Insurance

Best Life Insurance

Mastri Janoko Insurance 0 Comment
Best Life Insurance
Best Life Insurance – As humans become seniors or older adults, they reach a phase that prepares them for the inevitable end of their life cycle. This phase is one of the main reasons to start thinking about life insurance.
Many people will like to alleviate the burdens on the loved ones they will be living behind, while others with a terminal illness or critical medical conditions will want to pay their debt as they approach the last page of their life.
If you have been thinking of the best way to alleviate or eliminate a few financial difficulties—such as your imminent funeral expenses and lingering medical bills—from the loved ones you will be leaving behind, or a way to pay off your mortgage or other debts when you pass away. 
You will need life insurance to initiate any of these plans.

Best Life Insurance for 2022

It is a form of insurance that primarily involves a contract between two parties; the insurance policyholder and the insurer. The regular premium payment of the insured will be exchanged for a sum of money (benefits) that will be directed to a specific beneficiary of your choosing when the insured (the policyholder) passes away.
The degree of coverage you will benefit from your insurance is dependent on three primary factors, which are the current living conditions, the structure of your insurance policy, and your policy requirements (what you will like your insurance policy to provide). A younger insurance policyholder primarily serves as financial assistance for a growing family and provides coverage for financial obligations, such as a mortgage.
Furthermore, the benefits from your insurance are not limited to access through your death only because you can also access these benefits when you are suffering from a critical illness or terminal illness that demands long-term medical care. It, however, makes life insurance policy vital because it is as valuable as a planning tool.

What’s the Best Time to Purchase a Life Insurance Policy

It is always advisable to purchase a life insurance policy before you are fifty years of age because the cost of purchasing the policy displays a gradual increase right from when you are fifty years of age; Because studies have shown that there is an eight percent rise in the rate of this insurance for older adults at their early fifties, which further increases to about ten percent at their late fifties.
However, the cost is not the only factor that is affected by the age of the policyholder because as you age, you will be limited to a few coverages you would have benefitted from if you had purchased the policy earlier. In addition to this, the availability of coverage to purchase always decrease as you approach retirement age, which is primarily due to the limitation in your insurable interest.
Insurance providers usually calculate and make estimates of the amount of income you will be expected to produce or generate during your remaining working career. If you have a fewer duration of your working career before you retire, it will result in the limitation of the coverage you can purchase. The closer you approach retirement age, the lower the availability of coverage you can purchase. Therefore the coverage you will be able to purchase after retirement will be much lower. That is why it is advisable to purchase an insurance policy sooner than later so that you will be able to get enough coverage.

Types of life insurance

  • Term life insurance
  • Permanent life insurance
  • Universal life Insurance
  • Final expenses insurance
  • Survivorship life insurance

Term life insurance

This is a type of insurance that provides coverage limited to a specific amount of time. When the coverage ends, the premiums may be increased, or the insurers may terminate the policy. The particular duration for term life insurance usually reduces with an increase in age. For instance, insurance providers do not offer seniors that are above sixty years of age with term life insurance policies that are above thirty years but instead, they will offer them a coverage length lesser or equal to twenty years.
The short duration of coverage length offered by this insurance is responsible for their inexpensive property, which is its main advantage.

Permanent life insurance

This simply involves the making of a particular type of insurance policy you choose, a permanent type of insurance. The common type of policy made permanent is a whole life insurance policy. Almost all types of permanent life insurance policies usually come with investment or savings components, which results in the development of the policy’s cash value.
However, the policyholder has accessibility to the cash value of a permanent life insurance policy as loans and can also pay your premiums to maintain your insurance policy when you have financial issues.

Universal life insurance

This is a flexible type of insurance policy that gives you the choice of choosing how you wish to pay your premium. The premium paid by the policyholder will, however, split into two groups, whereby one will be for the coverage of life insurance, and the other will go into savings or investments.
Furthermore, the cost of insurance usually creates the minimum amount—you may choose to pay for a specific range, including your death benefits and administrative fees.

Final expenses insurance

A final expense insurance policy is also called burial or funeral insurance, which is a type of whole life insurance designed explicitly with about $50,000 coverage for the medical bills and funeral expenses when a senior passes.
Survivorship life insurance: Survivorship insurance policy is generally known by its moniker called “second-to-die insurance policy.” They provide coverage for two individuals (usually couples) and pays benefits to the beneficiary these two insured people choose after they pass away. However, there are situations where survivorship insurance may come with an option connected with universal or whole life insurance policies.

The Best Life Insurance Apt For the Following Types of Life Insurance

There are, however, several life insurance options for seniors in the market with convincing coverage. Still, studies and research have shown the best amongst the various types of insurance policies. These insurance providers include Mutual of Omaha, Pacific Life, New York Life, and State Farm life insurance, which are the best final expense, universal, term life, whole life insurances, respectively.
It is always advisable to analyze more than the cost of purchasing insurance and do research for several other options with coverage that suit your requirements.

