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

Who Needs Commercial Insurance in West Bloomfield, MI?

If you are a resident of the city of West Bloomfield, MI, and want to know more about commercial insurance as it applies to you in this area, you should think about what an agency such as Phil Klein Insurance Group has to offer.

If you own a business in the state of Michigan, you are generally going to need to have commercial insurance. Specifically, you will need general liability insurance. This type of coverage will protect business owners from either indirect or direct damages. If your business is responsible for actions that end up causing damages to other parties or your own employees, general liability coverage will protect you here. It pays for both personal injuries and property damage. Personal injuries can involve visitors, customers, and even subcontractors.

Although the majority of business owners in Michigan are required to have some type of commercial insurance, they will have some options. They have a choice when it comes to policy limits and insurance deductibles within their commercial insurance coverage.

Many different types of business owners in Michigan will need to get commercial insurance. These include restaurants, contractors, retail stores, healthcare institutions, and many more. Some business owners may see this requirement as a burden, but the truth is that it can be very helpful in the right circumstances. You may not think that anything will happen if you are careful, but the truth is that you sometimes cannot control every event. You will be grateful that you have insurance when you end up needing it.

If you live in West Bloomfield, MI, and are in need of information about commercial insurance, you should feel free to contact the professionals at Phil Klein Insurance Group. They will be able to answer questions that you might have about commercial insurance and perhaps help you figure out what the right policy will be for your business.

An In-Depth Look At Disability Insurance

Based in West Bloomfield, MI, Phil Klein Insurance Group proudly services the community. We offer residents multiple types of insurance coverage. We want to make sure that our clients find the policies they need to protect what matters most. As an independent agency, we have partnerships with over 50 carriers around the country.

Disability Insurance Overview

Disability insurance covers you if you have a serious illness or injury that leaves you unable to work. The policy will give you peace of mind as you figure out the next stages in your life. An accident or life-changing event can occur at any moment. That’s why it’s important to have protection.

You have the option of short term coverage, which protects you for a few months while you rehab and prepare to return to the workforce. Long term disability coverage protects you over an extended period of time. You can amend your policy to cover you if you are undergoing training to learn a new skill or title on the job. You can also inquire about partial disability coverage, which protects you if you are only able to work on a part-time basis.

Age isn’t a big factor. Disability insurance can be an asset for younger workers in the workplace because an injury can occur at any moment. While your employer may offer disability coverage, research your own individual policy. That way, you will be protected if you decide to pursue new opportunities in the future.

Having your own policy also provides you with more flexibility in terms of coverage options. Be aware that you may have to deal with a waiting period before your coverage starts. The period normally lasts a few weeks. If you work at a job in West Bloomfield, MI with a high likelihood of injury, disability insurance provides a safety net.

Phil Klein Insurance Group Will Assist You

Visit our website to learn more information about disability insurance.

Do you need life insurance?

At PKIG, one of our main goals is to simplify insurance concepts as much as possible for our clients. There are a LOT of reasons to purchase life insurance and a LOT of different kinds of policies. It can be very confusing.

Some of these reasons are for more sophisticated concepts such as estate or retirement planning. PKIG can help with nearly any type of scenario.

That said, the key question to determine whether you need life insurance or not is would your death result in financial strain for another person? If the answer is yes in any capacity, you likely need life insurance of some sort.

You might think the process to qualify and purchase a policy is invasive and challenging but that’s not the case. In fact, you can buy a policy online without a medical exam or phone interview in just a few minutes. Just click here to try it out.

If you’re not quite ready to pull the trigger and need a more detailed consultation, please call us at (248) 682-7445 or email info@pkig.com today.