Life Insurance may be one of the most important purchases you will ever make. In the event of a tragedy, life insurance proceeds can help pay bills, continue a family business, finance future needs like your children's education, protect your spouse's retirement plans, and much more.
If someone depends on you financially, chances are you need life insurance. Life Insurance provides cash to your family after your death. This cash (death benefit) replaces your income and can help your family meet many important financial needs like daily living expenses, child care, mortgage payments and college savings. Also, there is no federal income tax on life insurance benefits.
There are many kinds of life insurance, but they generally fall into two categories:
Term Insurance: Term Insurance is designed to meet temporary needs. It provides protection for a specific period of time and generally pays a benefit only if you die within that term. This type of life insurance often makes sense when you have a need for coverage that will disappear at a specific point in time, such as when your children are grown or when your mortgage is paid off.
Permanent Insurance: Permanent Insurance provides lifelong protection. This type of life insurance accumulates cash value and is priced for you to keep over a long period of time. As long as you pay the premiums, have no loans, no withdrawals or surrenders are taken, then the full face amount will be paid to your beneficiary.
Your business is important to us. Executive Insurance Group can offer a wide array of Commercial Lines coverage for all types of businesses - both large and small.
Homeowner insurance policies are designed to cover a homeowner's personal liability to others in areas of bodily injury, and property damage to your home or premises by a specified peril listed on your insurance policy.
Homeowner property coverage protects your dwelling, other structures, contents/ personal property, and loss of use. These coverages stack on top of one another.
Many types of personal property are NOT covered on a homeowner policy.
- Animals, birds, fish
- Motor vehicles other than those used solely to service the premises or designed to assist the handicapped
- Aircraft, except hobby or model aircraft
- Property of roomers, unless related to the insured
In addition to your home property coverage listed above, all homeowner policies contain several additional coverages, most of which are in addition to your homeowner policy limits. These additional coverages are included in your homeowner policy.
The state of Ohio requires anyone who is licensed to be financially responsible for themselves, passengers in their car, and others in case of a collision.
A Personal Auto Policy is the broadest type of auto policy sold.
A Commercial Auto Policy is very similar, except it is designed for vehicles in commercial use, such as pickup and delivery of goods or merchandise. Generally a Commercial Policy is more restrictive than a Personal Auto Policy.
Auto Insurance rates depend on who is driving the car and where the car is being driven. Rate classifications are based on age, gender, marital status, credit score, and where you live. Safe driving skills help keep your auto insurance premium low in cost.
Executive Insurance Group can write Health Insurance for both business and personal.
Basic coverage for tenant/renter insurance includes:
- Personal property
- Loss of use
- Building additions and alterations
- Personal liability
- Medical payments
Farm & Ranch insurance coverage requires special policy forms to reflect the differences between farming and other types of businesses. These forms (endorsements) combine the residential and business protection necessary to properly cover farms.
Homeowner policies do not protect against flood damage. Flood protection is administered by the National Flood Insurance Program and not your home insurance carrier.
If you carry comprehensive coverage on your automobile/recreational vehicle, the direct, sudden damage resulting from flood water would be covered under the terms of most policies.
Boatowner coverage will give you peace of mind on the open water. A boatowner policy offers the basics, such as coverage for liability and medical payments to others, physical damage, equipment and accessories, and wreck removal.
Optional Boatowner coverages are emergency service, personal effects, uninsured watercraft, medical payments for you and your family, and loan gap coverage (to pay off your boat in case of a total loss).
You can receive discounts on your boatowner policy if you are loss free, have completed a safety course, have safety devices on board, and you hold other policies with the same company that insures your boat.
Take a moment to consider long-term care insurance. Why? Because the cost of long-term care, should you need it, can quickly deplete your life's savings. Long-term care services are not just for older people. A young or middle-aged person who has been in an accident or suffered a debilitating illness may require these services as well.
Long-term care insurance pays for a wide range of services and procedures that typically are not covered by regular medical insurance. The types of care fall into three categories:
Skilled care: People with serious illnesses or injuries from which they will never recover will probably receive skilled care from nurses or professional therapists. Skilled care is provided daily, usually ordered by a physician, and involves a treatment plan.
Intermediate care: This type of care is the same as skilled care, but not provided on a daily basis. For instance, if you injured your leg and need to visit a physical therapist five times a week to help you heal, that is considered to be intermediate care.
Custodial care: Custodial care includes assistance with daily activities like bathing, eating, dressing, toileting, continence and transferring in and out of beds and chairs. Custodial care can range from in-home care provided two or three days a week, to 24-hour nursing home care.
A dwelling fire policy is sold to owners of rented dwelling structures.
A dwelling property policy can be written for a one-, two-, three- or four-family structure. There are two very important facts you need to remember about a dwelling policy-there is NO theft coverage on contents and NO liability coverage. This coverage can be added by endorsement.
Identity Theft is a crime in which an impostor obtains key pieces of personal identifying information (PII) such as Social Security numbers and driver's license numbers and uses them for their own personal gain. It can start with lost or stolen wallets, pilfered mail, a data breach, computer virus, phishing, a scam, or paper documents thrown out by you or a business (dumpster diving).
What to do immediately if you are a victim:
Contact the Social Security Administration (fraud line) at 1.800.269.0271.
Contact the Federal Trade Commission (FTC) at 1.877.438.4338. Obtain a 6 page ID theft report.
Contact your local Police Department and make an official written report.
Contact each of the following credit bureaus Fraud Divisions:
Equifax Fraud Division: 1.800.525.6285
Experian Fraud Division: 1.888.397.3742
TransUnion Fraud Division: 1.800.680.7289
Check your credit report every month for 6 months.
Check your credit report once a year for your entire life.
To get your FREE yearly credit report go to www.annualcreditreport.com
Go to www.idtheftcenter.org
for more information.
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