Top Insurance Questions Answered by Insurance Agents – Part 2

Insurance helps to ensure that your assets are covered from a range of incidents. To help you feel confident when shopping for insurance we have answered five common insurance questions our agents commonly receive.

1. Are home-based businesses covered under a homeowners policy?

A homeowners policy protects homes from unexpected incidents and damage. However, it can be difficult to know what exactly a homeowner’s policy will cover for a home-based business. For example, unlike a homeowners policy, a small business insurance policy would cover the inventory stored in a home, a vehicle that is used for business, etc.

2. Does my homeowners policy cover damage if my tree falls on my neighbors’ property because of a tornado or ice storm?

Typically, if a tree or part of it from your property falls on your neighbors’ property and causes damage because of a tornado or ice storm, you will not be held liable. Your neighbors would file a claim with their insurance company. Our claims reporting hotline is available 24/7 and is ready to help whenever you need.

3. When should I get Life Insurance?

Did you know obtaining Life Insurance while you’re young and healthy is usually the most optimal time to obtain it? This is the period of time where an individual will most likely benefit from lower rates. Use our life insurance calculator to determine how much Life Insurance coverage may be needed. Obtaining Life Insurance as soon as you are able is beneficial in the long-run. It can provide peace of mind when thinking about loved ones.

4. Does Auto Insurance cover a hit-and-run accident?

In most cases an Auto Insurance policy will cover vehicle damage, possible medical bills, etc. in the case that a car accident occurs and the individual at fault intentionally leaves without providing contact information.

5. What do I need to do to file an insurance claim? 

Don’t delay taking action after an event that damages your property if you suspect it may make you eligible to file a claim. Start by contacting your agent, or using your carrier’s online claims tool – we have several claims options to choose from. Make sure to have your contact information, policy number and detailed information of the incident ready when you file. 

If you have additional insurance questions, check out our FAQs. Also, you can always contact your local OKFB agent with any inquiries or questions about your policy or specific coverage needs.

4 Changes That Affect Life Insurance

If you’re like most, your world can change very quickly. Growing up can lead to major life events, and you’ll want to have the right Life Insurance to match. Whether you already have coverage or are thinking about getting it, check out these four life changes that could impact how much Life Insurance is needed. 

Marriage/Divorce

Getting married is exciting, but it can also prompt changes to a Life Insurance policy. For example, you may decide to designate your spouse as the beneficiary. Having Life Insurance in place is a way to economically protect each other’s future. Additionally, going through a divorce can be a difficult time and can also prompt changes. You might consider changing the beneficiary on the policy or designating the policy to cover child support payments.

Children

As a family grows, there are many changes that could affect a Life Insurance policy. Consider adjusting the policy to pay for daycare, save for college or other child care expenses. Updating or obtaining Life Insurance when having children could ensure your family has the resources to maintain a home, costs of child care, schooling and more. Additionally, if your child is now an adult and financially independent, a reduction in coverage may be possible.

Mortgage 

Paying off a mortgage can lead to a decrease in living costs and thus may reduce the amount of Life Insurance needed. Alternatively, a higher mortgage on a new home could mean an increase in the Life Insurance policy is needed. Adjusting this coverage can ensure your family has financial help to maintain mortgage payments should you no longer be able to provide your source of income due to death.

New Job/Promotion

A new job or promotion could mean an increase in salary. If the higher earnings help you afford an upgraded lifestyle, you may want to reevaluate Life Insurance coverage to ensure your family can afford the lifestyle they’ve become accustomed to. If you were depending on a policy through a former employer, you may be able to keep that plan or replace it with one from a new workplace.

If you have Life Insurance or are thinking about obtaining it, contact an OKFB agent to talk through options. Our Life Insurance calculator can be a great tool to help understand the amount of coverage that is right for you! Remember, Life Insurance is about ensuring your loved ones are financially secure.

What to do when you lose a loved one

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

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.