Can You Collect On Life Insurance Without Dying?

Life insurance is something that more people could benefit from if they just took the time to find the policy and policy type that worked best for them. For the most part, life insurance is only beneficial after death but there are a few different instances in which you can benefit from life insurance without passing. For those that live in the Monroe, CT area, the agents with Fida Insurance Group can help you to find the policy that is going to work best for you.

In most cases, those that have insurance policy can benefit from it without dying if there is an accidental clause included in the policy. Most accidental clauses include dismemberment. This means that if you lose an arm, leg, hand, or foot, you can cash out a portion of your life insurance to help pay for medical costs, time off work, or the time that it takes to get your disability in order. This is going to help you pay for those things that need to be paid since you are obviously going to be taking time off to recover.

This type of clause is not included in all policies and you should take the time to check with your agent to make sure that your policy does include an accidental clause so that you can collect if need be. You can also collect if you borrow against the value of your policy in the form of a loan. For this type of transaction, you need to check with the bank that you are borrowing from to see how the transaction works. For those that live in the Monroe, CT area, the agents with Fida Insurance Group can help you find the perfect policy for your needs.

Essential Facts to Determine How Much Life Insurance You Need from Fida Insurance Group in Monroe, CT

To determine how much life insurance you need, consider where you are in your life. If your children are still at home or your spouse depends on your income for support, term life may be your cheaper option. However, if you are looking for potential income and an opportunity to borrow against your policy, whole life might be better. Agents at Fida Insurance Group in Monroe, CT can help you determine which policy is your best option.

Basically, your term life insurance premiums secure a death benefit for your loved ones if you die during unexpectedly during a certain time period, called a term. Whole life also provides a death benefit to beneficiaries. However, whole life insurance also offers a cash value that you can use or that increases the death benefit. 

Term Life Insurance

Term life insurance has no cash value. While the policy is active, a death benefit goes to your survivors if you die. If the policy expires while you are still alive, no death benefit is paid. This makes term life cheaper than whole life. Many parents buy term life while their children are young. In 20 years, or whenever the policy expires, the kids have finished college and can support themselves, so the need for life insurance diminishes. Ask your Fida Insurance Group representative in Monroe, CT to set up an appointment to obtain a quote.

Whole Life Insurance

Whole life insurance protects you until you pass away. For a much higher premium, you ensure that your loved ones receive a payout upon your death. In addition, the policy accumulates cash value that is available for loans. Some use this as a retirement planning tool since you can borrow against the cash value in an emergency.

How much life insurance you buy will depend on how much you want to leave to your survivors as well as how much you can afford the premiums. Call Fida Insurance Group in Monroe, CT for advice on how much life insurance to purchase or come to the office to receive a quote.

Massive Hurricanes Remind Us All To Have Adequate Home Insurance

The recent hurricanes that hit Texas and Florida remind those in Connecticut, who live near the coast, of the importance of having adequate home insurance protection. Lenders do not always require full replacement coverage because they are only concerned about getting the loan repaid. Homeowners, on the other hand, benefit greatly by making sure they have enough coverage to be able to rebuild their home if it is damaged or destroyed.

It can be a real problem if your home is underinsured. Recent news reports note that the Federal Emergency Management Agency (FEMA) is running completely out of money, so the government may not be able to help if your home gets damaged. Climate change is certainly causing storms to become more severe and the recent hurricanes broke all-time records.

The agents at FIDA Insurance Group serving Monroe, CT, and the surrounding areas are able to help you if you are concerned about your existing home insurance coverage or if you need brand new coverage.

Things to consider are:

  • Replacement Value – The goal is to make sure the replacement value accurately represents what it would cost to rebuild your home if it was completely destroyed. Be sure to add in the cost of any recent upgrades, renovations, or additions made to the home.
  • Disaster Coverage – While wind damage may be covered by a home insurance policy, water damage from flooding usually needs separate flood insurance coverage. Check with your agent to be sure.
  • Personal Property – Having a complete list of the values of all personal property, especially that takes note of any expensive items kept in the home, garage, or on the property, is a very useful tool to help make calculations of the coverage amounts needed.

Contact an agent at FIDA Insurance Group serving Monroe, CT, and the surrounding areas for help with home insurance in order to make sure you have adequate protection.

Does Marriage or Divorce Affect Your Home Insurance?

A change of status from single to married or vice versa could have an effect on your home insurance. When people marry, they usually combine two households, increasing the amount of goods that need coverage. As a result, you may need to increase your policy limits to get accurate protection. In the case of divorce, you may need less coverage due to a spouse leaving with his or her personal effects. Here are a few ways a change of status can impact your home insurance policy.

