How much life insurance is enough?

Posted on June 21, 2023June 21, 2023 by agentinsure

Knowing how much life insurance is enough to protect your family involves simple steps and calculations. You want to ensure your dependents are protected for as long as needed. At Phil Klein Insurance Group in West Bloomfield, MI, we will sit down with you and discuss everything that affects your need for life insurance.

How much life insurance you need depends on who is dependent on your income. The first thing you need to consider is what your actual income is after taxes. This is the amount that you are currently using to maintain your lifestyle. Your take-home pay is what you will need to replace.

Determining how long you will need to provide this dependent coverage would be best. If your children are young, this could be 15 or more years. Remember that if you pay into Social Security, your dependent children will be able to get survivor benefits until they are 18 years old. Your spouse, if they are caring for children under 16, will also be eligible. There is a cap on this benefit of 150% to 180% of your benefit. Take this into account when determining what you need for life insurance.

Multiply your take-home pay by the number of years you will need to provide for. Then subtract the amount of benefit SSI will provide. This is the base amount of life insurance you need. It is a good idea also to add the amount of your mortgage and some allowance for college for children to this figure. Your insurance agent can help you find an affordable policy.

Call Phil Klein Insurance Group Today

Contact the Phil Klein Insurance Group in West Bloomfield, MI when you are ready to discuss your life insurance and how much is enough for you.

How workers compensation can protect you and your employees

Posted on May 24, 2023May 24, 2023 by agentinsure

Workers’ compensation from Phil Klein Insurance Group is a type of insurance that can provide protection and financial compensation to employees who suffer an injury while on the job. By having workers’ compensation, employers here in the West Bloomfield, MI area can be assured that they are protecting their employees in the event of an accident or illness.

The benefits of workers’ compensation are numerous. It can help to cover medical expenses associated with the injury or illness, lost wages for time away from work due to the injury, and even funeral costs if the injury results in death. This also helps protect employers from legal action from employees who may have been injured on the job.

In addition to financial protection, workers’ compensation can also offer emotional protection. Knowing that employees are protected in case of an accident or illness can help employers create a safe work environment and encourage employee trust by demonstrating that they care about their well-being.

Workers’ compensation is essential for employers looking to protect themselves and their employees. It provides financial security for those affected by accidents and illnesses on the job and shows that the employer cares about their employee’s safety and overall well-being.

For more information or to find a worker’s compensation policy that is right for you, your employees, and your business, call us at Phil Klein Insurance Group today. We proudly serve the West Bloomfield, MI area and would be glad to help you find a policy that suits your needs and budget. You will sleep better knowing you are protected.

I’m a widower in my sixties. Should I invest in life insurance?

Posted on April 25, 2023April 25, 2023 by agentinsure

Life insurance creates peace of mind for many people, regardless of age. Knowing your debt and other financial obligations will be taken care of and won’t burden your family and loved ones is essential to many people. Our Phil Klein Insurance Group is committed to educating West Bloomfield, MI residents about the benefits of life insurance.

What is Life Insurance?

Life insurance is a legal contract between the policyholder and the life insurance company. It’s similar to most forms of insurance in that you pay a set amount in return for a pre-determined benefit. A premium/lump sum of money is the death benefit your beneficiaries receive with your life insurance policy. You list a beneficiary or beneficiaries as the recipients of the premium when you pass away.

I’m a widower in my sixties. Should I invest in life insurance?

Perhaps. Life insurance may still be a good investment even if you are older. Life insurance can pay for your burial as well as other final expenses. It may be a good investment for these simple reasons. Furthermore, life insurance can also take care of a spouse, offspring, a mortgage, and any financial obligations. It can also take care of living expenses and medical expenses. If you’re an older person who still has significant financial obligations, life insurance may still be a wise investment. However, if you’re over sixty years old, term life insurance is probably a better investment than whole life insurance because it provides coverage for a set period. Also, it’s usually less expensive than whole life insurance. If you have questions about life insurance, call us. We’d be happy to help you explore your options.

Reasons Life Insurance is Important

Posted on March 28, 2023March 28, 2023 by agentinsure

Life insurance is more important than many people think it is. There are several different types of life insurance policies to choose from, and the agents at the Phil Klein Insurance Group serving the West Bloomfield, MI area are explaining those options so you can make the best choice for you and your loved ones.

Reasons Life Insurance is Important

There are many reasons why life insurance is essential. One reason is that it will give you peace of mind while you are still alive, knowing that your family will be financially protected when you pass away. Another reason is that some policies will allow you to borrow money from them so that you can pay off your debt ahead of time. This allows your family to grieve when you die without worrying about how they will pay the house or car payments.

Types of Life Insurance Policies

Whole Life Insurance

Whole life insurance has long been a favorite for many people since it allows you to borrow money from it over the years to make large purchases or to pay off debt ahead of time to provide your family with security when you die.

