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How to Leave a Legacy through Life Insurance

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Your legacy – what will it be, and how will you be remembered when you pass? A guaranteed death benefit provides financial support when your loved ones need it most. The policy benefits can be used to buy property, provide for the family, pay for college tuition, trips, or whatever your loved ones choose, but one thing you can count on – the legacy you leave with life insurance will be appreciated as an act of love. The income from a life insurance policy is usually tax-free, liquid, and not subject to a lengthy probate.

These policies are customized to match the needs of the individual. The death benefit paid through life insurance can provide for your loved ones in a manner that the rest of your estate cannot. Life insurance death benefits are generally not taxed and paid rapidly. The rest of your estate may need to go through probate, which can take months or years for larger, more complex estates. Your life insurance death benefit allows your loved ones to continue to be financially secure when you pass away.

A Legacy for Your Favorite Charitable Organization
Giving back to your religious institution or charity can allow your legacy to live on. This process may involve naming a trust as the beneficiary of your policy with instructions to pay a predetermined amount of the benefit to the charity of your choice.

A Scholarship as a Your Legacy
You may want to establish a scholarship for an educational institution you believe in, or your alma mater. These scholarships benefit worthy students who show promise but cannot afford the cost of tuition. A scholarship can be set up in several ways, but typically requires a donation of at least $25,000, which is added to the school’s scholarship fund. A life insurance policy is an ideal way to establish a scholarship as a legacy.

Create a Park or Child’s Playground as Your Legacy
A life insurance policy can be purchased to benefit your city or town, to establish or rebuild a park or playground. City funds are always in high demand, and the parks and child playgrounds may be in disrepair, or there are simply not enough. Your life insurance policy death benefit can go to a trust that allocates the money needed to create a more aesthetic environment where children can play safely in your city or town.

Your Loved Ones
You don’t need to be a wealthy individual to leave a legacy to your loved ones. The earlier in life you purchase life insurance, the lower the premiums. If you are a parent with young children and in good health, putting a life insurance policy in place is a crucial aspect of your financial planning. Should a sudden accident occur, your loved ones will not suffer a financial disaster but will have the wherewithal they need? A portion of the life insurance policy can be used to pay any taxes owing on your estate, so your loved ones are not forced to sell their home or property to cover a final tax bill.

Is it time to put a life insurance policy in place? Our local agents can help you find the ideal legacy life insurance policy to suit your budget and wishes.

7 Mistakes Small Business Owners Make When Filing Claims

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As a small business owner, you have consistently paid your insurance premiums. When the time comes to file a claim, it can be a shock to have your claim denied and be forced to pay out of pocket – especially when you believed you were covered. These are the most common mistakes small business owners make:

Failed to Understand Covered Perils
Insurance policies cover specific “perils” only. Business owners may believe they are covered when a facility is damaged by flood, fire, earthquakes or other natural disasters – but this may not prove to be true. You need to know what your policy covers and understanding the small print is not easy. Talk to an insurance agent and ensure you fully understand what is covered, and what is not, and put a policy in place to fill the gaps.

Failing to File a Claim Quickly
If you wait too long to file a claim, it makes the entire process far more difficult and can lead to having a claim denied. Rather than attempting to repair your restaurant, call your insurance provider so an adjuster is dispatched to your facility as quickly as possible after the event.

Failing to Fully Document the Damage
Ensure you take pictures and videos of every area that was damaged. The details of damaged equipment, inventory, or goods must be very thorough. Keep a log of your conversations with your insurance company, and copies of any correspondence. Your insurance company is far more likely to pay what you deserve under the terms of your policy when the losses are thoroughly documented.

Discarding Damaged Goods
If you throw away the damaged goods, you may lose the ability to recover compensation for the loss. You have taken images and video but must retain the damaged goods so that the insurance company can confirm the losses.

Admitting Fault
You may believe you are at fault in some way if someone was injured on your property. Never admit fault as this could cause your insurance company to deny your claim. Allow the investigation into what happened to proceed without admitting fault.

