Ready for your life insurance health exam?

When you’re applying for an individual life insurance policy, you’ll usually need to complete a simple medical exam administered by a paramedical professional.  However, at PKIG we can offer up to $1 million in coverage without a medical exam in many cases.  If you do need to complete the exam, follow these steps to prepare for your exam so you can minimize your chances of inaccurate test results and set yourself up to receive a fair rate on your policy.

When to Eat

Read and follow your pre-exam directions.  If you’re supposed to fast for eight to 10 hours, make sure you do.  Fasting properly means you won’t get a false positive on blood glucose tests for diabetes or artificially high cholesterol levels because of something you ate.  Don’t even drink black coffee the morning of, as caffeine can increase your blood pressure.

Tip: If you accidentally eat something before your test, ask the examiner if you need to reschedule.

What to Eat

You may also want to pay attention to what you eat and drink for at least 24 hours beforehand.  Avoid alcohol, skip salty foods and drink plenty of water. Consuming too much alcohol, too much sodium or not enough water can throw off test results for liver and kidney function as well as urine concentration.  It’s also easier to give blood when you’re well-hydrated.

Exercise Considerations

Finally, avoid tough workouts in the 12 to 24 hours before your exam, as heavy exercise can lead to urinalysis results that may suggest kidney problems and high blood pressure. But a light workout, like a walk, may be a good idea to help you get a good night’s sleep.  And, being properly rested can possibly improve your test results by decreasing anxiety and lowering blood pressure.

Thinking over your life insurance options? Reach out if you have any questions.  248-682-7445 or owen@philkleininsurance.com

Extended Family Moving in With You? Does Home Insurance Cover Their Property?

It is becoming more and more common for many members of the same family to live under one roof. Children are living with their parents longer than they ever have before, or are coming back after leaving the nest. And the elderly are starting to live with their children or other members of their family, such as nieces and nephews. You likely know that your home insurance policies cover your personal property in the event of a fire or against theft. Here at Phil Klein Insurance Group, serving the greater West Bloomingfield, MI area, we have noticed that people are asking whether their extended family’s property is covered as well. Here is the answer to that question. 

Every home insurance policy is different. As such, the wording from one policy may vary from that of another policy. However, as a general rule of thumb, if the people moving in with you are actually relatives and related to you, their property is typically covered under your home insurance policy. But, you will want to carefully review your policy and the wording to ensure their property is covered. You should never assume it is. If it is not covered, you may be able to add them to your policy or they may be able to purchase a renters policy to cover their belongings. 

If you have extended family moving in with you, now is the perfect time to review your home insurance policy. If your policy no longer fits your needs, contact Phil Klein Insurance Group, serving the greater West Bloomingfield, MI area today. We can help you find the right policy for your needs. 

Am I too young for life insurance?

Life insurance is generally regarded as something that you don’t really worry about until your retirement age. There is some truth to that, but the fact is that it has nothing to do with your biological age. Rather, retirement is usually the age people are at when they have something worth protecting with life insurance, and the means to invest in a good policy. We are not trying to say that the people in West Bloomfield, MI should wait to call Phil Klein Insurance Group for life insurance, and it should have nothing to do with how many gray hairs you have on your head, but more to do with who you’re trying to support when you are gone.

If you have dependents, a wife, children, or family members that you look after, then life insurance will ensure that they are taken care of should something happen to you. That’s all life insurance is about. It has nothing to do with physical age.

This applies to many people who are fairly young. If you already have a family in your twenties and you want to make sure that they are provided for, life insurance can help. In fact, it may be wiser to invest while your children are young. When they’re able to get jobs of their own, they might not need the support. Life insurance can also help to cover funeral expenses and education. So, keep all these factors in mind.

It is up to you to take the responsibility of researching and reaching out to a trusted agency like Phil Klein Insurance Group. Life insurance can protect you from unforeseen financial troubles in the future. Contact our agency to speak with a representative and to get a quote.

