4 Reasons You Need Life Insurance

It’s not about fear of death. It’s about living your life to its fullest potential. That means having a will, setting up trusts, and having life insurance. Why? Because it provides financial protection for you and your loved ones in the event something happens to you. Here are four reasons why Michigan residents should have life insurance.

1. Life Insurance Offers Financial Stability After a Loss

If you have dependents, then life insurance is one way to help provide for their financial needs if anything should happen to you. Simply put, life insurance provides your beneficiaries with an income stream that will be there even when you can’t be around anymore.

2. Life Insurance Can Help Pay Off Debt

Life insurance can help pay off any debts you have accumulated during your lifetime. Your creditors will not be able to get their money from you, but instead, they will receive it from your beneficiary in the form of a life insurance payment.

3. Life Insurance Can Also Be Used as an Investment

Life insurance can also serve as an investment on top of other functions. The money that you put into the policy accumulates over time in the form of cash. When you reach retirement age, you can use this money to provide for your own financial needs.

4. Life Insurance Provides Peace of Mind

Life insurance provides a financial safety net that allows you and your loved ones to concentrate on living instead of worrying about finances.

Get the Right Life Insurance in West Bloomfield, MI

Life insurance is an all-around financial tool. It provides a way to pay off your debts while still providing an income stream for your loved ones. That’s why it pays to talk to Phil Klein Insurance Group to help customize a life insurance policy for you.

3 Common Commercial Insurance Risks To Avoid

Phil Klein Insurance Group serves the West Bloomfield, MI community. We are an independent insurance agency. We strive to make sure that our client’s needs are met regardless of their situation. We offer our clients flexible policies that evolve over time as their needs change. We work with multiple carriers throughout the Midwest.

Commercial Insurance Risks To Avoid

Commercial insurance gives you a safety net as you handle the daily rights and responsibilities of operating your West Bloomfield, MI business. The policy covers all of your physical property and inventory if it is stolen or damaged. Liability coverage protects your business if one of your customers is injured while visiting your business or using your products. Worker’s compensation protects your business if one of your employees is injured in the workplace. While you analyze which policy is the right fit for your business, avoid these common commercial insurance risks.

Data Breaches

Online transactions happen regularly in today’s marketplace. While technological advancements are an asset, they also come with a lot of risks. You may have your customer’s information stored on your database. This includes sensitive numbers such as credit card numbers and addresses. Hackers attempt to steal this information. Cyber liability coverage can protect your business if you suffer a data breach.

Natural Disasters

Natural disasters such as tornadoes and snowstorms can cause significant damage to your business. Business interruption coverage protects you if your business has to shut down for a few weeks in the aftermath of a natural disaster.

Auto Accidents

If you use vehicles to help operate your business, you need commercial auto insurance. Commercial coverage is the only way to protect your business if you are involved in an auto accident while you are on the job.

Phil Klein Insurance Group Will Help You Protect Your Investment  

Visit our website to learn more information about commercial insurance.

Protecting your Home Against Natural Disasters

In our beautiful state of Michigan, we could be prone to unfortunate natural disasters such as tornados, floods, and winter storms.  Severe weather is a common occurrence in this state.  Because of this, you must protect your home against these occurrences with adequate home insurance.  We at Phil Klein Insurance Group serving the West Bloomfield, MI area are here for you to find the right insurance for your home.

Prepare Before the Disaster

To prepare for a natural disaster, you must review your policy every year with your agent.  If you have a question or a concern about a specific thing your policy doesn’t cover, don’t hesitate to follow up with your agent.  Some other useful ways to protect your home before a disaster include:

  • Take photos of items in each room in your house.
  • Create a detailed inventory list of valuables not in your photos.
  • Keep a copy of all insurance cards and declaration pages.
  • Make a list of important telephone numbers to call.

What About After a Disaster?

There are also a few things you must do after a disaster occurs.  One of the first things you must do is to contact your insurance agent or your insurance company’s toll-free number as soon as possible.  Be sure to take lots of pictures of the damage and to make a list of personal property damaged.  Some of the other vital things you must do after experiencing damage to your home include:

  • While you are obligated to make temporary repairs, you must not make any permanent ones until your insurance company has inspected the damage.
  • Ask your insurance agent if your policy covers temporary lodging until repairs are made to your home.