How to Buy Life Insurance

Mastri Janoko Insurance 0 Comment
How to Buy Life Insurance
The thought of the inevitable occurrence of death usually frightens people so much that they create the wrong idea that if they buy life insurance – it’s synonymous with purchasing a coffin, which appears to be the common misconception that forestalls about forty percent of Americans from having any coverage.
It would be best if you did not allow the fear of the inevitable and unexpected situation to blindfold you from seeing the benefits that come when you buy life insurance policy. 
A life insurance policy is primarily a financial plan that is most times used to protect your family, especially if the income provider of the home passes unexpectedly.

What is Life Insurance?

With this preliminary discussion on life insurance, one can define life insurance in two words: income replacement. Life insurance policy involves two bodies, the policyholder and the insurance provider. The premiums paid by the policyholder will be exchanged for income or benefits (that is, income replacement) that will be disbursed to the beneficiary of your choice if you pass away.
Life insurance is, therefore, a financial planning tool that is not limited to the provision of income replacement but also provides financial assistance to a family that lost their income provider. If you have decided to buy life insurance to either provide financial aid to the loved ones you will be leaving behind or pay a mortgage and other loans, you will have to acquire knowledge of the types of insurance policies. There are, however, two basic categories of life insurance policy, and they include term life insurance and permanent life insurance.

Term Life Insurance

Term life insurance is a type of life insurance that offers coverage for a particular period, ranging from five to thirty years. However, the most typical coverage length is usually twenty years. If the insured passes during this set aside period of coverage with an active policy, the insurance provider will pay death benefits to the beneficiary of your choosing (usually their family and loved ones). The paid benefits will, however, help in the replacement of lost income and the payments of living expenses, such as rent, mortgage, or other debt you leave behind, funerals, and unpaid medical bills.
If the insured is still alive after the specific coverage period, the policy becomes inactive and may be activated by a higher premium charge, or the policy will be terminated.

Permanent Life Insurance

Permanent life insurance is a type that, if you decide to buy life insurance, lasts forever, unlike term life insurance that lasts for a specific period you chose when you purchased the policy. Permanent life insurance policies primarily offer the insured death benefits and cash value according to their premium. 
The sum of money that is paid to the beneficiary of your choosing is called death benefits. On the other hand, a part of your premium payment usually goes to savings or investments as cash value; you, however, have accessibility to this cash value while you are still alive. Several types of permanent life insurance vary in flexibility and benefits, among which the whole life insurance policy is the commonest.
Universal life insurance is another type of permanent life insurance, prominent for their flexibility they offer over the whole life insurance policy. They provide the insured the chance to increase their death benefits and mitigate their monthly and annual premium charges once they have accumulated enough cash value in their policy. On the contrary, the whole life insurance policy’s premiums and death benefits will remain constant during the policy’s duration.
Final expenses insurance is also a type of whole life insurance policy specifically designed for seniors above fifty years of age. They offer limited coverage for funeral expenses and medical bills.

Who Needs a Life Insurance Policy in a Household

The primary categories of a life insurance policy include the term life insurance policy and permanent life insurance policy; they offer coverage with the policy’s death benefits to a specific beneficiary or cash value the insured can access, especially when they are down with a critical illness that demands long-term medical care. It’s presumed by many that an income provider in a household is the one one that should buy life insurance. Still, it is false because a household can buy as many life insurance policies as they will require to meet both their short-term and long-term needs.
It is, however, important to purchase your life insurance policy earlier rather than waiting on the closeness of your retirement before buying a policy because there is about an eight percent increase and a ten percent increase in the cost of purchasing coverage at your early fifties and late fifties, respectively.
Apart from the increase in the cost of your attempt to purchase a coverage late, there will also be less coverage to purchase as you approach retirement due to the limitation in your insurable interest. Therefore you will be left with a much lesser amount of coverage to purchase after retirement.
If you have decided to purchase a life insurance policy, you will have to consider how much of it you will need, and this is done by subtracting your assets from your long term obligation.

Illustration

If you want to provide your family with about eighty percent of $60,000 income for a specific duration of twenty years—that is, $48,000. Let’s also assume you have an outstanding debt of $100,000 and you want to provide $70,000 for your children’s education, and you expect $10,000 for your funeral expenses. The calculation goes thus:
$48,000 X 20 = $960,000
$100,000 + $70,000 + $10,000
= $180,000
You will need ($960,000 +$180,000) $1,148,000 for your life insurance
coverage
Since you have $200,000 from the
the sum of savings & non-retirement
policy investment and life insurance
policy via your employer
You will then subtract $200,000 from
$1,148,000 to arrive at $948,000
in coverage for your family.
You will need this calculation process to determine the accurate coverage of your life insurance policy in the short-term and long-term protection of your family’s need when you pass.
Take everything into account when deciding to buy life insurance.