How To Avoid Six Situations That Can Destroy A Business

1. “I KNOW WHAT MY BUSINESS IS WORTH”
•Have you ever had your company value appraised by an outside resource?
•Has that appraisal been done within the last three years?
•Do you have a Buy/Sell agreement? •Is it funded?
•Has it been reviewed within the last three years?
•Do you know where your Buy/Sell agreement is kept?

2. “I’M TOO BUSY RUNNING THE COMPANY”
•Do you have a will? •A trust?
•Is it up to date?
•Do you have a plan to retain key employees if something happens to?
•Has your Trust & Estate Plan been reviewed in the last three years?
•Have you identified and written down your trusted advisors?

3. “THAT’LL NEVER HAPPEN TO ME”
•Do you have a succession plan in place?
•Have you involved both key employees and family members in your succession planning?
•Does your succession plan have a provision for disability?
•Have you identified or written down who you want to run the company?
•Do you have disability buy-sell overhead expense coverage?

4. “THERE’S PLENTY OF TIME FOR THAT”
•Do you know when you want to retire? •How much income will you need?
•Do you want to be running the company full-time, five years from today?
•Do you know how much control in the business you must maintain in order to secure your retirement income?
•Have you explored financing opportunities for key employees to buy the company in the future?

5. “MY BUSINESS IS MY RETIREMENT”
•Do you have a retirement vehicle other than your business?
•Is 25% or less of your business assets a part of your retirement plan?
•Will your retirement funding come from more than four sources?
•Have you had your retirement income projected/analyzed to identify shortfalls?
•In the past year, have you spent more than one hour planning for retirement?

6. “YOU CAN’T BEAT UNCLE SAM”
•Do you have a TEAM of financial advisors working with you?
•Are you proactively planning to deal with changes in the tax laws?
•Will any sources of your retirement income be received tax free?

Questions? Concerns? Call Owen Rosen at (248) 682-7445 today or email owen@philkleininsurance.com

How Commercial Insurance Can Protect from Legal Costs in West Bloomfield, MI

If someone is hurt, injured, or experiences property damage while in your business, you could be financially responsible. The same goes for any issues involved while you perform work outside the business location. You worked hard to build your business, don’t let one court case threaten your assets. Business liability insurance is the answer, and your Phil Klein Insurance Group agent can help ensure your West Bloomfield, MI business has the right coverage. Meanwhile, here’s some basic information about a commercial policy.

How Does it Work?

Liability insurance protects you if someone sues your business. Make sure your coverage is enough to cover the risk for your particular type of business. If you are performing a business service, such as drywalling someone’s home, and you accidentally damage expensive flooring, your business insurance pays for the damages provided it’s an insured event.

Business liability covers legal and court costs, as well as judgments found against you. Protect yourself and your customers from liability and accidents that could occur at any time.

Other Business Insurance

You can also get coverage specific to the risks associated with your type of business. Every business can benefit from insurance for property damage, medical costs, bodily injury, and other insurance coverage like loss due to bodily injury, defending attorneys, property damage, libel, slander, and others. 

What Coverage is Right for You?

If you manufacture, distribute, or retail a product, consider product liability for protection against a defective product that causes bodily harm. CPAs and doctors need professional liability insurance to cover errors and omissions that arise in the normal course of business. If you have a steady stream of customers, you have a successful business, but that means you need to have adequate coverage against injuries and property damages that occur during business.

Contact your Phil Klein Insurance Group agent in West Bloomfield, MI today to set up an appointment for a quote on commercial coverage and other insurance policies today.

 

 

Is Your Employer-Provided Life Insurance Coverage Enough?

Is the life insurance you’re getting through your employer enough to take care of your family? And are you paying too much for that coverage? A healthy 50-year-old male could save nearly 80% on premiums in the first year alone by switching from an employer-provided term life insurance policy to an individual one, according to the National Association of Financial Planners.  Young, healthy employees might also be better off with individual coverage, since they can lock in low rates for decades.