Failing to Cooperate with your Insurer
Your policy will state that you must cooperate in the investigation into what occurred. When they ask for documentation, you need to be prepared to send it to them in a timely manner, including video, pictures, and receipts. If you wait or fail to send this information, your claim may be denied, or it will take far longer for any claim payment to arrive.

Paying Claims Out of Pocket
If a customer slips and falls and is injured on your property, you may feel inclined to pay their medical bills – a mistake. Your insurance policy will not reimburse you when you try to recover the cost. Many policies bar policyholders from making these payments, and if you do, your claim could be denied.

Your Business Insurance
You need to understand your business coverage, and our friendly, local agents can review your policies to ensure you have the coverage you need, at the lowest rates possible.

6 Tips to Prepare for Power Outages

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We rely on electricity to stay warm, keep our homes illuminated, cook, heat or pump water, and to keep us entertained on our TVs and other devices. A power outage can be a short-term annoyance or last for days. It is worthwhile, with weather systems changing, to have a plan in place, so your family stays safe in a lengthy power outage.

Keep a Supply of Ready-to-Eat Food and Drink on Hand
The last thing you need is to run out of food and drink during a power outage. Have a supply of canned foods, protein bars, dried fruit, peanut or other nut butters, canned juices, cereal and non-perishable milk or non-dairy milk, and plenty of water in your home that you are prepared.

Create an Emergency Kit
Every home should have an emergency kit that is fully equipped with everything you may need if a lengthy power outage occurs. Supply it with a first aid kit, water purifying tablets, flashlights, space blankets, a battery-operated radio, batteries, a battery-operated cell phone charger, and extra prescription medications that may be needed in an emergency.

Equip Your Home with a Safe Power Generator if Possible
You can keep your basic home systems functioning if you have a home generator, but ensure it is out-of-doors and if it is a gas generator, so no exhaust fumes enter your home. If a gas generator, keep a safe supply of fuel in an area inaccessible to children and away from any source of heat.

Check on Your Neighbors
It is important that you help your neighbors, should they need it, particularly the elderly. Check on them and provide any help needed, such as contacting their relatives, providing food, or other assistance. When a long-term power outage occurs, the community needs to pull together.

Stay Together
Keep your family together if you plan to venture out. Losing track of a family member can be dangerous and extremely stressful. If your home is cold due to a power outage, staying close together will also help you stay warm.

Surviving a Heatwave
A power outage during a heatwave is particularly dangerous for everyone, particularly the elderly and babies. Prepare to leave your home if needed. Keep ice in your freezer and an ice chest so that if the power is out, some foods and critical medications can be kept cold. Apply bags of cold ice and water to the neck, head, and other body areas, and drink plenty of water. Find a local cooling station if possible. Keep your vehicle full of gas, rather than running it down to empty, as if a power outage occurs, you will be unable to fill it.

Power Outages and Your Insurance Coverage
Your insurance coverage can become an important matter if your home has been damaged due to a fire, flood, earthquake, storm, or other natural disasters. It is important that you understand the coverage you have, and that you and your family are protected in the event of a disaster that leads to a power outage or other challenging situation. Contact our local agency to speak with one of our team. We are happy to look over your policies and ensure you have everything you need to protect your home and family at the lowest rates.

Give the Gift of Life Insurance this Holiday Season

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The holidays are coming, and you may be wondering what to give your children or grandchildren. Life insurance can be the ideal gift. When purchased for a younger person, the cost of premiums is far lower. Whole Life insurance has the benefit of being an asset that can be borrowed against, provide tax benefits, and financial security.

Buying an Insurance Policy for a Child
Purchasing an insurance policy for a child under eighteen is a terrific way to lock in low premiums when a child is healthy and will help ensure they qualify for life insurance later, even if a health condition develops. You will need to pay the premiums for the child until they enter the workforce, or you can continue to pay the premiums. Once the child reaches adulthood, you can transfer ownership of the insurance policy to them. The cash value of the policy can help the person pay for college or afford a down payment on a first home.

