A Guide to Gifting Loved Ones with Life Insurance

Can you give life insurance as a gift? Yes! It is a meaningful and touching way to show how much you care. Here are a few quick things to know about purchasing life insurance as a gift this holiday season.

Why Life Insurance Can Be the Perfect Gift

Gifts are a joy to give and receive, but giving a life insurance policy can be surprisingly meaningful. These policies provide something unique: long-term security. Unlike the usual sweaters, slippers, or even pricey devices, life insurance offers financial protection, and some policies increase in value and can become a valuable asset. It is truly a gift that keeps on giving.

Types of Insurance for Gifting

Term Life Insurance: The most affordable option, term life insurance covers a set period with a guaranteed payout to the policy beneficiaries if the insured individual should suddenly pass away—and provides tax-free income when it is needed most.
Whole Life Insurance: This insurance offers lifelong coverage that becomes an asset over time. Over time, these policies allow you to borrow for future financial needs such as college tuition.
Universal Life Insurance: These policies offer more flexible premiums, adjustable death benefits, and earn interest and cash value.

Three Ways to Gift an Insurance Policy

Buy a new policy: If you want to purchase a policy for a loved one, they are protected in life’s most difficult situations.
Transfer an existing policy: If you already have a policy, you can work with one of our agents to update your beneficiaries to suit family changes or convert a term life policy to whole life.
Fund an existing policy: If your family member has a policy and is having trouble paying the premiums, you can offer to pay the premiums to keep it in force.

Discuss your desire to make a meaningful gift to a loved one with one of our experienced and knowledgeable agents, and they will walk you through the steps.

Giving to Those You Love

Because of the nature of life insurance, you can purchase a policy to give to your loved ones. Key business partners or employees can also be insured to protect your company’s financial health. When it comes to the holidays, giving to those you care about, such as your significant other, children, or other loved ones, can help them have a safer financial future.

The Gifting Process: An Overview

Here’s a simple guide to gifting a life insurance policy to someone you love:

Research: Start by comparing different policy options. Take time to understand the long-term benefits and what would be best for your loved one’s situation.
Choose: Decide on the best coverage and amount you want to give.
Consult: Work with one of our professional agents to help make the best decision for your budget and answer your questions about the best policy options.
Gift: Give your loved one a lasting gift of peace of mind. You can even make it special by placing the policy documents in a box and topping it with a bow!
Explain: After the excitement of opening presents is over, spend some time with your loved one to explain the policy and ensure they understand how it works and how you plan to fund it for them.

Giving the Gift of Peace of Mind

Life insurance is unique in that these policies show you care for years and years to come. If you want to donate to a loved one’s future well-being and happiness, speak to one of our helpful local agents today. We can walk you through the simple process so you are confident you have chosen the ideal policy to protect the people you love the most.

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Winter Weather Preparedness for Small Businesses

Winter weather can take a heavy toll on small businesses. The risks posed by storms, slippery walkways, and power outages can lead to financial losses. Taking steps to prepare your company and employees for the winter season can minimize business disruptions and claims filed for slip-and-fall accidents.

The best overall advice is to be proactive. Evaluate any risks on the property to determine where problems could arise and resolve any issues. While you know your business, here are some common areas for a winter weather preparedness plan.

Employee Safety and Communications

Create a Winter Communications Plan

Get your team on a group text or chat so that when storms hit, you have a coordinated method of informing all personnel regarding whether your business will be operating that day, so employees are updated on changes in business operations and delivery times during storms or other inclement weather.

Train Your Staff for Cold Weather Safety

If your work is outdoors, train staff to identify the symptoms of illness, frostbite, and hypothermia and what to do when these symptoms are observed. Training should include preventing these emergencies by dressing appropriately for the weather and taking regular warming breaks.

Stock a Storm Emergency Kit

Prepare for the possibility that staff and customers could have to shelter on-site in the case of a severe weather event. A standard emergency kit should include the following items:

First-aid supplies
Blankets
Non-perishable snacks
Bottled water
Flashlights and extra batteries
Phone chargers or power banks
Battery-powered radio

Public Information and Wellness

Keep Customers Informed

The storm season comes with unpredictable hours of operation. Ensure you have a communications plan to let your loyal customer base know what to expect in extreme weather. You can use social media or email blasts to keep employees, customers, and clients informed. Publicizing any storm-related closure times increases trust with customers and employees.