Marriage

If you and your new spouse bundle your home and auto policies, you could qualify for a discount on your premium, saving you money on insurance costs. This savings could be invested in increasing coverage limits to protect your combined households.

An increase in personal property will require more coverage, especially if your spouse brings valuable goods into your Monroe, CT home. At Fida Insurance Group, we can help you personalize a homeowner’s policy that meets you and your spouse’s needs.  

As newlyweds, you may also want extra liability coverage to protect your combined assets. Umbrella liability insurance will protect such assets as your home, vehicles, rental properties, etc. against major claims or lawsuits.

Divorce

Divorce will require that you alter your policy to reflect changes in your household. If your spouse leaves with his or her personal effects or you divide furniture or other assets, you could reduce property coverage to save on insurance costs. If both of you are listed on the policy, you’ll need to make changes to ensure you’re still covered once the divorce is done.

By discussing upcoming status changes with your Fida Insurance Group agent in Monroe, CT, you can avoid problems in protecting your property. We’ll do all we can to ensure a smooth transition in your home insurance coverage.    

 

Aspects That Are Not Catered for Under General Liability Insurance

Each day, people come in and out of your business. Therefore, having general liability insurance from Fida Insurance Group is a good idea since any accident that happens in your business premise is considered to be your responsibility. However, there are many things that general liability insurance under commercial insurance does not cater for in Monroe, CT which include;

Property damage

Take a scenario where you own your restaurant in Monroe, CT. You need to finish some tasks and have to work late night then, unfortunately, there is a storm brew.  There is a strong wind which blows everything in your kitchen and all the cakes, and other foods are obliterated into a mess and utensils litter all over the floor.

General liability insurance will not cater for such kind of damages. It only pays for third-party property damage. This means that it pays for the damages caused by your employee to another person’s property and you will, therefore, need to buy a commercial property insurance to cater for your property damage.

Employee injuries

If your employee is injured while working for you, you cannot turn to general liability insurance for payment. You will need workers’ compensation insurance for such case to pay for the employee’s medical bills. General liability insurance can only cater for the non-employees injuries.

Employment disputes

In your business, you need many employees to fill different dockets so that they can share the workloads and maximize production. There could be a dispute between you and the employee whereby you may feel like the worker is not fulfilling his/her duties. For this reason, you decide to cut the employee’s pay, and the employee decides to sue you and makes false accusations against you. You will need employment practices liability insurance since general liability does not pay for such cases. 

Get general liability insurance from Fida Insurance Group to keep your visitors and neighbors protected and give you a financial security to help you keep everything that happens in your commercial premises under control.

 

 

The Essentials about Life Insurance

It’s difficult to think about what might happen to your loved ones after you’re gone. In order to reduce risk, get the proper amount of security for your family’s needs. Fida Insurance Group in Monroe, CT urges you to talk with the independent agents about securing life insurance to help you and your family.

Types of Life Insurance

  1. Term Life – is determined by a specific number of years. For example, you can enroll in a policy that has a 10-year term, 20-year term, or more. It is generally less expensive with fixed premiums. Term life insurance is normally used to replace income and can only be paid out if you die during the specified term. Once the term is up, you should contact your insurance agents to adjust your policy so you won’t lose coverage.
  2. Whole Life – is fixed coverage that remains during the life of the policyholder as long as the premiums are paid. Usually, these premiums are higher than term life insurance because they are available for a longer period of time. Whole life insurance typically matures after 15 years, which indicates that your beneficiaries may be able to collect after the premiums have been paid for 15 years.
  3. Universal Life – is designed to cover your family’s needs. You pay into an account where interest is accrued each month. It can be utilized to cover income, educational expenses, and mortgage costs. Universal life insurance is more flexible than other types of coverage since you can change the amount of premium that goes into the account.

It is up to you to make sure that your life insurance policy is up-to-date. You should review your policy regularly. If you need to make adjustments, the independent insurance agents at Fida Insurance Group in Monroe, CT can help you add or change your coverage.

Does Home Insurance Cover Injury to Visitors?

Everyone loves having visitors to their home but there is always the what if, what if they get hurt, how will I pay the bills, how will the issue be resolved? What most people do not know is that if someone is injured on your property or in your home, if you are insured, they are covered as well. For those in the Monroe, CT area, the agents with Fida Insurance Group can explain further.

Insurance on your home works to help protect you from any event that might happen. This means that it also protects you if your visitors are injured while in your home. This means that they will not be able to sue you personally but rather can file a claim with your homeowner’s insurance to help cover their medical costs. There are some stipulations, however.

