Archives for November 2018
The biggest question to answer when purchasing life insurance is whether you need a term or permanent policy. Each type has advantages and limitations. To make the right decision, you should know and understand your options.
Here are a few questions to consider:
- How will the money from this policy be used?
- Do my life insurance needs span my entire life or a specific period of time?
- Do I want to accumulate cash value or just have death benefit coverage?
- How much life insurance do I really need and what is my budget?
Keep in mind that you can use a blend of products to meet distinct life insurance needs.
Shoppers are poised to spread their time and money across both online and physical stores this holiday season, according to a survey conducted for the National Retail Federation. As you grab your mouse or head out to join the crowd, here are some tips to protect yourself and your identity.
WHAT IS HIGH-NET-WORTH PERSONAL INSURANCE?
You don’t live in a ‘typical’ home. Then your insurance should not be ‘typical’, either. You don’t drive an ‘ordinary’ car—then your policy shouldn’t be ‘ordinary’, either. Over your lifetime, you have worked incredibly hard to build a life for you and your loved ones that you have always dreamed of. In an exceedingly litigious society, all of those assets are severely exposed to severe financial loss. Can you sleep soundly at night with confidence that everything you own is properly covered? This is a problem that goes widely-unnoticed until their house suffers a catastrophe or you’re named in a lawsuit for millions of dollars. The common theme we are finding is that most successful people who have acquired wealth over the years—have simply outgrown the mass-insurance carrier that they started out with. The coverages don’t seem to grow along with them—but the premiums do. The result of this is simple: You are overpaying to be under-insured.
The first thing we do as part of our process is to take through our Personal Risk Assessment. This is a comprehensive and private discussion that will: (1) Identify your assets, (2) Identify lifestyle risks, and (3) Uncover your exposures. From there, our team uses that as a foundation for building a personalized insurance program through one of our many available top-rated carriers (Chubb, AIG, Cincinnati, etc.), that is properly suited for you and your family.
When was the last time your agent took you through this process? We conduct this annually, to ensure that your insurance program grows along with you.
Our primary focus is to help you and your loved ones feel safe and secure in knowing that everything you’ve worked so hard to earn is properly protected.
STAY TUNED FOR FUTURE BLOG POSTS AS PART OF OUR “HIGH-NET-WORTH PERSONAL INSURANCE” EDUCATIONAL SERIES.
Chris Wiles | 301-712-9229 | firstname.lastname@example.org
If you’re running a business, you should have a contingency plan in case one or more key people leave, no matter if it’s because of retirement, death, a disagreement over strategy or a job opportunity at another firm. In some cases, such planning is crucial to ensure an orderly transition in ownership. It is an important part of any business plan, and can come in handy in the event of the unexpected.
Companies that address continuity planning are more likely to continue their success. They’ll have the skilled leaders in place to maintain their momentum. Those that don’t pay enough attention to this important task may struggle as they try to figure out next steps.
To be sure, it takes time and a thorough analysis of your workforce to develop bench strength at key positions throughout an organization. You’ll need to pinpoint individuals who seem well suited to serve in more senior jobs. It may also require an examination of insurance products that can protect a company against personnel losses. But the benefits are potentially significant. Below you’ll find a number of issues to consider as you develop a continuity plan.
For many, winter is over as soon as they get their first ride on their motorcycle. That first ride of the season is exciting, and feeling the speed and power of a well-maintained machine keeps riders coming back for more. With that being the case, it makes sense that caring for your bike feels like an investment into a lifelong hobby. So whether you’re new to the riding world or are a seasoned vet looking for some new tips on storing your motorcycle for the winter, take a moment to read the advice below. It won’t make winter end sooner, but it will help your bike be ready to go with minimal effort come spring.
Steps for proper motorcycle winterization
Winter can be hard on a motorcycle, even if it’s not out on the road. Taking proper steps when winterizing can extend the life of your bike and prevent the need for costly repairs that improperly stored motorcycles may face.
The things you value are part of your everyday life – so much so that you might not even be able to list them if they weren’t there.
That’s the value of a home inventory. Making a detailed list of what you own ensures that you won’t overlook anything if you have to recall what was in your house should it be lost by fire, theft or other circumstance.
Start by assembling the tools for documenting what you own and by figuring out how you will store the inventory list. The way you document what you own dictates how you’ll store the information.
If you document with a notebook and with a traditional camera, you’ll need to store the inventory in a physical location like a safety deposit box, with a lawyer or with a trusted family member or friend.
Consider making three copies of the inventory: one to keep at home; and one each for two trusted sources. This increases the chances that at least one record will be easily accessible when you need it. Make paper copies of documents such as warranties and receipts.
If you document your belongings digitally, you’ll want to make digital duplicates, with the option of storing the files in the cloud.
The earliest iterations of cyber insurance covered liabilities associated with network failures or breaches of private data – if your system security failed for any reason, cyber insurance covered the cost of the response. Traditionally, the retail, healthcare and financial services sectors were the top buyers of cyber polices; as handlers of personally identifiable information, their exposure was greatest.
But it’s not just about credit card or Social Security numbers any more.
Due to rapid advancements and increasing reliance on technology by businesses of all kinds, cyber risk has grown much bigger and much harder to define. Companies in every industry are waking up to the fact that, as long as they use technology to conduct business in any way, they are vulnerable to cyber risks.
“Especially in the past few years, there’s been a growing demand from non-traditional cyber buyers like manufacturers and nonprofits, for example,” said Evan Fenaroli, Cyber Product Manager, Philadelphia Insurance Companies (PHLY).
Does your homeowner policy have sufficient coverage limits to help you recover fully after a loss and avoid incurring serious financial burdens? It’s a question many people don’t ask, and if they have a claim, it can leave them with unexpected expenses.
It may be time to ask your independent insurance agent to review your policy. Agents have the software and knowledge to evaluate your risk, and you may find your risk is higher than you think. That’s because replacement cost can be affected by several factors that many people don’t consider.