Welcome readers, we hope you’re having a great week so far as we make our way to close out June, 2021! Did you accomplish anything notable this past month pertaining to your insurance and financial livelihood? If so, then well done! National Insurance Awareness Day was this month on the 28th, and we were thrilled to help people get set up with the right levels of insurance they need for themselves and their family. It’s a pleasure being able to help people feel more protected and give them the ability to rest easy that their insurance is taken care of.
One part of preparing your financial plan and long term stability though isn’t too easy of a conversation: wills and testaments. Your life insurance and your will and testament go hand in hand as they both establish the structural support your loved ones may need should something unexpected happen to you. Planning for accidental death and being prepared for what you may leave behind is crucial. So how do life insurance policies and wills combine? There are a couple different ways that these two preventative measures combine to make your passing more financially bearable to your relatives and resources. Just to touch the tip of the iceberg of this topic, setting up a life insurance policy and creating a last will and testament will prepare your loved ones by giving them the resources they need to be able to pay for any funeral related expenses and then some.
Life insurance is a legally binding contract between an insurer and a policyholder that allows the policyholder to pay monthly premiums in preparation for their passing. When the policyholder passes away, the insurer is then able to distribute a sum of collected wealth to the beneficiaries named by the policyholder beforehand in their will and last testament. A life insurance policy is only as strong as the insurer or company providing it, however, so it’s important to do plenty of research or work with an insurance broker like Abri Insurance in order to find the best options at your disposal.
Life insurance policies often ask for a specific beneficiary to be listed; most individuals list their spouse or an immediate family member. In the event of a policyholder's death, a ‘death benefit’ will be paid out directly to the beneficiaries on the account. There can be both primary and contingent beneficiaries as well, if the primary beneficiaries are not able to be located, communicated with, or are also passed.
A will is a legal document used to describe and list out the assets in your estate and is not tied to your life insurance as the death benefit is not counted within that estimation and goes straight to the beneficiaries upon the event of your death. However, if your specified beneficiaries have all predeceased you, then there may be a situation where your death benefit is paid out to your estate. This would be the way your will and life insurance policy tie together because the beneficiaries of your will would then be evaluated and considered the next option. What’s really important is that you don’t go without creating a will as if you pass without one, state law is able to determine who gets the proceeds from your estate overall.
So, we’re sure you’re wondering, well why have a life insurance policy that lists beneficiaries at all if it will default to a will at some point? Well, specifying beneficiaries is typically better because if your life insurance pays out to your estate your creditors may be able to take a portion for themselves, and taxes and probate fees could take away from it as well. Those kinds of fees vary from state to state, but all of it can be avoided by taking time to name specific individuals as beneficiaries in your policy.
Another important thing to note is that your life insurance policy and will are not automatically tied and if you update one it does not update the other. Since life insurance is moreso related to your death benefit, and a will is more related to your estate in whole, you may have completely different people in mind as beneficiaries on each! You are completely able to list different people on either, but it’s important to plan how they will work together when the time comes for your estate planning and those other not so fun conversations.
If you don’t yet have a life insurance policy, we highly recommend taking time to reach out to our team and let us help you get situated with a policy that works best for you and your life. Life insurance is most important for individuals that have minor or special needs children, adults that own property together, elderly individuals who may want to leave their wealth to their adult children, young adults with parent co-signers on loan debts, individuals that expect to owe estate taxes, families who can’t afford funeral expenses, businesses with key employees, and married pensioners. It’s also a great idea for young adults in their early twenties to look into insurance rates earlier because the younger and healthier you are the better your rate may be and the sooner you’ll be able to ‘lock it in’.
Preparing for unexpected or accidental deaths isn’t easy, and the thought of what your loved ones may go through after you’re gone can cause a lot of anxiety for some. The important thing to keep in mind is that by setting up the dual structure of a life insurance policy and a will or last testament, you’re doing the best you can to protect them in those events. It’s even beneficial to keep track of little things like typical passwords you used for different accounts, values of special items in your home, and where certain important documents are within your home. Not only is it painful not being able to communicate with a loved one anymore, but it’s difficult and stressful to navigate through an estate without understanding what’s there.
If you need help preparing your will and last testament, or taking steps in updating or signing up for a life insurance policy, Abri Insurance is ready to work with you! Just reach out and give us a call, we’ll get you connected to one of our local insurance brokers who will help you get started finding the best fit for you!