Life Insurance Policies: The Amazing Ones With No Medical Exam

Mastri Janoko Insurance 0 Comment
Life Insurance Policies: The Amazing Ones With No Medical Exam
There are a few sets of people that wrongly think they will need a medical examination before they are given a chance to purchase life insurance policies. The severity of their medical condition will cost them a high premium charge.
People with this thought tend to shy away from a life insurance policy, especially those with chronic medical conditions.
You will not be obligated to go through medical examinations by any life insurance provider before you are able to purchase life insurance policies. 
The only situation your life insurance provider will need to know about your health condition will be via face-to-face discussion with your provider and the filling of your data on the policy form or template they will provide the policyholder. 
You will have to be honest about your health condition to them; however, they may terminate the policy you are about to purchase if you refuse to provide information about your health condition.

How Life Insurance Policy Offers Coverage and the Essential Terms You Should Know

The coverage from life insurance policies primarily results from a contract or an agreement between two parties; the insurance provider and the insured, also known as the policyholder. The insurance provider will promise the financial protection of a specific beneficiary chosen by the policyholder after they pass away; this benefit Is called death benefits.
The only way this coverage can be effective is dependent on the policy holder’s premium. A premium is the amount of money the policyholder will be required to pay monthly and yearly on a regular basis. Hence, if the policyholder refuses to pay their premium, the beneficiaries of their choosing will not be qualified to receive the death benefit after the policyholder passes. Furthermore, the beneficiary is not necessarily an individual but may include more than one person. The policyholder may choose an organization to be their beneficiary.
Common types of life insurance policies you can purchase without a medical examination
The most common types of life insurance policies you can get without a medical examination are term life insurance and whole life insurance.

Term Life Insurance

Term life insurance is an affordable type of life insurance policy that may only be active for a specific period known as the “term” of the policy. The specific period a term insurance policy may last before its expiration usually ranges from ten years to thirty years; the coverage length, which is the particular term of your policy, will be determined by the insured and not the life insurance providers.
In this type of life insurance policy, the insured will have to pass before the end of the coverage length they purchased. However, if the insured doe not pass before the coverage length of their term life insurance policy ends or expires, they will be required to find ways to continue the coverage. Because the policyholder refuses to continue the coverage, the beneficiaries of their life insurance policies will be denied death benefits.
There are specifically two different options the policyholder will be provided if they decide to continue their coverage after their term life insurance policy ends when they are alive. The most common of them involve the purchase of a new term life insurance policy. The second method involves the conversion of an expired term life insurance policy to whole life insurance. It is, however, not a universal method because all life insurance providers do not offer it; hence, you will need to speak to your insurance provider to inform you about any possible option.

Whole Life Insurance

If you prefer the benefits that come from a policy that lasts forever than a specific period seen in term life insurance policy, a whole life insurance policy will be best for you. At the same time, a life insurance policy stays active throughout the policyholder’s life, as long as they pay their premiums charges on a regular basis.
The premium a policyholder pays is usually split in two to provide them with death benefits and life benefits (when the policyholder is alive). The first part of the premium is directed to the specific beneficiary—which is usually the family or loved ones of the insured—to provide financial assistance to their family, unpaid medical bills & mortgages, and funeral expenses, in the form of a death benefit.
The second part of the premium will be directed to savings or investments in the form of cash value. The policyholder can access whenever they have financial issues that demand immediate attention, such as paying for your life insurance policy.

The Best Non-Medical Exam Life Insurance Companies or Providers

The competitive market provides several life insurance companies that primarily differ in their monthly and yearly premiums, coverage cost, and age requirements. Among the plethora of life insurance companies or providers, the best options include:
  • Sproutt
  • Bestow
  • Quotacy
  • Ladder
  • Fabric
Sproutt: Sproutt is known for the provision of connection between the soon-to-be policyholder and insurance provider that will suit your requirements and budget. This primary function of Sproutt makes them one of the prominent independent insurance brokers. The age requirements, coverage amount, and starting rate a Sproutt involves are twenty-five to fifty-five years of age, $50,000 to $4,000,000, and $9 per month.
Bestow: Bestow is one of the best life insurance providers or agency that offers coverage without a medical examination. The age requirement for Bestow range from twenty-one to fifty-five years of age, a monthly starting rate of $8. The coverage amount they offer ranges from $50,000 to $1,000,000.
Furthermore, the coverage Bestow life insurance provider offers specifically a term life insurance policy, which may be a short term or long-term policy depending on your need.
Quotacy: Quotacy is one of the best options of life insurance companies that offer coverage for only one type of life insurance policy—that is, term life insurance policy. However, the age requirement for their policy ranges from eighteen to eighty years of age, with a coverage amount that ranges from $50,000 to $25,000,000.
Ladder: This is one of the best life insurance providers prominent for their flexibility. Deteriorating health conditions and age can not influence the premium charge they offer. The age requirements for this insurance company ranges from twenty to sixty years of age, with a coverage amount that ranges from $100,000 to $8,000,000. Furthermore, if you feel this type of insurance provider does not suit your requirement, you can cancel your policy and receive a refund within your first thirty days.
Fabric: Fabric is also another option of life insurance providers that specifically offers term life insurance policy with a coverage amount that ranges from $100,000 to $5,000,000 to several individuals that are twenty-one to sixty years of age.
These are among the best of all other life insurance providers or companies you will be able to purchase their policy without requiring medical examinations. You can, however, apply and check the quotes of their policy online.

