Month: March 2021

Depending on what you read, buying life insurance for children is a great act of love. The coverage is a way to save money for kids and “protect their insurability” – meaning their ability to buy more life insurance later, no matter their health, in addition to the death benefit. So in addition to internet debates about how to get your baby to sleep or what kind of diapers to use here are a few things to know about life insurance for your child…

Life Insurance Policies Grow Up Too

A child who develops a medical problem early in life might have trouble qualifying for coverage later. By purchasing coverage now, you guarantee the child has some coverage and can buy more as an adult, regardless of health. This is a big reason people purchase life insurance on their children.

It Creates a Sensible Foundation

The savings component of a permanent life insurance policy, called cash value, grows over years. The policy owner can borrow against the cash value or surrender the policy for the money, minus a possible surrender fee. The cash value growth is tax-deferred, meaning it isn’t taxed as income until you withdraw money or surrender the policy. The cash could be used for anything, including college expenses or the down payment on a home. A whole life insurance policy guarantees a certain percentage return on the cash value and compares well with other conservative savings vehicles.

Don’t Buy the First Policy That Crosses Your Mailbox

Be sure to compare prices, and it is always helpful to talk to an insurance professional or adviser who can help you navigate through choices before committing to a policy. Look at your entire financial picture to make sure you’re saving enough and covering bigger risks.

Add the Children to Your Policy

Talk to your agent to see which policy makes sense for you. Once you or your spouse is covered by either a Term or Whole Life insurance policy, just add a rider to help protect the rest of your family.  Add a Children’s Term Rider. Just one rider could provide up to $20,000 in life insurance coverage for each child in your family, including children yet to be born. So as your family grows, new children are covered once they reach 15 days old. Term coverage will terminate when the child reaches age 25 when it could be converted to permanent coverage.

The Safety Net Is There

If the worse happens and your child passes away then juvenile life insurance can help provide a buffer, covering funeral expenses and allowing parents to take time off, care for their other children and grieve as needed.

An independent insurance agent can help you buy life insurance for every member of your family, including your children. Sometimes children’s life insurance is bought by extended family members, like grandparents. If this is the case, your independent insurance agent can help you integrate this generous gift into the rest of your life insurance plan.

Contact Stapleton Insurance for help with any of your insurance needs!  419-720-6446

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What is Home Insurance?

Do you know what home insurance is and how it works? The idea of homeowners insurance might seem simple, but it can be easily misunderstood. We’ll be taking a look at everything you need to know about home insurance.

Homeowners insurance is a way of covering you against loss or damage that occurs to your property. It makes sure you have insurance protection if there is damage done to the furnishings within your home, as well as other possessions you own.

Home insurance can also cover you against accidents that happen on your property. Whether you will be buying a traditional home, townhouse, modular home, or even shipping container housing, having home insurance is one of the best investments you can make.

Homeowners Insurance Coverage

This type of insurance will normally cover the policyholder on four types of loss. The insurance will cover you for damage to the outside of your home, the inside of your home, damage or loss of your belongings, and injuries on the property.

Though when the homeowner makes a claim on their insurance policy for any of these types of loss, they will be expected to pay a deductible. These deductibles will vary depending on the terms of your insurance policy and are an out-of-pocket cost if you need to make a claim.

The higher your deductibles’ cost, the lower your monthly or annually payable premiums will likely be. Though you have to claim on the policy, you could need to pay a significant amount of money out-of-pocket.

These are things you can expect your coverage to protect:

• The dwelling.
• Other structures such as outbuildings, sheds, and fences.
• Your property inside the home.
• Liability coverage which pays in the event you injure someone due to neglect.
• Medical payments if someone gets injured on your property.
• Living expenses in the event something happens and your home needs repairs.

Home Insurance Liability Limits

Every house insurance policy will have a limit of liability. This is the maximum amount of coverage the homeowner has should something go wrong.

Typically, this amount is set at $100,000, though if the homeowner needs more coverage than this, a higher limit can be available. If more coverage is required, premiums are likely to rise accordingly.

If a claim is made on the insurance policy, the liability limit sets out how the cash will be available. The terms of the liability limit will set out the percentage of coverage available to replace items lost or damaged, repair the property, and pay for the homeowner to live somewhere else while any repair work is being carried out.

Call Stapleton Insurance Group and we would love to walk you through the process of getting the best homeowners insurance that is right for you and your situation! 419-720-6446 

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5 Tips When Taking your Car out of Storage

With warmer weather approaching, stored vehicles will soon be making an appearance on the roads. Here are 5 tips to consider when taking your vehicle out of winter storage:

1. Check the tires – tires can be adversely affected by cold weather. Check the inside of the driver’s-side doorjamb for the prescribed PSI and fill the tires accordingly. You may also want to check for any cracks or bulges in the rubber.
2. Check for leaks under the car – Be sure to look in the engine bay and under the vehicle for potential leaks.
3. Test the engine oil – Check the dipstick and see if any oil needs to be added. Or, if the oil is old, it should be changed as soon as possible. A fresh change of oil will help keep the engine running smooth.
4. Test other fluids – Other fluid levels, such as coolant, power steering fluid, brake fluid and fuel should be checked prior to taking the vehicle out on the road. It will help keep the vehicle from running rough.
5. Check the battery – It is a good idea to put your battery on a maintainer to keep it fully charged during the winter months. If the battery isn’t fully charged, re-up its charge before you take the vehicle out for the first drive. Check to ensure the cables and terminals don’t have any corrosion.

Most important, contact Stapleton at 419-720-6446 to discuss adding liability coverage back on to the vehicle before taking it out for a drive!

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