But many companies pay for some amount of life insurance for their workers; they also allow workers to purchase more coverage for themselves and their spouses at a low cost and with no medical exam. As a result, many families obtain all of their life insurance through an employer. If you make $75,000 per year, your employer might provide $75,000 or $150,000 in coverage at little or no out-of-pocket cost to you, and the premiums will come straight out of your paycheck. This way, you’ll never miss the money or worry about paying the bill. And even if you’ve had less-than-perfect health, you’ll qualify for just as much coverage as your co-workers. That all sounds enticing, but there are several potential problems with obtaining life insurance through work.

Problem 1: Your Employer May Not Offer Enough Life Insurance

While basic employer-provided life insurance is low-cost or free, and you may be able to buy additional coverage at low rates, your policy’s face value still may not be high enough. If your premature death would be a financial burden to your spouse and/or children, you probably need coverage worth five to eight times your annual salary. Some experts even recommend getting coverage worth 10 to 12 times your annual salary.  PKIG can help determine how much you need based on your goals.

Another shortcoming?  Salary doesn’t take into account bonuses, commissions, other sources of income, and the value of other benefits such as medical insurance and retirement contributions.

Your employer’s group life insurance might be sufficient if you’re single or if you have a spouse who isn’t dependent on your income to cover household expenses and you don’t have children. But if you’re in this situation, you might not need life insurance at all.

Problem 2: You’ll Lose Your Coverage If Your Job Situation Changes

As with health insurance, you don’t want gaps in your life insurance coverage because you never know when you might need it. Most workers who get coverage through work don’t know where their life insurance will come from if they change jobs, are laid off, their employer goes out of business or they switch from full-time to part-time status. You usually won’t be able to keep your policy in these scenarios. Lack of portability can be a problem if you aren’t going directly to another job with similar coverage and aren’t healthy enough to qualify for an individual policy. Some policies do allow you to convert your group policy to an individual one, but it will likely become much more expensive.  If you’re losing your coverage because you were laid off, the premiums might be unaffordable.

Problem 3: Coverage Gets Tricky If Your Health Declines

Another problem arises if you’re leaving your job because of a health problem.  If a medical condition forces you to leave your job, it’s unlikely that you would be able to qualify for life insurance at that time.  Needless to say, that’s the time your family would need the coverage most.

Even if your health problems aren’t significant enough to stop you from working, they might limit your employment options if you only have life insurance through work.

Problem 4: Your Plan Doesn’t Provide Enough Coverage for Your Spouse

While your employer’s benefits package probably provides health insurance for your spouse, it won’t always provide life insurance for him or her. If it does, the coverage may be minimal—$100,000 is a common amount, and that doesn’t go far when you lose your husband or wife unexpectedly.

Couples often assume the family will only suffer economic hardship if the primary breadwinner dies and many workers fail to adequately insure their spouses.  The death of a non-working or lower-earning spouse can certainly impact their partner’s income.  You probably aren’t going back to work on Monday if you lose your spouse over the weekend.  How much paid time off do you have to cover an extended leave?  Plus, you must now pick up the slack with day care or carpooling – hours can be cut back – there won’t be enough time to properly grieve and survivors are often depressed which lowers productivity.

Problem 5: Employer-Provided Life Insurance May Not Be Your Cheapest Option

Even if you can get all the life insurance you need for both you and your spouse through your employer, it’s a good idea to shop around to see if your employer’s supplemental insurance really offers the best value for the money.  You’re more likely to find a better rate elsewhere the younger and healthier you are. Also, unlike the guaranteed level-premium life insurance you can purchase individually, which costs you the same amount every year for as long as you have the policy, the policy provided by your employer tends to get more expensive as you age.

Employer provided coverage tends to increase in price after age 35 and typically increases every year or five years.  Once you reach age 50 the policy can often become much more expensive and usually unaffordable closer to retirement age.

The Solution

While there’s no reason not to take advantage of any free or inexpensive insurance your employer offers, it probably shouldn’t be your only source of life insurance, nor should most people rely heavily on the supplemental life insurance they can get through work. The solution to each of the problems described above is to purchase some or all of your life insurance directly through an individual term policy.  You might need to purchase as much as 80% of your life insurance on your own to have enough and to make sure you’re covered at all times and under all circumstances.