Universal Life Insurance

A universal life insurance policy has a cash value that can actually earn interest and increase in value over time.

Term Life Insurance

Term life insurance will pay a death benefit if the policyholder dies while it is in effect. If the term expires, you can purchase another term, but it may cost more since prices change over time. Terms can be for just one year or three decades, depending on your preferences.

Contact Phil Klein Insurance Group

Contact the experienced and knowledgeable agents at the Phil Klein Insurance Group serving the West Bloomfield, MI area to create the best life insurance policy for you and your family today!

How to Protect Yourself as a Multilevel Marketing Distributor

Posted on February 23, 2023February 23, 2023 by agentinsure

Are you considering becoming a multilevel marketing distributor in West Bloomfield, MI? If so, it’s essential to understand how to protect yourself and your business by investing in commercial insurance.

Why You Need Commercial Insurance as a Multilevel Marketing Distributor

The business model of multilevel marketing is full of potential opportunities, but risks are also involved with this type of business. Investing in commercial insurance is one of the best ways to protect yourself and your business. Commercial insurance can protect against various risks, such as property damage, theft, or liability claims. It can also help cover any legal costs associated with defending your business from lawsuits or other claims.

We understand the unique risks of being a multilevel marketing distributor. We can provide you with tailored coverage that meets your needs and budget. Our team will work with you to identify your specific exposures so that we can create a comprehensive policy that provides the best protection for you and your business.

Types of Coverage Available for Multilevel Marketing Distributors

We offer several types of coverage specifically designed for multilevel marketing distributors at Phil Klein Insurance Group. These include general liability coverage, which protects against claims related to personal injury or property damage caused by negligence.

If you’re considering becoming a multilevel marketing distributor here in West Bloomfield, MI., make sure that you invest in commercial insurance before getting started. At Phil Klein Insurance Group, we understand the unique risks associated with this type of business and can provide tailored coverage to meet your needs and budget. Contact us today for more information about how we can help protect you from potential risks!

Who needs to have a disability insurance plan in Michigan?

Posted on January 26, 2023January 26, 2023 by agentinsure

Anyone living in the West Bloomfield, MI area will want to ensure they take their personal insurance needs seriously. One form of coverage everyone here needs to consider getting is insurance for disability risks. There are various reasons why the typical Michigan resident should have this disability coverage at all times.

Receive Coverage if Become Injured or Disabled

The main advantage of obtaining a disability plan is that it can provide coverage if you are injured or disabled. If you get ill or hurt in an accident, you may no longer be able to work, and you could have heightened personal medical expenses. To ensure your financial future is supported, investing in disability coverage is a good idea. When you have this insurance, you will receive a certain level of income for a period of time. Plans are available for both long-term and short-term disability.

Peace of Mind

An added benefit when you have a disability plan is that it will offer you peace of mind. Being injured or becoming suddenly ill can have a significant impact on your financial and personal life. Due to the unpredictability of these events, having the right insurance in place is very important. This coverage can provide peace of mind that you will be covered and supported during an otherwise difficult time.

If you are in the West Bloomfield, MI area, it is crucial that you carefully consider your insurance needs. If you want disability coverage, starting your search with the Phil Klein Insurance Group is a good idea. The team with the Phil Klein Insurance Group can help you better understand this unique coverage and build a new plan. This can help ensure that you will remain appropriately protected and covered.

Uncovering Three eCommerce Risks and How to Avoid Them

Posted on December 21, 2022December 21, 2022 by agentinsure

Running an eCommerce business in West Bloomfield, MI comes with a certain level of risk. Risks are unavoidable, whether it’s financial risk, market risk, or something else entirely. Fortunately, you can anticipate and avoid pitfalls with proper planning and strategy. Phil Klein Insurance Group can help you uncover three of the most common eCommerce risks and provide tips on mitigating them.

Risk of a Security Breach

A security breach is any intentional or unintentional act that compromises the security of an online business. This can include hacking, data breaches, phishing attacks, malware or viruses, and unauthorized access to sensitive information. To avoid security breaches, companies should have a robust security strategy. This should include the following:

Multi-factor authentication
Encryption
Regular backups
Patch management
Firewalls
User training
Frequent security audits

Payment Processing Issues

When running an online business, payment processing issues include fraud, chargebacks, and failed payments. Companies should implement robust security protocols to avoid these issues, including data encryption, fraud prevention measures, and secure payment gateways. Additionally, businesses should comply with local regulations and properly verify customer identities.

