Frequently Asked Questions
Generally speaking, if you have dependents or are married, your family can benefit from you having a life insurance policy. Life insurance offers peace of mind by ensuring that your loved ones will be taken care of in the event of your untimely death. Plus, payouts are tax-free.
Rates tend to go up as you age. Buying a policy when you’re younger lets you lock in a lower rate.
This depends on what you want to leave when you’re gone. There are two common methods for calculating the amount of life insurance you need: lump sum and income replacement.
The cost of your life insurance policy is dependent on a variety of different factors, ranging from your age, gender, location, and health.
Life insurance through your employer is not portable, so it won’t come with you if you leave the job. Also, the amount is often not enough to meet people’s protection needs.
Some insurance companies may review your history of insurance coverage with previous auto carriers to determine whether you qualify for coverage and others may use it to establish your premium or to determine whether you are eligible for discounts. This information also verifies whether you have had continuous auto liability insurance coverage and your prior liability coverage limits. Prior insurance information is often used to predict the likelihood of future accidents and coverage lapses.
Most states require you to carry a minimum amount of liability insurance and also provide proof of insurance to register a vehicle or renew your license. In the case of an accident, the minimum liability insurance required by the state may not be enough coverage to pay for the damages that result after an accident. In this case, the driver responsible for the accident may have to pay additional expenses out of pocket. To determine how much auto insurance you need, consider:
• The value of your assets
• How and when you drive
• What you drive
• Who is in the car with you
Yes. Whether your policy pays for the replacement or just the actual cash value, the company is only obligated to pay for personal property that you can show you owned at the time of loss. It is a very good idea to keep an up to date inventory in a secure place. Also, to help you remember what you had, it is helpful to take pictures of each room and keep them with your inventory.
Generally, your policy can be cancelled for these reasons:
• Non-payment of premium;
• Material misrepresentation/Fraud;
• Conviction of a crime arising out of acts increasing the hazard insured against. (For example, conviction for illegal storage of fireworks);
• Discovery of willful or reckless acts or omissions by the insured increasing the hazard insured against. (For example, not getting a gas leak fixed);
• Physical changes in the property insured which result in the property becoming uninsurable. (For example, should the home become vacant for more than 60 consecutive days, a greater exposure to vandalism and damage is assumed to exist); and
• A determination by the Commissioner of Insurance that continuation of the policy would place the insurance company in violation of the law.
Yes, most homeowners forms contain deductible provisions applicable to losses occurring under Section I (Section I losses include (a) dwelling, (b) appurtenant structure, (c) unscheduled personal property, and (d) additional living expenses). The type and amount of deductible varies by company. Deductible provisions do not apply to Section II losses (Section II losses include personal liability [bodily injury and property damage] and medical payments to others). Some companies offer an optional deductible applicable only to wind or hail losses. Most offer higher deductible options such as $500 or $1,000 at a reduced premium.
Renters insurance provides coverage for your lost, damaged, or stolen personal possessions. It also provides coverage for injuries to another person that might occur in your rented home or apartment.
Renters insurance is necessary if you are renting a home or apartment and want to be sure your valuable possessions are protected from loss, theft or damage, and protects you in the event of liability claims as well.
While some providers will allow you to add someone who is not related to you onto your plan, it’s recommended you purchase a separate insurance policy. For one, whatever claim that is made by either party will go onto your insurance record and could hurt you down the road. The amount of coverage is another thing to consider, as it will not change when bringing them into your plan. The money you’re saving is not worth it!
Business liability insurance is any commercial insurance that involves a business’s responsibility for losses, injuries, or damages.
No single insurance policy covers everything. In general, there are two broad areas of coverage:
- Business liability insurance covers incidents in which someone holds your business responsible for damages, injury, or loss.
- Commercial property insurance pays for repair or replacement of damaged or stolen business property. It also covers your building if you own it.
Business insurance costs vary based on the policies you purchase and your coverage limits. Other factors include your industry, number of employees, revenue, and location. Small, low-risk businesses – especially those that qualify for a business owner’s policy (BOP) – pay less for insurance than larger companies.
We are here for you twelve months a year. Whether you have a simple insurance or tax question, need advice on Medicare or credit repair, or want clarification to form a business entity, feel free to give us a call.
We maintain a policy of the strictest confidence concerning our clients’ affairs. You can rest assured that no one will learn about your financial information – even relatives, associates or friends who might have referred you to us.