Life Insurance Coverage Options

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No one likes to think about dying and leaving their loved ones behind, but it is a natural part of life. For great peace of mind, having a life insurance policy in place is a great idea. The agents at the Slocum Agency Inc., serving the Warwick, RI area, want you to know about the available types of life insurance coverage.

A life insurance policy is a great gift to provide for your loved ones when you die. This is especially important if you are the main breadwinner of your household. Your loved ones will be grieving and do not need the added stress of figuring out how to make the mortgage payment or pay the car payment. A life insurance policy can help them with this in their time of sorrow.

Types of Life Insurance Coverage

There are three main types of life insurance policies listed below:

Term Life Insurance

Term life insurance will pay a death benefit to your beneficiary if your death occurs during the period that the policy is active. You get to choose the length of your policy and when the term expires. You also have the option of starting a new term policy when one term ends so that you can have continual coverage.

Whole Life Insurance

A whole life insurance policy includes three main categories. Those are universal life, variable life, and whole life insurance. This type of life insurance will provide your loved ones with a certain amount of money at the time of your death.

Universal Life Insurance

Universal life insurance is by far the most popular option for many people. This is because it offers a death benefit to your loved ones but also acts as an investment account for you. You can borrow money from this type of policy over the years to pay off a mortgage or other large bills for your family while you are still alive. Your beneficiaries will still get a death benefit after you die but will have fewer bills to worry about.

Contact The Slocum Agency Inc.

To start your life insurance policy, contact the life insurance experts at the Slocum Agency Inc. serving the Warwick, RI area today!

How to prepare your car for winter

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Winter can be a harsh season for cars, especially if they’re not adequately prepared. As temperatures drop and snow starts to fall, your vehicle will need extra attention to ensure it runs without any issues. From checking the tires and battery to topping off fluids and changing wiper blades, there are several steps we at The Slocum Agency Inc. recommend you should take before winter arrives to ensure that your car is ready for whatever Mother Nature throws at it. 

The first thing you should do is check your tires. Cold weather can cause tire pressure to drop, so ensure you have enough air in all four of your tires before the cold sets in. Also, take a look at their tread levels – if they’re low, you may need to replace them with winter-specific tires. Winter tires are specifically designed for better grip and improved handling on snow and ice, which can help keep you safe during those icy drives.

Next, make sure that your battery is ready for winter. If it’s been a few years since you last changed it out, or it seems to be struggling more than usual, now might be a good time to get it tested and replaced. Cold weather can also cause some batteries to fail, so ensuring that yours is fully charged and ready to go is essential. Your car’s fluids are also essential to check before winter arrives. Make sure that your oil, coolant, and brake fluid are all topped off.

For more tips on winter driving, call us at The Slocum Agency Inc. today. We proudly serve the Warwick, RI area. 

What Is Umbrella Insurance?

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Umbrella insurance is a type of coverage, unlike most other insurance. It is a type of policy that can only be obtained when other policies are already in place. The umbrella policy adds coverage to the other policies, giving you much better coverage against accidents and liability. When you need more home and auto liability, call us at The Slocum Agency Inc. in Warwick, RI to find out more about umbrella coverage. 

Adding to Your Coverage

You may not think you need more coverage in those areas when you have a reliable home and an auto policy. However, you likely do need more coverage to add to the liability insurance that you’re carrying. Your home and auto policies will carry some of this coverage, but they rarely have enough if an accident is serious and results in multiple injuries. When you add umbrella insurance to your home and auto policies, you simultaneously obtain extra liability for both policies. This keeps you much better protected. 

How It Works

Umbrella insurance is a secondary type of insurance covering what the first policy doesn’t. When there has been an accident with injuries or other damages, your auto or home policy will come in and pay for the accident. However, when that policy runs out, there may still be money left that you have to pay. That’s when the umbrella policy comes in to pay for those leftover charges. With this policy, you are very well protected against charges. 

Get Your Umbrella Policy

To get an umbrella policy that will protect you better than your aunt and home policies alone, call us at The Slocum Agency Inc. in Warwick, RI.

   

Always Look Behind You!

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The very reason people get insurance is so that they won’t go broke in the event of an accident. Read that thing down to the fine print! One big thing insurance won’t get you out of is your own fallibility. Even if you have auto insurance, that’s not an excuse to drive like a lunatic. That’s especially true at a time when everyone has a camera in their back pocket, and businesses may have hidden security cameras everywhere. 

No-Fault and At-Fault

There’s No-Fault Insurance, and there’s At-Fault insurance. No-Fault insurance means each individual insurance company can compensate its policyholder for minor injuries. No regard will be given to who was at fault for the accident. This is available in only twelve states. (Rhode Island is not one of them.) Of these states, Kentucky, Pennsylvania, and New Jersey make buying either form of insurance a choice. Otherwise, the system of insurance is based on tort liability. Each insurance company will pay for the damages suffered with each party’s comparable degree of fault in mind.

