When Should I Purchase Additional Life Insurance?

Life insurance policies are not a one-size-fits-all plan. Who you want to protect and how will be very different from your next-door neighbor or your best friend, and this can make it difficult to get the advice you need to make better decisions for you and your loved ones. Silverton Insurance Specialist LLC wants you to know more about how life insurance should function in your life and when it’s time to purchase more. 

How the Plans Work

Some people will purchase the bare minimum when it comes to life insurance. For example, a parent may set their only child up with a small nest egg until that child turns 21. The amount they plan to bestow upon their child will be just enough for their child to get by, but not enough for them to be financially comfortable. But other people may want full coverage for their children, ensuring their children don’t have major expenses hanging over their heads if they don’t have to. There is no right or wrong way to approach the situation, only what different people want to do for their loved ones. 

When to Purchase More 

The best time to purchase more life insurance is when you’ve had a major event occur in your life. Maybe you’ve changed your mind and want to do more for other people. Maybe you recently got married or your spouse recently became ill. These circumstances may warrant additional coverage, especially if they create a lot of uncertainty about the future. 

If you want to review your policy, Silverton Insurance Specialist LLC may be able to help. When you contact us today to discuss, we can help you understand more about how people will be compensated and what they can use the funds for. 

How can commercial insurance protect my clients?

From the day you start running your business, you expose it to costly risks. That is why Silverton Insurance Specialist LLC recommends buying business insurance even before hiring your very first employee. However, buying insurance means getting the right coverages depending on the nature of your business. If your business involves dealing with clients directly, you may need to purchase various coverages to protect yourself from damages and certain lawsuits. So, how do you protect yourself and your clients with commercial insurance? Read on to find out how.

Property insurance

Property insurance is mandatory, whether you own or rent your business premises. This coverage covers your business equipment, furniture, signage, and inventory in case of loss due to theft or fire. Floods, earthquakes, and other mass destruction events are generally not included. You will need to purchase a separate policy to cover such perils if your business is in a high-risk area.

Business interruption insurance

Anything can interrupt your business, from a large swarm of bees, a dissatisfied client, a catastrophic event like floods or earthquakes, or any other form of interruption. These events can lead to a halt in business operations or, worse, lead to total closure of the business. You will suffer losses from income as your business may not function for some time. 

Buy professional liability insurance.

Also known as errors and omission insurance, professional liability insurance covers your business against negligence claims due to failure to perform or harm that may result from mistakes. For instance, if you are a dentist, you can protect yourself from professional liability lawsuits in case a client sues you for an unsuccessful dental surgery or root canal. When it comes to liability, insurance companies offer customized premiums depending on your business risks.

Having the right coverages in place can protect you and your clients, giving you the peace of mind that you require to run your business. For more information on how to protect your clients, contact Silverton Insurance Specialist LLC, and we will be happy to provide some help.

Understanding Underlying Limits for an Umbrella Policy

An Umbrella policy is the best way to extend your protection from an excessive liability lawsuit. But an umbrella policy will only work right if the underlying limits or your frontline policies are set at the right levels. If you are looking to purchase an umbrella policy to better protect your exposure, then there are a few things that you will want to know. 

Getting the Right Limits to Connect with Your Umbrella Policy

Your frontline policies must have certain limits on them in order to qualify for an umbrella policy. If your underlying limits do not meet up with the required levels, the consequences can have devastating financial hardships.

  • There are several types of policies that you will have to own before an umbrella policy can be issued. You will have to have an auto policy, a home type policy, and other required coverages before a policy can be issued. 
  • Each one of your underlying policies will need to a set underlying limit of liability. If your limits are too low and there is a gap, you will have to pay the difference between the two policies before your umbrella policy will cover the rest. 
  • The umbrella policy covers a lot of exposures that you can fall victim to. Most of the time it will handle liability claims placed against you. 

It is highly important for you to have a good understanding of your insurance policies. If you are searching for an umbrella policy, then you will need to know your underlying limits when it comes time to apply for one. If you need to talk with an insurance agent or have questions, then please call us today at Silverton Insurance Specialist LLC and let us give you a full insurance consultation today. We can answer all of your questions and help you get the policies you need. 

