Do I need life insurance after I retire?

Life insurance is one of those things that most people don’t talk about or completely understand. Everyone knows that if you have life insurance and you die that the policy will pay a benefit to the beneficiary of the policy. But as you near retirement or if you have already retired you may be asking yourself "Do I need life insurance after I retire?".  The experienced agents at Silverton Insurance Specialist LLC will be happy to discuss this with you. 

Life insurance is never one answer fits all. The question of whether or not you need life insurance after you retire is dependant on several factors. What will you be doing in your retirement, do you still have a mortgage and do you have dependents. 

Just because you are retiring or thinking about retirement, it doesn’t mean that you don’t need life insurance. If you have already prepaid your final expenses, have no credit card or other debt, have no mortgage and have no dependents, then you probably don’t need life insurance. If however you haven’t prepaid your final expenses and have not put aside the money necessary to pay your final expenses, life insurance will help those you leave behind to cover these expenses. 

If you have dependents, a wife or partner, children who are not fully grown or aged parents, having life insurance will help to guarantee that they will be able to continue to live life in the manner that they are accustomed to.  It can pay college tuition for your child or children. 

Life insurance is also part of long term financial planning and can be a benefit to you while you are alive. 

To discuss this question with Silverton Insurance Specialist LLC give their office a call or stop by to discuss this very important coverage. 

Types of coverage included with commercial insurance

Running a business can be a very challenging experience. Today there are many risks and challenges that can be tough to deal with even for a seasoned business owner. To help manage some of these risks, getting a commercial insurance policy could be a great option. This type of coverage could provide you with many different coverage benefits.

Liability Coverage 

Any type of business takes on a surprising amount of liability. If you ever make a sale to a customer and give them a product or service, you are taking on some risk of being injured or sick due to your service.  Since this is an unavoidable risk, you should try to hedge against it. One of the best ways to do this by getting a commercial insurance policy that includes liability coverage. This will prove to be very beneficial if you are ever sued due to an accident.

Protects Assets

Growing any type of business are you to make a variety of investments over time. These investments can include real estate, inventory, or capital equipment. If these items are damaged or destroyed, it could be devastating for a small business owner. Because of this, you need to make sure that your assets are properly covered by insurance through a commercial insurance policy with ample coverage.

There are clearly many benefits that come with getting commercial insurance coverage for your company. Due to these benefits, you should speak with a professional to ensure you are maximizing your commercial insurance benefits. The team at Silverton Insurance Specialist LLC will help you to get into the right policy for your company. Silverton Insurance Specialist LLC does this by fully assessing your organization and then building a plan that is properly-suited to meet your business needs. 

Should Individuals Purchase Umbrella Insurance For Their Home?

There are many types of insurance on the market to choose from today. There are common types of insurance such as home insurance, and then there are policies available designed to help you provide specially tailored insurance or a policy that goes above and beyond the specified coverage of your standard policy. Umbrella insurance is one of the those types of insurance that can give you the additional protection you need for your home. 

What Is Umbrella Insurance?

Umbrella Insurance is designed to give you an increased level of liability protection than you can achieve with traditional home insurance. If you see potential for an increase level of liability on your property from renting your home or even having items on your property that could be considered a risk to a person or their property, you should ask your insurance agent about purchasing umbrella insurance. 

Shopping For An Umbrella Policy

When you decide to begin shopping for umbrella insurance, you want to enlist the help of an experienced insurance agent who regularly assists clients with this type of coverage. They can explain the limits of coverage as well as thoroughly explain terms and conditions so you can determine if the policy fits your needs. If you are currently thinking about purchasing umbrella insurance, you should contact Silverton Insurance Specialist LLC. 

Get the umbrella coverage you need and the customer service that can help you discover options that will provide the right amount of protection. Call or stop by the Silverton Insurance Specialist LLC office today to schedule an appointment or to ask additional questions about the available insurance policies. 

Frequently Asked Questions About Auto Insurance in 2019.

Silverton Insurance Specialist LLC offers premium auto insurance services, and we know that sometimes purchasing auto insurance and understanding your policy can be confusing. No worries, we are happy to answer any questions you have about coverage or requirements. Here are some common questions we receive about auto insurance policies. 