Life Insurance Costs and Payouts At Different Ages You Should Know

Mastri Janoko Insurance 0 Comment
Life Insurance Costs and Payouts At Different Ages You Should Know
There are several types of insurance policies, among which life insurance is one of the most essential and important insurance policies you need because, without life, all other types of insurance will not exist. A life insurance policy is necessary. We will talk about life insurance costs and payouts in this article.
The benefits of purchasing a life insurance policy include the provision of coverage that will ensure the payments of all your ultimate expenses, such as funeral expenses, unpaid debt, mortgage and medical bills. 
They also provide the beneficiaries—such as the loved ones you will be leaving behind—of your choosing a short-term or long-term financial assistance they need when you pass away. In addition to this, life insurance does not only cover your beneficiaries but also you while alive and experiencing financial difficulties.

What is a Life Insurance Policy

Life insurance is primarily the replacement of income that results from the contract between the policyholder and life insurance provider. In this contract, the insurance provider will guarantee to offer the specific beneficiaries chosen by the policyholder a huge sum of money upon the death of the policyholder; this is called death benefits.
There are several types of life insurance policies that vary in their flexibility and benefits, all of which can fall into two categories; term life insurance policy and whole life insurance policy. One can find the primary difference between these two types of life insurance policies regarding their coverage length—that is, the duration of coverage they offer. 
Term life insurance policy will provide you with coverage that will last for a specific period of time before they expire. On the contrary, whole life insurance will offer you coverage that will last for a lifetime without expiration.

Term Life Insurance

Term life insurance primarily provides coverage for a specific period of time that is never beyond thirty years, but the most common duration is twenty years. The term life insurance costs consist of the cost of premium which is expected to be paid by policyholders monthly and yearly on a regular basis is always constant throughout the term without increasing or decrease due to certain factors.
If the policyholder does not pass away during this specific period of time or the term of the policy, they will be required to continue the policy’s coverage by either purchase a new one or convert them to a whole life insurance policy. However, the continuation of their policy coverage usually comes with a higher premium charge, thus causing your life insurance costs to be higher.
Term life insurance policy is popular for its affordable nature and may be used for the replacement of lost income during your employment years. They provide the specific beneficiaries of their policyholders’ financial assistance for the maintenance of a family business or to protect the family from financial difficulties, especially if the policyholder is the income provider of the household.

Whole Life Insurance

A whole life insurance policy is the commonest type of permanent life insurance that lasts for a lifetime without expiration. Due to the lack of expiration date in a whole life insurance policy, the premium charge is always higher than for term life insurance. Therefore, your life insurance costs will be higher. They provide the policyholder more than just death benefits that will be given to their beneficiaries; they also offer them life benefits.
The premium is split into two portions, one of which is directed to the beneficiaries only when the policyholder passes away. The other portion will be directed to savings or investments—where cash will accumulate over time – in the form of cash value. The cash value is accessible to the insured when they are experiencing financial problems or critical medical conditions that demand long-term medical care.
Another type of permanent life insurance is universal life insurance that provides the insured with sufficient coverage throughout their lifetime. Universal life insurance policy is prominent for the benefits of flexibility they provide the insured over whole life insurance policy. They offer policyholders the chance to either increase or decrease their monthly premium charge.
Universal life Insurance policies come with essential benefits over some life insurance policies because they offer long-term coverage for income replacement, which will last longer than the policyholder’s employment years—They can also be used in estate planning— Irrespective of these benefits, only a few set of people purchase their policy because their life insurance costs are more expensive when compared with term and whole life insurance policies.

How Gender Influences the Cost of Life Insurance Policy

The gender of a policyholder plays a significant role in the alteration of the life insurance costs. Studies and research show that the mortality rate of men is higher than women, which means women live longer than men. The surprising increase in the mortality rate of men is primarily due to their high degree of susceptibility to several life-threatening diseases, such as cancer, strokes, heart disease, and diabetes.
Therefore, most Insurance providers or companies usually make use of the difference in the mortality rate of men and women to determine their policy’s rate. Life insurance providers usually charge men with expensive premiums so as to accumulate enough payments to offer them full coverage because women live longer than them. Although, aside from gender, there are several other factors that life insurance companies usually use in determining the life insurance costs; they include health history, profession, age, and lifestyle.

