What to do when you lose a loved one December 6, 2019 The loss of a loved one can be hard to bear. Even more so when you think about all the steps that follow for planning a funeral and getting financial and insurance affairs in order. When you’re ready, check out this checklist of items that may require action. Obtain a death certificate Obtaining a death certificate is a critical first step. It will allow you to complete many of the following steps. The funeral home you’re working with can get certified copies on your behalf. You can also contact your state office that specializes in vital records. Update policies If the deceased had life insurance, you’ll need to contact the insurance company and present a death certificate in order to enact the benefits. You’ll also want to let the company know to either remove their name from existing policies or get rid of the policies entirely. This step may require updating your own policies, if the loved one was listed under them. Notify the right people Certain institutions need to be aware of the passing, especially government agencies and credit agencies. Check with the social security administration to ensure they are aware of your loved one’s passing. You should also notify any other agencies that provided a benefit to your loved one, like Medicare, Veterans Affairs, etc. To help prevent identity theft, contact the major credit agencies including Experian, Equifax and TransUnion. You’ll need to present the death certificate to these institutions. Lastly, the Department of Motor Vehicles can cancel their license and voter registration, and the post office can help determine where to forward their mail. Prepare your own accounts There is no greater wake-up call than the loss of a loved one. This life event may make you think about your own family, and the benefits or burdens that will come to them upon your end of life. You can help ensure they are financially prepared by adding or adjusting your own life insurance policy. No matter your age or health condition, it is always a good idea to have life insurance. It is also important to have some form of written will, as a way to ensure your loved ones receive your assets. Having someone to support you through this process will make it much easier. For insurance and financial advice, contact your trusted agent to help get you through this difficult season of life.
Celebrate Insurance Awareness Day: Learn About Life Insurance June 3, 2019 No person’s life is the exact same as someone else’s, so why should your life insurance be? You can and should have a life insurance policy tailored to your unique needs. To celebrate National Insurance Awareness Day this year, we are sharing information about the different types of life insurance policies and which policy may fit your lifestyle best. First, Why Life Insurance? Life insurance can serve as a safety net for you and your loved ones. It may bring you peace of mind knowing your family’s financial future is protected if anything were to happen to you. A life insurance policy could help your family continue to pay for things, like the mortgage. We offer three categories of life insurance policies: term life insurance, whole life insurance and universal life insurance. Term Life Insurance One of the most affordable life insurance options, term life policies protect your family or business for a set amount of time or for a set “term.” Coverage ends when the term ends or until you choose to convert to a different life policy. These are recommended for those just starting out, whether raising a family or building a business. You can read more on the different types of term life insurance policies we offer here. Whole Life Insurance This coverage, named for its length of protection, provides permanent coverage for your entire life. This policy will give your family protection upon your death and access to the accumulated cash value while you’re alive. Our Whole Life product can give you and your family lifetime protection. Universal Life Insurance Life can take some unexpected turns, so having flexibility is invaluable. Universal policies allow this flexibility when things may not go as planned. It is a form of whole life insurance that provides lifetime coverage, while also allowing you to adjust things in your policy along the way, like premium payments and death benefits. Our Universal Policy is a great way to make sure you can adjust your life insurance policy when life throws you a curveball. Try Our Life Insurance Calculator Our life insurance calculator can help you understand the amount of coverage that is right for you! Learn more about the right life insurance coverage for your unique needs by contacting an OKFB Insurance agent near you.
Don’t Get Fooled By Top Insurance Myths March 29, 2019 When it comes to shopping around for insurance, or even when it’s time for an annual review of your current policy, it can be overwhelming to sort through the sea of information about insurance. Furthermore, popular myths and misconceptions about insurance can leave you even more confused. Check out some of the top myths we hear, and the facts that bust them. Myth: Life insurance is not necessary until I’m older. Fact: Life insurance can be a valuable investment at every life stage. Whole and universal life policies not only provide a death benefit, they also allow you to use accumulated cash value for plans such as buying a home or retirement, meaning investing younger can yield benefits for later in life. Myth: All the belongings in my house are covered by my homeowners policy. Fact: There are different types of homes and each home varies in the features it has and the homeowners policy it needs! Limitations may apply to specific items, especially those that are high in value. Plus, items you may consider part of your home may be considered separate within your policy, such as a detached property. Myth: Earthquake and flood insurance come standard with homeowner insurance. Fact: Standard homeowners insurance policies don’t typically cover damage caused by a flood or earthquake. Policy additions for natural disasters, like floods and earthquakes, can often be added to a policy, but if the coverage is not obtained before the event occurs your property will not be protected. Myth: Color is a major factor in the cost of my auto insurance. Fact: Contrary to popular belief, having a red vehicle does not automatically mean your auto insurance will cost more. However, there are several other factors to keep in mind when car shopping, because all of these things could affect the price you pay to insure your car, such as car make, body type, age of your vehicle and the car’s sticker price. Learn more about the right coverage for your unique needs by contacting an OKFB agent near you.
Top Insurance Questions Answered by Insurance Agents March 22, 2019 When it comes to shopping for Home, Auto, Life and Commercial Insurance, it can be hard to know where to start. No matter how big or small your insurance questions may be, our agents are here to help! Below are five common questions Oklahomans have when trying to decide what insurance is best for them. Q: When do I need to update my insurance coverage? A: Major life events, such as moving out on your own, purchasing a car, getting married, etc. These are good prompts to talk with your agent when discussing your coverage. We recommend setting an annual review with your agent. This is the opportunity to discuss changes you’ve experienced in the last year and what you anticipate in the next. Q: How much life insurance do I need? A: Everyone’s needs vary when it comes to Life Insurance. There are factors to consider that could affect it. For instance, the ages of your spouse and/or children, future expenses like mortgage or college and more. To get an idea of what might be a good fit for you, check out this Life Insurance calculator. Q: Does my car insurance cover other drivers? A: Typically, Auto Insurance follows the vehicle, not the driver. It’s important to consider what your unique coverage entails. For example, if your friend gets into a wreck while driving your car and you’re not insured for collision coverage, they are no more covered than you would have been as the driver. Since policy terms vary, it’s always best to contact your insurance agent before loaning out your car. Q: What is umbrella insurance? A: Personal umbrella insurance is a type of insurance designed for when you need extra liability coverage above another insurance policy. It helps supplement items not covered by other policies (such as Home or Commercial Insurance) and could kick in, for example, if you were to be held liable for an amount greater than what one of your other insurance policies covers. Talk to your agent to discuss how much coverage will be right for you, your home or your business. Q: What type of insurance coverage is a “must” for small business owners? A: Insurance agents are trained in knowing what insurance products are most suited to your business, your budget and your goals. Many business owners like to start the conversation with Commercial General Liability Insurance to protect their assets in case of injury or property damage. Talk with your agent to discuss how much coverage is right for you! You can learn more about the right coverage for your unique needs by contacting an OKFB agent near you.
