Insurance Education Archives - Page 2 of 2 - Henderson Insurance Services

Did you know?

April 2, 2015 by nanette

Most customers who purchase insurance do not read their policies, not that we could blame them. Even for seasoned insurance agents, the policy contract can be complicated. However, there are coverages in a policy which require special attention. One of those would be your personal property coverage.

Personal property is handled differently than your valuables such as jewelry, artwork, and other high valued items. Personal property is defined as possessions you own other than real estate or buildings. It is movable and includes tangible (movable) items like, appliances, furniture, jewelry, electronics, clothing, etc. Not all of your personal property is covered and there are limits to how much your policy will cover. This is one of the coverages most customers do not pay attention to until they need to file a claim where they are surprised to discover they did not have enough coverage. They expected their agent to know what they needed. Please do not make this mistake, Agents only know what you tell them.

To get the coverage you need to protect your valuables, take a good look at your current homeowners, renters or condominium policy, chances are you might need to add what we call “scheduled items” to your policy. You may also want to consider purchasing a “Personal Articles” policy for high-valued items.

Why is Life Insurance Important for a Single or Young Person?

March 5, 2015 by nanette

Some would ask why purchase life insurance if you have no one to leave it to? Not sure that would be true, most people have someone in their life who they love and value. So perhaps the bigger question is why purchase life insurance regardless of marital status or age?

With some certainty death would have a financial impact regardless. So why burden loved ones with not only the impact of losing someone they care about but also with the expenses. After all, the end of life expenses can be overwhelming and life insurance is a great way of leaving tax-free money to your loved ones, or favorite charity.

Did you also know, life insurance can protect your future as you get older? We all know purchasing life insurance when you are young is cheaper, however purchasing a policy early in life can eliminate putting you in financial crises later on in life.

There are ways to use a life insurance policy for future investments, tax savings along with term care. This can be an immeasurable security feature especially if you are single.

Have a life insurance through your employer is not the best way to protect yourself as it is probably not one you can take with you when you leave the company, so purchasing your own policy will provide you protection wherever you go.

Life insurance is worth your time after all, bad things can and will happen and a life insurance policy is one of those essential items that will be there when you and your loved one most need it.

Be Proactive When it Comes to Insurance

September 16, 2014 by nanette

Just the mention of the word Insurance can cause you to push the issue aside and deal with it later. Many people either do not understand how Insurance works or, the idea of having to spend their hard-earned money on something they are either forced to have or see it as a waste of money.

When it comes down to it, Insurance is necessary and prudent, not only as a homeowner or a business owner; it is prudent in many aspects in protecting your financial assets and your loved ones. Just take a moment and listen to the local news reports, hear is one you hear all too often; a car slams into a house, then the driver of the car is an 18yr old with no apparent assets and no income to pay for the damages to your property. You may be able to sue but good luck in trying to recover money. He had auto insurance but it was the states minimum which will barely cover ¼ of the damage he caused. Let’s say you were injured severely in the accident and were placed on disability for an extended length of time, does your homeowners insurance cover this or do you even have enough insurance? This may be an extreme example, but this is why you have insurance, for the unforeseeable events in our lives. No one foresees getting sick, your belongings stolen, your home destroyed by a fire, your business sued, and the list can go on and on. Here is another scenario,; you are driving home at the posted speed limit and you just turned onto your street then suddenly a child appears out of nowhere and you hit the child. The child is severely injured. No doubt you will be sued and having the states minimum coverage it just not enough. You could loose everything.

As insurance brokers, it is our job to help our clients obtain the insurance that best meets their needs. Yes, we do look for the best price, but the best may not be the lowest. So, when shopping for your next insurance policy, whether it is for your health, home, auto, life or business, be proactive and ask yourself some questions like these:

How valuable it the thing you need to protect?
Do I have enough for my family to survive on?
Are by Business Insurance policies adequate should a loss or suit occur?
If I have a Home-Based Business, does my homeowners insurance provide the coverage I need?
If I provide a service do I need just Liability insurance or do I need Directors or possibly Errors and Omissions insurance?
Do I have Uninsured Property Damage on my auto policy?
Do I have enough Liability coverage on my auto policy and what does that cover?
How much would it cost to rebuild my home, do I have enough coverage?
Why do I need to purchase Renters Insurance?

To have the most comprehensive coverage requires you to understand what it is you need to protect. Take the time to be proactive, write down everything and everyone you want to protect including yourself. Call your insurance broker, schedule an appointment with him or her and get started today with being proactive and taking charge.

8 Quick Tips to Protect Yourself From the Unexpected

November 13, 2013 by nanette

In all the time we spend planning for the big game and the parties that follow, it is a good idea to take a few minutes to think about your own defensive line. The defensive line we have in place to protect ourselves from the unexpected. Let me ask you, when was the last time you reviewed your financial plan or life insurance coverage? We would simply like to encourage you to devote a few minutes to your own defensive line.

Putting the Home Team First

Here are 8 quick tips on how to protect yourself from the unexpected that are pretty quick and easy to review to make any necessary changes:

Purchase Life Insurance– The most common mistake people make is they buy expensive products, like whole life insurance, for too little coverage. For both parents this is extremely important. Comparing life insurance products is where to start. Deciding if a whole life or term life fits your needs and budget.
Establish a Living Will or Trust – This also is extremely important to establish a written estate plan to ensure your wishes are met.
Plan for Your Future – This is a vital teaching tool for your children, where you are teaching them the importance of financial responsibility and providing a sense of security. For families, you may want to consider Whole Life Insurance which can provide the opportunity to build a tax-deferred savings which can be drawn upon later in life.
Decrease your Debt – One of the biggest mistakes we make and especially young families, is carrying too much debt. Young families find it gets harder and harder to crawl out from under the burden.
Have a Budget – This goes without saying, poor budgeting leads to debt problems. We spend first and plan to save whatever is left.
Plan for Retirement now! – Young people can’t quite understand the importance for saving for retirement. Focusing on long term goals is just as important as the short-term goals. Do not fail to max out your 401 (k), and be sure you contribute enough to qualify for your employer’s match. The longer you wait to start saving for retirement, the more you will need to stash away later.
Inadequate Disability Coverage – Unless you have at least 60% of your salary saved, you had better purchase more disability insurance.
College Tuition – Take for instance, in 18 years, a four-year college degree may cost more than $ 300,000. For those parents who want to help their children, need to start saving now. There are a couple of tax-friendly methods which can help get the job done.

Need more information on how to compare life and disability products? Request a quote today at George@brokerswhocare.com

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