What is Recreational Insurance?

If you love the outdoors of West Bloomfield MI, chances are you have one or more recreational toys that needs to be insured – or you’re thinking about getting some. At Phil Klein Insurance Group we help customers find the right policy at the right price, tailored to your specific recreational needs. So what exactly is recreational insurance and what does it cover? Read on to find out.

Recreational Vehicles

From motor homes to travel trailers and everything in between (teardrop trailers, pop up trailers, etc…) protect your vacation asset with the right insurance policy. Recreational insurance also covers all-terrain vehicles and snowmobiles. With the right policy, your toy will be covered from theft and damage. Also, if you cause an accident with your recreational vehicle, your insurance will kick to protect your liability. 

Watercraft

Do you love going fishing or out on the lake for the day with family and friends? Having a boat is often a dream come true for many people. Protect this asset with recreational insurance that fits your watercraft, whether that be a fishing boat, sailboat, speed boat, seedoos, and more. An insurance policy will protect your watercraft from theft, fire, damage, and liability. In the long run, it gives you peace of mind and helps you save money if anything were to happen.

Antique Cars

Are antique cars your passion? If so, they need their own insurance policy. Oftentimes, these classic cars qualify for amazing rates so there’s no reason not to insure it, and if you plan to drive it on the road, insurance is required by law.

To learn more about purchasing recreational insurance in West Bloomfield, MI, contact the Phil Klein Insurance Group who serves this area. Our trained, knowledgeable, and friendly staff will answer all of your questions and concerns and help you compare quotes to find the right policy for your recreational vehicle, boat, or classic car. You can contact us today at 248-682-7445. 

 

 

 

 

 

 

How to Protect Your Family and Property on the Water

Boating safety is sometimes buried under excitement when people first buy their first watercraft. It’s much easier to picture summer outings and late-night rides than it is to picture conducting emergency drills over and over again until you’re sure everyone knows what to do. But boating accidents and emergencies may not be as uncommon as you think. Phil Klein Insurance Group wants the people of West Bloomfield, MI to be prepared for anything no. 

Seasonal Maintenance 

Ensuring your boat is water-worthy will always be your first priority. From cosmetic concerns to inner mechanics, maintenance can help your boat stay safe on the water. Make sure to wash your boat regularly, change its oil, and check the propeller. If you come across anything questionable, hiring an outside inspector is the best way to catch any potential safety hazards before you take it on the water. 

Drills, Drills, and More Drills 

When emergencies arise, it’s easy for panic to set in. To ensure this doesn’t happen to you or your family, having regular safety drills can make it easier to navigate an already treacherous landscape. These drills should be put into motion so that emergency responses become second nature. This way, no one even has a chance to contemplate their fear (because they’re already too busy springing into action). 

Get the Right Insurance 

Boats are a substantial investment for most people and there’s a lot that can happen when you’re at the mercy of the water. If you want to learn more about how to get the best policy for you, give Phil Klein Insurance Group a call today. We’re here to help the people of West Bloomfield, MI get the coverage they need to safeguard themselves, their property, and their family.

Should you convert your term life policy?

Should you convert your term policy?

Term life insurance makes sense for many of us. Specifically, this coverage option provides low-cost protection to the loved ones who would be affected by the loss of your income and other household contributions.

But what happens if you’re approaching the end of the pre-decided term with less financial security than you thought you’d have by now?

Find out more about a step you can take to help keep your family safe:

When does converting your policy make sense?

Medical bills, a job loss and other circumstances sometimes limit wealth accumulation. Thankfully, an easy solution — converting your term policy to whole life — might be within reach if your timing is right.

How does a conversion work?

Most term policies provide a window to convert before your term expires or before you reach a certain age. You typically won’t have to qualify medically, which may get you a lower rate on whole life.

What are some of the long-term benefits of converting your term policy?

A whole life policy lasts for your entire life (as long as you pay the premiums), allowing you to leave money to heirs or charity. Whole life can also support a lifelong dependent, such as a sick or disabled child or spouse. It can also be a tool for mitigating estate taxes.

