insurance

4 Reasons Why You Need Insurance

Insurance has become one of the most important parts of our lives and is now a crucial factor in safeguarding not only our well-being but every aspect of our lives. There are many different policies that are needed to be completely covered. You will need auto, health, life, homeowners, renters, and business insurance if you are a business owner. Each type serves a different, but very important purpose.

Here are some reasons why we need insurance:

Safety by Awareness

Insurance is not just about covering losses that arise, but also gives us the chance to prevent losses from happening. Insurance companies usually require assessments as a component of the process for coverage. This will help gauge how risky you are. Through this process you will be able to change or improve anything that made you risky.

For instance, if you are getting health insurance, if your BMI is too high, you will get a higher quote or the dreaded denial. Through this process you will be made aware of your health risks. Your insurance agent will help you understand what changes you may need to make.

Provides Security

Having insurance decreases the chances of incurring financial problems in certain cases of loss and accidents. An accident or theft could financially ruin you or cause a hardship if you don’t have insurance.  Insurance gives us leverage against any kind of loss.

Life insurance guarantees that your family will be taken care of financially if something happens. If you are not equipped with any insurance and an accident happens, you are going to lose thousands in medical and repair costs, not to mention replacement costs on those belongings that were stolen or damaged.

Commercial insurance will help protect your business by keeping it operating smoothly in the event something happens. It will help you avoid losses.

Health And Wellness

With today’s increasing risk of diseases and expensive medical bills, having insurance gives protection against these illnesses and expenses incurred from hospitalization. From the business point of view, equipping your employees with health insurance will be a priceless resource that will attract more and retain more of your best employees. It also makes your institution a lot more charming if your insurance coverages are better compared to your competitors. It is not uncommon for employees to stay with a company if their health care benefits are cheaper and a more convenient.

Most insurance companies will give you tons of resources to better protect yourself, your home, and belongings.  Some of these tips can be lifesaving.

Peace of Mind

Having insurance gives you peace of mind since you know you have a safety pad to rely on. It gives you a precious tool to aid you achieve your goals in life such as buying your own house and securing your children’s future.

life insurance

What Happens When the Unthinkable Happens?

This is a tough topic. We understand that this isn’t something you want to think about, much less talk about. This is important because this affects all of your family members. Throughout your life you plan for everything. Your entire adult life you have planned for retirement. You have probably allotted money just for that time.  Before you purchase a car, you plan all of the details about the car and if you can afford the expenses. Life insurance in no different. You are making a plan for the future for your loved ones. Let’s take a deeper look into life insurance.

 

Different policies cover different things. For instance, some policies cover suicide, while others don’t. Most of the typical causes for death are covered. An automobile accident, plane crash, skiing accident, illness, heart attack, brain aneurysm, and freak accidents. There may be restrictions on activities, such as, ATVs, motorcycles, rock climbing, and other adventurous activities. Talk with your insurance agent to learn more about coverage.

 

When you set up your policy, you will be asked to choose a beneficiary. This is the person/persons who will receive the life insurance benefits. Your beneficiary can use those funds on college tuition, medical bills, mortgage, and day to day expenses. If you have small children, this will cover their expenses. The same goes for a spouse.

 

Just like homeowner’s and health insurance, there are different rates for different policies, based on the insurance companies level of risk. A life insurance quote considers your life expectancy, age, gender, and health. Before a policy is issued, you will be asked about your health history, as well as, family history, if known. The insurance company may request health records from your doctor and even a medical exam from a doctor of their choice.

 

When you are speaking with your agent about starting a policy, they will ask you questions about the needs of your family and how much you would like to be insured for. The amount that you choose will be factored in with your information about health, medical, and life expectancy before a policy is issued.

 

There are different types of life insurance: term and whole. Term is for a set amount of time. Your policy may be a year, two years, or other terms. Whole life insurance covers your whole life. Your policy isn’t based on a set amount of time, rather your entire life.

 

No matter what your age is, life insurance is a must. Car wrecks, fires, and other accidents happen all of the time. If you have loved ones that rely on you, planning for their future is so important. Call your agent today to discuss options today.

3 Things to Consider when Choosing a Life Insurance Policy

When it comes to selecting the proper life insurance plan to fit your needs and the needs of your family, the options and various plan features may seem a bit overwhelming. Though it might all be confusing at first glance, some research and the helpful expertise of an insurance agent can help you determine which life insurance policy will suit you best.

1. How much coverage do I need?

When considering how much coverage you would need from a life insurance policy, think through your personal situation inregards to how many people rely on you and the income you generate. How many dependents do you have? What percentage of your family’s income is brought in by your work? In the event of your death, would your family be able to continue paying its mortgage and other bills, and to send your kids away to college? Consider your role in financially supporting your loved ones.

 

You also must consider any debts you may have and the lifestyle your family possesses. You want to ensure that if you were to be gone, they would be able to pay off any remaining debts and maintain the lifestyle that they are accustomed to if possible.

2. What type of plan should I get?

The three main types of life insurance offered are explained in more detail here, but be assured that with them you are presented with the options you need.

 

  • Term insurance (after having bought life insurance for a particular term) will simply grant your beneficiary the sum of your policy in the event of your death.
  • Whole life insurance is purchased to cover (you guessed it) your whole life rather than just a specific period of time.
  • Universal life insurance allows you to choose how much you would like to contribute to your policy in addition to its minimum premium. Then, in the event of the policyholder’s death, this extra cash will either be added to the value of the policy or have the beneficiary receive most or all of it along with the value of the policy.

3. How much can I pay in life insurance costs?

Let your goal in choosing a life insurance policy be to hit the sweet spot of balancing what you are able to afford with what would maximize the policy’s return. Purchasing life insurance on a term basis will be the least expensive and can serve its purpose in greatly benefiting your family if something were to happen to you. A universal life insurance plan on the other hand will end up costing you more, but would also pay more if it were to be used by your family in the case of your death.

 

With the way life insurance plans are set up, it is likely that should you pay what you can afford for your plan’s premium, your family will be appropriately covered if the need were to arise.

Talk with an expert, think through your family’s lifestyle and needs, and consider all your options when making life insurance decisions. Doing so will help you to pick the plan that will be best for you and those depending on you. We have offices in Harrisburg, Marion, and Eldorado for your convenience.