Illustration of How Age and Gender Influence Premium Rate

The age and gender of a soon-to-be policyholder may influence their premium rate and life insurance costs overall. The influence on the premium rate will be illustrated below.
Forty to forty-nine
Men that purchase term life insurance plan of $250,000 for twenty and thirty years will pay a premium of $210 and $384 per year, respectively. On the contrary, women will pay $185 and $314 for the same condition.
Fifty to fifty-nine
Men that purchase term life insurance plan of $1,000,000 for twenty and thirty years will pay a premium of $1,692 and $3,301 per year, respectively. On the contrary, women will pay $1,233 and $2,349 per year, respectively.
Sixty to sixty-nine
Men that purchase a term life insurance plan of $500,000 for thirty years will pay a premium of $2,793 per year. On the contrary, women will pay $1,911 per year.
From this illustration, one can spot the difference in the premium rate (influencing the life insurance costs) of men from women. In which men are required to pay more for their term life insurance policy. Furthermore, the higher rate of men’s premium over women is not limited to term life insurance plans alone but also occurs in whole life insurance plans.

Best Life Insurance for Married Couples

Mastri Janoko Insurance 0 Comment
Best Life Insurance for Married Couples
Best Life Insurance – The occurrence of the inevitable ultimate stage of one’s life cycle-death, is the last thing you will want to be worried about, especially if you just got married. 
Although, as pessimistic as the thought of it sounds, it is usually advisable to have life insurance to ensure the financial security of your family should the unforeseen occur.
Buy life insurance earlier before it becomes costly. In cases where the married couples are the income providers of the household, getting a life insurance policy will be requisite, especially if the income they both bring to the table is far from equilibrium. 
Because if the couple that provides about seventy percent of the household income passes away due to ad hoc circumstances, the other couple will be susceptible to various financial catastrophes—especially if they have children. That is why it is always advisable to give the thought of purchasing life insurance a chance.
The premature demise of one of the couples may expose the surviving couple to financial difficulties that will make the surviving couple incapable of supporting the family and catering to the children’s needs. This is further worsened by the existence of other expenses, such as house payments, car payments and unpaid debts.

Best Life Insurance for Married Couples

It is already worse and depressing enough to mourn the loss of a loved one; I bet you do not want to imagine how deteriorated this may transform to if financial difficulties sneak in. That is why it is most times essential to consider the worst for the good of your loved ones and family by purchasing coverage for life insurance as early as possible.
How much life insurance coverage do married couples need
When you have considered the worse for the betterment of your loved ones and family by placing yourself in the shoe of a pessimist, you will have to determine how much life insurance coverage you will need to offer sufficient financial protection to your loved ones when you pass.
You will be required to pay premium charges monthly and annually on a regular basis, which is the primary factor that will guarantee your beneficiaries of obtaining a lump sum of money called death benefits. The lump-sum your beneficiaries (a specific individual or group of people) will receive may depend on the coverage you purchase, which ranges from two hundred thousand dollars to four million dollars and above.
Therefore, you will need to consider several factors before deciding on the amount of life insurance coverage you will need. These factors include:
  • The primary objective of your life insurance policy
  • Do you have children?
  • Do you and your spouse have any unpaid debts
  • Would you be able to survive with your spouse’s income 
  • Financially should they pass away?
The primary objective of your life insurance policy
One of the most significant factors you will need to consider to determine how much life insurance you will need is your personal objective of your life insurance policy. If your focus is directed towards your children’s needs, such as education costs, should you and your spouse pass away, a joint life insurance policy will be appropriate. There are, however, several types of insurance policies if your goal is to protect your spouse financially.

Do you have children?

If you have children, it is only natural that you will be concerned about their needs, which is the primary function of being a parent. One of the achievements parents are known to flaunt frequently is their children’s education, especially if they are in college. Hence, parents do work hard to put their children through college, but if they happen to pass away before the children are ready for college, the surviving spouse will experience difficulties in financing their education. To avoid this, you will need a large life insurance coverage to financially support your children through college if you are not around to support them directly should you pass away.

Do You and Your Spouse Have Any Unpaid Debts?

The common source of debt is usually a mortgage or auto loans and several other debts you or your spouse incurred before you got married. These debts could seriously tamper with one’s financial health. You will need to purchase life insurance coverage that will completely pay for these unpaid debts and relieve your spouse from any form of debt should you pass away.
Would you be able to financially survive with to survive with your spouse’s income financially is always advisable to know about incomes you both provide in your household because if you can not survive alone on your spouse’s income, you will need to purchase life insurance coverage that will offer the surviving spouse financial protection that will be sufficient for them.

Type of married couples life insurance

When you and your spouse have arrived at the most preferred coverage that will provide the beneficiaries with enough financial protection after considering the factors listed above, you will need to decide as a couple between the two types of insurance apt for your requirement; joint or separate life insurance.
Joint Life Insurance
Joint life insurance is permanent life insurance that covers multiple people as long as they equally pay their premium charge regularly. There are some kinds of joint insurance that come with cash value. You will be able to have access during financial difficulties if the cash value has accumulated enough payments from your premium. However, you may require policy riders to enhance these features, enabling you to tap from the death benefits should you be diagnosed with a terminal illness.
There are two types of joint insurance you can choose from
First to die joint insurance
This type of joint insurance policy provides death benefits to the surviving spouse after the death of their spouse. However, after receiving the death benefits, the surviving spouse does not have any death benefits. Viz. They will no longer be covered by the insurance policy unless they purchase a new life insurance coverage.
Second to die joint insurance
In this type of joint insurance, none of the married couples covered by this policy will receive a death benefit, which makes it different from the first to die joint insurance policy. The death benefits are, however, provided to the beneficiaries of their choosing after they both pass away.
Separate Life Insurance
Separate life insurance primarily involves the purchase of a life insurance policy by you and your spouse singly. Married couples usually purchase different life insurance policies primarily because they are not clairvoyant enough to tell who will give up the ghost prior to the other.

