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Fida Insurance Group

244 Monroe Turnpike (Route 111)
Monroe, CT 06468

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Monroe’s Guide to Life Insurance: Navigating Your 30s and Beyond

As Monroe, CT residents grow older, their needs begin to change. These changes become especially evident when it comes time to choose a life insurance policy. At Fida Insurance Group, we are here to help you navigate these concerns. Check out the following guide so that you can learn more about how to choose the right policy for your needs. Here are a few reasons why you should be considering life insurance in your 30s:

Handling Familial Responsibilities

When many of us are in our 30s, we buy homes and raise our own families. With the help of a life insurance policy, we can ensure the continued stability of our loved ones even if the unthinkable were to occur. Otherwise, your family may be unable to sustain the same lifestyle if your income is lost.

Avoiding Medical Hurdles

It is best to apply when you are younger before any serious health problems can set in. The longer you wait, the more likely you will have to deal with medical hurdles. Those who choose to start their life insurance policy in their 30s will have a much easier time receiving the help they need.

Business Protection

If you own a business, life insurance is even more crucial than you may have realized. You need to protect your assets and ensure that any potential deals you may be in the middle of can still be carried out to their conclusion. Talk to our experts about your business’s specific needs; we will gladly help.

Residents of the Monroe, CT region who have any further questions or concerns are more than welcome to give us a call as soon as possible. The good folks at Fida Insurance Group are always on hand and ready to help.

What is included with a full life insurance plan in Monroe?

For people who live in the Monroe, CT area, there are many forms of insurance to consider. Life insurance is one type of insurance that everyone here should think about obtaining. When you are covered with a life insurance plan, you will gain useful coverage that will secure your loved ones in the future. 

Death Benefits

A primary benefit that people will receive when they get a life insurance plan is a death benefit. An advantage and primary use of life insurance is that you can provide financial resources for your dependents and loved ones after you pass away. This can make it an excellent financial planning tool. You can build a long-term customized plan that will have a death benefit sufficient to meet your dependents’ needs.  

Cash Value

With some types of life insurance, particularly whole life coverage, your life insurance plan will build a cash value over the years. When payments are made into the account, it will grow with interest. Eventually, you will have the ability to close and liquidate this account. Many people will get whole life coverage for the death benefit and use the cash value as a conservative investment option for their personal financial plan.

If you reside in the Monroe, CT area, you will want to know that you are appropriately covered with a quality life insurance plan. To ensure you obtain the right type of coverage, you should work with our team at the Fida Insurance Group. Our professionals with the Fida Insurance Group will help you choose a plan that meets your needs. We always take a customized approach to help you build a quality plan. 

Top Types Of Insurance For Small Businesses

The agents at Fida Insurance Group know that starting a small business can be challenging for Monroe, CT entrepreneurs. Good insurance coverage is essential for protecting your investment. Here are three of the most common types of insurance for small businesses. 

General Liability Insurance 

This policy covers accidents, injuries, and other damages that your business is liable for. For example, if someone enters your business and trips on something, you would likely be responsible for the fall and any related costs. This includes medical expenses, lost wages, and possibly even disability payments if the person is seriously injured and unable to work. 

Workers’ Comp Insurance 

This type of insurance covers employees who may become injured at work and pays for medical care and wage reimbursement until the employee is rehabilitated or reach maximum medical improvement (MMI). If an employee does reach MMI and still cannot return to work, you may also be liable for their ongoing medical treatment and living costs if the employee successfully wins a personal injury claim against you in a court of law. 

Property Insurance 

Property insurance protects your physical assets, like your building, equipment, and other valuables, from theft or damage. If a storm tore the roof off your building, your property insurance would be what you file your claim under. Or if your building were vandalized, this policy would pay for it to be repaired or your property replaced. 

If your Monroe, CT small business doesn’t have the right insurance coverage for losses, you could be stuck footing the bill. Fida Insurance Group can help you navigate different types of insurance for your business and will answer your important questions. Call today to learn more. 

Beyond Death Benefits: How Life Insurance Can Help You Achieve Your Financial Goals

Regarding insurance, death benefits are usually the first thing that comes to mind. But life insurance can do much more than provide funds when a loved one passes away; it can be used as an investment and to help you fund retirement and execute estate planning. At Fida Insurance Group, serving residents of the Monroe, CT area, we’re here to help our clients understand how to use life insurance to achieve their financial goals.

Life Insurance as an Investment

Many people don’t realize that life insurance is an attractive means of investing for anyone looking for long-term returns with some potential tax advantages. Whole life insurance combines the security of permanent coverage with a cash value account that accumulates interest over time, making it a great investment option for those who want to build their wealth. The cash value can be used as collateral or even borrowed against in specific scenarios, giving you more control over your money.