You may also borrow against the accumulated cash value of a whole life policy for any reason. Just note that policy loans accrue interest, and loans outstanding at death reduce the policy’s death benefit.

What else should you know?

Whole life tends to be more expensive than term because of the additional policy benefits and guaranteed payout. Partial conversion can be a more affordable option.

Have questions? Please reach out to discuss your options if you’re concerned your term policy may be too short.

Can Life Insurance Help Expand Your Business?

Whether you’re a newly-minted entrepreneur or you’ve been running your Bloomfield Hills, MI business for years now, you might be interested in life insurance. But what does life insurance have to do with business, you might ask. Primarily, it’s a benefit on a personal level for most people.

For entrepreneurs like you, however, life insurance from Phil Klein Insurance Group can help expand your business.

1. Life Insurance As An Investment. Even though life insurance is meant primarily as a form of financial protection to cover your responsibilities after death, you can use it as a form of investment, too.

You can invest with either term life insurance or permanent insurance. If using permanent insurance, you can invest with the cash value component of your policy. If you buy a term policy instead, you can simply invest the difference.

Either way, you can leverage your business by using your borrowed money to expand it. whether you want to hire more employees, invest in a larger office space, or upgrade your company software, any such investment can be a great business asset.

2. Life Insurance As Collateral. If you don’t want to bother with using your life insurance as a direct investment, you can offer your policy up as collateral for a business loan.

If you use your term coverage as business collateral, this keeps all your tangible assets safe while allowing you to explore your business’s full potential. You no longer have to toy with putting up your home or other property as collateral for a business loan.

Once you pay off your loan, you can then choose to invest your life insurance in a different way. You can also choose to sell the policy and use the money toward your business.

3. Life Insurance As Protection. In its simplest form, life insurance can be a great asset to your business. You can protect your assets by giving your company a financial cushion to fall back on in case of your passing.

In this case, you might like to invest in key person life insurance. This way, your policy is tied to your company, and the company directly profits from the payout.

Are You Interested In Improving Your Business With Life Insurance?

If you’re ready to invest in your business through a life insurance policy in West Bloomfield, MI, call the Phil Klein Insurance Group today. A friendly agent is ready to be at your disposal anytime.

Polar Vortex 2019: Preventing & Thawing Freezing Pipes in Michigan

Why Pipe Freezing is a Problem
Water has a unique property in that it expands as it freezes. This expansion puts tremendous pressure on whatever is containing it, including metal or plastic pipes. No matter the strength of a container, expanding water can cause pipes to break.

Pipes that freeze most frequently are:

Pipes that are exposed to severe cold, like outdoor hose bibs, swimming pool supply lines, and water sprinkler lines.
Water supply pipes in unheated interior areas like basements and crawl spaces, attics, garages, or kitchen cabinets.
Pipes that run against exterior walls that have little or no insulation.

How to Protect Pipes From Freezing
Before the onset of cold weather, protect your pipes from freezing by following these recommendations:

Drain water from swimming pool and water sprinkler supply lines following manufacturer’s or installer’s directions. Do not put antifreeze in these lines unless directed. Antifreeze is environmentally harmful, and is dangerous to humans, pets, wildlife, and landscaping.
Remove, drain, and store hoses used outdoors. Close inside valves supplying outdoor hose bibs. Open the outside hose bibs to allow water to drain. Keep the outside valve open so that any water remaining in the pipe can expand without causing the pipe to break.
Add insulation to attics, basements and crawl spaces. Insulation will maintain higher temperatures in these areas.
Check around the home for other areas where water supply lines are located in unheated areas. Look in the garage, and under kitchen and bathroom cabinets. Both hot and cold water pipes in these areas should be insulated.
Consider installing specific products made to insulate water pipes like a “pipe sleeve” or installing UL-listed “heat tape,” “heat cable,” or similar materials on exposed water pipes. Newspaper can provide some degree of insulation and protection to exposed pipes – even ¼” of newspaper can provide significant protection in areas that usually do not have frequent or prolonged temperatures below freezing.
Consider relocating exposed pipes to provide increased protection from freezing.
How to Prevent Frozen Pipes
Keep garage doors closed if there are water supply lines in the garage.
Open kitchen and bathroom cabinet doors to allow warmer air to circulate around the plumbing. Be sure to move any harmful cleaners and household chemicals up out of the reach of children.
When the weather is very cold outside, let the cold water drip from the faucet served by exposed pipes. Running water through the pipe – even at a trickle – helps prevent pipes from freezing.
Keep the thermostat set to the same temperature both during the day and at night. By temporarily suspending the use of lower nighttime temperatures, you may incur a higher heating bill, but you can prevent a much more costly repair job if pipes freeze and burst.
If you will be going away during cold weather, leave the heat on in your home, set to a temperature no lower than 55° F.
How to Thaw Frozen Pipes
If you turn on a faucet and only a trickle comes out, suspect a frozen pipe. Likely places for frozen pipes include against exterior walls or where your water service enters your home through the foundation.
Keep the faucet open. As you treat the frozen pipe and the frozen area begins to melt, water will begin to flow through the frozen area. Running water through the pipe will help melt ice in the pipe.
Apply heat to the section of pipe using an electric heating pad wrapped around the pipe, an electric hair dryer, a portable space heater (kept away from flammable materials), or by wrapping pipes with towels soaked in hot water. Do not use a blowtorch, kerosene or propane heater, charcoal stove, or other open flame device.
Apply heat until full water pressure is restored. If you are unable to locate the frozen area, if the frozen area is not accessible, or if you can not thaw the pipe, call a licensed plumber.
Check all other faucets in your home to find out if you have additional frozen pipes. If one pipe freezes, others may freeze, too.

Tips by the American Red Cross

7 ways to make the most of your health benefits

We all know that health insurance is a significant monthly expense. But it’s worth the cost, as it enables access to the care you need and reduces your risk of medical debt.

Here’s how to make sure you get the most for your money this year.

1. Don’t skip preventive care. You may have access to an annual physical, vaccines and screenings at no cost before meeting your deductible. Preventive care can keep potentially serious health problems at bay.

Click here for 2-6…

Does Commercial Insurance Cover Business Interruption?

Commercial insurance policies are a must for any business owner in the in West Bloomfield, MI area. Phil Klein Insurance Group is more than happy to provide them. However, there are a wide range of frequently asked questions when it comes to policies of this nature.

One of these questions is usually centered around the concept of remaining protected during a business interruption. Any business owner who is adept at reading the tea leaves knows that there are bound to be interruptions along the way.

If you have already purchased commercial property insurance, you will have the coverage that you need. Making sure that this insurance covers any potential interruptions in full is the next step. Each business is going to have its own separate requirements and policies must be tailored to them.

Some businesses may be able to weather an interruption in service more easily than others can. The amount of coverage that is going to be needed will depend on a few different factors. What level of profit loss is going to take place? What about mortgage and rent payments?

Utilities, taxes and payroll obligations must also be considered when these policies are being purchased. Physical damages that take place are also covered with these policies and Michigan business owners would do well to remember that.

Keeping a business protected is about more than buying a simple commercial insurance policy. While these policies cover business interruption, a business must make sure that they are able to cover any losses that take place….or risk long term consequences.

Business interruptions are never a good thing. That is why business owners in West Bloomfield, MI must schedule a consultation meeting with the good folks at Phil Klein Insurance Group as soon as possible. We have all the answers that you need.

How To Know When You’re Ready to Retire

Many workers look forward to retirement and the new changes and opportunities it brings; but, some might struggle to determine when they are ready to retire. There’s no exact science or magic number to determine the right time to retire. Instead, attention to retirement savings and creating a plan for what to do during retirement may help you better understand when you are both financially and emotionally ready for retirement.