Welcome readers! Everyone here at Abri Insurance hopes you’re having a wonderful warm day as the summer weather makes its way through our beautiful town of Summerville, SC! With the warm weather, the recent graduate celebrations, and the feeling of summertime adventures in the air, we know you’re probably itching for something fun, or somewhere new to explore! Since the pandemic first started, there have been huge adjustments in different forms of entertainment to satiate the needs of those who have spent the better part of the last year and a half (yes, it has been that long) inside. A great example of this are RV’s and travel trailers!
The two have one primary difference; one you can actively drive and the other you hitch to a truck or suv to pull behind you towards your destination. RV’s are the large vehicles with typically a driver and passenger seat up front, but a living area, kitchen, toilet, and sleeping area throughout the rest of the space. A travel trailer may only have a few of those options at bare minimum, but are not driven themselves, only attached.
Now, these options for traveling and adventuring are all fun and games until an accident occurs. Because these vehicles/extensions are bulky and not your typical vehicle shape, they can cause a decent amount of damage if involved in a car accident or collision. So, how do you protect yourself in the best way possible? We’re sure you already know the answer to this based on who we are, but INSURANCE!
You can safely and effectively insurance your RV or travel trailer with the right amount of insurance and we highly recommend it. By law, you are not obligated to insure a travel trailer, but an RV must have a minimum liability coverage as you would be actively driving it on the roads. Minimum liability coverage tends to vary state to state, so be sure to let us know if you have any questions or if you’re in our neck of the woods. It’s still recommended however to get some kind of comprehensive coverage for your travel trailer, as your belongings are valuable and deserve protection! Don’t take the risk to save an extra buck, take the next step in making sure your travel trailer is insured.
There are other things to consider about RV and travel trailer insurance coverages too, such as the items and belongings they hold. Typically, for common claims of theft and vandalism, the contents within an RV or trailer are protected under a homeowners or renters policy. These kinds of insurance policies are more likely to have lower limits due to covering property away from home, but you have to take into consideration the value of the items you keep with you. For example, if your house on wheels holds a range of electronics and other high value personal effects, getting extra coverage may be beneficial for you should anything occur. This would be especially helpful to those that work primarily remotely while traveling, and their work life primarily depends on the availability of a laptop or mobile device! With the pandemic circling for the past year and half, remote work has been on the rise right alongside safe options for traveling. If this sounds like it applies to you, we definitely recommend getting in touch with one of our team members today!
Curious about other items within your RV or travel trailer? Well, items that are permanent fixtures such as kitchen appliances, bathroom pieces, or any other customized equipment that is intentionally installed within your RV or travel trailer can fall under a comprehensive and collision portion of most RV policies. Make sure to take a look at what kind of coverage you have currently to confirm what’s covered and what’s not, and if you don’t have any coverage you already know what we’ll say about that!
Other things to consider in relation to your coverage? Some plans include concepts for money getting set aside for covering the cost of a hotel room should your RV need repairs and you can’t stay in it! If that’s not the best kind of forward thinking we don’t know what is!
Here’s a quick list of some things typically covered in a basic RV insurance coverage, but like we’ve mentioned so far, customizations and other options may be available depending on your specific needs and situation so never be afraid to ask!
So readers, are you still itching to get out on the road with your own home on wheels? We don’t blame you! Even though insurance is a part of life we find a necessity in, life on the road or even a trip out of state to a special destination is well worth the effort. And, with all of those fantastic Pinterest boards out there for renovating, decorating, and remodeling the inside of buses, vans, and old RV’s, an extra layer of fun and creativity can be added to it as well!
If you’ve been daydreaming about ‘Moving right along’ on the wide open roads in your own RV or travel trailer, reach out to a team member of Abri Insurance today. We can help you get the special coverage you need to insure not only your home on wheels, but also to ensure you enjoy your summertime adventures!
Enjoy your day, readers! Don’t forget that we’re here to help you with all of your insurance needs, especially for RV Insurance and Travel Trailer Insurance. Happy camping!
Now that the weather is perfect for taking your motorcycle out for a ride into the sunset, it's time that we go over the importance of having proper insurance coverage for your bike and what you should be expecting from your insurance policy!