Frequently Asked Questions About Auto Insurance

  • I no longer require full coverage, should I downgrade my policy? You have the option to drop down to PIP coverage once you have paid off your vehicle in most cases. However, it may be a good idea to keep your full coverage because you now own your vehicle and all the liability falls on you if you lose it. Auto lenders require full coverage to offset their own loss, it makes sense to keep full coverage to offset the risk of loss when it is yours. 
  • How can I protect my classic car beyond policy limits? You can purchase umbrella insurance to protect your car beyond what the full coverage policy covers. This is a common practice for classic cars, race cars, and other situations where the value is higher than appraised. 
  • How will my teen affect my policy? There is not a single answer for everyone. If your teen driver has great grades and a good driving record the impact may be less than you expect though. The only way to know is to call and get a personalized quote. 

Contact us at Silverton Insurance Specialist LLC if you have any other questions about auto insurance or if you are ready to receive a quote for your own policy. 

Can I Add My Child as the Beneficiary of My Life Insurance Policy?

Life insurance is a vital part of planning for your future in Greensboro, GA. You’ll want to be sure your family is well taken care of after you pass. This means they will need to cover burial expenses, pay off any debt you may have, and have some money left over for living expenses like college tuition and day-to-day expenses. If you’re wondering whether you can add your child as a beneficiary to your life insurance policy, the answer is yes. However, there are factors you need to understand before doing so. Read on to learn more.

1. Is your Child a Minor?

If your child is under eighteen, then you’ll need to assign a custodian to oversee the benefits. After you pass, the funds will not go directly to the minor child. Instead, they will go through the custodian, who is responsible for overseeing the funds. This way, it will be certain the funds are spent wisely. 

2. Consult with an Attorney to Establish a Trust

Before adding a child as the beneficiary of your life insurance, it’s a good idea to first consult with an attorney. This way you will know that trust is properly set up for your child and when he or she comes of age, they will be able to receive the funds directly.

To learn more about adding a child or other dependent as the beneficiary of your life insurance policy, contact Silverton Insurance Specialist LLC, serving the Greensboro, GA area. Our reputable team of insurance agents will answer all of your questions and concerns and help you through the process. Contact Silverton Insurance Specialist LLC today at 404-850-7071. 

 

Four Basic Types of Health Insurance Plans

Choosing health insurance requires making an informed decision. HMOs, PPOs, EPOs, and POS plans are common categories. Most health insurers require that you share in paying your medical costs through copays, deductibles, coinsurance or all of these.

Health Maintenance Organizations mandate that you use a physician, hospital or healthcare facility that’s in their provider network. Otherwise, they will pay a portion of your out-of-network medical bills only in an emergency. HMO’s require that you select a PCP to coordinate your care with other healthcare providers. To see a specialist, you must get a referral from your primary care physician. Of all the plans mentioned here, this one usually has the lowest monthly premium.  

With Preferred Provider Organizations, you don’t need referrals, and you don’t need to choose a PCP. Select from a large number of hospitals and physicians as well as out-of-network providers (at a higher cost) who do not need to be local. The monthly premium for PPOs is higher than for HMOs.

Exclusive Provider Organizations restrict service to in-network providers. If you get emergency treatment out of the network, you’ll have to pay the bill, and then request reimbursement from your insurer. Depending on the terms of your coverage, you may or may not have to choose a PCP. You don’t need referrals.  

Point-of-Service plans have fewer physicians and hospitals to choose from than PPOs. However, the costs for using in-network physicians is relatively low and comparable to those for an HMO. You’ll need a referral to see a specialist, and seeing a provider outside the network will cost more and mean paperwork. 

At Silverton Insurance Specialist LLC, we can guide you in selecting the coverage that fits your health needs, lifestyle and stage in life.

 

 

 

 

 

 

 

Is life insurance a good graduation gift for my niece and nephew?

While life insurance isn’t the first thing most people think of when considering what to get a new graduate, it is a surprisingly savvy and welcome gift. It’s actually one of the gifts that seems like a good idea at the time and then becomes more appreciated over time. You will need to get permission from the person receiving the gift, and he or she will need to choose beneficiaries.

A Locked In, Lower Premium

If you purchase a life insurance policy through Silverton Insurance Specialist LLC for someone who is still young, you can get a lower price, and that price won’t go up over time. Life insurance tends to be much more expensive the older you get.

Not only that, but young people won’t have to jump through the same hoops older people often do. There are usually no requirements for physicals or other documentation. 

Term Life or Whole Life?

Term life insurance is less expensive, but it only offers a death benefit. You can choose the specific term you think is best, probably 10 or 20 years. The premium and the amount payable won’t change, but the policyholder will be able to rely on it.

