Baby on Board: Insurance Checkup for New Parents
If you’re about to enter the realm of parenthood, one thing’s for certain: everything in life is about to change. You’ll trade late nights out for sleepless nights in. You’ll master new skills – like changing diapers and soothing a newborn. And most importantly, you’ll have the responsibility of caring for a new member of […]
Should I have an Emergency Fund Along with Life Insurance?
Life insurance can help protect your loved ones financially in case of your death. If you have a whole life
or universal life insurance policy, you may be able to access accumulated cash value for emergency
funds during your lifetime. Even so, it is a good idea to have an emergency fund in addition to life
insurance. You never know when the unexpected will happen.
What Is an Emergency Fund?
An emergency fund is cash reserves, generally built over time, which are set aside for financial
emergencies or unexpected expenses. Without such a fund, if a financial emergency occurs, you may
have to rely on loans or credit cards or draw on retirement savings to cover the costs. A financial shock
that results in debt can have a longer lasting impact on your overall situation. An emergency fund can
help you keep your head above water in situations such as loss of a job or unexpected medical bills,
home repairs, or auto repairs.
How Can I Build an Emergency Fund?
Start with a strategy to build your emergency savings. It is best to put some money away consistently,
even if your income fluctuates or your ability to save is limited. Establish a system for making regular
contributions, for example by setting up regular transfers from your checking account to a savings account. This allows you to set aside a certain amount every week, month, or payday, so your savings
will continue to grow. If you can afford to do more occasionally, your emergency fund will grow even
faster.
It may be helpful to set a specific goal for the amount of cash you want to save. Based on how much and
how often you are contributing to savings, you can calculate how long it will take to reach your goal.
Remember to monitor your progress on a regular basis. Seeing how much your emergency has grown
can give you encouragement to continue saving.
How Big Should My Emergency Fund Be?
The amount of cash you need in your emergency fund will depend on your financial situation. Look at
the unexpected expenses you have been faced with in the past to get an idea of how large the fund
should be. For example, if your car has broken down in the past, how much did you spend on repairs?
How old is your home and what is the likelihood of unexpected repairs in the future? Even if you can
only afford to set aside a small amount for emergencies every month or every payday, it can help
increase your financial security and peace of mind.
An emergency fund can provide some financial security in case of unexpected expenses. It can help you
meet emergencies without going into debt or depleting your retirement savings. Life insurance helps
protect your family financially in case something unexpected should happen to you. Our experienced
agent can help you find a life insurance policy that fits your budget and meets your needs.
Top Three Reasons Why People Buy Life Insurance
Before you get life insurance coverage, you should understand why you need it. While there are many reasons to buy life insurance, the most common reasons include: Final expenses: Final expenses refer to any expenses related to someone’s passing. This can include a casket, funeral, preparations, memorial service, cremation and more. Life insurance for final expenses is […]
How Cold Weather Affects Tire Pressure
From corrosive road salt to slick roads, winter creates many challenges for drivers. Another one to add to the list: Tire pressure dips caused by lower temperatures. Making sure your tires are properly inflated is an important part of getting the best performance out of your vehicle – especially during the winter months. After all, […]
How to Declutter Your Home, Once and for All
While there are many benefits to downsizing, there’s an important question you have to ask yourself before you get started: “What am I going to do with all my stuff?” That’s where decluttering comes in. Simply put, decluttering is the methodical practice of removing all the unused, unwanted or unnecessary items (i.e. “clutter”) in your […]
What Happens if You Are Denied Life Insurance?
It can be discouraging, to say the least, when you are trying to protect your family by purchasing life insurance, and your application is rejected. If you have been denied life insurance, you are not alone. It happens to people every day. Keep in mind that you have options and do not give up.
Why Are Some People Denied Life Insurance?
Typically, life insurance companies deny applicants who fall into a high-risk category. This could be because of a health condition, such as diabetes or obesity, or because of an earlier diagnosis of a serious disease. What is considered risky behavior could also put you in a high-risk category. This may involve:
- Dangerous occupation
- Risky hobby (such as skydiving)
- DUIs and/or speeding tickets on your driving record
- Criminal record
- Poor financial history
- Smoking
- Failed drug test
What Steps Should You Take if You Have Been Denied Life Insurance?
If your application was denied, you still may be able to obtain life insurance. Take the following steps:
- Ask the company for more information: Life insurance companies weigh risk in determining whether to sell a policy. Contact the insurance company and find out exactly why your application was denied.
- Verify the information: Once you know why your application was denied, check to see if the information on which the insurance company based its decision is correct. They may have incorrect or insufficient medical information, or incorrect or outdated information about other aspects of your life that puts you in a higher risk category.
- Appeal the decision: If it is apparent that your application was denied on the basis of incorrect or insufficient information, you have a right to appeal the insurance company’s decision. Submit complete and timely information. In the case of invalid medical reasons for denial, ask your doctor to include as much up-to-date medical information as possible. If the denial is based on other factors, submit correct or updated information related to, for example, your current employment, your driving record, or your credit report.
What If Your Application Is Still Denied After Your Appeal?
Even if the insurance company continues to deny your application, you still may be able to purchase life insurance. As a first step, speak with our knowledgeable insurance agent. We can help you apply to the insurers that are more likely to approve your application. We can also assist you with the application and the appeal process. Our agents have experience helping higher risk individuals obtain coverage.
Another option is to obtain life insurance through your employer. You may have better luck getting coverage through a workplace life insurance plan than on your own. Group life insurance may not give you the coverage you need, but it is better than no life insurance.
