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.
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!
As a resident of Warwick, RI, you have different insurance options. One of the insurance coverage options is home insurance. Being a resident of Rhode Island, you do not have to have an active home insurance policy, but it’s a good idea to have it for many reasons. Here’s a detailed look at home insurance and its benefits.
Why Is Home Insurance a Necessity?
You might be wondering why you need home insurance if it’s not required by law like other insurances. Home insurance provides homeowners with a variety of benefits, especially in the event of mishaps and accidents. If you have an active mortgage, the lender may require you to have an active home insurance policy until you pay off your mortgage.
This type of insurance is a necessity because it protects your home from accidents, such as your home becoming a loss due to a fire or other instances, such as a tornado or hurricane. Home insurance also protects dwellings that are not attached to your home, including sheds and garages. Your home insurance policy can cover the items in your home, such as furniture, appliances, electronics, and similar items.
Having liability coverage is priceless because it can save you tons of money and help if someone is injured on your property. If you are held liable for injuries that occur in your home, you could be facing expensive medical bills. Having an active home insurance policy helps with covering those medical expenses.
Let the Professionals Help
Here at The Slocum Agency Inc., we are here to help you find the most reasonable insurance solution for your unique insurance needs. Contact us now so we can discuss your insurance options in full detail and help you make a decision. We look forward to assisting you.
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.
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.