The Best Type of Life Insurance Coverage for Your Need

You will need to have a discussion with your spouse about your financial needs and objectives of your life insurance policy in order to have an idea of the best type of life insurance coverage you will need to protect your beneficiaries financially.

Best Renters Insurance

Mastri Janoko Insurance 0 Comment
Best Renters Insurance
Best Renters Insurance – Most people are familiar with homeowner’s insurance, which is as the name implies, insurance to protect the owner of a home. However, there is also special insurance to protect you if you are a renter and not the owner, commonly called “Renters Insurance”. Unfortunately, around half of all renters don’t obtain this insurance.
Homeowner insurance does not protect you or your belongings if you’re a renter. That is what renter insurance does. 
For example, if there is a significant fire in your home, the homeowner (landlord) insurance would cover damages to the building – but not for any of your belongings in or around the home. Same is true for damages due to flood, earthquake, theft and vandalism. To cover loss or damages to your personal property and belongings, you need to obtain renter insurance.
Thankfully you can get renter insurance starting at just under $20 per month. Your specific cost will depend on your location, the value of your belongings, the types of items you want protected and any optional supplemental coverage you may choose. One of the most important supplemental coverages to get is called “replacement value”. 
This type of coverage will pay you to replace your lost property with a new one, not just the cash value, which is the depreciated value. For example, if your sofa is destroyed, typical cash value coverage will only pay you what its worth as if you sold it. With replacement coverage, the insurance company will buy you a brand new comparable sofa – thus why it’s called replacement value.

Best Renters Insurance for 2022

Listed below are the best renter insurance companies :

American Family Insurance

This company offers coverage for under $20 per month, plus they have a lot of nice extra features. One of them is that they will reduce your deductible over time without increasing your premium payments. Plus their standard coverage includes your personal property, medical bills, liability, replacement costs for stolen items, and hotel expenses if you’re unable to stay in your rental home because of a covered event. Optional coverages include identity theft protection, coverage for a home office. They have multi-policy discounts, such as combining with auto coverage, to lower your cost even more.

Erie Insurance

This is a smaller regional insurance company that has been ranked as offering the very best customer service. The bigger states they serve include Illinois, New York, Ohio and Pennsylvania. Their renter insurance policies start at $15 per month. They provide personal property and liability coverage for renters in covered states, as well as living expenses coverage if you need to stay in a hotel after damage to your home. Erie also offers multi-policy discounts.

Farmers Insurance

Not only for farmers, despite its name. This company is highly ranked for claims satisfaction and customer service. Coverage includes personal liability, personal property, replacement costs for personal property, medical payments, identity theft, and additional living expenses. They offer many types of discounts, including multi-policy and having a home security system and being a non-smoker. Customer service and claim service is available 24/7.

Liberty Mutual

This company can provide renters coverage starting at only $5 per month. They stand out in their claims process, by making it simple to file a claim online with a step-by-step process in its portal that asks for incident details and photos. Standard policies include liability coverage, personal property, medical payments, and additional living expenses. Extra coverage is available for personal property replacement costs, jewelry, or damage caused by earthquakes. The company operates in all 50 states so you can get covered no matter where you rent.

MetLife

This very large, national insurance company offers renter insurance in all 50 states. They are known for excellent customer service and have the ability to insure very valuable items. Basic policies include coverage to repair or replace property, liability and identity theft protection. Additional coverage is available to insure specialty items, such as electronics, musical instruments, luxury items, and sports equipment. They provide 24/7 customer service.

Nationwide

Nationwide has coverage starting at $20 per month. Basic policy covers personal property, loss of use, personal liability, medical payments to others, damages due to building additions and alterations, and unauthorized credit card charges. A special feature is their excellent add-on package for covering high-value items such as collectibles. Optional coverage available includes earthquakes, water damage, and theft protection for personal belongings that are stored in a vehicle. Multi-policy discounts are available, plus discounts for having burglar and smoke alarms.

State Farm

This is another large and nationwide insurance company offering renter’s coverage. They are also very popular in offering auto insurance and offer discounts for having multiple policies with them. They have coverage starting at under $10 per month. They have a very large network of agent’s offices to get personal service – but you can get a quick and easy quote online with them. They also offer discounts for having a security system and being a nonsmoker. Optional coverages include pet medical insurance and for identity theft.

