expand your coverage. It would be best to cover the additional employment or investments that you make as the business grows. 

Types of Commercial Insurance to Consider for Your Small Business

As a small business, you should consider commercial insurance types to know which to prioritize. Some coverages to consider include liability, property, workers’ compensation, and business vehicle insurance.

An insurance agent can be better positioned to analyze your business and establish the coverage to prioritize. At the most basic, liability insurance is indispensable. 

Insurance for your small business in Altoona, IA is one of the best decisions you could make. With Luke Peterson Insurance, your small business will start on the right foot. Talk to us today and get all your questions on commercial insurance answered.

Who needs to get home insurance in Altoona?

The Altoona, IA area can be a great place for people to move to. If you plan to live in this area of the state, you will want to know that your home is properly covered by insurance at all times. There are many situations when someone in this area of Iowa will need to have a home insurance plan in place.

When Taking out a Mortgage

A lot of people need to get a home insurance plan when they take out a mortgage. Most buyers of homes in Altoona will finance the purchase using a mortgage. With low-interest rates today, there are a lot of advantages that come with financing your purchase. If you finance the purchase of your home with a mortgage, you need to follow your lender’s insurance rules. Normally, this will include requiring that you have a full home insurance plan at all times. 

When Trying to Protect Assets

Even if you are not obligated to carry home insurance coverage by a mortgage lender, you should still get home insurance. Anyone that would like to buy a home will be making a very significant purchase and investment in their future. If you do not have proper insurance, you could be putting your investment in jeopardy. You will know you have the protection needed to repair or replace your home if it is severely damaged by getting coverage. 

Having home insurance is important for any property owner in the Altoona, IA area. If you buy a home, you should call Luke Peterson Insurance to discuss your insurance needs. When you call Luke Peterson Insurance, you can learn a lot about your options and get help picking the right policy for your situation. 

Health insurance terms you need to understand

One of the most important decisions you make every year is your choice of health insurance. It is also one of the most confusing. You are confronted with words and concepts you don’t understand or that are not adequately explained. You finally choose a plan, probably the least expensive, and hope it will give you the coverage you need. At Luke Peterson Insurance in Altoona, IA, we understand what an important decision health insurance is and how stressful it can be. We are locally owned and provide a high level of friendly customer service. 

Network

Every insurance company has providers who have a contract to furnish services to members for a predetermined rate. Before deciding on an insurance plan, you should determine if your preferred primary care doctor and any other medical professionals you use are in the network. 

Formulary

The formulary is the list of covered drugs. They are listed in tiers, and the policy will have set prices for each tier. Before choosing a policy, make sure any medication you take is listed in the formulary and compare the plans’ prices. 

Deductible

The deductible is the amount that you must pay before the insurance policy kicks in. It can be all services, or some may be exempt from the deductible. Read this part of the policy carefully. 

Copayment

This is your share of any service. It may be a set amount such as $10 for a visit to the doctor or a percentage of the charge. It is much harder to anticipate the percentage dollar amount. 

Out of the pocket maximum

This is a significant figure. It is the most you will have to pay in any given year for medical expenses. If you have a bad accident or a serious illness with hospitalization, you will really appreciate this limit. 

Contact Luke Peterson Insurance in Altoona, IA to learn more about health insurance options.

3 Benefits of Life Insurance in Iowa

As we age, it’s important to start thinking about preparing for our inevitable passing and how this will affect our loved ones in Altoona, IA. A life insurance policy is one of the best options you can take advantage of to ensure all is well after you die. With so many benefits to having a life insurance policy, we had a hard time narrowing it down to just three. But here they are, three benefits of life insurance, one of which you may not have thought of before. 

1. College Tuition

Did you ever consider that life insurance is a great way to cover college tuition costs? It’s true. After you’re gone, your life insurance policy can help cover the cost of your children’s or grandchildren’s college tuition. 

2. Burial Expenses

Taking care of burial expenses can get expensive quickly. There are so many factors to consider, like flowers, a casket, a venue, and more. Life insurance can help pay for all this…and more.

3. Peace of Mind

Life insurance is an investment in the future but also the present. While you’ll be making sure everyone is taken care of after you’re gone, you will benefit from this knowledge with unlimited peace of mind. No matter when the time comes, your life insurance policy will be ready to help make the financial transition of your loved ones that much smoother. 

Securing the future of your loved ones in Altoona, IA after you pass is a top priority. The team at Luke Peterson Insurance understands this. We help you purchase a life insurance policy that’s right for your family. If you’re looking for peace of mind knowing that everything will be ok after you’re gone, then call the team at Luke Peterson Insurance today to get started. 