If you don’t think you qualify for individual life insurance, it’s important to actually find out.  Underwriting standards have changed considerably over the past ten years or so.  Also, if you work with an Independent Agency like PKIG your chances of approval will be dramatically higher.  Captive insurers such as State Farm or Allstate typically have much stricter underwriting standards which lead to higher premiums and more frequent declinations on average.  The most affordable solution is to buy the most insurance you can afford at the youngest age, since, as you age, the chance of acquiring an illness goes up, and with illness comes more expensive premiums, if you can qualify at all.

The Bottom Line

You need enough life insurance to cover all your debts and support your dependents. “Enough” includes paying off your credit cards, car loans and mortgage, paying for your children’s education, and making sure your spouse will have the financial means to take care of him or herself and your children. In a time of grief, the last thing you want is to leave your loved ones with another major life upheaval such as having to change jobs or schools because of financial strain, so take a close look at whether the life insurance you’re getting through work is the best way to provide for your loved ones.

Get instant quotes on top-rated life insurance coverage here in less than 30 seconds or call (248) 682-7445 for more information today.

Does home insurance cover accidents that occur on my property?

At Phil Klein Insurance Group, we help our clients protect their homes and property so that they and their loved ones can live their lives knowing that if something were to happen, they would be protected. Anyone owning a home in West Bloomfield, MI can purchase a policy that protects against losses caused by events like fire or theft. But many people worry about what would happen if an accident were to occur on their property, and what the consequences to them would be. 

Fortunately, most home insurance policies also protect against basic liability. For instance, someone could come to your home and slip on ice that you had failed to remove from the front walk. They could sue you for the injuries, including the medical bills they had to pay because of the accident. If you didn’t have insurance, you would have to pay for the medical bills, any property that was damaged, and the court costs associated with the lawsuit.

The general liability policy that is a part of your homeowner’s insurance policy will pay those damages as part of a claim. The policy even covers the court costs, including possible attorney costs. The main problem is that if the expenses are significant, they will probably not be covered because your policy will have a general liability limit. If you are worried about the limit, you can discuss it with your agent. You may want to raise your policy limits or get an umbrella policy that covers more significant losses.

If you have a home in West Bloomfield, MI, make sure you’re protected. Contact Phil Klein Insurance Group today so we can discuss your options.

The Ins and Outs of General Liability Coverage: What’s Covered – And What’s Not

As a small business owner, you have a lot on your plate. From accounting, to marketing and sales, to product development and inventory — the to-do list can seem never ending. That’s why it’s no surprise that details like liability insurance can so easily slip through the cracks, leaving your business financially vulnerable.

Unfortunately, nearly anyone your business interacts with can make claims against you. And without the right insurance protection, these claims could cripple your operation.

What General Liability Insurance Covers

General liability (GL) coverage can be part of a standalone policy or can be part of a business owner’s policy (BOP). This coverage safeguards your business’ finances and reputation in the event a customer or third party takes legal action against you or your employees.

The following are types of claims covered by a GL policy:

Bodily injury: If a third party is injured at your place of business (or as a result of work performed away from your business), your GL policy would cover costs, including medical expenses, lost wages, and any court-awarded compensation or out-of-court settlements.

Property: If your business’s actions result in damage to someone else’s property, your GL policy will cover costs to repair the damage. This applies to real estate, equipment, and supplies, as well as compensation for loss of use during the time it takes for the damaged property to be repaired or replaced.

Personal and advertising injury: If your business causes nonphysical damage to a third party through advertising tactics or other activities, your GL policy will cover these damages. However, coverage does not apply if your business intentionally makes a false statement knowing it will cause harm.

Additionally, if a lawsuit is filed against your business for a covered loss, your GL policy will also cover the legal costs to defend you in addition to your policy limits, including attorney fees and court costs.

GL coverage safeguards your business’s finances and reputation in the event a customer or third party takes legal action against you or your employees.

What General Liability Insurance Doesn’t Cover

GL coverage does have limits — both in dollar amounts and types of situations covered. This depends on a number of factors, including your specific industry and your business’s exposure to visitors and clients.

