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.

Why You Need More Than State Minimum Auto Coverage

Rhode Island mandates the type of auto insurance policy and minimum amounts motorists must carry to legally drive. While it may be tempting to just purchase what the state requires, in many cases, these limits aren’t enough to make you whole after an accident. Our agents at The Slocum Agency in Warwick, RI offer a variety of auto insurance policies to make sure your vehicle is fully covered. 

Minimum auto insurance in Rhode Island

Drivers in Rhode Island must secure minimum amounts of bodily injury and property damage liability insurance. Liability insurance covers other drivers’ injuries or property damage if you get into an accident that is your fault. You must also purchase uninsured motorist coverage, which protects you and your vehicle in case of a hit-and-run accident. It also covers you in case the other person doesn’t have insurance or doesn’t have enough to cover the damage the accident caused. 

Why you need more auto insurance coverage 

 The first reason is stated above—if you get into an accident that isn’t your fault and the other driver doesn’t have enough insurance to cover the entire cost of damages, you’ll get stuck with the bill. Upping your coverage costs to a level above the state minimum helps with this. State-mandated insurance also doesn’t cover damage to your car if you’re not in an accident. This includes damage from snowstorms and vandalism. Adding a comprehensive insurance plan will cover these types of incidents. 

You don’t need to worry about whether your car is fully covered when you purchase a policy from The Slocum Agency. We offer policies to motorists in Warwick, RI, and surrounding areas. You can get an online quote on your auto insurance by using our free tool, or call our office to learn more about the policies we offer. 

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!

Preparing Your Vehicle for Winter’s Fury

Winter can be a brutal season, with the tyranny of its deep snow, hail, sleet, and winds. It is vital to store certain supplies in your vehicle and to perform routine repairs in case a winter emergency happens while you’re on the road. Here are some tips on preparing your car for winter, courtesy of The Slocum Agency, Inc. serving Warwick, RI.

Store antifreeze

Gasoline inside a car or truck can freeze and expand, causing damage to the inner workings of your vehicle. So store antifreeze in your car during the winter. Always keep antifreeze away from children and pets.

Stash shovels in your vehicle

When you’re driving on a country road in the middle of a snowstorm, a couple of shovels can mean the difference between being stranded and being safe.

Store an ice scraper

Ice can become caked onto your windshield, obstructing your view of the road. So have an ice scraper in your vehicle just in case.

Keep blankets in the vehicle

If you ever become stranded in a blizzard, blankets could save you from frostbite and hypothermia. Besides, they feel cuddly and could help comfort you during an emergency.

Have bottled water handy

If your car or truck broke down, or if you become lost, you might have no way of getting to a place to access water. So having bottled water in your vehicle could save your life.

Perform routine maintenance before winter

If your vehicle needs any repairs, have them done promptly before the winter comes. After all, if you’re driving in the middle of a blizzard and your transmission goes out, you might have to wait hours to have a mechanic come and fix it.

If you are looking for a quality insurance agency serving Warwick, RI, contact The Slocum Agency, Inc. to see what we can do for you. Our agents are ready to answer your questions and help you get a quote.

Beneficiary Considerations on Your Life Insurance Policy

Life insurance policies are a necessary part of life and death. If you have any financial obligations that you may leave behind to loved ones, people that are co-signed to loans, or property that is jointly owned, a life insurance policy is needed. Those that are affected the most by your death should benefit from this policy. At The Slocum Agency Inc. in Warwick, RI, we know that it is not always that simple. 

The key to a reasonable life insurance policy premium is not to wait too long. The older you get, the more expensive your premiums will be. You will also experience difficulty getting a life insurance policy if you have a pre-existing condition or disability. You have many things to consider. Let’s go over a few. 

People to Protect with Your Life Insurance Policy

Many times, your life insurance policy will go to the person that you share the most financial responsibility with, such as a life partner or your children. What happens when you share a home with an ex-spouse or if you have a mixed family? You will need to determine who bears the brunt of the responsibility and distribute your policy in accordance. 

Whether you are married or not, things that you need to consider are the people that may have co-signed student loans, car loans, mortgages, or share in any communal property that may need liquidation. We want these people to be able to continue to live the lifestyle that they are accustomed to living. 

The Slocum Agency Inc. in Warwick, RI and Comprehensive Life Insurance Knowledge

When you need a life insurance policy at a price that you can afford from one of the most reputable agencies in the Warwick area, then give us a call at 401-738-3366. We can help you throughout the process with knowledge, how to pick the best policy, and answering any questions that you may have about the policy. 

 

State Minimum Auto/Motorcycle Insurance Requirements

More than 750,000 licensed drivers hit the road in Rhode Island each year. They drive an annual average of 7,500 miles. Each year thousands of accidents occur. In order to protect those traveling the Ocean State’s roads, the state requires drivers to carry a minimum level of car insurance.

Do not drive the roads in Warwick, RI or elsewhere without auto or motorcycle insurance because if you get caught, you will face stiff penalties. The Slocum Agency, Inc. wants you to remain safely on the road. Here are the minimum car/motorcycle insurance requirements for Rhode Island:

  • $25,000 bodily injury per person per accident
  • $50,000 bodily injury for all persons per accident
  • $25,000 property damage liability
  • $25,000/$50,000 uninsured/underinsured motorist insurance
  • $25,000 uninsured motorist property damage
  • $3,000 in medical payments insurance.

The only optional items are uninsured motorist property damage and medical coverage. While the state does not require additional personal liability, collision, or comprehensive coverage, you may not be able to afford to pay other party’s medical bills or to completely replace your vehicle, we can help you do so.

If you get caught driving the roads of Warwick, RI without insurance, you face a first offense penalty of a $500 fine and a 3-month suspension of your driver’s license, plus the state could revoke your registration and license plates. The second offense nets the same, but if you get caught a third time it is a $1,000 fine and a possible one-year jail sentence.

