What Are The Different Types Of Life Insurance?

Term insurance, permanent/whole insurance, endowment insurance, and pension plan are the main types of life insurance. But you commonly come across permanent insurance and term insurance. Premiums are typically cheapest when you’re younger and increase as you grow older. 

It typically comes with higher upfront costs and higher premiums. One of the easiest ways to start researching life insurance is to visit Phil Klein Insurance Group in West Bloomfield, MI. 

What Do the Types of Life Insurance Mean? 

Term life insurance is a form of financial insurance that helps protect your family if you cannot work because of death or disability. It has a fixed duration and will not last your entire lifetime. It’s focused on safety, while permanent policies often have a riskier approach to investing. 

Whole life insurance is a form of insurance you purchase to help provide financial security throughout your lifetime to your family. Level-term life insurance is a level of coverage that will last the policy term. Graded whole life insurance provides a higher level of coverage at a certain age. Various types include: 

  • Term Insurance
  • Whole Life Insurance
  • Endowment Insurance
  • Pension Plan 

By selecting the right policy and provider, you can get the most out of your coverage and benefit your loved ones. With term insurance, you’re not paying into a savings account or securing a fixed rate of return. On the other hand, the spectrum, universal life insurance offers the most coverage but is also the most expensive. 

You can buy term or permanent insurance, sign up for a variable or fixed rate policy, and select individual or group coverage. There are also different insurance benefits, including final expense, co-habitation, accelerated death benefits, and guaranteed benefits. 

Conclusion

Permanent life insurance, often called "whole life" or "universal," provides lifetime coverage but may have a higher upfront cost. It has different coverages such as accidental death, critical illness, or supplemental. Where do you start? Contact Phil Klein Insurance Group serving in West Bloomfield, MI.

4 Times You Might Need Commercial Insurance

Every business owner needs to have some form of commercial insurance. This type of insurance protects you from any potential liability from running your business. There are a few different types of commercial insurance, and each one covers various risks. Here are four times you might need commercial insurance.

1. You’re an Employer

If you have employees or hired contractors for your own business, you need to protect yourself from any potential liability from those individuals. For example, if someone working for you got injured, they could sue you and claim that their injury resulted from employer negligence. Commercial insurance would protect you from that type of liability.

2. You Have a Retail Store

If you own a retail store, there’s a chance that someone could get injured while they’re on your property. For example, if a customer slips and falls, they could sue you and claim that the fall was due to your negligence. Commercial insurance would protect you from that type of liability.

3. You Provide Professional Services

If you provide professional services, such as consulting or financial advice, you need to be protected from any potential liability that could come from your work. For example, if you give financial advice to a client and lose money due to your advice, they could sue you. Commercial insurance would protect you from that type of liability.

4. You Have a Manufacturing Business

If you have a manufacturing business, there’s a chance that someone could get injured due to your product. For example, if you make a toy and a child gets injured while playing with it, their parents could sue you. Commercial insurance would protect you from that type of liability.

Are you looking to protect your business from potential liability? Whether you’re an employer, own a retail store, provide professional services, or have a manufacturing business, commercial insurance can help. At Phil Klein Insurance Group in West Bloomfield, MI, we offer a variety of commercial insurance policies to meet your needs and keep you protected. Contact us today to learn more about our products and get a free quote.

Does Home Insurance Cover Pet Damage?

If you love pets, you know how exciting it is to have an animal friend around you. However, sometimes your best friend can go rogue, causing damage and injuries. But the question is, does home insurance cover damages caused by your pet? To find out, Phil Klein Insurance Group of West Bloomfield, MI is exploring instances when home insurance comes to your rescue when your pet does the unthinkable.

Pet damage not covered by home insurance

When your cat or dog eats away your expensive sofa, you can start looking at your bank balance because home insurance won’t cover this damage. Similarly, home insurance will still not cover it if your pet causes injuries to you or your loved ones. Why this? The insurer assumes that you are fully controlling any pet that lives with you. So, if your cat rips through your couch, this could be deemed as damage caused by the property owner’s behavior!

Pet damage covered by home insurance

Home insurance covers pets, but not in the way you think. Unlike how home insurance covers your couch or sofa, the same doesn’t apply to your pets. What does this mean? Your home insurance doesn’t cover your pet when they are injured or fall sick — this is the work of pet insurance.

However, when your pet causes damage to other people’s property, home liability coverage kicks in. Similarly, when your pet injures a third party, home insurance covers the medical bills, including legal costs, if you are sued. And this coverage extends even when the pet causes injuries outside your property. For instance, home insurance should cover all the related costs if your dog bites a passerby when you are walking it.

Home insurance in West Bloomfield, MI

Need to learn more about home insurance? Want to invest in home insurance? Please look no further than Phil Klein Insurance Group.

4 Tips for Buying Life Insurance

Do you have life insurance? If not, then that’s a mistake. You need to protect your family and your hard-earned assets. However, sometimes buying life insurance can feel complicated. Here are four tips to keep in mind when you’re searching for the right plan.