However, there are a few limits that apply to businesses across the board. GL does not cover the following types of damages:

Workplace injuries: GL normally doesn’t cover workplace injuries to employees. Instead, you’ll need workers compensation coverage, which is legally required by most states.

Damage to your own property: GL covers damages to other parties’ property, but it doesn’t cover your business’s property. Instead, you’ll need a business owner’s, inland marine, or commercial property policy.
Intentional damage: Damage done purposefully or maliciously is not covered under a GL policy.

Damage to client property in your care: GL does not cover damage to a customer’s property while it is in your care. Inland marine and other property coverages can provide this type of protection.

Professional mistakes: Mistakes resulting in a loss aren’t covered by GL. For instance, if your business misprints 10,000 books, general liability coverage won’t reimburse you for the cost of reprints. However, many insurers offer separate policies for businesses that require professional liability protection.

Damage to vehicles: This protection requires a commercial auto policy.

While general liability insurance won’t cover every incident and expense your business might face, it can protect your business from claims brought against you by third parties — and it’s a relatively inexpensive way to create peace of mind.

Contact us today at (248) 682-7445 or info@philkleininsurance.com for more information.

How Can Life Insurance Help Me with Estate Planning in West Bloomfield Michigan

If you are planning your estate in West Bloomfield, MI, life insurance can protect your large assets and help safeguard your wealth. Life insurance provides a payout that helps your family keep your home or business after you are gone. Ask your Phil Klein Insurance Group agent how to start a policy.

Planning Achievements Accomplished through Insurance

Use life insurance in your estate plan to increase your liquidity and cover payment of your remaining debts. Life insurance provides income replacement for your family and safeguards the wealth you have accumulated over a lifetime.

There are numerous policies to consider, and you can also customize your policy to meet the needs of your family. Ask your agent for details on flexible life insurance for estate planning.

How to Use Life Insurance to Provide for Survivors

Nearly all estate plans include some life policy. That’s because it’s one of the easiest and most secure ways to provide income for spousal support, education expenses, and business transitions. Some policies provide income to fund your retirement.

For large estates, life insurance helps cover the cost of burial and death taxes. In this case, insurance ownership is a significant tax-savings device. Note that it’s important to consider how well your beneficiaries are protected by the chosen insurance policy.

Larger estates exceeding the federal tax exclusion require life insurance to minimize or eliminate probate costs.

Types of Life Insurance

There are two types of life insurance, referred to as trusts, as follows.

Revocable Life Insurance Trust

In this type of life insurance, the policy owner sets up a trust and names it as the beneficiary of the policy. The policyholder can revoke, or remove, the trust and related ownership rights. This trust is recommended for young families with few assets but large life insurance coverage.

Irrevocable Life Insurance Trust

This arrangement puts the distribution of life insurance proceeds in the hands of a trustee. A trustee can be a lawyer, trusted friend, or family member.

Contact your Phil Klein Insurance Group agent in West Bloomfield, MI today to set up an appointment and to get a quote.

How Much Commercial Insurance Does Your Company Need?

The amount of commercial insurance you carry on your business depends on the size of your business and the total assets on the property. There are a few tips you can follow to help you make a decision, but it is important to realize that every business has different needs. Consult a professional before you make a final decision.

How Much Is Enough?

If you are a small business owner, it is common for most to carry around $1 million in commercial insurance. This factors in liability and covers office equipment, and other items outlined in the policy. If you expand or incorporate additional items of value into your company inventory, you need to adjust your insurance immediately to avoid gaps in coverage.

Get A Professional Opinion

People who work in the insurance industry are a wealth of knowledge when it comes to helping you decide what type, and how much commercial insurance coverage you need. Finding an experienced provider to assist you with the process of finding the right coverage can secure your business’ financial future. A reputable company that can give you the information you need to make the right choice for businesses in and around the West Bloomfield, MI area is Phil Klein Insurance Group.

If you own a business in or around the West Bloomfield, MI area, and want to get the right commercial insurance coverage, you should contact Phil Klein Insurance Group. Call or stop by for answers to your questions and assistance making an informed insurance coverage decision. Don’t leave your company’s financial future to chance, get a consultation today and protect your future tomorrow.