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.

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.

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.

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.

Business insurance is a type of insurance that protects businesses from potential financial losses resulting from events such as property damage, business interruption, or liability claims. In short, it helps businesses to protect themselves against risks that could potentially cripple their operations. But how does business insurance work? Let’s take a closer look.

Generally speaking, there are four types of business insurance:

General Liability Insurance (GLI) – This type of coverage helps protect a business from claims such as bodily injury or property damage that occurs at or around the business premises.

Commercial Auto Insurance – This coverage generally includes car insurance for vehicles used for business purposes or owned by your company.

Workers Compensation Insurance – This type of insurance helps pay medical expenses and lost wages when an employee is injured during work duties.

Business Owners Policy (BOP) – This type of insurance combines liability, property, and other coverage into one policy. It’s a customized bundle of business insurance policies designed to meet the business owner’s specific needs.

Two main components make business insurance work:

The Insurer – The insurer helps protect businesses from financial loss in the case of an accident or covered claim. Basically, they act as a "buffer" between you and third-party claims. When you purchase an insurance policy, you are entering into what’s called a contract of indemnity. Basically, that contract states that you (the insured) will abide by the policy rules. The insurer then promises to pay for covered expenses in the event of an accident or claim on your behalf.

The Policy – The policy is a legal contract that helps protect you from potentially devastating financial losses. The policy usually includes a section called "Exclusions," which outlines events or actions that are not covered by the policy. And depending on the type of business insurance, there may be additional sections to read through regarding specific limitations and exclusions for each kind of coverage.

Business insurance is a valuable asset to the success and growth of your business. Luckily, Fida Insurance Group is dedicated to helping businesses in Monroe, CT, find suitable insurance policies at competitive rates. Contact Fida Insurance Group today for more information on how you can protect your business.

When people are traveling, they often choose to rent a car. Having a rental car makes your trip easier and more flexible. If you have never rented a car before, you probably have a few questions about the process, especially where insurance comes into play. Here are a few things Fida Insurance Group, serving Monroe, CT, wants to ensure you know ahead of time. 

Know Your Insurance Coverage

When you have a rental car, you want to ensure you and the car are thoroughly protected in the event of an accident. Although the rental car company will offer their own insurance coverage, it may not be needed. This is because the bulk of comprehensive auto insurance policies will cover the rental vehicle. 

Before you simply assume that your insurer covers rental cars, speak to your agent. The last thing you want is to not have any kind of coverage at all when you hit the road.

Inspect the Car Thoroughly

Before you leave the rental car’s parking lot, make sure to inspect the car well. This is important because you will be held liable for any form of new damage that occurs while the car is in your possession. You also want to ensure all of the car’s features work properly. If anything is amiss, make sure to let them know. 

Get Familiar with the Rental Car

Because you are driving a vehicle that you’ve never driven before, it may react differently. For instance, some cars have really soft brakes, while others are incredibly touchy. The car may also accelerate differently than the vehicle you are accustomed to. 

You also want to become familiar with all of the car’s features, such as the radio, air conditioning, windshield wipers, cruise control, etc. This ensures you know how to operate these things before you are driving 70 mph down the interstate. 

If you are considering renting a car, reach out to Fida Insurance Group, serving Monroe, CT, to find out about your specific coverage.