Buying Insurance for an Adult Child
If your child is already an adult, buying them the gift of a life insurance policy can help them gain more financial security if the unexpected occurs. The death of a father, mother, husband, or wife can leave the family struggling to survive. That is when life insurance is particularly meaningful, as the benefits are issued rapidly and will be needed, particularly if the estate must go through probate or a large final tax bill is owed.

How to Buy Life Insurance as a Gift
To purchase a life insurance policy for another person, you must have what is termed an “insurable interest” in that person. This is the basis for the purchase of all life insurance policies. A family member may suffer financial stress when a family member dies or is incapacitated. The policy cannot be written without the knowledge of the insured, or in the case of children, the parents. Purchasing life insurance for a young person can provide many significant benefits.

Giving to Your Charity: A Holiday Life Insurance Gift
You can purchase a life insurance policy to benefit your favorite charity or religious institution. Upon your death, the benefits from the insurance policy flow to the charity, providing much needed – and appreciated – financial support to the group. While you are living, you remain the policy owner and pay the premiums, and name the charity of your choice as the beneficiary. You can also name more than one beneficiary, so the death benefits go to more than one person or charity. This strategy can provide some tax advantages as well.

Gifting a Life Insurance Policy
When considering what to purchase for your loved ones for the holidays, a life insurance policy may not be top of mind – but these gifts are appreciated. The best policies are whole life policies, as they build a cash value over time, and become an asset that can be borrowed against by the owner. Should the covered person pass away, the cash benefit is paid without incurring any tax liability.

Need Help?
If you need help buying an insurance policy as a gift, our friendly local agents can explain your options, and find the policy that will work best for you and your budget, and provide the best benefits to your loved ones or the charity of your choice.

How to Choose the Right Restaurant Insurance

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If you own a restaurant, you know the importance of carrying the right insurance to protect your investment. It can be challenging to choose the best possible business insurance policy for your restaurant, and we are here to help. Read these tips about restaurant insurance to help avoid a financial disaster if something goes wrong.

Risk Factors Specific to the Restaurant Business
A restaurant has several risks specific to the industry. These include the risk of patrons becoming ill after eating at a restaurant, the risk of employee theft, the costs associated with expensive damage to appliances, or fire. All potential risks must be covered in your business insurance policy and other additional policies when needed.

Types of Business Insurance for Restaurants
Several types of policies should be in place to provide the best protection for your restaurant:

  • General Liability Insurance: This insurance (often called business liability insurance) protects your business should a patron or employee be injured, or their property damaged while at your facility. This insurance pays for the legal costs of defending against a lawsuit, medical expenses for any person who is injured on your property, and for judgments and settlements, up to specific limits.
  • Liquor Liability Insurance: If you serve alcoholic beverages, ensuring your restaurant is covered should a guest injure another person, your restaurant could be named in a lawsuit. This coverage protects against this eventuality.
  • Commercial Property Insurance: This type of restaurant insurance can be a lifesaver. The insurance covers the costs related to fire damage to your facility or equipment, or the cost of replacing stolen items.
  • Business Interruption Insurance: This coverage protects against external factors that impact your ability to do business. When a covered peril leads to the need to close your restaurant for a period, this insurance covers direct physical loss or damage.
  • Food Contamination Insurance: This insurance, often called “food poisoning insurance” protects you should a patron become ill after eating at your restaurant. Whether the problem occurred due to contaminated ingredients from a vendor or some error in your restaurant, you will be covered.
  • Auto Liability Insurance: If you deliver food and use a driver from your restaurant, you must have auto liability insurance to ensure you do not face a financial disaster if the driver gets into an injury accident.
  • Machinery Breakdown Insurance: Restaurant equipment is costly, and so are equipment breakdowns – you may be forced to shutter your restaurant when equipment fails. Machinery breakdown insurance covers the cost of machinery repair or replacement. This insurance should cover the cost of replacing perishable goods destroyed when a freezer or refrigeration unit fails.

When You Need Help, Call Us.
Some insurance policies are “bundled,” providing a combination of coverages. When you need to understand the fine print, not overpay when you don’t need to, and ensure you have the best coverage for the lowest price, contact our local team of agents. We will review your existing policies and search out the most affordable options with the best coverage to help you keep your bottom line reasonable.

