Who Handles Your Life Insurance?

You work hard to make sure you have Auto and Homeowners insurance; however have you reviewed your Life insurance needs lately for you and your family?

This coverage is crucial to have in place for you and your family’s protection. The need is very real. I have personally handled many claims for an unexpected death of a loved one, and I can tell you when the check is delivered to the beneficiaries, it’s a huge help during a family crisis. Think about these statistics for a minute: 1 in 4 people feel they need more life insurance. 8 in 10 Americans say family is most important to them, but only half have life insurance (55%) to protect them. 85% of consumers agree that most people need life insurance, yet only 62% say they have it. 8 in 10 Americans overestimate the true cost of life insurance. 1 in 3 households would have immediate trouble paying living expenses if the primary wage earner died. 6 in 10 married households with children have an average life insurance gap of nearly $200,000. Think about these questions: How would your family’s day-to-day life be impacted if the unthinkable happened to you? How long can your family live without your paycheck? Would they have to move? How would your children attend college without your paycheck? Have you co-signed any student loans? Do you have enough Life insurance to cover your debts? Would your family have to take out a loan to pay for final expenses? If you’re a business owner, how would your business continue, and do you and/or your partners have life insurance protection to cover your business arrangements (i.e. Key Man or Buy/Sell)? Do you want to give an inheritance/estate gift to a favorite charitable organization, church, or other organization?

You see, all of the above needs can be satisfied with Life insurance! If you have Life insurance, that’s great and I applaud you for having that important coverage in place! Have you reviewed that policy lately to make sure you understand how much and how long that coverage will be there? Your needs may have changed since you bought the policy, or it may be performing differently than what you assume so I recommend performing an annual checkup on these policies to make sure they are adequate in coverage and length of time based upon your personal needs. I would be happy to give you a no-obligation review of your current program, and if desired, we can check our markets to see how it compares. We write all types of Life insurance from Level Term, Whole Life, Universal Life, Indexed Life insurance, and beyond with numerous top rated life insurance companies.

I would be happy to discuss your Life insurance needs and concerns with you at any time, give you my recommendations and options, and then you can make an informed decision to have a solid Life insurance plan for you and your family protection!

We write not just Life insurance, but also all types of Annuities/IRA’s for savings/retirement needs, Disability Income (wage protection) if you become sick/injured, and Long Term Care insurance to cover nursing home care, assisted living, and home health care needs after your primary insurance coverage stops paying benefits. I will cover these topics in future blogs. We provide this insurance in the entire State of Michigan, predominantly in the tri-county area in communities such as Benton Harbor, St. Joseph, Coloma, Watervliet, Stevensville, Bridgman, New Buffalo, and beyond.

Please give Life insurance serious consideration. I can tell you that your family will undoubtedly appreciate the financial assistance when your untimely passing occurs.

Have a great day, and be healthy!

-Cory Flaugh

Is your business prepared for a disaster?

Summer weather can bring major storms to the Midwest, often including tornadoes, damaging winds, hail, lightening, floods, etc. It is likely a question of when, and not if. But if you are prepared, the damage can be managed. Insurance can help make sure you are back to business as quickly as possible.

A recent survey found that 66 percent of small businesses do not have business interruption insurance. This is despite the fact that an estimated 25 percent of businesses do not reopen following a major disaster. Some 75 percent of small businesses do not have a disaster recovery plan in place, even while 52 percent say it would take at least three months to recover from a disaster.

Some tips:

Look into flood insurance. Flooding is the most common and most costly natural disaster in the United States, causing billions in economic losses each year. About 90% of ALL natural disasters in the US involve flooding. Just one inch of water can cause up to $25,000 in damage. Flood coverage is thru a separate program and business insurance does not cover flood unless a specific policy has been purchased separately.

Make sure your records are stored electronically off site and make sure you have financial records, insurance policies and important contact information available.

Review your insurance annually. Check coverage and limits to make sure they are adequate if you need to rebuild. Sit down with your agent to discuss coverages changes that may be needed. Was there a new purchase like equipment or furnishings? A couple of new employees which may have increased the payroll? Did you add an outdoor patio? Many times customers don’t think to notify their agents when changes are made.

Maybe it is time to review your policy? Call our office to discuss your policy. We can evaluate your current program, make coverage recommendations etc. This can be done electronically if you prefer given the current social climate.

We provide all types of business insurance needs with numerous carriers in the Benton Harbor, St. Joseph, Coloma, Watervliet, Stevensville, Bridgman, and New Buffalo areas as well as many others in the tri-county area. We are always available to help!

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