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The Freeport Baldwin Leader. (Freeport, N.Y.) 1987-current, March 02, 2017, Image 13

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Persistent link: http://nyshistoricnewspapers.org/lccn/sn95071065/2017-03-02/ed-1/seq-13/

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CHEAPER CAN BE EXPENSIVE Choose insurance coverage wisely By BRIAN BERGMAN We all love to save money on.the prod- ucts or services we spend our precious dollars on. Who wouldn't? No matter what you are looking for, saving here and there on the cost can seem like a good thing. However, it may-not always be best thing to do in every situation. Can saving money come at a large expense that may be diffi- cult to absorb? Purchasing insurance is up there as one of the more important decisions we make, yet so often it is relegated to trivial levels. The means and method you buy insurance aside, the product itself has so many intrica- cies that often the true value is lost in the whole \pay-as-little-as-possible\ frenzy. Not too many products or services have the leverage to save us considerable money (thousands to hundreds of thousands) in the event of a major damaging event; or at the same time cost us that same consider- able money by not carefully considering certain options that can be. overlooked in trying to compare on price alone.Too often the cheaper price is obtained by eliminat- ing, reducing, or just plain overlooking cov- erage available. And what happens when that coverage is needed? I am reminded of a client years ago wanting to save on their auto policy.We did as much as possible that made sense; raised deductibles, maximized discounts, quoted alternate companies for lower cost. Where I would not budge was on Personal Injury Coverage for the cost of injuries to the driver and passengers (a/k/a No-Fault cov- erage). Having a limit of $175,000 they wanted to reduce to the minimum New York State limit of $50,000, saving about $ 100 a year. I just plain refused. Fast forward about a year and the client was in a major car accident, severely injured with medical bills approaching $200,000. You tell me, what was the right decision the year prior? You just never know what Will be. Yet this coverage is often missing from many policies, which contributes to the cost being thought of as \better\ Usually the difference between the price of insurance policies covering the same item(s) comes down to the coverages included in the policy, the additional options available (which may add cost), the financial stability and reputation of the insurance company, and using the services of a trusted insurance advisor (always speak with a licensed agent or broker). While the airways and print media blast us with per- centage discounts and expected dollar sav- ings compared to the prices of unnamed \others\ many consumers are left to dis- cover possible shortfalls in coverage at the time of a claim. .f I Property HomelHeath INSURANCE =3 m m s I o> o I—* —j Vehicle FTKivel ^Accident How consumers buy everyday products is changing rapidly, but there's one thing that you can still count on: there's an insurance broker in your community who's there for you pro- viding the right insurance coverage, trustworthy advice and service in the event of a claim or change that affects your policy. Whether you are purchasing homeown- ers, automobile, business or any other insurance coverage, always make sure you are comparing the exact same coverage offered by each quote. Where often it can be uncomplicated to compare other prod- ucts we know and use almost daily, com- paring an insurance policy needs to have a more thorough approach with a line by line review of everything available. Know what you are and are not getting for your money. This is where the trusted agent/broker is most valuable. Digging into details pays off immensely down the road if there is an unfortunate event or potential claim. Cheaper is not always better. As the saying goes, you get what you pay for. ° Brian Bergman is the owner ofMeyerson- Roth Company/DCAP Insurance in Long Beach. • Take the guesswork out of your retirement plan Call me at 516.764.0951 Ext 304 for a complimentary initial Confident Retirement® conversation. Navigating through today's retirement landscape can be complex to say the least As a leader in retirement planning, Ameriprise Financial can help. Our exclusive Confident Retirement® approach can help answer questions you may have, like: When will I be able to retire? How do I make the most of the money I have? How can I leave a lasting legacy to my loved ones? It starts with a one-on-one conversation to understand your personal goals and concerns. From there, 111 work with you to develop a retirement roadmap with clear steps you can take to help you retire on your terms. The Confident Retirement approach is net a guarantee of future financial results. The initial Confident Retirement conversation provides an overview of financial planning concepts. You will not receive written analysis and/or recommendations. Investment advisory products and services are made available through Ameriprise Financial Services, Inc., a registered investment adviser. © 2016 Ameriprise Financial, Inc. All rights reserved. (8/16) Christopher Zarra, CFP* ChFC* CF5* Private Wealth Advisor CERTIRED RNANCIAL PLANNER™ practitioner Zarra Wealth Management A private wealth advisory practice of Ameriprise financial Services, Inc. 119 N Park Ave, Ste 307 Rockville Centre, NY 11570 516.764.0951 Ext 304 christopher.x.zarra@ampf.com chriszarra.com CA Insurance #0128224 Ameriprise Financial

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