Shipping Delays and Lost Items

The most common causes of shipping delays and lost items include incorrect addresses, weather conditions, carrier errors, and customs processing delays. To avoid these issues when running an online business:

Double-check the address provided by customers before sending out packages
Keep track of changes in the weather
Choose reliable carriers
Be aware of any additional customs fees that may be required
Provide customers with tracking numbers so they can stay up to date on the status of their shipments

We specialize in providing commercial insurance for online businesses at the Phil Klein Insurance Group in West Bloomfield, MI. The internet’s unique and constantly changing landscape requires a tailored approach to cover all risk areas. With our industry-leading coverage options, you can know that you’re well protected. Let us show you why we are the best choice for online business insurance today!

A Valuable Asset Needs Protection – Purchase Home Insurance

Posted on November 28, 2022November 28, 2022 by agentinsure

Are you a homeowner or thinking of becoming one? Phil Klein Insurance Group can provide insurance to protect your most valuable asset. We serve the West Bloomfield, MI area.

Home insurance, also referred to as homeowner’s insurance, covers a private residence. It combines personal insurance as well as liability coverage. It covers losses occurring to the home, loss of its contents, and loss of use, which means if you cannot continue living in the house during repairs, hotel expenses are covered. The liability insurance portion is for accidents in the home to guests while visiting. Dog bites are included in this coverage.

There are some events not covered by homeowners insurance.

Acts of war
Earthquakes
Floods
Infestations, including termites
Mold
Nuclear accidents
Sewer backup
Water damage

Homeowners’ insurance should be a major consideration for everyone who owns a home. This coverage protects you against theft, fire, wind damage, and other weather events. It also protects the contents inside.

This insurance provides coverage for the main part of your home if destroyed or damaged by specific events such as natural disasters or bad weather.

The most comprehensive homeowners insurance policies have coverage for higher valued items and would cover these valuables outside of the home, including abroad.

Do you know that if you have a mortgage on your property, your lender will require that you carry homeowner’s insurance? Even if your home is mortgage-free, you may want this coverage. In the event of a lawsuit, you risk losing your home and property. The liability portion of the homeowners’ insurance policy will prevent that from happening.

Please don’t risk it. Protect your home with insurance. The Phil Klein Insurance Group can provide a no-obligation quote or answer any questions you may have. Contact our team today. You will be glad you did.

Protect Your Ride with Auto Insurance

Posted on October 29, 2022November 1, 2022 by agentinsure

Do you live in or near West Bloomfield, MI? If you are a driver, did you know it is against the law to drive without insurance? See the Phil Klein Insurance Group for a quote to ensure your protection.

Only New Hampshire and Virginia do not require drivers to have car insurance. It is unlawful in the other 48 states to drive without it.

If you cause an accident, you may be held responsible for any costs relating to it. Therefore, car insurance provides financial protection. It may cover an injured person’s medical expenses or their lost income if they cannot work and any legal fees that may result. Liability coverage can help pay for these expenses.

Most auto insurance policies include personal injury protection, bodily injury liability, property damage liability, comprehensive, collision, and uninsured or underinsured drivers.

Liability coverage protects you if you are at fault and cause damage to others and their property. Collision coverage protects your vehicle if you hit another car or non-moving objects, such as a fence or tree. Comprehensive coverage pays for damage due to a weather events, strikes, riots, malicious acts such as theft or vandalism, etc. This coverage pays for damage to your vehicle if it is just sitting in your driveway.

You need to maintain a car insurance policy to remain legal to drive. Without it, you risk losing your driver’s license and face hefty fines.

Don’t risk driving without this protection. The Phil Klein Insurance Group can answer any questions or provide a quote to get you started. Contact them today and protect your finances and driving record with this vital insurance. You will be glad you did.

Does the amount of life insurance you need change as you age?

Posted on September 27, 2022September 27, 2022 by agentinsure

You might wonder if the amount of life insurance you need changes as you age. Let Phil Klein Insurance Group answer that question with a resounding “yes.”

When you speak to a life insurance agent in West Bloomfield, MI about a policy, you will need to answer a few questions about your life that help determine what amount of insurance might suit you. These questions pertain to your marital or relationship status, number of children, other family members, etc.

Typically, single individuals need the least amount of life insurance. Unless you want to leave money for aging parents, you will only need to cover your burial.

Once you marry or enter into a serious relationship, you share a home with someone. That means you should provide life insurance that protects their financial security if you die.

Children aged 22 or younger also provide a reason to carry a larger amount of life insurance. You can name them a beneficiary on a life insurance policy that covers their schooling through college. When your children marry and have children, you might consider increasing your coverage to leave death benefits to your grandchildren.

You can also use life insurance to help cover the long-term care costs of an incapacitated family member. You can create a trust and place a policy that provides a death benefit to the incapacitated individual. This lets you provide for their care while controlling the payments via a conservator or the trust manager.

Contact Phil Klein Insurance Group, serving West Bloomfield, MI, for more information on life insurance. We’ll help you determine the amount that would best cover your needs.