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!

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.

   

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.

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.

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!

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.

The Slocum Agency Inc. wants to let the greater Warwick, RI business community know that we are here to help you with all of your commercial insurance needs. Reach out to us today, and let’s set up a time to discuss the insurance solutions that can help you protect your company.

Is it time for your business to have umbrella insurance?

There comes a time when many businesses outgrow their original insurance policies. They may grow beyond their current policy limits or make investments in equipment that requires additional coverage. Part of company growth is the likelihood that your firm will need to reevaluate its current insurance policies.

When making this reevaluation, many firms realize that an umbrella policy is necessary to provide the protection they need. Sometimes it’s easier to think of an umbrella policy as a complementary policy that stands beyond your primary commercial insurance. This secondary policy will come into play if your primary insurance is exhausted by a substantial claim that causes you to reach your policy limits. 

Having this additional protection can help business owners to avoid personal liability, protect the firm’s assets, and make it easier to recover from a covered, catastrophic event. These are important aspects of keeping your business viable following a significant loss. Without an umbrella insurance policy in place, it may be too difficult to recover from a catastrophe and get back to the same level of success you once had.

Learn more about your commercial insurance options today

Warwick, RI area business owners can rely on The Slocum Agency Inc. for their commercial insurance needs. Whether you are an established company or are just starting, we can help you find the right policies for your needs. Call and schedule a consultation today.

Flooding continues to be the most common and worst natural disaster in the United States. Given the ubiquitous nature of floods, you need flood insurance from The Slocum Agency Inc. of Warwick, RI to protect your home when the unthinkable strikes. Want to buy flood insurance? Here are things you need to know about this coverage.

It may be required

No law in Rhode Island requires homeowners to purchase flood insurance, but this may not be the case if your house is under a mortgage. If your house is located in a high flood-risk zone, your financial institution will insist you buy flood insurance. Like you, the lender has vested interests in your home and would like to protect it when the unexpected strikes.

Typical home insurance doesn’t cover floods.

Listen to this if you have home insurance. Typical home insurance doesn’t cover your home against flood damage. Regrettably, most homeowners don’t know this and find the bitter truth when filing claims after damage. Invest in flood insurance to protect your home and loved ones against floods to be on the safe side.

This is what flood insurance covers.

When you buy flood insurance from the National Flood Insurance Program (NFIP), it covers your building and the contents inside. The dwelling coverage has a limit of $250,000, and the contents coverage is limited to $100,000. The good news is that you can opt for flood insurance from private carriers for higher coverage.

Flood insurance exclusions

While flood insurance comes in handy in protecting your assets, it has its shortcomings. Typical flood insurance won’t cover the following:

• Vehicles
• High-prized assets like cash and jewelry
• Properties outside the insured building
• Business losses
• Loss of use
• Earth movement, even if the floods cause it

Need more info on flood insurance? If you are in Warwick, RI, or the surrounding area, please get in touch with The Slocum Agency Inc. for more insights.

When you are in the market for life insurance in Warwick, RI, finding an independent insurance agent will get you the most options. At The Slocum Agency Inc., we have more than 70 years of experience helping clients find the right products. Life insurance is not one size fits all. Determining the amount and type of insurance that is best for your needs requires an insurance agent who has experience making suggestions that suit your situation.  

Do unmarried people need life insurance?

Life insurance is designed to provide for those you leave behind or who depend on you. It is also a way to leave a legacy for those you love. You don’t need to be married to meet any of those criteria. You also want to make sure you provide for any debt you may have and your final expenses. 

Do I need my own life insurance if I get some as a work benefit?

Work-provided life insurance should always be considered supplemental and not primary insurance. Can you guarantee that you will work for this one employer for the rest of your working career? What if you become ill and need to leave your job or the business closes? Your life insurance should be completely under your control. Always have a policy of your own. 

Should I keep my life insurance when I retire? 

That is an individual decision. Do you still have someone who is dependent on you? Have you provided enough retirement income to support them if you should happen to pass away? If you have plenty of finances and no dependents who are counting on the death benefit, then no, you probably don’t need life insurance after you retire. 

Contact The Slocum Agency Inc. in Warwick, RI to take advantage of our experienced team when considering your life insurance needs.

An umbrella policy is an extended coverage that comes into play if you must defend yourself against litigation or are at fault in a covered loss that exceeds your existing liability limits. When is this useful? Here are three benefits to umbrella coverage you may not have considered. 

1) Legal Defense for Landlords

There are two primary protections built into umbrella insurance landlords may find helpful. The most important is coverage for defense costs, legal fees, court fees, and damages owed when you are deemed liable for unlawful eviction. 

2) Financial Shield Against Accidents

A key benefit that everyone can use is bodily injury liability coverage. If you or someone in your household is the at-fault party in a significant accident, this coverage will kick in when your auto insurance liability limits are exhausted. There’s no deductible required to access this coverage. Since medical payments in serious accidents can be ongoing and damages may also include pain and suffering and lost wages, the bill can be steep. Umbrella policies grant significant coverage, a million or more, for less cost than you might expect. 

3) Liability Woes Begone

All of us face liability risks. Every time someone visits our home, we drive somewhere, we own a pet. Even simply existing in our communities opens us up to potential litigation. An umbrella policy is an affordable way to take worry out of our daily lives with the knowledge that should the worst occur, we have the funds to meet our obligations without the risk of losing our financial security. 

If you are in the Warwick, RI area and ready to discuss how an umbrella policy could help you, reach out to one of our friendly agents at The Slocum Agency Inc. We can review your financial assets and help you determine what umbrella coverage would best serve your interests.