Contact Us for Home Insurance Coverage

You must take serious measures to protect your home against natural disasters.  If you live in the West Bloomfield, MI area, contact our office to set an appointment with one of our agents to find the right home insurance coverage for you.

Reasons to Review Your Life Insurance

Life insurance is designed to cover policyholders through various stages of their journey, whether it is taking care of dependents or helping you get the right plan for your retirement. But life constantly changes, bringing along different realities that need tending. If a few years have passed or you have recently experienced a milestone in your life, now is the time to review your policy. Phil Klein Insurance Group tackles the various reasons that residents within West Bloomfield, MI should revisit their life cover.

Your Premiums Have Changed

Premiums are subject to changes every now and then, with factors such as economic changes and legal requirements being some leading causes of this. Your insurance provider may, for instance, offer reduced premiums after some time lapses, making you eligible for reduced annual payments. With this, you could enjoy significant savings, helping you take care of other essential needs. Other instances call for an increase in interest rates, resulting in increased premiums, which will require you to change your payments.

Your Beneficiaries Have Changed

Various life covers protect dependants for specific periods, after which your loved ones may not be eligible to collect the benefits. This is often the case when your policy covers tuition fees and health benefits for specific events, calling for a review on your cover after these requirements are met. Based on your current state of life, identity if your dependants still need a cover for their daily routine. With this, you can then determine whether or not to update your beneficiaries and how to structure their future needs.

The Emergence of New Products

Life insurance may also offer new products with features that could benefit you or your family. If you have the option to get more riders or get new features underwritten for your life cover, it may be an ideal solution to have your current policy reviewed.

Your life insurance should reflect your family’s current and future goals to ensure you get the right coverage for your needs. If you reside within West Bloomfield MI and need help reviewing your cover, consider reaching out to Phil Klein Insurance Group today.

PKIG Receives President’s Club Award from Citizens Insurance

Hanover Insurance Group President’s Club Insignia

PKIG Receives Award for Exceptional Customer Commitment and Service

Agency selected for The Hanover’s President’s Club

PKIG, formerly known as Phil Klein Insurance Group, recently was selected as a participant of The Hanover Insurance Group’s President’s Club, an elite group of independent insurance agencies from across the country.  

The Hanover’s President’s Club agencies are recognized for delivering outstanding value to their customers through their insurance expertise and responsive service.

The Hanover partners with a select group of 2,100 independent agents nationwide and only 5% are recognized with this distinction. PKIG was one of the select few independent agencies. This is the 2nd consecutive year PKIG has been selected as a participant of The Hanover’s President Club.

“We are proud to partner with the talented team at PKIG.” said Richard W. Lavey, president, Hanover Agency Markets.Their deep insurance expertise makes them valued and trusted advisers to their clients, delivering a superior customer service experience.”

The agency will be formally recognized for its selection as a participant of the company’s President’s Club during a national business conference later this year.

“We love our customers and our carriers. Being recognized like this from a top company lie Citizens Hanover is truly an honor” said Phil Klein, CEOat PKIG.

Who Needs Life Insurance in Michigan?

At Phil Klein Insurance Group, we always receive this question from our West Bloomfield, MI clients: Do I need life insurance? The answer to this question isn’t a straightforward one. To determine if you need life insurance, we need to understand the situation you are in. That said, if you belong in the below categories, you need a life insurance plan the soonest as possible.

You have a spouse

If you have a life partner, they depend on your income to make household expenses and other expenses like mortgage payments. Without life insurance, it could be devastating if they lose your income contribution.

You have children

With children, bills like school fees and child care become unavoidable. To ensure that your children’s lives aren’t interrupted in your absence, you need life insurance to replace your income when you die.

You have debts

Your debts won’t disappear when you pass away. If you have a mortgage, student loan, or credit card, joint owners and co-signers and probably your loved ones will be left bearing the financial burden of your unpaid debts. 

You want to take care of your funeral expenses

Did you know that an average funeral in the US costs about $7,000 to $10,000? Of course, this cost can go up depending on your final wishes. You can save your loved ones this financial burden by purchasing life insurance. With life insurance, your loved ones can mourn in peace without bearing the headache of your funeral expenses.

