3 reasons to choose whole life insurance

Term life insurance is often the first type of indemnity converge individuals pursue when they are searching for financial security that lasts after they have passed in Warwick, RI. Many purchase a term indemnity policy, though, without fully understanding what comes along with such a plan. In most instances, it is better to spend more on whole life insurance. 

The agents at Slocum Agency Inc. can help you find the right life insurance plan. Here are three reasons to pick whole life insurance over a term indemnity plan. 

1. Whole life insurance lasts for the entire life cycle

A term life insurance plan lasts for a certain period. Most policies provide coverage up to 20 years from the date of the first monthly premium. 

Whole life insurance lasts the entire life cycle. This perk is especially beneficial to those who develop a chronic illness. A whole life insurance plan ensures you do not have to pay more in monthly payments because of your illness. 

2. You can enjoy the benefits of a policy while living

Whole life insurance accrues interest that may be cashed out for vacations or financial emergencies. Your timely monthly payments, therefore, go further than just providing financial security for your loved ones after your death. 

3. Whole life insurance may offer higher policy limits

Many term insurance policies have coverage limits because they do not require physical exams from a doctor in Warwick RI. A whole life insurance plan may offer protection up to $1 million to those willing to pay higher monthly premiums. 

The agents at The Slocum Agency Inc. can help you understand the many benefits of a good whole life insurance plan. Call them today to get started with a quote for coverage.

Does Your Family Need Umbrella Insurance?

There are so many types of insurance policies available today, sometimes it is hard to keep them all straight. Insurance, though, is essentially about protection, and umbrella insurance is one insurance product that is all about protecting you and your family on all fronts. At The Slocum Agency Inc, serving Warwick, RI, we are all about providing you with the best insurance information so that you can make the best insurance choices. Keep reading to find out what you need to know about umbrella insurance.

What is Umbrella Insurance?

Umbrella insurance policies are a type of policy you can purchase which will add additional protection to you and your family above and beyond your current policies. Many people forget that their insurance policies have limitations. Whether you are talking about health insurance, auto insurance or home insurance all of these policies will have limits as to how much they will pay out in an event. If you incur expenses beyond this amount you will be financially responsible. This responsibility could leave you and your family financially vulnerable. In order to avoid this, you can purchase an umbrella policy. This policy will kick in should your other policies become exhausted. 

Who Should Purchase Umbrella Insurance?

Anyone can benefit from this additional protection. Families with substantial income and assets, though, may find an umbrella policy more of a necessity in order to protect their income and assets from liability cases. Individuals who are involved in highly dangerous occupations or occupations with a high risk of liability will also benefit greatly from these types of policies. To better understand if you need an umbrella policy, you can sit down with an insurance representative to discuss your particular situation. 

If you would like to learn more about umbrella insurance, please call our staff today at The Slocum Agency Inc. serving Warwick, RI. 

Earthquake Insurance for Homeowners

Your home may be at risk from earthquakes. Learn how to protect it.

Earthquakes and coverage

Earthquakes can cause much harm to home structures. They can damage housing foundations and collapse walls; even relatively mild tremors can destroy furnishings and belongings.

Homeowners and renters insurance does not cover earthquake damage. A standard policy will, however, generally cover losses from fire following a quake and, if such a fire makes your home unlivable, cover the additional living expenses incurred while you live elsewhere during repairs.

Cars and other vehicles are covered for earthquake damage under the optional comprehensive part of an auto insurance policy.

Earthquake coverage is available in the form of a separate policy or an endorsement from most private insurers and, in California, from the California Earthquake Authority (CEA).

Earthquake insurance recommendations

Determining if you need earthquake insurance is more important than ever—even if you do not live near a fault line. Not only can earthquakes have an impact far beyond major fault lines, some areas of the country—notably, parts of Oklahoma—are experiencing more seismic activity as a result of oil drilling efforts. If you are thinking about buying a home in an earthquake prone location, it’s advisable to look into the cost of insurance coverage to understand the home’s true cost.

Some questions to determine whether you need earthquake insurance:

  • Can you afford the cost of rebuilding or repairing your home if it damaged?
  • Can you replace your personal belongings if they are damaged or destroyed?
  • Can you afford to pay for temporary housing and other expenses if structural damage makes your home uninhabitable?

Rates for earthquake insurance can vary significantly, from fairly inexpensive in lower risk areas to a relatively high cost in places that are more prone to earthquakes. Deductibles for earthquake insurance plans are higher than those in standard homeowners or renters insurance, usually from 5 to 15 percent of the policy limit.

Because in California the risk for earthquake damage is significant, the not-for-profit California Earthquake Authority (CEA) offers coverage for the structure of the house, building code upgrades and emergency repairs. It also provides separate coverage options for belongings (with a separate, lower deductible) and for additional living expenses (with no deductible).

To get more insights and to find out whether earthquake insurance is available in your area, contact your insurance professional or your state insurance department.

Additional resources

California Earthquake Authority (CEA)

FEMA: Your Earthquake Risk

Source: iii.org

Why should I get life insurance in Warwick?