Heading Out of Town? Remember These Driver Safety Tips

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Americans love their road trips and head out in vast numbers to visit relatives, camp, fish, hunt, visit resorts and theme parks, or enjoy our beautiful country. Before you leave town on your road trip, take the time to review these driver safety tips – they could save a life.

A Vehicle Check-Up
Before any long trip, ensure your vehicle is in top running condition. Have a professional mechanic check the brakes, lights, windshield wipers, and the condition of your tires, and other systems so you are less likely to have a breakdown or be involved in a dangerous accident.

Prepare for the Weather
Every region of the USA has unique weather conditions, from unbearable heat in the South, to rain, snow, and ice in the North and East. Wherever you plan to travel, take the weather conditions into account. Encountering a blizzard while traveling to visit family for a holiday can be a frightening experience, particularly if you are unfamiliar with winter driving conditions.

A significant percentage of auto accidents occur in inclement weather. Ensure you are equipped for any weather you may experience by bringing flares, extra blankets, water, and food. If you encounter severe weather conditions, pull over, or stop for the night rather than trying to reach your destination. If you are in an accident with another vehicle or your car, SUV, or van breaks down, it could be many hours before help arrives.

Emergency Supplies
Never leave on a road trip without emergency supplies in your trunk or in your vehicle. These would include a portable cell phone charging device, flashlight, blankets, flares, water, imperishable food such as protein bars, and a first aid kit. A small shovel can prove to be a lifesaver if you are stranded in a snowbank. Always ensure that if your vehicle is running, that the tailpipe is free from snow to avoid the risk of exhaust fumes entering your vehicle while you try to stay warm.

Get Enough Sleep.
Driving long distances takes energy and focus. Never start a road trip without ensuring you have had enough sleep. If you get tired during your travels, don’t push it – pull over and rest. Drowsy driving is as dangerous as drunk driving, as reported by the NHTSA.

Follow the Rules of the Road
You may want to get to your destination as fast as possible, but ensure you are aware of the speed limits and follow the rules of the road. The speed limits posted are not safe in harsh weather, so slow down. Always use your signals to change lanes and be particularly careful if you are on a highway with many commercial trucks. Be a road safety fanatic.

Children and Vehicle Safety
If you have young children, it is natural that they are easily bored on long road trips. Ensure that they are safe and snug in an approved car seat, and if they need a break, stop – but keep them secured in a car seat while the vehicle is moving, in every case.

Ensure Your Insurance is Up to Date
Your personal insurance policies can be a lifesaver when something goes wrong. If you are planning a road trip, we invite you to meet with one of our local agents to review your coverage and make sure you have all the insurance you will need if an emergency occurs while on the road or away from home.

The Sooner You Take These End-of-Life Considerations into Account, the Better

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No one really wants to prepare for their own death. But planning for your estate is an important aspect of your financial strategy. The sooner you have the basic documents in order, the better for your family’s financial future. The following are basic estate planning documents you may want to include in your package.

Will

Your Will dictates who will receive your assets when you die and under what conditions. If you have minor children, you can name guardians for them in your Will. You can also name an executor or personal representative to carry out the instructions in your Will and trustees to manage trusts created under your Will.

Revocable Trust

A funded revocable trust can be created to ensure a trustee of your choosing can act on your behalf in case you become incapacitated during your lifetime. A revocable trust also allows you to avoid probate, because the assets are transferred to the trust before your death.

Power of Attorney

A power of attorney gives your attorney-in-fact (the person you name) the authority to act and sign documents on your behalf. Your attorney-in-fact may need to act for you if you become incapacitated or if you are traveling and unavailable to act for yourself. You may want to have a revocable trust in place for investment management purposes and a power of attorney for other purposes, including handling assets not transferred to the trust.

Health Care Power of Attorney

Also known as a health care proxy, a health care power of attorney gives someone you select the power to make healthcare decisions for you if you are unable to do so. For example, if you were in a coma, your health care proxy (the person named in your health care power of attorney) could make decisions for you regarding the treatment options presented by your doctors.