Prevent Snow and Ice Hazards

Keep your business safe and accessible by regularly removing snow and ice from walkways and entrances to your property. Salt can be put on sidewalks before a storm; snow melts faster and is easier to remove. After a storm, sand can help increase safety in icy areas. For rainy days, place anti-slip mats at entrances for added protection.

Property Protections

Prepare for Outages and Delays

When the wind and snow kick up, power outages and shipping delays are to be expected. If you are prepared, you can make the best of the situation. Invest in a generator if your business relies on power for the refrigeration of food items or medicine. Backup generators must be correctly installed at a safe distance from vents to avoid the risk of carbon monoxide poisoning.

Increase Your Efficiency

Seal all windows and doors against cold drafts to lower the cost of heating and energy. Replace your air filters and service your HVAC units. A programmable thermostat can save energy when your location is closed.

Conduct Post-Storm Assessments

Always check your property for damage after a major storm. Business insurance can cover property damage or losses that affect your ability to serve your clients. Make a list of cracks, leaks, or damaged equipment or inventory. If you have a business insurance policy, keep all receipts so your provider can reimburse you.

Protect Your Business with Insurance Coverage

We do our best to prepare for dangerous rain, snow, hail, or wind storms. Even with the best plans, disasters happen, and that’s when your business insurance policy can prove to be one of your smartest investments. It’s essential to customize your business insurance policy to match your enterprise. Call our agents today to discuss insurance options that help protect your business against the risks associated with dangerous winter weather.

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Safety Tips for Online Shopping

It is that time of year again. Whatever holiday you celebrate, Americans nationwide go to their favorite online retailers to buy holiday decorations, party supplies, and gifts to make the season merry and bright. The convenience of the internet is hard to resist, but the freedom and flexibility of online buying come with some grave risks.

Cybercrime is on the rise. In a recent year, the Federal Trade Commission (FTC) received 2.6 million fraud reports, with losses totaling over $10 billion. A significant portion of these incidents were directly related to online shopping scams and identity theft. By being alert and educated, you can keep your holidays truly happy this year.

Use the maxim, “If it looks too good to be true, it probably is.” Scammers often use unbelievable deals to lure in naive shoppers or give a false impression that something is free when it’s just a ploy to grab your bank details. An offer to earn “$17,000 in Bitcoin for free!” when you sign up sounds great, but the platform won’t let you withdraw anything, even after you input your credit card number.

Stick with brands you know; research those you don’t. Big-name brands have a reputation to uphold. They have a duty to the public to ensure online transactions are safe and secure and a more extensive process for protecting against identity theft. When attracted to an item a new e-retailer offers, verify its legitimacy by looking it up on independent review sites. Only purchase from an unknown retailer after some research.

Make payments with credit instead of debit cards. Credit cards work better than debit cards for fighting fraud. You can get actions reversed or canceled by speaking with the company. When a debit card is used, the money is gone as soon as it leaves your bank, and it can be more complicated, or in some cases impossible, to have your money returned to you.

Access only secure websites. Another good tip on website security is to look at the lock symbol in the search bar at the top of your web browser. The symbol means the page is secure; passwords and personal information entered will be private. Another safety indicator is if the URL starts with HTTPS, the “s” stands for secure. If there is no “s,” the site may be more easily hacked—and your information with it.

Consider getting personal cyber liability insurance. Most people do not know that you can purchase insurance that will protect you against certain types of online cybercrime. Personal cyber liability insurance can cover fraud losses, identity theft, and even data restoration after a cyber incident.

Avoid public Wi-Fi while shopping. Public Wi-Fi is precisely that: public! A hacker’s dream. Cyber thieves can record your keystrokes from afar if you enter your details using the public internet. Avoid using public Wi-Fi services if you need to shop online when you are out and about.

Open email links with caution. Scammers are getting smarter every day, posing as your bank, the retailer you just visited, or the store where you recently purchased an item. Look out for messages that pressure you to urgently take action or ask you to “re-enter your credit card details” because your transaction failed. Rather than click the link, visit a reputable website or call the retailer to see if the email is legitimate or a scam.

Use secure passwords. A unique password with upper- and lowercase letters, numbers, and symbols is one of your best defenses against cyber criminals trying to access your accounts.