Best Life Insurance – Get an Instant Quote Online

Mastri Janoko Insurance, Management 0 Comment

Life insurance can help your family cover final expenses, education fees, loss of income, or any other financial need.

Below, you’ll find our selection of the best life insurance companies for this month. We’ve called out their distinctions, along with the various policies and premiums provided.

The best life insurance for you will depend on your financial goals, budget and how much cash value you want to build within a policy. We used data provided by Veralytic, an independent provider of life insurance research and analysis, to find the best life insurance companies.

Best Life Insurance Companies Reviews

 

If you’re the main provider for your family or are worried about their financial future if you were to pass, a life insurance policy can provide peace of mind.

Bestow

Bestow issues term life insurance more quickly and easily than most companies, and it offers an unusually high death benefit for policies that do not require a medical examination.

Bestow is our choice for individuals that want to get life insurance coverage but don’t want to go through the hassle of a medical exam. The company sells term insurance policies (and only those), so you can apply online and purchase a policy without visiting a doctor or having tests such as bloodwork done. You can get up to $1.5 million in coverage, a higher maximum than other no-exam policies.

The company uses your personal information and your answers about your medical history, hobbies and lifestyle to determine your eligibility for life insurance and your rates. Bestow claims you can get a quote and purchase a policy within minutes, all online.

Bestow policies are issued by top-rated insurer North American Company for Life and Health Insurance. Additionally, life insurance from Bestow is now embedded into Lemonade’s app and website. Bestow also offers a comprehensive library of helpful information.

Ethos

Ethos stands out as a life insurance provider for accommodating a wide range of potential applicants, including those who may have struggled to qualify for insurance in the past – such as older individuals. Also, prospective customers can receive a quote within minutes without needing to talk to an insurance agent.

Ethos uses either simplified issue and fully underwritten methodology for its term policies, and guaranteed issue underwriting for its whole life insurance policies (no company we know of offers term policies with guaranteed coverage).

The guaranteed issue whole life policy is available to individuals between 65 and 85. Applicants can obtain instant approval for up to $25,000 of coverage, regardless of their medical history.

Most include an accelerated death benefit rider that allows policyholders to tap into a portion of their benefits if diagnosed with a terminal illness.

Policygenius

As a comprehensive online life insurance marketplace, Policygenius offers one-stop access to both term and whole life policies from a wide range of partners, including some of the best life insurance companies mentioned on our list. Unlike some other comparison sites, this one pledges not to sell your information to third parties.

Policygenius takes the top spot as the best comparison tool and broker for its satisfying provision of one-stop shopping from a range of insurers. Policygenius’s partners include such names as AIG, Banner Life, Brighthouse, John Hancock, Lincoln Financial, Mutual of Omaha, Pacific Life, Principal, Protective, Prudential, SBLI and Transamerica.

This online marketplace also offers an extensive library of educational resources for those new to life insurance, including recommendations for life insurance for people who suffer from depression and diabetes. Coupled with its broad range of coverage options such as term or permanent coverage policies, these resources make Policygenius a standout option for comparing life insurance quotes.

If you need help choosing the right policy or coverage amount, PolicyGenius’ agents can give you personalized assistance. They are paid by salary rather than commission, the company says, so they aren’t incentivized to oversell or to direct you to certain products that may earn them a higher commission.

Haven Life

Haven Life provides an unusually wide range of term life insurance options, including plans with especially high death benefits. Its plans also include additional perks such as online services to create a will.

Haven Life gets our nod for the best term insurance coverage because of its impressive array (10-, 15-, 20-, 25- and 30-year) of policy terms, along with coverage amounts that range from $100,000 to $3 million.

Haven Life offers two types of term life insurance policies: Haven Term and Haven Simple. Haven Term includes Haven Life Plus, a rider that provides access to an online service to develop a will or trust, fitness and sleep tracking apps and an online storage vault for important documents.

Applicants who are younger than 64 can get up to $3 million of coverage through Haven Term. Haven Simple is only available for applicants aged 20-55 and includes the Accelerated Death Benefit rider.

Business Insurance – Protect Your Small Business

Mastri Janoko Insurance, Management 0 Comment

Business insurance protects you from expenses that can take you by surprise after an accident or mistake involving your business property, your employees or your customers. It’s sometimes called commercial insurance.

The idea of small business insurance is simple. You pay a set amount for your coverage (this is known in the industry as an insurance premium).  In return, you may be able to avoid paying a much larger amount after an accident or mistake.

Get the small business insurance you need to protect your company or side hustle. Our coverage can help pay for:

  • Property Damage : If you damage someone’s property or your business property needs to be replaced or repaired.
  • Injuries : If someone is injured and you or your business is ruled responsible.
  • Lost Wages : If you or an employee experience a workplace injury.
  • Legal Fees : If you’re forced to go to court to defend your small business.
  • Car Accidents : If someone gets hurt or property is damaged while you’re driving for work.
  • Business Errors : If you or an employee makes a mistake that causes you to lose money.