1. Assess Your Current Financial Situation

The first thing you have to do is think about your current financial situation. As you’re assessing this, focus on the long-term picture, since that’s when you might need life insurance the most. For instance, maybe you’re planning for a child’s college tuition or thinking about retirement. These are things that usually happen years in the future, but they’re still part of your current financial situation. Make sure your family will have enough money to cover these costs when it matters most if something happens to you.

2. Choose a Life Insurance Policy Type

After assessing your current financial situation, you need to think about the different life insurance policies. There are two main factors that differentiate them: premium costs and death benefits. The type of policy you choose is up to you, but decide what works best for your budget and future needs.

3. Ensure You Choose the Right Insurance Company

After choosing a type of policy, it’s important to shop around for the best insurance company. Five factors are important in finding an excellent service provider: financial stability, customer satisfaction, product offerings, price, and policy features. Use this information to choose a company that will offer you peace of mind.

4. Be Honest in Your Application

When applying for a life insurance policy, be honest about your health and finances. This will ensure that you get the most accurate quotes on coverage. If you lie or leave out important information, there’s a good chance your application will be declined, which means no coverage at all. And if they find out after you have the policy, it could be canceled.

Need Life Insurance in West Bloomfield, MI

Life is unpredictable. You need to do what you can to protect your family if something happens. That’s why it’s so important to buy life insurance, even if the process seems complicated at first. Just follow these four tips, and you’ll be able to find the right coverage for your needs. Phil Klein Insurance Group is here to help you every step of the way when you’re buying life insurance. Call us to learn more.

Should I Upgrade my Commercial Insurance Policy?

Most things in life aren’t static — and your commercial insurance isn’t an exception. As your assets grow, profits soar, and the workplace enlarges, you should review your commercial insurance to ensure your current needs are well-protected. If you are unsure whether you should review your commercial insurance, Phil Klein Insurance Group of West Bloomfield, MI is here to guide you so that you can get the best bang for your bucks.

Change in employees

If you have more than one employee in Michigan, you must purchase worker’s comp insurance to protect them against illnesses and work-related injuries. While you may have started with a few workers, your business has now grown, and the workforce is a few times bigger. Have you updated your worker’s comp insurance? Your employee insurance should match the size of your workforce. Always talk to your insurer whenever you downsize or increase your workforce.

New assets

As your business grows, you always invest in new assets to support the growth. It could be new IT infrastructure, new furniture, or even a new office. Whenever you acquire new assets, always update the changes in your commercial insurance. This move is crucial to ensure you receive maximum compensation when theft or damage occurs.

Service offering changes

Adding a new product or service to your business means exposing you to new risks. While taking risks is an ever-present reality for business owners, you need insurance to cover every move you make. Talk to your insurance agent whenever you add or remove a product or service from your offering.

Learn more about commercial insurance in West Bloomfield, MI

There are numerous other reasons to review your commercial insurance. The best way to ensure you are optimally covered is to frequently chat with your insurance agent. If you are in West Bloomfield, MI and its environs, you can always contact Phil Klein Insurance Group for all your commercial insurance needs.

How Does Disability Insurance Work?

If you have disability insurance, whether through work or on your own, you may be unsure about what it does. The basics are that it will help with your finances if you are unable to work due to a disability. 

That being said, there are some things that you need to understand about how disability insurance works. 

You are going to have to pay a premium every month. If you get insurance through your employer, your company may pay this premium without you even realizing it. Your premium may vary depending on your age, health, and the types of coverage that you want. 

If you ever need your disability benefits, you will receive a portion of your regular salary. This is usually between sixty and eighty percent of your normal salary. Depending on your plan (and who you get it through), it may be taxed, or it may not. Generally, it isn’t taxed, unless it is through your employer. 

You also need to understand the benefit period. This is the length of time that you can receive your benefits. Generally, short-term disability will cover up to a year. Long-term may take effect until retirement.  

There may be a waiting period before you are able to collect your benefits. Short-term benefits are often paid quicker than those that are going to be long-term. 

You also need to know what is considered a disability for your plan. Since every plan is different, you need to read the fine print. If you are able to work a desk job, instead of your normal job, you may not qualify. 

If you want to make sure that you are protected, in case you are ever injured or disabled, don’t hesitate to contact Phil Klein Insurance Group in West Bloomfield, MI. 

Is Commercial Insurance Required in MI?

Owning a business is often the result of years of hard work which makes it incredibly important to protect that investment and dedication through a commercial insurance policy. Specific to Michigan, commercial businesses are required to carry two types of insurance. The first, workers’ compensation insurance, is required for any business that employs one or more full-time employees. Workers’ compensation insurance covers the medical bills for employees that suffer a workplace injury or illness. The second, commercial auto insurance, is required for any vehicle owned by the business with minimum liability coverages for property damage and bodily injury needed. Keep in mind that if you require employees to drive their personal vehicles for work purposes their auto insurance policy is unlikely to include business use as a standard component. Consequently, personal vehicles driven for work purposes need to be protected by hired and non-owned auto insurance.