Is auto insurance needed in Iowa?

In the Altoona, IA area, there are many local amenities and job opportunities for people to take advantage of. If you do live in this area of Iowa, you will want to have a car to ensure you are able to get around town to enjoy all that it has to offer. If you are going to purchase a car here, you should make sure that you get into a quality auto insurance policy. There are several reasons why the average car owner needs to have auto insurance here. 

Insurance is a Legal Requirement

You will need to have an auto insurance policy because it is a legal requirement. Anyone that wants to drive a car in Iowa needs to abide by the laws that govern liability insurance. If you do not carry this insurance at a level required by the state, you could face penalization. Further, you will be obligated to pay for any damages caused in an accident without this coverage.

Insurance Protects Vehicle

It would help if you also got an auto insurance policy because it can protect your vehicle. If you have made a big investment in your car or do not have the means to replace it entirely, you should make sure that you get appropriate coverage. When you get an auto insurance policy with full coverage, you can receive protection against many situations that could result in a loss.

As you are looking for a new auto insurance policy in the Altoona, IA area, you should reach out to Luke Peterson Insurance. The team at Luke Peterson Insurance understands the risks that come to car owners in Iowa. They can then help you mitigate these risks with a new quality insurance policy. 

How can commercial insurance protect my small business

Being a small business owner is risky, especially in these uncertain times. Even in the best of times, there are lots of things that can go wrong. Some of the risks are unavoidable, but you can minimize the damage that they can do to your small business by having the right commercial insurance. Every business will not need all the available components that are offered with commercial insurance. It is vital to have an insurance agency like Luke Peterson Insurance of Altoona, IA. We make it our business to know you and your business before suggesting a full policy.

In the state of Iowa, two types of commercial insurance are required, commercial auto insurance and workers’ compensation. The law states that if your business owns a vehicle, it must be insured with a commercial auto policy with basic coverage of 20/40/25. This protects your business against the financial ramifications of an accident. This is liability coverage that protects other people from your business vehicle. The Iowa workers’ compensation laws also require almost all employers to have workers’ comp. There is the option to self-insure if that is what you choose, but the Insurance Commissioner must approve that option. Workers’ comp protects your employees from the results of injury while at work or while performing work tasks. 

Business liability offers almost universal protection to every small business. The results of someone being injured while at your location or by one of your products can be devastating, and it may force the closing of your business. Business liability insurance can help pay legal expenses as well as a judgment against you. 

These are just three of the many components that can be put together to create the perfect commercial insurance policy for your business. All of them can help save your small business. Call Luke Peterson Insurance in Altoona, IA, or stop by the office to discuss your commercial insurance needs. 

What does home insurance cover?

Homeowner’s insurance is designed to cover many things. However, how much coverage you need is dependant on several factors. Homeowners usually arent insurance professionals, and trying to navigate the ins and outs of homeowner’s insurance can be confusing if you don’t know exactly how much coverage you need. One of our experienced insurance agents at Luke Peterson Insurance understands the confusion that homeowners insurance can often create when there’s a fundamental lack of understanding of what this insurance covers and how much you need. 

Coverage Where You Need it

Homeowner’s insurance is designed to cover several specific things. Dwelling coverage is designed to pay for the rebuild or the repair of your home. However, where you live is going to determine your state minimums for this type of coverage, as well as your premiums and limits. Keep in mind that if you have a mortgage or home loan, homeowners insurance is more than likely, not an option but a requirement. As a point of reference, coverage limits should be equal to the cost of rebuilding your home in your specific city or state. Additional living expenses coverage typically accounts for thirty percent of dwelling coverage. This part of homeowner’s insurance covers your personal; items and how much it would cost to replace them if they were damaged or stolen. This coverage is also designed to cover the cost of housing if you are forced to live somewhere else while your house is being rebuilt or repaired. 

Personal Liability coverage

Home is where the heart is, and many make memories in and around our homes. As a result, accidents can happen. If we are entertaining guests in our pool, and a guest gets injured, we could be held liable for the injuries our guests sustained while visiting our property. Also, as homeowners, we might be deemed responsible for damage to the personal property of a guest while they’re visiting your residence. However, as an Altoona, IA property owner, you should keep in mind that policy limits will vary for this type of coverage. 

No one should navigate something as important as investing in homeowner’s insurance alone. You can benefit from the help of a Luke Peterson Insurance agent as an Iowa homeowner. Give our office in Altoona, IA a call. We’re here to help you pick the best coverage for your situation.