For the coverage your family needs, you may want to try again later after a waiting period. For example, if your application was denied because you are a smoker or overweight, wait a year while you shed some pounds or quit smoking, then try again. For the best chance of obtaining life insurance coverage, consult with an experienced life insurance agent.
5 Unconventional Businesses That Still Need Insurance
If you own a business, you need business insurance. No matter how unconventional your enterprise is, be assured, you have some exposure to risk. With that in mind, our local Virginia agents at Bill Meador Insurance Agency are here to talk about some of these businesses. The following are unconventional businesses that still need insurance.
Dog Walker
Professional dog walkers need strength and stamina to keep up with the pets in their care. They also need financial protection in case of an accident. A basic dog walking business insurance policy should begin with comprehensive coverage, such as general liability, business personal property, and animal bailee coverage – additional protection in the event of injury, death, or damages caused by an animal in your custody or care. It may also include optional coverage such as veterinary expense reimbursement (regardless of fault) and lost key liability coverage.
Blogger
Even if you normally work from home at your computer as a blogger, you still have risk exposure. For example, another blogger could accuse you of plagiarism and take legal action against you. Someone else could accuse you of libel based on something you wrote. In the course of conducting an interview, you could accidentally cause damage to someone else’s property. At the very least, bloggers need business general liability insurance. You may also need professional liability insurance and commercial property insurance. Our agent can tailor an insurance product to suit your business needs.
Handyman
A skilled handyman is in great demand, and anything can happen in this line of work. Insurance coverage for a handyman business should protect you in case of an accident, injury, or loss. In some states, it may be legally required. A handyman business insurance policy should include commercial general liability, professional liability, tools and equipment coverage, and workers’ compensation if you have employees. In addition to the protection it provides, having a business insurance policy demonstrates professionalism to your clients.
Pet Sitter
Things can happen when you are caring for other people’s pets. An animal could be injured on your watch. You could lose a client’s keys. A pet could die because of an error made by you or someone on your staff. Pet sitting business insurance is designed to protect your business from property damage and bodily injury claims. Among other options, it should include general liability, animal bailee, and coverage for basic grooming and obedience training.
Freelancer
Freelancers are independent contractors who earn income on a per-job or per-task basis. A variety of companies, government agencies, and organizations hire freelancers. They can be found in a variety of fields, including accounting and finance, medical and health, education, training, writing and editing, and computer and IT. The business insurance you need as a freelancer will depend in part on the type of freelance work you do. At a minimum, you may need general liability, professional liability, cybersecurity, and business interruption coverage.
Today, every business is exposed to risk. No matter how unconventional your business, you need insurance for protection against loss. Our experienced Virginia agents at Bill Meador Insurance Agency can custom-tailor a business insurance package for you. Just give us a call at (540) 904-7833.
How to Avoid Costly Claims from Winter Storms
Winter storms can do serious damage to your home. In 2021, storms during the winter months caused a record $15 billion in insured losses in the U.S., as reported by the Insurance Information Institute (III). Some of the costliest winter events by insured losses from 1950 to 2021 include:
- Polar vortex
- Freezes
- Blizzards
- Winter storms
- Winter damage
- Cold waves
- Ice storms
Does Homeowners Insurance Cover Damage to My Home from Winter Storms?
Fortunately, many homeowners insurance policies cover different types of winter storm damage, including:
- Frozen pipes (not caused by maintenance failure)
- Hail and wind damage (if there is no exclusion)
- Snow and ice damage (which may not include damage from water seeping into your home)
- Fire caused by space heaters, fireplaces and chimneys, or central heating systems
- Slip and fall injuries to visitors because of icy sidewalks up to policy limits
How Can I Avoid Costly Claims from Winter Storms?
Homeowners insurance is a must, particularly in the winter months. However, filing a claim might not be your best option for every winter occurrence, as it could cause your insurance rates to go up. For the greatest cost savings, take steps to prevent winter weather events before they occur.
To Help Prevent Frozen Pipes
- Drain sprinkler supply lines.
- Drain and disconnect hoses.
- Protect the most vulnerable pipes with pipe sleeves or heat tape.
- Insulate pipes located in unheated areas, such as attics, basements, garages, and crawl spaces.
- Keep your home heated. If you go out of town, set the thermostat at 65°F or higher.
- Keep your garage doors closed.
- In extremely cold temperatures, let cold water drip from the faucet.
To Help Minimize Snow Melt and Prevent Ice Dams on Your Roof
- Install adequate insulation so heat remains in your home instead of escaping through the ceiling.
- Ensure your attic is ventilated so cold air from outside can enter. If the attic becomes too warm, it can cause snow on the roof to melt, which can refreeze at the eaves, forming an ice dam.
- Seal any gaps to prevent heat in the home from escaping into the attic.
To Help Prevent Winter Fires
- Keep any heating device at least three feet away from any item that could catch fire.
- Do not leave heaters unattended.
- Follow manufacturer’s instructions when using heating equipment.
- Have your chimney cleaned and inspected by a professional before the start of the winter season.
To Help Prevent Windstorm Damage
- Inspect the exterior of your home for anything that may be loose, including shutters and gutters.
- Bring in or remove anything outside that is not firmly attached, such as outdoor furniture, shade umbrellas, garden ornaments, and children’s play items or equipment.
- Prune the trees around your home to help prevent flying branches in high winds.
In case of major winter storm damage, it is important to have the right homeowners insurance to cover your losses. Our friendly agent can help you find the coverage you need at the most affordable rates.
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