In addition to the required workers’ compensation and commercial auto insurance policies, although it is not legally mandated, businesses in West Bloomfield, MI and the surrounding areas may want to consider additional coverage depending on the type of enterprise being run. For example, any business that stores confidential information such as credit card data, social security numbers, or other PII should strongly consider cyber liability insurance which helps businesses recover after cyber attacks. Other common types of commercial insurance include professional and general liability.

At Phil Klein Insurance Group in West Bloomfield, MI we understand that your business is your livelihood and that’s why our talented team of insurance professionals works tirelessly to ensure that your best interests are represented. When you call the Phil Klein Insurance Group for your commercial insurance needs, we’ll take the time to learn about you as a customer and a person so that we can customize an insurance policy that exceeds your expectations. 

Home Insurance Coverage Options

You have recently purchased a house, and it is one of the largest investments that you will probably ever make in your lifetime which means you will want to protect it in any way you can. The home insurance agents at the Phil Klein Insurance Group in West Bloomfield, MI are touting the importance of home insurance and the different coverage options that are available for you to choose from to adequately insure your home.

Coverage Options for Home Insurance

When it comes to a homeowners insurance policy, there are many coverage options, but the basic policy will cover the structure of your home as well as any outbuildings which would include your deck or a garage. A home insurance policy will also cover your personal belongings, furnishings, appliances, and other items that you own inside your home.

A home insurance policy we’ll help repair or replace your home if it is damaged or demolished by an act of vandalism, and natural disaster, or a fire. It will also help you replace items that are stolen due to a theft or robbery incident.

Normally your home insurance policy will not cover your home or other items due to neglect to the home, flooding, or an earthquake. You can talk to your home insurance agent about adding on these additional types of policies that will cover floods and earthquakes.

If you have a mortgage on your home and borrowed the money from a bank or other lender to pay for your home, the lender will more than likely require that you have home insurance, but it is very important to have a policy in place even if you paid cash for your home, or it was given to you in some other way, such as through inheritance.

To obtain a quote for home insurance and to get your policy started, contact the trusted and experienced home insurance agents at the Phil Klein Insurance Group in West Bloomfield, MI today!

PKIG Places at 21 on Crain’s Cool Places to Work

The team at West Bloomfield Independent Insurance Agency, PKIG were recently treated to a BIG surprise…we placed in the top quartile of the Crain’s Cool Places to Work.

Earlier in 2021 the leadership group made a decision to apply for Cool Places to Work. We knew it would be good for morale, hiring and our overall brand.

We knew we had a cool place and decided to run through the process.

One of the steps was getting your staff to answer a survey.

We were excited to find out we had 100% participation on this.

Knowing the team was going to take the time to fill out the survey, it was likely they would say good things.

And they sure must have…

In June we found out that we had placed in the top 100 out of close to 900 applicants.

Late August there was a special online viewing party to see how each of the companies ended up.

The leadership team thought it would be a great day to bring lunch in for the team and tell them there was a special webinar we needed to watch.

That ruse didn’t last long.

Lunch was great.

Watching our teammates see how we progressed toward the top of the list was even better.

You can see the excitement for yourself as we pass the top 75, 50 and 25.

The place was rocking when we landed at # 21.

Not a bad placement for our very first time being on the list.

We hope you enjoy the video.

Oh, and if you know anyone who is licensed in P&C insurance and is looking for a job, they can check out our job openings here.

Enjoy!

My car is paid for. Do I need full coverage?

You may question the benefits of carrying full coverage auto insurance if you don’t have a car loan. However, before you drop your insurance, there are certain things you should look into. Our West Bloomfield, MI team at Phil Klein Insurance Group is dedicated to helping you make the best insurance decisions when it comes to your vehicle. There are many things that motorists can consider when it comes to dropping full insurance coverage.

When Should You Drop Full Coverage?
If you’re insured for an amount that exceeds your car’s replacement value, you should consider dropping full coverage insurance. Plain talk, if your car was totaled and the payout would be significantly less than your insurance coverage, you probably don’t need full coverage auto insurance. You could also consider lowering your coverage amounts because you’re paying for more coverage than you actually need. However, there are a few key things that you can consider in making your decision. 

  • You’re insured for more than your vehicle’s replacement cost.
  • High Mileage Car
  • You own your own vehicle. 
  • Policy cost exceeds your budget

However, consulting with a Phil Klein Insurance Group team member can also help you make a final decision.

Another consideration is high-mileage cars. High mileage cars are usually cheaper to insure because the average life expectancy of a car is 200K. Purchasing full coverage insurance on a car with high miles is not wise because, often, the value of the car is far less than a full coverage policy. In this case, you’d be over-insured. Again, you can consider lower-cost options if you drive a high-mileage vehicle. 

The Cost
If you don’t have a car loan, and the cost of full coverage insurance is expensive, you should drop the coverage or seek more affordable options. Our West Bloomfield, MI team at Phil Klein Insurance Group is standing by to answer any and all questions you may have about full coverage insurance. Give us a call. Regardless of your situation, we can help you determine your best auto insurance options.