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.
It is not easy to pick the right auto insurance for your car, especially if you have never done it before. There are so many things and factors that need to be taken into consideration. It is even more complicated because of the existing misconceptions and myths about auto insurance. The Slocum Agency Inc. serving Warwick, RI has prepared a list of the most common of them that you should know about:
Myth 1: It costs more to insure an expensive car
The truth is the price of your car does not have an impact on your insurance premiums. There are some mid-priced cars that cost more to get insured than luxury cars because their repairs are expensive.
Myth 2: Your credit score does not affect your premiums
Unfortunately, it does. Most insurance companies use credit scores to set the rates for policyholders because the statistics say that people with higher scores are less often involved in car accidents. This means that they are less expensive for insurance companies.
Myth 3: The state-minimum liability insurance is more than enough
Even though the state of Rhode Island requires car owners to carry the minimum liability insurance, this amount is usually not enough in case of a car accident. If you get the state minimum, you should be ready to pay more out-of-pocket. It is recommended to talk first to an insurance agent to find out what is the right amount is good for you.
These are only a few myths about auto insurance. Now you know some of them, and you will be able to make the right decision when shopping for auto insurance. If you live in Rhode Island and you need any help, the Slocum Agency Inc. serving Warwick, RI is ready to assist you. Do not hesitate to visit our website and give us a call to ask all of your questions – our experienced agents will be glad to answer them.
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.
When you own a car in Warwick, RI, you need auto insurance. First of all, it’s mandatory to have the minimum to register your car (although we recommend full coverage), however, if you have an auto loan on your vehicle the bank will require full coverage to protect their investment. If you’re buying auto insurance for the first time or want to upgrade or renew a policy, our team at The Slocum Agency Inc. has put together a list of three tips to help you get started. Read on to learn more.
1. Work with a Reputable Agent
When you go off into the world to buy auto insurance, you’ll want a reputable insurance agent by your side. Our agents are friendly and available to answer all your questions and concerns. They’ll ask you a few questions to determine what kind of policies you need to look at and then help guide you in making a decision. But there’s no rush. Take as much time as you need.
2. Compare Insurance Quotes
It’s always a good idea to compare two or more auto insurance quotes to make sure you’re choosing the right policy. Your reputable agent can assist you in going over each policy in detail, comparing cost and coverage. Once you’ve chosen a policy, you can move on to the next step.
3. Bundle Your Auto Insurance Policy
Chances are you already have one or more insurance policies, such as life or home. For savings on your premiums, consider bundling all your policies under one insurance carrier. This is an easy way to save. Also, ask your reputable agent about other ways you can save on auto insurance.
To learn more about purchasing an auto insurance policy in Warwick, RI, contact the team The Slocum Agency Inc., serving this area, today.
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.
States can differ significantly in terms of their requirements, offerings, and costs for auto and motorcycle insurance. If you are looking for auto or motorcycle insurance in Warwick, RI, it’s a good idea to familiarize yourself with your state’s requirements for coverage. We can provide you with information on auto and motorcycle insurance policies at The Slocum Agency Inc.
The following are three things to know about auto and motorcycle insurance in Rhode Island.
You’re required to carry bodily injury and property damage liability coverage.
As in most states, there are bodily injury and property damage liability coverage requirements in Rhode Island. In Rhode Island, you need to carry a total of at least $50,000 in bodily injury liability coverage. You are also required to carry at least $25,000 of property damage liability coverage per accident.
You are required to purchase uninsured motorist coverage.
Rhode Island is a state that requires auto insurance policyholders to purchase uninsured motorist coverage. The state requires at least $50,000 total in uninsured motorist coverage per accident.
You can receive a fine or be punished with a license suspension for not meeting requirements.
You can face significant consequences for failing to meet any of the above-mentioned requirements.
You will be expected to present evidence of your insurance coverage if you are pulled over by a police officer on Rhode Island roads. You can be cited for not carrying adequate insurance coverage.
Penalties for not meeting insurance requirements can lead to a fine of $500. You might also face a suspension of your driving privileges for a period of three months.
Find an insurance policy in Rhode Island with our help at The Slocum Agency Inc. Contact us if you have questions on your auto and motorcycle insurance options in Warwick, RI.
Finding your dream home can be so exciting, but what if that dream home is located in a flood zone? People purchase homes in flood zones all the time. Some of the most sought-after real estates are in flood zones. Here are few things to consider if you are looking to purchase a home in a flood zone.
What Type of Zone?
FEMA rates flood zones by risk factors. You will need to do your own research in order to learn all about the type of flood zone the home is located in. Some flood zones are at higher risk than others, and this will be reflected in the flood insurance you can purchase.
How Old is the Home?
The older a home is, the more at risk it will be during a flood. The Slocum Agency, Inc. in Warwick, RI can help you navigate the risk factors that your particular home has depending on how old it is and what flood zone it is located in.
Don’t Be Fooled
You may think that if a home is not required by law to have flood insurance, then there probably is not that much risk of flood. This is not the case. In many instances, a home is at great risk of flood, but flood insurance is not required. It is your responsibility as the homeowner or the home buyer to weigh out the risks involved and purchase the insurance that will best protect your investment.
Also, do not be surprised if over time the flood zone you are in evolves. The environment is always changing, and flood zones change as well. You should be open-minded to this possibility.
If you would like to learn more about flood insurance, call our friendly staff today at The Slocum Agency, Inc. serving Warwick, RI, and surrounding areas.
A boat is a fantastic investment, and with the right insurance coverage and protection, you can have a great boat and feel confident that you are going to be able to have fun and have your boat covered. For those in the Warwick, RI area, the agents with The Slocum Agency Inc. can help you to find the right boat coverage policy every time.
What types of boat insurance can you have?
For starters, in some cases, you are going to be required to have at least liability coverage to help take care of your boat and make sure that if you are in an accident, you can help cover the bills of the person in which you are in an accident with. This means that when you are looking at buying a boat, you may want to consider where you are going to be boating and if they require insurance on it.
If you have a loan on a boat, you are going to be required to have coverage for the cost of the loan to make sure you can pay the money back in the event that the boat is totaled. You want to be able to pay back this loan and may need to be able to pay back the cost of medical bills or other bills that are associated with the accident in question. You can have liability coverage if you do not have a loan on the boat, and you can also have full coverage insurance on your boat much like you would if you were buying insurance for a car.
For those that live in the Warwick, RI area, the agents with The Slocum Agency Inc. can help you find your perfect boat policy.
Commercial insurance doesn’t have to be a puzzle for business owners if they know how to look at it. Unfortunately, too many people only see a price tag when it comes time to choose a policy. So they may assume that as long as they’re staying within their legal boundaries, they should save money by picking the least comprehensive plan. Before you make the same mistake, consider the following tips for picking the right commercial insurance plan for you.
Threats in Warwick, RI
There are plenty of threats in Warwick, RI that owners should consider, but the key is to think about the ones that are most likely to affect you. So if you operate in a fairly bad neighborhood, you may want to protect against vandalism or criminal theft. If you store customer data on your computer systems, you may want to ensure you have enough protection to cover a cyber attack. If your windows are old or your building has seen better days, then you may want to get additional weather protection so that you don’t have to go out of business just because of a bad storm.
The Slocum Agency, Inc. has been helping business owners get the insurance they need to keep their heads above water for many years. It’s our job to help you identify the most common threats in your area so you can get the help you need to stay afloat. While we always encourage people to focus on prevention as much as possible, commercial insurance is sometimes the only thing a person can turn to in a time of need. If you’re a business owner who wants to protect their livelihood, give The Slocum Agency, Inc. a call today.