You can’t register a vehicle in the state if you can’t prove you carry insurance, so visit The Slocum Agency, Inc. today to insure your ride. Stay on the roads legally and enjoy the drive.

Tips for Properly Maintaining Your Roof

Did you know that your home insurance company can deny a home insurance claim if you fail to properly maintain and care for an element on your home, such as your roof. Here at The Slocum Agency Inc. serving Warwick, RI, we want to do what we can to prevent this from happening. This is why we are offering up tips to help you properly maintain your roof. 

Have Your Roof Inspected Yearly

One of the best tips for properly maintaining your roof is to have your roof inspected yearly, or when needed following a large storm. During a yearly inspection, a roofing professional will look for signs of damage to your roof. This allows them to catch potential minor issues before they turn into major ones. 

Keep Your Gutters Clear and an Eye Out for Ice Dams

Another tip for properly maintaining your roof is to keep your gutters clear and an eye for ice dams during the winter months. Clogged gutters can lead to ice dams forming on your roof. Ice dams can lead to roof problems, such as cracked shingles and tiles. Ice dams can also become so heavy that they cause your roof to collapse. 

Repair Your Roof As Needed

Finally, be sure to repair your roof as needed. It can be easy to put off roof repairs, but putting them off can lead to larger issues, such as roof leaks. Take care of roof repairs in a timely manner to properly maintain your roof. 

Do you have questions about your home insurance policy or are you looking to purchase a new one in the Warwick, RI area? The Slocum Agency Inc. can help you with your home insurance needs, including answering any questions you may have about your policy or helping you find a new home insurance policy. Contact us now to learn more. 

Making Sure Your Commercial Insurance is Comprehensive

Your Warwick, RI needs a commercial insurance policy, and you want to make sure that it is as comprehensive as possible. However, you aren’t sure where to start here. So make sure to read this information or talk to us at The Slocum Agency, Inc. to get the help that you need.

Items Your Policy Needs

When you purchase a commercial policy, make sure that you get various types of liability coverage. You may even want an umbrella option to ensure that you are fully protected. Also, make sure that all of your vehicles have a policy to ensure that they don’t experience problems.

Just as importantly, you need to make sure that you sit down with your provider when choosing the items that you want for a policy. These professionals will ensure that you get coverage and help you save good money on your plans at the same time. Winner winner!

Making Sure You Get Them

Your insurance provider will detail a multitude of plans that you can use to cover your business. Many of these options will have additions that you can put on the policy to ensure that you are fully covered. However, plan to pay extra money for this coverage to get the best results.

Just as importantly, you need to make sure that your insurance provider is within your coverage area. Some providers may not offer plans near you or at higher prices. Talk to multiple companies in this situation to ensure that you don’t pay too much for your policy.

Talk to Us for Help

So if you live in Warwick, RI and want help with your commercial insurance, please contact us at The Slocum Agency, Inc. to learn more. Our professionals will sit down with you and talk to you about the benefits of this high-quality insurance coverage.

Does Your Car Qualify for Classic Auto Insurance

At The Slocum Agency Inc. near Warwick, RI, we’ve had to help a large number of people with classic car insurance. Unfortunately, people rarely fully understand the qualifications for this insurance and believe that they qualify when they do not. The following elements are necessary before you are eligible:

  • Vehicle Types – Cars made in specific periods, typically based on the age of the car or something unique about its production, and special-print vehicles are all considered classic cars by many collectors. 
  • Age Limitations – The minimum age for a classic car – in most states – is at least 15 years. Other states set this requirement at 25 years to ensure that only the most appropriate vehicles qualify. 
  • Proper Storage Options – Classic cars must be parked in protected storage areas, such as a highly-secure garage, to ensure that they don’t suffer from damage. 
  • Mileage Restrictions – A classic car cannot be driven for more than a pretty specific number of miles, which is usually pretty restricted to driving vehicles to shows
  • Driver Background – Drivers and owners of classic vehicles need to be a specific age – almost always far above 18 – before you can qualify for classic car insurance. The age varies depending on the state, though. 
  • Usage Limitations – Drivers cannot use a classic car as their primary vehicle or else they have voided its classification as a classic vehicle.

Please remember that these restrictions and guidelines will vary depending on the state in which you live. Some will be okay with some behaviors that other states will not allow. So if you live near or in Warwick, RI and you want classic car insurance, please contact us at The Slocum Agency Inc. to get the help that you need. 

Top Reasons to Buy Boat Insurance

There’s nothing like having a fun-filled day out on the water. Whether you’re cruising down the lake or riding the waves out on the ocean, it’s important that you do all you can stay safe. One of the smartest moves you can make as a boat owner is to buy insurance for your watercraft. Here at The Slocum Agency Inc. serving the Warwick, RI area, we know a thing or two about boat insurance. Let’s take a quick look at the top two reasons to buy boat insurance for your watercraft. 

Protect your boat from thieves

Stealing a boat is much harder to steal than furniture or vehicles, but thieves still steal boats every day. To keep yourself protected during an instance like this, you will need to put insurance on your boat. This ensures that you will receive compensation not only for your boat but for any damage that has occurred to it in the event that you get the boat back. 

Protect yourself during accidents

Its very important that you know how to operate a boat if you’re going to get behind the wheel. Even with the utmost precaution and safety, though, accidents happen all the time. The cost of a boating accident can be overwhelming, but with the right insurance, you can rest assured you will receive compensation to take care of any damage to your boat as well as any of your injuries. 

If you would like to learn more about the many reasons to buy a boat insurance policy for your watercraft, please don’t hesitate to reach out to The Slocum Agency Inc. serving the Warwick, RI area.