Should Retirees Consider Whole Life Insurance?

Life insurance is a great tool for saving for the future or preparing for financial hardships if there is a loss of a loved one. Those who are about to, or who are already retired, may have heard that whole life insurance can serve as an emergency backup fund for unexpected expenses. 

Whole Life Protection

It is important to know that a whole life insurance policy needs to be in place for a specified amount of time before any money can be borrowed against the policy. The earlier the policy is put into place, the more likely it will be to become useful for retirement savings and emergencies. Those who are considering retirement in the next few years should begin thinking about a policy purchase now.

What Options are Available?

There are whole life and term life insurance policies. Term life only provides coverage for a specified time, or term and is usually paid upfront. Whole life can be used as a savings fund and can be paid in monthly installments. Over time, it can be used to borrow against if an unexpected expense arises during retirement years. To find out more about how whole life can be used effectively for retirees, check out Silverton Insurance Specialist LLC. They have licensed life insurance professionals who can answer questions and give common-sense recommendations.

Don’t wait to get whole life coverage in place if retirement is near. Get the policy coverage to protect future needs now. Call or stop by Silverton Insurance Specialist LLC  today to find out more details and to ask any questions before making a decision. 

3 Tips for Buying Commercial Insurance in Greensboro, GA

Owning a business in Greensboro, GA is a great way to make a living. In order to protect your business, however, it is imperative to have commercial insurance. Even if you have a small business with little or no employees, protecting your assets and reputation will give you peace of mind and keep your business running in the event of slander, libel, or any reason for which commercial insurance is needed. Read on to learn about three smart tips to help you get started and save money in the process.

1. Work with a Reputable Agent

Don’t put the future of your business in just anyone’s hands. Working with a reputable agent is a guaranteed way of knowing you’ve selected the best commercial insurance policy in Greensboro, GA for the best price. 

2. Compare Quotes

It is recommended to compare several commercial insurance quotes before choosing the right one. A reputable agent from Silverton Insurance Specialist LLC can help you with this by going over pertinent quotes in fine detail and answering all of your questions and concerns. 

3. Bundle All Your Insurance Policies

To save money on a commercial insurance policy, consider bundling all of your polices under one insurance company. Again, a reputable agent can help you with this. Bundle you car, home, life, commercial, umbrella, and any other insurance policies you have to save money on your premiums. It’s really that easy.

To learn more about purchasing commercial insurance for your business, contact the team at Silverton Insurance Specialist LLC today. Our friendly, knowledgeable agents are standing by to help you find the perfect commercial insurance policy within you budget. 

 

Various ways you can use Umbrella insurance

While most people believe that umbrella insurance is for the rich, the good news is that Silverton Insurance Specialist LLC offers you an umbrella insurance policy suitable just for you.

Umbrella insurance policy coverage goes above the limits of an insured home, thus providing an additional layer of security. The extra coverage covers the risk of getting sued for injuries on others and property damage to other people’s property in the event of an accident.

What is covered?

Under umbrella insurance, your loved ones, other members of the family and friends who may visit your home may be covered depending on your premiums. The coverage is unique to each individual. To protect your loved ones and yourself, talk to any customer care officer to give you further direction.

What are the limits?

The limit on this kind of insurance in Texas is $1 million, with an option of a higher limit available to those who may require it. Give us a call today to get an exact figure on the amount you need to pay for your coverage and that of your loved ones.

Why do I need this product?

Umbrella insurance comes to your rescue when

  • You are sued for slander or libel or any other lawsuit where your regular policy does not cover you. In an instance where you win the case filed against you, a substantial amount could have already been spent. 
  • In a case where you cause a car accident, and legal action is taken against you, Umbrella Insurance policy will cover what is not covered by auto insurance once exhausted.
  • When a person is injured while on your property, this policy will help you cover the medical bills and legal defense if they are above the homeowner’s policy liability coverage.

Do not hesitate to visit our website for further information. Our Silverton Insurance Specialist LLC offices are also open with agents ready to work with you and support you. You can also give us a call.

 

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. 

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.