Hello readers and insurance plan holders! Welcome to the Abri Insurance Blog! We are a full-service, independent insurance agency that represents you, the client, and not the insurance company. With each and every policy under one roof, we customize the perfect insurance package for you while striving to deliver the highest level of customer service. While the weather has been outstanding and is now the perfect time to take out your number one road warrior, your motorcycle, it is still extremely important to have the proper coverage you need to stay as safe as possible no matter what! If you are like most bikers, the idea of losing your bike sends you into a panic. We can customize your coverage so that it covers everything from a full replacement on your bike to medical payments when you get into an accident. Today, we are going to be diving into everything you need to know about motorcycle insurance so you can stay ahead of whatever might be coming your way so you will always be prepared!
The fact is, no matter how you might feel on the open road or the fact that you are an excellent driver, you need motorcycle insurance. Minimum liability just isn't enough. While it is an extra expense that you don't use until you need it, when that time comes you will really need it! Like we usually mention when it comes to insurance, while it might be hard to spend money on insurance and not get anything directly out of it right away, if you don't have it when you end up needing it, it will cost you even more in the long run! Also, don't forget, almost every state requires minimum liability coverage just to register your motorcycle. While minimum liability coverage is a great first step, it only covers the other person involved when you've caused an accident. What about you and your bike after an accident? Regardless of who caused the accident, you both might need patching up and you could be looking at thousands of dollars to do so! Make sure you're getting coverage to insure your body's overall safety and wellness, the safety and wellness of your bike, and anyone else who might be involved in an accident. Remember, this is still a vehicle just like your car. If you would insure our car, why wouldn't you also insure your motorcycle? As we've mentioned, your state will most likely require you to have liability insurance coverage for your bike. Our biggest recommendation when in the market for motorcycle insurance in the Charleston area is to sit down with us at Abri or with your insurance agent and talk about what your options are. First, consider buying a policy above the minimum requirement and check with us if your coverage includes coverage for your bodily injury and injury done to your passengers. Also, make sure you have all the proper coverage for your state! Florida requires you to carry a minimum of $10,000 in medical benefits while other states require you to carry uninsured/underinsured motorist coverage. Please check with us if your preferred policy checks all the boxes needed for the state of South Carolina!
The good news is if you're pretty familiar with standard auto insurance policies, motorcycle standard policies are very similar. Most insurers offer, on top of what we have already mentioned, personal injury protection, medical payments, comprehensive and collision coverage, all of which we would highly recommend adding to your overall policy! If you are feeling the want and need to add on more you can also add on roadside assistance, transport trailer coverage, trip interruption coverage, and coverage for custom parts, equipment, and accessories. For our readers who have invested a pretty penny into a custom chopper, this is an ideal situation for you! While many of our readers may still not be thrilled about paying for insurance on their bikes, please keep in mind that many companies will offer a "lay-up" period discount during cooler and inclement months where many individuals who have other modes of transportation will put their bikes away until the spring returns. There are also other discounts out there just waiting to be utilized. Make sure, if you need or want to, to speak to your provider and ask if you are eligible or if they offer any of these discounts!
Now let's talk about the real nitty-gritty of your bike, what happens if it is destroyed or stolen? There is a policy for that! When this happens you'll usually be given three different types of settlements. One is a stated amount, this will pay you the amount that you agreed upon when you purchased your policy. The second is an actual cash value, and this will pay the value of what your bike is worth minus depreciation and deductible. Finally, there is the agreed value and this will pay the amount you and the insurance company agreed on when you bought the policy and it is a fixed amount, nothing will be taken from a claim check when this option is chosen.
Still not convinced that you need motorcycle insurance? Thank about it this way; 48 out of the 50 states in the US require you to have insurance. The two that don't still suggest that it might be the smart choice to do so. Here are a few more pieces of information to know about motorcycle insurance that you should still keep close to your heart when debating what policy you should get at the end of the day!
Motorcyclists, have we got your attention? We want you to enjoy the open road as best you can, and the best way to do so is to have the best insurance policy possible! Let Abri insurance help you curate the best insurance policy for your motorcycle in the Lowcountry! This way every ride is the safest and perfect ride every time! We're Abri Insurance and we are here to make sure you have the best coverage for life in the Lowcountry!
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