How To Tell Whose Fault An Accident Was

This is the claims adjuster’s job. They may look at police reports and speak with witnesses, but these days, they’re most likely to look at the tale of the tape. Many parking lots will have a hidden camera or three on the property. Many streetlights have cameras to catch people running lights, but they can see other things too. And everyone these days has a camera on them in the form of a cell phone. The first thing many people do in the event of an accident is take photos of the damage and send them to their insurance company and lawyer. Make sure everyone’s OK first, then start snapping pictures of the damage. 

The Slocum Agency Inc. Serving Warwick, RI 

Auto accidents are scary enough. Dealing with the aftermath can add to that stress. The Slocum Agency Inc. can help you through this difficult time. 

Four Facts You Should Know About Life Insurance

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We all want financial security for ourselves and our loved ones. Life insurance is a crucial aspect of a solid financial plan worth your attention. Yet many people leave things to chance and don’t think of unexpected occurrences. It could be they don’t know much about life insurance or are confused by its many myths. With the abundance of doubt and confusion, we at The Slocum Agency Inc. want to share some facts about life insurance.

  • There are different types of life insurance: Life insurance comes with different kinds to accommodate your varying needs. For example, depending on your financial plan, you can invest in term-life or whole-life policies.
  • It’s a sound financial plan for your dependents plus more: If you have people who rely on your financial support, life insurance is a must-have policy. Life insurance gives your loved ones security in case something like death occurs. However, life insurance does more than protect your business. Life insurance is a sound investment if you have a business, loan, or want to pay for your final expenses.
  • You should review your coverage regularly: Life insurance is a conversation you should periodically have. Life changes and moves fast, and your coverage may not be up to date with your current stage of life. That’s why you should make a regular appointment to review the premiums and benefits.
  • Life insurance is affordable: Compared to other types, life insurance is pretty affordable, especially when you invest when young and healthy. You are considered a low-risk client, hence the affordable premiums during this period.

Life insurance in Rhode Island

Life insurance is a no-brainer, especially if you have people dependent on your financial support. Besides, it’s also a saving plan, and you can get a loan against the policy. Ready to purchase life insurance? Contact The Slocum Agency Inc. in Warwick, RI for an affordable quote.

Tips to Drive Safely No Matter the Weather

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Though you may not think about it often, the truth is that driving is a great responsibility. While driving, you are putting your life (and others) in your hands. For this reason, you always need to drive safely. 

Here are some tips for doing so. 

  • Maintain your car. If you want to ensure that you always get from point A to point B, you need to ensure that your vehicle will get you there. Changing and rotating tires will help. You also want to ensure that your car’s fluids are always full. It would help if you ensured that your lights and brakes worked well. Otherwise, you could find yourself in a bad position. 
  • Give yourself enough time to get where you are going. You should never get behind the wheel in a rush. Even on a nice day, fast and aggressive driving can get you in an accident. If the conditions aren’t good (such as rain or snow), you need to give yourself even more time to get where you need to go safely. 
  • You also need to give yourself enough room to turn and stop. Driving too close to others can cause accidents, so you always want to leave a little room between yourself and the car in front of you. 

To ensure you are safe, you need to keep your car in good working order. You also need to give yourself plenty of time to get where you are going and space to react! 

One of the best ways to protect yourself is to have the right automobile insurance. Give us a call today at The Slocum Agency Inc. in Warwick, RI. 

Protect Your Livelihood with Commercial Insurance

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Are you a business owner in Warwick, RI? In a disaster, would your business be protected by commercial insurance? Let The Slocum Agency Inc. explain why this is important for your livelihood.

Commercial insurance is critical for all businesses. This insurance covers corporations and businesses, designed to cover the company, employees, and ownership. Commercial insurance comes in many different scenarios as there are many kinds of companies with their own needs and situations.

It offers protection from common losses such as theft, property damage, employee injury, or liability. Adequate insurance will help you recover from these losses, as you risk losing your business.

General liability insurance protects your business from claims ranging from a few hundred dollars to several thousand or more, depending on the incident. Court fees, medical expenses, and legal costs for those involved must also be paid if you operate as a limited company.

Business insurance also helps to:

  • Deal with lawsuits that are becoming commonplace
  • Enable you to hire and retain good employees
  • Meet contractual requirements
  • Minimize financial losses
  • Protect your employees
  • Protect your investments
  • Provide peace of mind knowing your livelihood is protected
  • Secure loans and funding

If you are a small business owner, there is only one type of insurance you are legally required to have. Employers’ liability insurance covers your business if an employee is injured or claims they have suffered an illness due to being employed by you.