Having a proper personal insurance plan is extremely important for anyone in the Warwick, RI area. If you are looking to improve your personal insurance situation, one important form of insurance coverage to get is life insurance. There are several reasons why you need to get a quality life insurance policy in place.

Life Insurance Provides Protection to Dependants

One of the reasons that you should get life insurance is that it can provide protection to your dependants. Anyone that has people that rely on their income needs to make sure that they have a plan set up for their dependants if they were to pass away unexpectedly. One great way to do this is by getting life insurance. When you get life insurance, you can build a policy that can help to replace your income or pay for major expenses that your dependants could incur in the future.

Life Insurance Offers Investment Benefits

Another reason that you should get a life insurance policy is that it could provide you with investment benefits. One popular form of life insurance to get is a whole life insurance policy. When you get whole life coverage, a portion of your monthly payment will go into an account that will accrue in value as time goes by. Eventually, you can liquidate this asset or even use it as collateral for a loan. 

There are several reasons why someone in the Warwick, RI area should get life insurance. As you are looking for this insurance coverage, you may find that choosing a policy is complicated. To make it easier, you should reach out to the team at The Slocum Agency Inc. When you call The Slocum Agency Inc. you can learn a lot more about how this insurance can protect you and your different options. 

What is Commercial Insurance?

Maybe you have heard of the term commercial insurance. If you have a business in Warwick, RI, then you should definitely be familiar with this term. Commercial insurance, also known as business insurance, is a type of insurance that protects businesses from loss. This could be to protect employees, equipment, or the business in general. Learn more about commercial insurance and what it covers with the Slocum Agency, Inc. 

What Does Commercial Insurance Cover? 

Commercial insurance can cover anything that could potentially damage your business, both physically and by reputation. Here are some areas of which commercial insurance provides coverage: 

  • Property Damage: This would be if any damage was sustained to any physical property of the business, like the building or any equipment. 
  • Liability: This would be if any damage was done to the property or persons of another business or entity. This protects your business from being damaged by those repercussions.
  • Worker’s Compensation: This is one of the more common areas of commercial insurance. This protects workers in the case that they are injured while on the job and on the business property. 

To know more about how what kind of coverage you can receive with commercial insurance, visit the Slocum Agency, Inc. in Warwick, RI. 

Why Get Commercial Insurance?

If you own a business, big or small, commercial insurance is a must. It’s vital to protect your employees and equipment as they are the bloodline of what keeps your business going. Just you like you would want protection on your home or car, you need to protect your business. Commercial insurance offers the kind of protection to keep your business safe in the worst situations. 

Get Covered with the Slocum Agency, Inc.

To help keep your business in Warwick, RI going, visit the experts at the Slocum Agency, Inc. to get all the coverage you need. You can contact us online today! 

What are the benefits of getting classic car insurance?

Owning a classic car is something that a lot of people in the Warwick, RI area would love to do. At the same time, being a classic car owner can also be a great form of investment. While there are plenty of advantages that go along with classic car ownership, it is also important that you carefully consider all of your responsibilities. One thing that you will have to do is get an appropriate insurance policy. There are many benefits that come when you get classic car insurance. 

Personalized Liability Insurance Coverage

One of the benefits of classic car insurance is that you can receive personalized liability insurance. Having liability insurance is required if you ever drive your car. However, classic car owners likely drive their cars very infrequently. When you go for this form of insurance, the insurance company will take your mileage driven into consideration. Often times, this will result in lower insurance bills. 

Agreed Upon Value Coverage

Coming up with the value of a classic car can be complicated. To ensure that the value of your classic car is appropriately considered, the process of getting a classic car insurance policy will include working with the insurance company to determine a fair value. This will ensure you get a fair level of coverage that both you and the insurance company are comfortable with. 

Choosing classic car insurance in the Warwick, RI area is an important decision. To ensure that you get a good insurance policy for your situation, you should contact The Slocum Agency, Inc. When you work with The Slocum Agency, Inc., the insurance team will provide you with the guidance and support that you need to choose a quality insurance policy that meets the coverage needs of your vehicle. 

Three reasons to invest in boat insurance

There are numerous reasons why it’s always a good idea for Warwick, RI boat owners to carry boat insurance coverage. At The Slocum Agency Inc., boat insurance is one of the numerous insurance products we offer.

The following are three of the most important reasons why you need boat insurance. 

You can meet insurance coverage requirements that your lender set forth as part of your boat loan. 

If you used a lender to finance the purchase of a boat, chances are pretty high that you’ll be required to purchase boat insurance coverage.

Boat insurance coverage ensures that any damage to a boat will be paid for by the insurance provider. This is important for lenders because the boat itself is securing the loan until the loan is paid back. Only when the loan is paid off do you as the borrower get full ownership rights of your boat. 

You can protect the investment you make in purchasing your boat.

A boat is an expensive piece of equipment. If you don’t insure your boat, you won’t be compensated at all if it gets destroyed in an accident. This means that you’ll lose all the money you’ve put into your boat.

