Posts made in September, 2016

Life Insurance Basics

Posted by on Sep 26, 2016 in Life Insurance, Uncategorized | 0 comments

Life Insurance Basics

  When you start shopping for life insurance you’ll quickly discover that there are two main policy types: Universal, sometimes referred to as Whole or Permanent life insurance, and Term. Understanding the major differences between the two policy types will make it easier to select the one that’s right for you. Term Life Insurance Simply put, Term insurance has an expiration date – This type of policy is in force for a set number of years, and then the coverage ends. Because the company has a lower risk of paying out on this type of policy, the premiums are generally more affordable, allowing you to take out a higher amount of coverage. Common terms for these policies are 10, 20, and 30 years. The longer the term, the higher the premium is likely to be due to the higher risk of death occurring during that time period. Term policies do not offer cash accumulation accounts. At the end of the term, the premiums you have paid do not come back to you in any way. If you want to take out a new term policy after the term ends, your age and any changes in your health may result in a higher premium or even a denial. Universal Life Insurance Commonly referred to as Whole or Permanent life insurance, Universal life insurance typically covers you as long as you live, or until you hit a predetermined age-usually around 99 years-in which case the policy will pay out. In most cases, this policy will last until your death. This type of policy is more expensive because the company expects that they will definitely pay out on it at some point, since it does not expire. As long as you continue to pay your premiums, this policy remains in force no matter what happens regarding your health. When to Purchase? Whether choosing Term or Universal life insurance, it’s important to know that age; medical history and even occupation are the main factors in determining premium cost. If purchasing Term insurance, a good rule to follow would be to purchase a 30 year policy before age 25 while in good health. If purchasing Universal insurance, it would be best to purchase a policy prior to age 25 while in good health. Which one to choose? Both of these types of life insurance have their place and are useful in different situations. The best type of policy for you depends on how much coverage you need, how long you need the coverage, and what you can afford to pay for your premiums. In many cases, a combination of two policies, one from each type, offers the best coverage. For more information or to receive a no-obligation quote, give us a call at:...

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What You Need to Know About Condo Insurance

Posted by on Sep 13, 2016 in Home Insurance, Uncategorized | 0 comments

What You Need to Know About Condo Insurance

As a homeowner, obtaining a good home insurance policy that protects your assets is one of the essential costs related to purchasing a home. But if you own a condo there may be some additional considerations you need to be aware of when selecting the policy that’s right for you. Here’s what you need to know about condo insurance. Content Coverage Living in a gated community or secured building, as most condo complexes are, may give you a false sense of security. If your condo insurance does not cover your unit’s contents from theft and other damage you could be leaving a huge gap in your coverage. Also, if you own valuable items such as jewelry, antiques or firearms your content coverage may not protect the full value of these items and an additional rider may be necessary. Condo Association Coverage Another issue to consider is whether your Condo Association has blanket coverage that will protect you from damages that may be caused by other condo owners who do not have liability insurance, or have limited coverage. Since condo owners pay fees that include a number of shared costs, such as property maintenance and some utilities, insurance should be offered by your Condo Association to protect you in these cases. If yours does not, you may want to check out ways to include it.  In most cases this type of shared coverage will cost each owner less than individual liability insurance and will keep all condo owners protected. Ownership Issues Since the actual property ownership of condos includes both private and shared property, condo insurance must cover both. In the case of shared property, the major concern is liability insurance that will cover any damage that may be caused by your negligence or an accident that would damage shared property or the property of another condo owner. Earthquake Coverage It’s important to know whether or not your association has an earthquake policy, what the deductible is, what the policy covers and what it doesn’t cover. Request a copy of the policy annually from the association’s management company. Lender Requirements Most lenders have specific requirements when it comes to condo insurance and will periodically request a copy of both the blanket coverage and your individual policy. It’s important to comply with their request and provide the proof they’re asking for, otherwise they might place coverage for you which is quite costly. These are the basics of what you need to know about condo insurance. For more information or to receive a no-obligation quote, give us a call today –...

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