Life Insurance to Fund Retirement

When it comes to retirement planning in Monroe, CT, life insurance offers an alternative way to save for the future and supplement other sources of income. For example, you could use life insurance policies to generate passive income when you retire. With whole life insurance, some companies offer dividend payments that are paid out each year, which can help ensure that your savings last longer into retirement.

Estate Planning

In addition to investing and providing funds during retirement, life insurance can also be used as a tool for estate planning. Life insurance can help ensure that your family is taken care of when you’re no longer here while also creating an inheritance and reducing the impact of taxes on your estate. 

Life insurance provides peace of mind and can help you reach your financial goals in several ways. At Fida Insurance Group, we’re here to answer all your questions and discuss how life insurance can be used as an investment vehicle or to ensure that your family is taken care of after you’re gone. Contact us today for more information.

Can your life insurance be canceled?

At Fida Insurance Group in Monroe, CT, we are independent insurance agents. As independent agents, we work for our customers, not for one insurance carrier. We have access to multiple carriers, allowing us to shop for our customers to find the best deals for the amount of life insurance they need. 

Nonpayment of premium

The most common reason for life insurance cancelation is the nonpayment of the premium. When times get tough, it may seem like your life insurance may be something you can live without. And yes, you can live without it, but the bigger issue is, can you die without it? If you run into financial difficulties, the first thing to do is to contact the insurance company. Depending on your policy type, they may be able to work with you. You may be able to switch to less coverage. Don’t let your policy lapse without trying to save it. 

Lying on your application

When you apply for a life insurance policy, you will be asked many questions. It is imperative that you answer them truthfully. You may think that no one can find out if you lie, but nowadays, so much information is on the internet that almost nothing is a secret. You don’t want to lose your policy because your lie is discovered or, even worse, have your dependents’ claim denied after you have passed because there is false information on the application. It just isn’t worth it. 

At Fida Insurance Group in Monroe, CT, we want to ensure that all of our customers get and keep the coverage they need. To learn more about life insurance, stop by our office or call us for information. 

Four Tips You Should Know Before Shopping for Commercial Insurance

Your business is not only a source of income but also something that gives a sense of freedom and fulfillment. As such, you need to protect it from the many risks it may be exposed to. Buying the right commercial insurance policy is the best way to protect your business. However, with several available coverage options, choosing the best for your business may be confusing. Fida Insurance Group understands the stress of selecting the right coverage for your business. We’ve, therefore, prepared tips to look out for when shopping for a perfect commercial insurance policy.

Evaluate your business risks

If you want the right policy that adequately protects your business when a disaster strikes, get to know your business risks. Each company is unique and, as such, has specific risks associated with it. For example, a tech business may require cyber liability coverage, while a contractor may need workers’ compensation.

Find out the legal requirements in your state.

Commercial insurance is not optional in most states. For example, the state of Connecticut requires that you have workers’ compensation to operate a business. Other states may require you to have commercial auto insurance or general liability insurance. Do your homework to avoid being on the wrong side of the law.

Compare different quotes

Once you know what you’re looking for, shop around and compare different insurance providers. You may find competitive rates or even get insurance providers specializing in insuring your business type.

Talk to an agent

Agents can help you choose the right coverage that suits your business. With the numerous commercial insurance coverage options, you may not know which is best for your business. An agent will work with you and tailor your coverage to your needs. Additionally, they will answer all your questions about commercial insurance.

Commercial insurance in Connecticut

A responsible business owner will always plan in case of an unfortunate occurrence. While it’s draining to think of your business’s risks, getting commercial insurance gives you peace of mind. Ready to purchase commercial insurance in Monroe, CT? Contact Fida Insurance Group for an affordable quote.

Different Types of Life Insurance. What Works Best for You?

Life’s present and future uncertainties necessitate adequate financial and physical preparations, especially for your dependents. Life insurance prevents your loved ones from having financial insecurities when you pass away. By understanding which type of insurance you need and how to get each, you’ll set a good foundation for your loved ones.  

Types of Life Insurance

Get to know the different life insurance available in Monroe, CT.

Whole Life Insurance

Whole life insurance from Fida Insurance Group covers your life through the regular premiums you’ll pay. Get a cash value benefit from the premium paid into the account, which may accrue some interest while still holding the premium. Though its premiums are slightly higher, its timeless feature makes it an excellent option for those who want a lengthier and continuous policy.

Term Life Policy

Term life policy is for a fixed term where the policy runs at a fixed rate. It suits people with a specific plan for the insurance policy’s period, like getting the policy for your employment years. You get to set the time and amount for the policy period, making it more affordable than other insurance types.

Variable Life Insurance

Variable life insurance offers you coverage as well as cash value. You invest in various accounts that determine how much interest they’ll earn. It’s a medium-risk option as you can lose your premiums, benefits, and cash value.

Factors To Consider When Choosing Your Insurance

To get the best out of a life insurance policy, consider understanding the basics of each insurance. Run the pros and cons of each policy against your goals. For example, get a term life policy if you are more interested in guarding your working years.