If you purchase insurance coverage for your boat, you won’t risk losing everything you’ve invested in your boat in the event of a severe accident. 

You can prevent yourself from going into debt as a result of a boating accident. 

If you’re determined to be at fault in a boating accident, it could cost you a great deal of money. Liability coverage on your boat insurance policy will cover any resulting expenses so that you can enjoy boating without taking any financial risks. 

At The Slocum Agency Inc., we’re here to provide insurance coverage to boat owners in Warwick, RI. Contact us to learn more about our boat insurance policies. 

Add an Extra Layer of Protection With Umbrella Insurance

When you’re looking for protection and security, there are a lot of different things to consider. One of the ways you can get more security and peace of mind is through an umbrella insurance policy. This kind of policy is designed to add to the coverage you already have and increase the maximum benefit you can receive in the event of a covered incident. While this type of policy isn’t for everyone, there are more reasons to consider it than you might think. At The Slocum Agency Inc., we offer all our Warwick, RI area customers the opportunity for umbrella coverage, and are happy to answer questions about whether it’s right for them.

If you’re not sure whether an umbrella policy would be right for you, our agents can discuss your specific needs and situation. These kinds of policies aren’t just for business owners, celebrities, or people with a very high level of assets. They can also be good choices for others who want or need additional coverage. No matter what specific situation you have in your life, our trained professionals are dedicated to helping you find what’s going to work best for you and give you proper protection. When standard policies just aren’t enough, an umbrella policy may be exactly what you need for the level of security you’re looking for in life.

If you’re in the Warwick, RI area, The Slocum Agency Inc. can help you get the umbrella insurance policy that fits your situation. Not only will that give you more protection and peace of mind, but it can also help your family feel more secure, too. You don’t have to settle for lower levels of coverage. Reach out to us today, and let’s talk about the insurance policy that’s going to provide extra, added protection, and the security you want and need for all your important assets.

Best Life Insurance Policies for People Under 50

Life insurance isn’t always the most colorful thing to think about. For starters, it can be a complicated issue, and there are a lot of pieces to the life insurance puzzle. Secondly, many young people, which we’ll define as people under 50 years old, don’t even give life insurance a second thought. A lot of us think we should only consider purchasing life insurance when we become older. However, if you’re under 50, having life insurance can pay off.

Not all life insurance is created equal, so it’s important to know what types of life insurance will suit your specific needs. It may not be beneficial for a 25-year-old to have the same life insurance as a 75-year-old. Here at The Slocum Agency, Inc.in Warwick, RI, we want to help you explore the best options. Let’s take a look at some of the best life insurance policies for people under 50.

  • Permanent Life Insurance – Permanent life insurance offers more than just a death benefit that all other life insurance policies offer. Permanent life insurance offers the potential for an incredibly high cash value. This is achieved by the cash value on these policies accumulating over time. The advantage younger people have with this kind of policy is that they have more time to let the value accumulate than older people.
  • Term Life Insurance – Term life insurance only provides coverage for a set amount of time or term. Term life insurance pays a death benefit to your beneficiaries if you die before the term. Most term life insurance policies typically only cover a range of 10-30 years, so this may not be the most suitable for someone in their 20’s or 30’s. However, the biggest attraction younger people have to term life insurance is the lower premiums, and when you’re just starting out, lower insurance costs can go a long way.

We here at The Slocum Agency, Inc. in Warwick, RI hope this was helpful as you plan your journey into the world of life insurance. Remember that just because you’re young doesn’t mean you should overlook the benefits of life insurance. Because there are so many options you’ll want to make sure you pick the right kind of coverage that fits your needs and circumstance.

Who Needs Umbrella Insurance?

Umbrella insurance can be a confusing concept, but The Slocum Agency, Inc. in Warwick, RI can make it easier to grasp. For a simplified definition, imagine yourself going out into the rain. You have already put on your rain boots, raincoat, and rain hat, but there is always the chance that rain will hit you in the few spots that are exposed. Using an umbrella will help cover those extra spots.

Umbrella insurance works the same way. Sometimes, even when you insure everything as you think you should, there is the chance that some parts are still exposed. Umbrella insurance is extra liability insurance that works in addition to your current home, auto, and even watercraft insurance. 

If, for instance, you are in an accident and are found at fault, you will be responsible for the damages. Should those damages be more than the amount of your coverage, you may find yourself losing other personal assets, such as your home or even your life savings. 

Sadly, if you have more assets than the average person, you may find yourself the target of advantageous characters and unjust court cases. While everyone with any assets can benefit from umbrella insurance, those with a lot of money and valuable assets should consider an umbrella policy. Additionally, an umbrella policy can come in handy if you have vacation homes and condos. At times, an umbrella policy will cover these additional belongings without the need for other coverage. 

If you are interested in what umbrella insurance can do for you, how it can help protect you, or how much you need, The Slocum Agency, Inc. in Warwick, RI wants to help you. Stop by or give us a call today to make sure you and your assets are adequately protected!