You have a business

If you have a business, you may have a partner and employees that depend on you. If you die, you may leave them in financial shambles because they relied on your financial contribution. Thankfully, life insurance can help your employees and business partner buy time as they think of the next course of action.

Buy life insurance today!

Would you like to buy life insurance in West Bloomfield, MI? Please contact Phil Klein Insurance Group to help you buy a life insurance plan to take care of your interests when you pass away.

Will Home Insurance Inspect My Home?

When buying home insurance in West Bloomfield, MI, your insurer might, or might not, choose to send an inspector to your home to check it out. There is no legal requirement for them to do this, and you have no obligation to consent to a home inspection if you’d rather go with an insurance provider that does not put you through an inspection. It comes down to how each individual insurance provider chooses to do business.

There are two specific circumstances where your insurance provider is more likely to conduct an inspection:

  • When you are renewing your policy. Your home insurance provider might want to make sure there are no damages left unchecked, and that the home is not being neglected. So it’s not uncommon for insurers to send inspectors when you choose to renew a policy.
  • If your home is more than 25 years old and hasn’t been inspected in a few years. The older the home, the closer attention you’re going to need to pay to it to determine its value and any potential problems. So don’t be surprised if your insurer wants to run an inspection on your antique home.

Home insurers manage a lot of policies, and they might not have the time and resources to send an inspector for every new customer. So while some insurance companies do inspect homes for new policies, most don’t.

If you are looking to get your home in West Bloomfield, MI insured, or if you have any questions about getting covered, get in touch with the folks at Phil Klein Insurance Group. Phil Klein Insurance Group can get you the insurance policy you need to provide you with peace of mind.

Cyber Insurance Interview with PKIG VP

Our Vice President of Sales, Terry Bean, joined Mike Brennan and Matt Roush on the M2 Techcast recently to talk all things Cyber Insurance.

This quick conversation details the challenges that many cyber insurance policies help alleviate.

There are some real world stories shared about what can go wrong if you’re not covered. You will also hear a discussion about how checking up on your commercial policy. If you haven’t looked recently (past 4 or 5 years) you may NOT even have this coverage.

Some quick highlights:

* Having Cyber Insurance covers you if there is a data breach and your client’s data gets exposed or compromised.

* Cyber Insurance can cover your lost income that may result from a data breach or other business interruption.

* This can help you get forensic and legal support so the team of investigators can help “catch the bad guy”.

You can watch the whole interview here:

PKIG is a West Bloomfield based independent insurance agency specializing in helping their Auto, Home, Life and Commercial insurance clients find the right coverage at the best value.

You can contact us to learn more about cyber insurance and other coverages by visiting our commercial insurance page.

What You Need to Know About Life Insurance

If you have felt confused about life insurance options the knowledgeable team at Phil Klein Insurance Group, serving West Bloomfield, MI is here to help. We understand that the topic of life insurance can sometimes feel awkward for families. No one wants to think about losing a loved one, but the truth is that there are financial issues that need to be figured out before it’s too late. We can help your family navigate these topics with knowledge and compassion. Keep reading to find out what you need to know about life insurance. 

Why Is Life Insurance So Important?

Life insurance is an important type of financial investment which you will make for your family. Instead of thinking of life insurance as an expense each month, it helps to think of it as an investment you are making in your family’s future. Life insurance will help to cover the costs of your final expenses, as well as to provide financial security for your loved ones. 

How Much Life Insurance Do I Need?

This question comes up very often when people are shopping for life insurance. There is no one size fits all policy. Each family is very different. The amount of life insurance that you should purchase will be based heavily on your family’s standard of living, the amount of income they will lose when you pass as well as other factors. The best way to determine how much life insurance you need will be to sit down with an insurance representative and discuss these issues.  Be sure to talk with your family to make sure you have some idea of what your family’s expectations are as well. 

If you would like to learn more about life insurance, please contact our office at the Phil Klein Insurance Group, serving West Bloomfield, MI. 

How much life insurance do I need?

It’s not enough to have life insurance. It’s important to have the correct amount for YOUR needs and goals.

Click over to our calculator to get a quick estimate of your proper coverage amount.

If you have further questions, contact us today at 248.682.7445 or owen@pkig.com