Here are examples of additional types of commercial insurance:

  • Business contents insurance
  • Business interruption insurance
  • Commercial general liability insurance
  • Credit risk insurance
  • Cyber liability insurance
  • Key-man insurance
  • Product liability insurance
  • Professional indemnity insurance
  • Property insurance
  • Public liability insurance

Business insurance will help you weather the storm of the unexpected. But don’t let this happen!

Ensure your business is protected. Contact the Slocum Agency Inc. today and let them answer any questions you may have. You will be glad you did.

Tips for making your home safer

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Home is where everyone wants to feel safe. Safety means more than just one thing. It can mean being safe from dangers outside the house, but it can also mean being safe from threats within the home. At The Slocum Agency Inc. in Warwick, RI, we want to keep our customers safe from the perils that can damage their home or their lives. While home insurance can’t stop bad things from happening, it can help you survive the terrible things and move forward. 

Change your batteries

Your smoke detector is one of the things in your home that makes it safer. It can’t do its job if it isn’t operational. If it is hardwired, you only need the batteries for backup, but they could make all the difference. Many people find that changing the batteries twice a year when the time changes help them to remember. If you have a carbon monoxide detector, change those batteries simultaneously. 

Remove clutter

In the home, falls are one of the most common injuries. You want to remove all trip hazards. The elderly and the young are the most vulnerable to falls, but no one is immune. Keep your stairs and hallways clutter-free. Make sure you have adequate lighting. Don’t run extension cords where they can cause a trip and fall.  

Keep poison under lock and key

Children and pets can be very inquisitive and resourceful. Don’t underestimate what they can get into. Keep all the medication, cleaning supplies, antifreeze, and anything else that might be poisonous out of sight and reach. Always read the packaging of any chemicals you bring into the home so that you know what is dangerous. 

Contact The Slocum Agency Inc. in Warwick, RI in person or on the phone to discuss the best home insurance for you and your home. 

What’s the Best Way to Insure a Classic Car?

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If you have a car over ten years old and are concerned about it being a financial risk, you may consider buying classic car insurance. This specialized form of coverage can help you protect your car from the risk of being damaged or even lost. 

You’ll likely have to provide an extensive history of your car to your insurer and show that you’re keeping the vehicle in a condition that will protect it from the risk of depreciation. 

As with any other form of car insurance, you’ll also want to make sure you’re buying enough coverage to protect you if your car is damaged in an accident. You can consult The Slocum Agency Inc. in Warwick, RI for questions. 

How to Go about a Classic Car Insurance 

If you want to get the best deal on insurance for your classic car, it is vital to shop around and ensure you get quotes from multiple companies. Increasing your deductibles can significantly decrease your car insurance rates. 

An ordinary policy may not work for a classic car. You may need special coverage to protect your classic car if it is not drivable. In this case, it must be insured as collectible, antique, or vintage. 

Depending on the car’s value and its risk profile, you may want to purchase collision or comprehensive coverage. Collision coverage is recommended if you have a car with high value or a vehicle that is difficult to replace. 

Comprehensive coverage is recommended for a car with a high risk of being stolen or damaged due to an exposed valuable item. It’s also important to ensure that your car insurance policy includes a visit to the car repair shop if you cause significant damage to another car. 

Parting Words 

Most insurance companies will not cover if a car is older than a certain age. However, most classic car insurance policies will cover a car if it falls under a certain value threshold. 

To properly ensure your classic car, ensure you have the right policy. Are you stuck with questions in Warwick, RI? The team at The Slocum Agency Inc. can help!

Can umbrella insurance be used for liability protection?

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The Slocum Agency Inc. is here for the business community of Warwick, RI and the surrounding area. If it is time for your company to beef up your insurance portfolio, we can help. Call our office today and schedule a consultation to learn more about the many benefits of commercial umbrella policies.

Utilizing your umbrella policy for liability protection

If you own a business, you know how vital the right insurance is to protect it. Your primary policy should provide the protection you need when it comes to liability. However, these policies have limits, and one major lawsuit can exhaust your coverage. This is why having a complimentary umbrella policy is such a great idea.

Umbrella insurance can protect you when your primary policy limits are reached. This protection steps into play if you have a situation arise that carries a lot of liability. For example, if you face a substantial lawsuit, your umbrella policy will provide an additional layer of protection.

Having this enhanced liability protection can help if your firm is ever held financially responsible due to a lawsuit. This type of policy is often used to defray legal expenses and protect company assets if the plaintiff is awarded a substantial sum of money. And depending on the way your firm is structured, the company’s principals will be protected from any personal exposure.

Why not take a closer look at the benefits of umbrella insurance today?

We look forward to working with you!

Warwick, RI area business owners turn to The Slocum Agency Inc. team for all of their commercial insurance needs. If it’s time for you to boost your firm’s insurance portfolio, give our office a call today.