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December,
2001
In This Issue:
Padgett
+ Young = Experience
The oldest and largest insurance agency in the Lodi
area, our staff of licensed agents have a combined
total of 250 years in the insurance business. Our
agency was formed in 1888 when we started writing
business for The Ohio Farmers Insurance Company (Westfield
Companies).
Padgett-Young has been in Wadsworth since 1986, and
our staff has over 62 years of combined insurance
experience.
All of our customer service representatives have
been educated in all lines of insurance. They are
highly capable and able to council our customers on
their insurance coverage needs. We have the training,
the experience, the products, and most importantly
the desire to provide you with the best service available
anywhere.
Flood
insurance
With the fall season approaching, the end of summer
means severe weather is imminent. Fall rain, winter
snow and rain followed by spring rain. A reminder
of the flood exclusion in homeowner policies is a
timely topic for this newsletter.
The Federal Government underwrites flood coverage.
We have access to a company that can service flood
policies for our agency. Rates are based on the location
of your home. If you live in a flood zone, the rates
are higher than homes not in flood zones. Many claims
are paid each year to homes that are not located in
a flood zone.
Flood is defined as a general and
temporary condition of partial or complete inundation
of normally dry areas from:
1. The overflow of inland or tidal waters.
2. The unusual and rapid accumulation of runoff
or surface waters.
3. Mudslides that are caused by flooding.
Thus, flood damage caused by an overflow of rivers,
streams or other bodies of water, by severe storms is
covered with a flood policy. Homeowner policies do not
cover flood damage.
Backup of Sewer or Drain Endorsement is an optional
coverage available under a homeowner policy.
It provides coverage for loss caused by water which
backs up through sewers or drains or which overflows
from a sump pump. Call us if you are not sure if your
homeowner policy has the sewer backup endorsement. This
should not be confused with flood coverage.
Conservative
Financial Investment
An insurance company annuity is generally considered
a conservative financial investment. Advantages of
the annuity include safety and earns current interest
rates with a guaranteed minimum interest rate.
The fundamental purpose of a life annuity is to provide
a lifetime income. An income that cannot be outlived.
It will pay for as long as you live, or for as long
as you and your spouse lives. It will provide protection
against the loss of income if you live long. You cannot
exhaust your savings and run out of money with an
annuity.
The cost of waiting. One hears about the cost of
waiting quite often in the areas of investment and
insurance. A classic example is the story of twin
brothers - Alex and Ben, age 31. Alex set aside $2,000
a year for nine years, then stopped. Ben decided not
to do any saving until age 40, at which time he set
aside $2,000 a year for 25 years. Alex put aside only
$18,000, but at age 65, assuming an average interest
rate of 7.5%, had an egg nest worth more than $172,000.
Ben set aside $50,000 but at age 65 had accumulated
only $157,000.
Mutual
Funds
Are mutual funds a thing
of the past?
You might think so based on recent headlines in the
financial press about on-line trading, "dot.com"
stocks, and a belief in "do-it-yourself"
investing.
Mutual funds are probably more relevant today than
ever. Mutual funds are not simply a stock or bond
alternative. Mutual funds are a method of investing
that provides active professional management with
the risk-reduction benefit of diversification.
Of course, it has been easy to forget how important
the role of diversification is with the unprecedented
bull market rewarding investors with attractive returns
in recent years. But consider this: In the third quarter
of 1999, a short period of volatility during one of
history's record bull markets
- The possibility of choosing a stock
that dropped 20% in value was one in four*
- The possibility of picking a mutual
fund that dropped 20% in value was close to one
in 1,000*
Perhaps no other investment has provided a better
balance or risk and return than mutual funds. For
more information, call Harold Young at our Lodi office.
*Source: Morningstar CEO Don Phillips'
keynote address at the Baltimore Sun's Dollars &
Sense Conference, 10/99. In the period of 6/30/99 through
9/30/99, of the 7,500 stocks tracked by Morningstar,
1,865 lost 20% or more; of the 10,000 mutual funds tracked
by Morningstar, six lost 20% or more.
Our
Web Site
Check it out. If you have access to the Internet,
please take a moment to browse our web site. We included
information on our insurance agencies and the real
estate agency.
You will find information on the insurance companies
we represent and the multiple listings the real estate
agency subscribes to.
You will also find a short biography on our agents
and customer service representatives.
Hopefully it will help you know us better.
If you have any suggestions for the web site, please
call, fax or e-mail us. We are anxious to provide
a web site that is useful and convenient for our clients.
Please look at the top of this newsletter for office
locations, phone numbers and e-mail addresses, or
visit our contact page.
Our
Dilemma!
We have a dilemma and need your help! In the past
we would call you in schedule an appointment to review
your Insurance policies.
Today, we know how frustrating it is to get evening
telemarketing calls! However, we still want to be
of service and available to review your policies.
We are asking you to give us a call to set up an
appointment to review your policies. That way we are
not being a burden on you or your answering machines.
It is a good idea to do periodic reviews to make
sure all credits and discounts have been applied to
your policies.
About
Lodi
- Chris and Cookie Betts are grandparents again!!!
Bryce Joseph Betts was born on 10/02/01, to proud
parents Glen and Cheryl Betts.
- Harold Young has once again joined the Akron
General Hospital Board (formerly Lodi Hospital). At
Padgett-Young we believe in giving back to our community!
- Dale Roberts has been elected to his 4th
term on the Cloverleaf School Board.
- Jerome Linnen has once again qualified for
membership in the Million Dollar Round Table.Achieving
membership is a distinguishing career milestone, attained
only by those who have demonstrated an exceptional
professional knowledge, expertise and client service.
The round table's membership represents the top life
insurance and financial service professionals worldwide.
- The newest member of our sales team is Ellen
Wandel Cooper. Ellen joined Padgett-Young in May
of this year. Since joining Padgett-Young Ellen had
focused on assisting our clients with life, health
and nursing home care insurance needs.
She has held two seminars in the last few months
about long-term care and has plans to continue these
informative sessions.
It is one of the areas that we felt our clients
should know more about to make informed decisions
for there future. Anyone who has lived through either
caring for a loved one or paying for a loved one's
ongoing medical treatment understands the cost,
time and stress associated with long term care.
Ellen spent most of her career in a corporate marketing
and sales atmosphere at Nordson Corp. in Amherst,
OH before being hired by Westfield to be trained
in The Agent Perpetuation Program (TAPP) 1997. Ellen's
desire to change careers was driven by her need
to be in a service position where she derives a
great deal of satisfaction. Ellen chose to return
to the Sullivan area to be close to her parents,
Don and Betty Wandel. Ellen has a married daughter,
Stacey (Mrs. John) Malloy, two granddaughters, Rachel
5 and Kathryn 2, who live in Fairview Park.
Ellen is a member of the Medina Life Underwriters,
and is a member and serves on the Board for Akron
Insurance Women.
She recently attended an Advanced Life Training
Forum at The Cincinnati Life Insurance Companies
offices in Cincinnati, OH.
Call Ellen Cooper for
assistance with your life, health and long-term care
needs.
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