Living Will

This document is designed to clearly state your wishes with respect to your treatment in specific health situations to your medical providers and your health care proxy. Depending on your wishes, it may include a do-not-resuscitate (DNR) order. This is a directive to hospital staff and health care professionals not to perform cardiopulmonary resuscitation (CPR) if your heart stops or you stop breathing.

Irrevocable Life Insurance Trust

The purpose of an irrevocable life insurance trust is to receive and hold life insurance proceeds. It allows these funds to be available to your beneficiaries without being included in the taxable estates of either you or your spouse. An irrevocable life insurance trust can be particularly helpful if your surviving family members need money soon after your death for living expenses or to pay estate taxes.

Life Insurance Policy

Of course, you also need a life insurance policy to provide the death benefits that go into your irrevocable life insurance trust. Buying life insurance is a good way to make sure your family is provided for after your death. There are many different life insurance options. If you do not currently have a policy or want more life insurance coverage, our knowledgeable agent can help.

How to Promote Your Brand for Small Business Saturday

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Small Business Saturday is celebrated every year on the Saturday after Thanksgiving. In 2021, this holiday falls on November 27. This is the day set aside to support small businesses in the U.S. It was started by American Express in 2010 to bring more holiday shopping to small businesses.

In 2016, 112 million consumers across the nation participated in this event by shopping and dining with small businesses, as stated on businesswire.com. This upcoming holiday is a great opportunity to promote your brand, and here are some ideas on how to do it.

Offer Special Promotions

Many consumers like to shop on Small Business Saturday to have fun, save money, and get ahead on their holiday gift-buying. Special promotions can help your business stand out from the crowd. For example, you can offer:

  • A free gift with a purchase
  • Bundled services and/or products suitable for gifts
  • Sale prices on specific products or services
  • Buy one, get one free, or buy one, get one at a discount specials

Market By Email

Use your email list to let people know in advance what your business is planning for Small Business Saturday. This is a great cost-effective way to promote your specials and help bring customers into your business. As luck would have it, American Express provides email marketing templates specifically for Small Business Saturday, in addition to other resources, according to your industry.

Use Social Media

Post on your social media profiles to promote Small Business Saturday and other specials. You might want to upgrade your profiles with new cover photos for the occasion. American Express makes resources available for profile updates. As another option, you can use Canva to create graphics that will promote your brand.

Cross-Promote

Cross-promotion involves promoting different brand products with similar audiences but not in competition with each other. It can help boost sales and create brand awareness. It provides a way for businesses that do not compete to cooperate for mutual benefit. With cross-promotion, it is important to choose the right partner and select the best channels for promotion.

Utilize Business Directories

Set up a Google My Business account or update your business profile to capture attention from consumers and to connect with your customers. You can also use the small business directory provided by American Express to help drive customers in for Small Business Saturday shopping. Properly optimized business directories can significantly increase foot and website traffic.

Use Local Media

Publish a write-up for Small Business Saturday in a local newspaper or online publication. For example, it could be an article on the history of your business or a piece on the importance of Small Business Saturday and the role of small businesses in the economy. End your article by promoting your specials for the holiday.

If you own a small business, you undoubtedly know the importance of having the right business insurance to protect you against various risks. Our agent can help ensure your small business has the insurance coverage it needs.

How to Keep Your Pets Happy and Protected

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Having pets is both a joy and a responsibility. Our four-legged friends become members of the family whose health, happiness, and safety matters a great deal. The following tips can help you keep your beloved pets protected, while also keeping them happy.

Don’t Share Food With Your Pets

A number of the foods we eat can be harmful to animals. For example, dogs should not be given chocolate, grapes, onions, garlic, avocados, caffeine, or xylitol. Chives, shallots, leeks, scallions, onions, and garlic are particularly harmful to cats. The list of potentially harmful human foods is long, so it might be best to stick with dog or cat food, unless you are certain a food is safe for your pet to eat.