The first is that they have to have been injured as a result of something in your home or your property itself. If they are stung by a bee, for instance, this would not be covered simply because it is a force of nature. If they fall into a hole on your property however and break their ankle, their claim would be covered. Similarly, if there was a tornado and they were in your home when it occurred and were injured the home and your visitors would both be covered.

The best way to see if you are insured is to talk with an agent and go over everything that the policy covers. As a general rule, homeowner’s insurance is in place to help maintain and protect the home as well as protect the homeowner. For those that live in the Monroe, CT area, the agents with Fida Insurance Group can go over each and every eventuality and help you find out just what your policy covers or what it might be lacking.

Is Liability Enough?

Liability is probably not enough to protect your business. Every industry, every business comes with its own unique set of risks, and while liability is near-universally required across the board for safe operation, there are few businesses for whom liability covers every single base. If you are working in a service field, and your equipment is cheap to replace, if you have any equipment at all, then an extensive liability plan might be enough. This describes a few categories of adviser and counselor and consultant, but not much else in Monroe, CT.

The foundation of safe operation in any business with a physical location is commercial insurance. Commercial insurance does for your company what homeowners insurance does for your house, essentially protecting all of the physical assets contained therein. This means that if there’s a fire or a break-in or something like that, then you will be covered in more instances than not. If you have anything at all within your physical location that you cannot afford to replace on your own dime, then commercial insurance is an absolute must.

Fida Insurance Group specializes in helping business owners connect with policies that fit their needs in Monroe, CT and elsewhere, and if you’re still shopping around for commercial insurance, or looking to get a better deal than your current provider allows, then it may be worth a call to see what’s available for you.

Although different businesses require different types and levels of insurance, it is incredibly rare that any company that can safely go without any protection at all. Fida Insurance Group can help to make sure that you are not working without a net.

Two Reasons You Need Full Coverage on Your Vehicle

Deciding on what level of coverage to get for your vehicle is a tricky process. Of course, getting full coverage is always the ideal, but if you have an older car or don’t drive very much, you could save money by getting comprehensive coverage. So, when is it a good idea to get full coverage for your car?

1. When it’s a lease – Full coverage is usually mandatory with a lease agreement. The dealership wants you to be fully covered in the event that it is damaged because they still technically own it. If your vehicle is totaled during its lease, the insurance company will replace it with a new car of the same model. Ask about the insurance requirements before you lease any vehicle. 

2. A New Car – A brand new car is best insured under full coverage auto insurance. It is probably one of your most expensive assets and its value drops dramatically once you take it off the lot. If you don’t have it fully insured you could lose a lot of money because of the value of the vehicle against what you get back for it after the accident. Always factor in the increased price of full coverage insurance when purchasing a new car. If you don’t, you could unknowingly go over your budget. 

Of course, if you can afford full coverage, you should have it on any vehicle that you can. There is no downside to being full insured besides the fact that it might cost a little bit more. Some cars are not valuable enough to justify the monthly premiums on full coverage insurance. If you have questions about this type of coverage and want to learn more, contact an insurance specialist at Fida Insurance Group in Monroe, CT so they can guide you to the right decision on your auto coverage. 

Do You Have Sufficient Home Coverage for Storm Damage?

Fierce winter storms can cause extensive damage to your Monroe, CT home. With home insurance from Fida Insurance Group, you can rest assured that your home and personal effects are protected against severe storms. If you live in an area where storms are prevalent, you should ensure you have adequate protection to meet your needs.

What Aspects of Storm Damage does Home Insurance Cover?

The average home insurance policy covers damage to your home structure and personal belongings due to inclement weather. This includes damage caused by falling trees or debris caused by severe winter storms, heavy rains, hail, winds and tornadoes or fire caused by lightning strikes. The amount of protection should coincide with the value of your property.

Flood protection is generally not covered within a standard home insurance policy. If you live in a flood zone, you should obtain flood insurance to protect your investment.

If storm damage makes your home unsafe to live in, loss of use insurance could cover your living expenses while your home is undergoing repairs. You can discuss this coverage with your insurer to get a better understanding of what it has to offer.  

Home Upkeep Essential to Receive Coverage

Home maintenance is essential to getting the storm damage protection you need. If your house is in disrepair or suffers extensive wear and tear, your insurer could refuse your storm damage claim, stating that poor maintenance contributed to the damage. Keeping up with home maintenance to include roof repairs, regular cleaning of gutters and replacement of worn windows and doors reduces the risk of severe storm damage to your home. It also makes it easier to file for a storm damage claim if and when you have need.    

For more information on how to obtain the best storm damage protection for your property, contact your Fida Insurance Group agent today.