With whole life insurance, you can get the death benefit, but there are important additional benefits. Whole life insurance is a permanent kind of insurance, and it will offer lifelong protection as long as the premiums are paid. Unlike term life policies, whole life policies have a cash value which can be cashed in. Similar to term life policies, young people will get a better price and they can lock the savings in by getting the policy as young adults.

If you are thinking about giving a graduation gift that really means something, there aren’t many better choices than life insurance. If you are interested in purchasing a policy, or if you just have questions, call Silverton Insurance Specialist LLC today to see how we can help.

Is Health Insurance Optional If your Employer Offers it?

Health insurance is required by law to help protect individuals and to make sure they can get the help they need when they go to the hospital or the doctor. That being said, employers are not required to offer health insurance in certain instances and employees may not be required to take it. For those that are trying to understand health care coverage, the agents with Silverton Insurance Specialist LLC can help.

For those employers that have fewer than the number of employees that the law states you must provide insurance for, you do not have to provide any insurance options. Some states require 30 employees, some require less in order for the employer to be required to provide insurance. For those that have an employer that offers health insurance, you are not required to take the insurance they offer but you are also not going to be eligible for any government insurance options. For those that do not take the insurance that the employer offers, you are still required to have insurance and may be required to hold a private insurance policy from a third-party insurance company.  

If you are part of a company that offers insurance but you are covered on a spouse’s plan, you do not have to take the insurance that is offered. For those that have coverage on their own, you are not required to take the coverage that is offered by employees. Overall, you are required to have health insurance of some sort but the way that you secure it is up to you. For those that have questions, the agents with Silverton Insurance Specialist LLC can help you determine what type of coverage you need and if you are in compliance with federal health insurance laws and requirements.

How Does Permanent Life Insurance Work?

Permanent life insurance is designed to cover the entire life of the policyholder, unlike term life insurance, which will expire after a certain period. There are different types of permanent life insurance.

The way permanent life insurance works is determined by the premium you pay. The insurance company can allocate the premium in three different ways. The portion of the premium can be used for the death benefits or the cost of the life insurance. Another portion of the premium can go toward the administrative costs in order to manage the policy. The last portion of the premium goes toward cash value accumulation in the policy. Premiums can remain the same and be guaranteed for the life of the policy or could be more flexible.

The most common types of permanent insurance are whole, universal, and universal variable, and each one works a little differently. An agent at Silverton Insurance Specialist LLC can help you find the right one. Whole life insurance has different premium options. In ordinary whole life insurance, your premiums are the same as long as you live and your policy builds cash value. With limited payment whole life insurance, you pay the premium for a specific period but you still get insurance throughout your whole life. For this type, premiums are higher than if payments are spread out throughout the lifetime. Universal life insurance will allow you to vary your premiums and adjust your death benefit as the needs of your beneficiaries change. You will need to be in charge of how much is your account and when you need to make payments, in order to keep your policy active. Variable universal life insurance has your death benefit and cash value tied to a particular investment account. If your investments do well, then your benefits increase. However, if there is poor investment performance they would shrink.

Contact Silverton Insurance Specialist LLC to get a quote on life insurance.

Does a New Year Mean Changes to Your Commercial Insurance Policy?

Each New Year Brings Its Own Special Challenges 

You want your business to be evergreen. You do not want your livelihood to be subjected to the whims of each new year. Challenges with emerging business technologies, the global and local economies, even dramatic changes in the weather will affect your business. Each new year should bring a careful review of your commercial policy. Your commercial policy should include any areas of liability that may have resulted from new events in the new year. 

A new year may bring changes to your commercial policy contingent upon the circumstance and nature of your business. You do not have to understand all of the nuances of how outside events and situations could affect your current commercial insurance policy. The agents at Silverton Insurance Specialist, LLC in Greensboro, GA take the responsibility of acquiring all of the necessary information to assist you with how your liability may be affected with the new year.

Discussing changes with your agent is a safeguard to your business concerns. Your coverage may be adequate despite outside trends and differences in the world. The only way to be certain, however, is to discuss your current or new policy with an insurance agent. It is their business to be confident that your liability protection is at the highest level.     

Protecting Your Business is As Important as Protecting Yourself 

No matter where you are located, contact us today to discuss how our agents can help you decide which commercial insurance policy will best fit your needs. The agents at Silverton Insurance Specialist, LLC will help you find the appropriate coverage for your business and answer your questions. Our telephone number is 404-850-7071. Call today.