Financial Retirement Readiness
According to a 2018 study of over 2,000 working Americans ages 40-70, about one-fifth of respondents were financially unprepared for retirement.(1)  While many retirees rely on Social Security benefits to help fill savings gaps, currently, Social Security benefits only cover approximately 40 percent of an average worker’s pre-retirement income.(2)  In addition to personal savings and Social Security benefits, other sources to supplement retirement income include individual retirement arrangements (IRAs), employer-sponsored retirement plans (401(k) plans, pensions, profit sharing plans, etc.) and fixed indexed annuities.

Everyone has different financial needs in retirement. When considering whether you are ready to retire, evaluate your financial strength to see if you are in a position to stop working. A retirement calculator can help you establish a retirement savings goal by comparing your income and current savings with your age and anticipated expenses. Various retirement calculators are available online, free of charge.

An additional way to help gauge financial readiness is to examine how retirement costs will affect your nest egg. Some retirement costs to consider may include:

*Healthcare
*Housing
*Debt
*Extra expenses, such as traveling
According to the Bureau of Labor Statistics data, older households typically spend an average of $49,279 a year on living expenses, including food, housing, clothing, transportation, healthcare and entertainment.(3)  Having a plan in place for how to pay for expenses may help you feel more confident in your decision to retire.

Emotional Retirement Readiness
While meeting financial goals is an important part of retirement planning, an often forgotten aspect is emotional readiness. For many, working provides a sense of validation, in addition to other psychological benefits, such as a daily structure and social interaction. Because of that, retiring may present a sense of loss for some and be a risk for depression.(4)  Retirement is a major change, with emotional implications, that shouldn’t be done on a whim. Consider creating a list of your goals for retirement. Do you want to travel? Spend more time with your grandkids? Start a new hobby? Work part time? Move to a new city? After you’ve established your goals, create a plan to achieve those goals.

Here are some other ways to better prepare for the emotional side of retiring:

*Create a plan for how you will spend your days in retirement
*Establish a retirement bucket list
*Find or create an emotional support system of friends and family
*Pursue a new hobby or consider a part-time job as a bridge from working to full retirement(4)
Deciding when to retire can be a complex decision with many factors contributing to retirement readiness. Ultimately, the only person who truly knows when you are ready to retire is you. Paying attention to both financial and emotional milestones and defining retirement goals can all help you in making the decision to retire.

If you need professional guidance or have questions, please call us today at (248) 682-7445 or email owen@philkleininsurance.com

Footnotes
Footnote 1 Indexed Annuity Leadership Council, “The State of America’s Workforce: The Reality of Retirement Readiness” 2018↩
Footnote 2 Social Security Administration, “Learn About Social Security Programs” ↩
Footnote 3 Bureau of Labor and Statistics, “A Closer Look at Spending Patterns of Older Americans” 2016↩
Footnote 4 US News and World Report, “Can Retirement Be a Depression Risk?” 2017

Does Commercial Insurance Cover Damage From a Car Hitting the Building?

So many things can happen to cause a financial loss when you are a business owner. Commercial insurance is designed to help protect the business from loss as a result of a variety of events. Having the right type of insurance and the right coverage amount can prevent those losses and allow you to rest easy knowing that the coverage is in place when you need it. So what happens if there is an event such as a car hitting your building?

Damage to a Structure

Anything can happen at any time when you own a business. Having solid insurance is a way to protect that business from possible devastation. For example, when a car runs into a business and causes damage, the commercial insurance will generally cover the cost of repairs and injury as a result of that accident. Not all insurance policies provide the same amount of coverage, so know what your policy will allow and make any adjustments you deem necessary to protect you and your company.

Insurance Protection for Your Business

One of the most important ways you can protect your company is by selecting and purchasing the right commercial insurance. Always consider the risks you face based on location and other factors. A good insurance company will have agents that can help you figure out the type of coverage you need to prevent losses. If you have a business in or around the West Bloomfield, MI area, you should consult Phil Klein Insurance Group to find out how to adequately protect your investment.

Don’t take chances on your commercial insurance coverage. Call or stop by Phil Klein Insurance Group serving the businesses of West Bloomfield, MI and the surrounding area. Get the coverage you need to have peace of mind. 

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