Track your bank statements regularly. If you keep an eye on your spending as a matter of course, you’ll be able to catch odd charges or indicators of fraud right away before it is too late to have your money returned to you. If you see something suspicious or off, call your bank immediately to report the matter or get the charges reversed.
Avoid storing financial information online. Yes, it is easy to save your credit card details with every retailer you love, so you can “click and go” when at checkout. Remember that any retailer can run into security issues—as has been proven repeatedly. If there’s a breach, your data is at risk. Take an extra 30 seconds to re-enter your card data so your personal information is not saved on dozens of sites across the web.

Stay Safe, Shop Smart

Remaining vigilant and aware can save you from the incredible hassle of resolving financial fraud or identity theft. With these tips, you can shop safely and enjoy the winter holiday.

If you want to know more about personal cyber liability insurance benefits, our local agents are happy to answer any questions. We’re here to help you achieve peace of mind, knowing your financial health is protected online.

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7 Life Insurance Questions to Ask Before You Buy

Purchasing life insurance is not something to be done lightly. It requires researching various policies to find what works best for you, your family, and your budget. Here are a series of questions that can help you as you shop for the best policy.

1. Do I Need Life Insurance?

It’s easy to say everybody needs insurance, but what will you use it for? Take a moment to consider the lives of your loved ones in the event of your passing. You may want to purchase life insurance to:

Protect family income.
Care for a spouse or children.
Leave money to charity.
Cover their outstanding debts.
Support a child with special needs.
Pay for funeral and burial costs.

2. How Much Coverage Do I Need?

It may take some calculations to determine the actual amount of coverage you need. First, consider any immediate costs if you were to pass—such as funeral or medical expenses. Then, consider the debts and obligations you have outstanding. Lastly, consider how much income your loved ones would need to live a comfortable life, free from financial stresses, for a specified period. Add these subtotals to any other expenses and round up to calculate the amount of coverage you need.

3. How Long Do I Need My Coverage to Last?

Insurance can be purchased for a specific term, for example, 10, 20, 30, 40 years, or a lifetime. Shorter periods of coverage are less expensive. Term life insurance policies offer a low-cost option to cover your main period in the workforce, but once they expire, so does your coverage, although some policies can be converted to whole life at specific times. Whole life insurance policies are more expensive but do not expire, and the policy’s value is an asset that can be borrowed against in time.

4. Do I Need a Cash Value Component?

Whole life insurance offers a cash value component that could be useful. After your premiums have covered the policy costs, they accumulate in a separate account. Do you think you will need to withdraw or borrow from the stored cash value in the future? Can you afford the increased cost to have this liquid account available to you? Term life insurance does not offer a cash value option.

5. What is My Current Ability to Pay?

Your income is a consideration when choosing a policy. Term life insurance typically runs in the hundreds of dollars annually, while any type of whole life insurance is likely to be in the thousands. Term is an easier option, but the years of benefit are capped. Whole Life insurance offers policyholders far more benefits, but as with all policies, the premiums must be paid on time, or the policy will lapse.

6. What Type of Life Insurance Best Suits My Needs?

Knowing the five general insurance categories can help you get answers when meeting an insurance agent. In broad terms, they are:

Term life insurance: This lower-cost option provides coverage for a specified time for a set premium that does not change.
Whole life insurance: A pricier policy that provides a death benefit for a person’s lifetime. Premiums are a set rate and are stored in a cash account once the policy is paid. The cash account can be used in various ways, including loans.
Universal life insurance: A version of whole life insurance that offers flexible premiums and a cash account connected to a market index to earn interest. Premiums will increase over time based on the policyholder’s age.
Variable life insurance: A whole life insurance option with an investment component. Instead of the cash account earning simple interest, it is an investment fund operated by the insured. These policies have higher risk and higher growth potential.
Burial insurance: A policy focused only on covering end-of-life expenses and outstanding debt. It requires no medical exam, is often lower cost, and has a smaller cash payout than typical life insurance. Its features make it a potential option for senior citizens or individuals with pre-existing medical conditions.

7. Which Insurance Provider Is the Most Dependable?

When it comes to keeping your loved ones safe and debt-free, trusting a high-quality, financially stable institution is crucial. One way to determine a company’s creditworthiness is to review its rating on AM Best, a global credit rating agency. Read customer reviews to determine if the company has a good reputation for customer care.

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