Contact us

At Fida Insurance Group in Monroe, CT, we take the time to understand your needs and guide you accordingly on your insurance path. Act now and protect your loved ones with a life insurance cover.

Do I Need More than One Type of Commercial Insurance?

You likely need commercial insurance if you own a business, have customers, or operate in a commercial setting. The insurance protects your business assets, employees, and customers in case of a covered loss. For expert help, confer with Fida Insurance Group. The agency serves in Monroe, CT. 

Always consider property, responsibility, inland marine, commercial liability, and employee benefits. Inland Marine insurance is the most common type of commercial insurance. It covers the risk of transporting goods by land, sea, or air. 

What to Know About Commercial Insurance 

While most businesses are covered by commercial property insurance, it’s important to note that the policy doesn’t protect your business against every risk. For example, if your company manufactures products, you likely need product liability insurance to protect against claims if someone gets sick or injured using your product. If you are contracting with clients, you may also want to consider contractor’s risk insurance to protect your business against claims if something goes wrong on the job site. And if you have employees, you likely need workers’ compensation coverage to protect your company from claims if an employee is injured on the job. 

In today’s ever-changing business landscape, it’s essential to have insurance coverage that addresses any potential risks that your company may face. Depending on your business type and risk profile, you may consider purchasing a combination of commercial insurance policies to protect your company from various risk scenarios. When choosing commercial insurance policies for your company, ensure they offer the coverage you need to protect your business from different risk scenarios. 

Parting Words 

While there might be some overlap between the policies you choose, consider your business needs and the policy that best serves your needs. For example, let’s say you own a landscaping company and want to purchase commercial property and liability insurance to protect your business from risk. 

While both of these policies protect your business, they work differently. Property insurance covers the cost of replacing damaged or destroyed equipment, fixtures, and buildings if your business incurs a covered loss. For inquiries in Monroe, CT, call Fida Insurance Group.

When Should I Update My Life Insurance Plan?

Like most things in life, your life insurance isn’t constant. When situations change in life, you shouldn’t shy off from talking to your insurer to update your policy. But what are the exact reasons I should update my life insurance? Keep scrolling as Fida Insurance Group of Monroe, CT sheds light on when you should update your life insurance.

Getting married

Perhaps you took your life insurance policy when you were single. However, now that you are married, you should take a second look at your policy. Now that you have brought someone else into your life, your financial status has changed. You have someone depending on your income, plus you co-share certain obligations.

Please update your life insurance policy to ensure your spouse doesn’t suffer financially if you suddenly die.

Getting divorced

While no one likes a divorce, it is a reality, and you need to make the necessary life insurance changes when it happens. However, before making changes to your life insurance, consult with your attorney because certain divorce decrees may require you to maintain your spouse as a beneficiary even after divorce.

Having a child

Congratulations on welcoming a young one into your family. Whether it’s through birth or adoption, you should update your life insurance to secure your child’s financial position in the future. Life insurance ensures that your child’s financial obligations are met even in your absence.

Taking a mortgage

Now that you have secured a mortgage for your home, the next thing you need to think about is your loved ones and cosigners when you die. If you have taken a mortgage or car loan, update your life insurance policy to ensure that you don’t burden those you leave behind with unpaid debts.

Still not sure whether you need to update your life insurance plan? No worries. Please contact Fida Insurance Group in Monroe, CT for more guidance.

When Should I Update My Life Insurance Plan?

Like most things in life, your life insurance isn’t constant. When situations change in life, you shouldn’t shy off from talking to your insurer to update your policy. But what are the exact reasons I should update my life insurance? Keep scrolling as Fida Insurance Group of Monroe, CT sheds light on when you should update your life insurance.

Getting married

Perhaps you took your life insurance policy when you were single. However, now that you are married, you should take a second look at your policy. Now that you have brought someone else into your life, your financial status has changed. You have someone depending on your income, plus you co-share certain obligations.

Please update your life insurance policy to ensure your spouse doesn’t suffer financially if you suddenly die.

Getting divorced

While no one likes a divorce, it is a reality, and you need to make the necessary life insurance changes when it happens. However, before making changes to your life insurance, consult with your attorney because certain divorce decrees may require you to maintain your spouse as a beneficiary even after divorce.

Having a child

Congratulations on welcoming a young one into your family. Whether it’s through birth or adoption, you should update your life insurance to secure your child’s financial position in the future. Life insurance ensures that your child’s financial obligations are met even in your absence.

Taking a mortgage

Now that you have secured a mortgage for your home, the next thing you need to think about is your loved ones and cosigners when you die. If you have taken a mortgage or car loan, update your life insurance policy to ensure that you don’t burden those you leave behind with unpaid debts.

Still not sure whether you need to update your life insurance plan? No worries. Please contact Fida Insurance Group in Monroe, CT for more guidance.