Give Them Good Food

Proper nutrition is critical to your pet’s health. Ask your vet’s advice on which brands to buy, and don’t skimp on quality.

Pet-Proof Your Home

Like children, pets can be playful, inquisitive, and mischievous. Just as you would childproof with a toddler, you also need to pet-proof with a cat or dog. Keep plastic wrappers, cords and wires, toxic plants, and small or sharp objects away from your pets. Do this in your yard as well as your home.

Spend Time With Your Pets

Animals get bored and lonely, the same as humans. It is important to play with your pets, take them for walks, and give them love every day. Exercise and a change of scenery can make a world of difference in your pets’ state of mind. You can also help keep them entertained by giving them fun toys to play with.

Keep Up With the Grooming

Pets need bathing, brushing, nail clipping, and regular dental care – just as we do. Maintaining a regular beauty care routine can help keep your pet looking and feeling fantastic.

Put a Collar On Your Pet

Collars are important for several reasons. They let other people know your pet has an owner who they should look for if your pet somehow escapes. They provide a way for another person to gently restrain your pet if necessary. Collars also provide a place to put contact information in case your pet should become lost.

Provide Preventative Care

Preventative care consists of little things that can make a big difference to your pet. These include vaccinations, parasite control, microchipping, and ID tags. Preventative care coverage can be added to a pet insurance plan. It covers services such as screenings and wellness exams that help your vet detect any health issues early.

Purchase a Pet Insurance Plan

Health insurance is essential for humans, and the same is becoming true for pets. If your dog or cat becomes ill or injured, you naturally want to provide the best of care. A pet insurance plan can make pet healthcare more available, including treatment for illnesses, injuries, and wellness care. Our agent can help you find a pet insurance plan that provides the most pet healthcare coverage for the best available price.

Employer-Provided Life Insurance: What You Need to Know

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Life insurance is a popular feature of employee benefits packages. Many employers provide basic group life free of charge to their employees. More Americans have workplace plans than individual life insurance plans, as reported in a NerdWallet article.

If your employer offers free or low-cost basic group life, there is no reason not to accept it. Enrollment is automatic in some cases. Although it is a great perk, there are some things you should know about employer-provided life insurance.

It May Not Be Enough Coverage

Coverage amounts are low with group term life insurance, typically ranging from $25,000 to a multiple of the employee’s annual salary. Death benefits may not be enough to protect your family if something should happen to you.

You may be able to purchase supplemental life insurance through your work plan. Although coverage is usually guaranteed with basic group life, you may have to complete a health questionnaire to get supplemental life insurance, and the results will be used to determine your eligibility and rates.

The Policy May Not Be Portable

Coverage with employer-provided life insurance is usually tied to the job. If you leave your current employment, you may not be able to take the policy with you. Although you may have the option to convert your group policy to an individual life insurance policy, the cost could increase significantly.

You could buy a policy on the open market, but the cost goes up as you grow older. If you leave your job 10 years from now, lose your group life insurance, and purchase an individual policy to replace it, your premiums will be higher than they would be if you bought life insurance today.

Your Choices Are Limited

Most employer-provided life insurance is a type of term life. This type of life insurance covers you for a specified term, such as 10, 20, or 30 years. You probably won’t have the option to buy permanent life insurance through work. Most employers work with only one insurance carrier, which further limits your policy options. If you are interested in purchasing permanent life insurance, such as whole life or universal life, speak with our knowledgeable agent.

Your Spouse May Not Have Sufficient Coverage

Your employer’s benefits package may not provide life insurance for your spouse. Even if it does, the coverage amount is likely to be a minimal $100,000. A spouse’s death can put a huge strain on family finances, even if the deceased spouse did not work or earned a lower amount.

You May Get More Value For Your Money Elsewhere

If your employer offers free basic life insurance, naturally you will want to take advantage of it. But what about supplemental life insurance available through your work plan? You are paying for this coverage, so it makes sense to shop around.

If you can find an individual policy that suits your needs for a comparable price, or even a little more, it may be your best option because of its portability. Our agent can help you find the right life insurance policy to protect your loved ones.