Everything You Need to Know About Business Insurance

 Business insurance protects you from the unexpected costs of running a business. Accidents, natural disasters, and lawsuits could run you out of business if you’re not protected with the right insurance.

What are the Different Types of Business Insurance?

Business insurance typically involves a package of different types of coverage — what the insurance industry calls policies.

For example, someone could slip where you are working and claim the injury is your fault. In that case, you’ll be glad you have general liability insurance to help pay for medical costs so you don’t have to pay out of pocket.

General liability insurance is typically the first kind of insurance bought by business owners as it also helps your business cover the costs if you or an employee accidentally damage someone’s property.

Product Liability insurance — which is included in general liability insurance — can protect your retail business from having to pay for legal fees if a customer says that an issue with your product caused them injury or property damage.

But general liability is just one type of business insurance coverage.

You might need to expand your insurance package to protect yourself from financial losses. For example:

Commercial property can help protect almost all of the physical items you need to do business. It can pay for replacement costs for your business equipment, goods, inventory and repairs to your building (if you own it) up to your policy limit.

Business owner’s policy (commonly known as BOP insurance) combines general liability insurance and commercial property insurance into one package that includes all the coverage available in those two types of insurance.

A BOP is a comprehensive way to protect your business from unexpected expenses related to property damage, medical payments and lawsuits.

Workers’ compensation insurance covers workplace injuries.

If an employee gets hurt on the job, it can pay for medical expenses and help cover lost wages. You can also cover yourself if you opt for business owner’s coverage.

It’s almost always required when you have employees.

Commercial auto insurance is for business owners who own or drive vehicles. It can help pay for damages if you or an employee are involved in an auto accident while working or your work vehicle is damaged.

Professional liability insurance can help protect you from claims of work mistakes or negligence. This coverage is also known as errors and omissions (E&O) insurance.

We know it can be difficult to sort out what coverage you need for your business. That’s why we developed a super fast online business insurance quote process.

You can review our customized recommendations and adjust them to fit your small business preferences in less than 10 minutes.

What are the Different Types of Business Insurance?

Business insurance typically involves a package of different types of coverage — what the insurance industry calls policies.

For example, someone could slip where you are working and claim the injury is your fault. In that case, you’ll be glad you have general liability insurance to help pay for medical costs so you don’t have to pay out of pocket.

General liability insurance is typically the first kind of insurance bought by business owners as it also helps your business cover the costs if you or an employee accidentally damage someone’s property.

Product Liability insurance — which is included in general liability insurance — can protect your retail business from having to pay for legal fees if a customer says that an issue with your product caused them injury or property damage.

But general liability is just one type of business insurance coverage.

You might need to expand your insurance package to protect yourself from financial losses. For example:

Commercial property can help protect almost all of the physical items you need to do business. It can pay for replacement costs for your business equipment, goods, inventory and repairs to your building (if you own it) up to your policy limit.

Business owner’s policy (commonly known as BOP insurance) combines general liability insurance and commercial property insurance into one package that includes all the coverage available in those two types of insurance.

A BOP is a comprehensive way to protect your business from unexpected expenses related to property damage, medical payments and lawsuits.

Workers’ compensation insurance covers workplace injuries.

If an employee gets hurt on the job, it can pay for medical expenses and help cover lost wages. You can also cover yourself if you opt for business owner’s coverage.

It’s almost always required when you have employees.

Commercial auto insurance is for business owners who own or drive vehicles. It can help pay for damages if you or an employee are involved in an auto accident while working or your work vehicle is damaged.

Professional liability insurance can help protect you from claims of work mistakes or negligence. This coverage is also known as errors and omissions (E&O) insurance.

We know it can be difficult to sort out what coverage you need for your business. That’s why we developed a super fast online business insurance quote process.

You can review our customized recommendations and adjust them to fit your small business preferences in less than 10 minutes.

How Much Does Business Insurance Cost?

Small business insurance costs can vary tremendously. That makes sense, since a yoga teacher needs different coverage than a handyman or a financial advisor.

For some low-risk professionals, like personal trainers, prices start at just $11 per month, while the cost of small business insurance for roofers or welders who work on dangerous projects can be much higher.

While it can be difficult to give a precise small business insurance costs estimate (the best way to get the information is to get a quote for your business), we can tell you about some of the factors that help determine what your small business insurance will cost.

Factor 1: Number of employees
Your payroll and the number of employees at your business could impact the amount you pay for insurance, especially with workers’ compensation coverage.

Factor 2: Location, location location
Where you work and the number of locations where you work is a factor in your exposure to risks and how much you will pay for insurance protection.

A contractor in a highly regulated state like California might pay more for insurance than a contractor in Texas, even if they work on similar projects. That applies to almost every industry, including food service, retail and professional services.

Factor 3: What’s your industry?
If you work in a profession that involves heavy equipment, expensive property or dangerous environments, your general business insurance quote will probably be higher than if you’re in a profession that involves sitting quietly at a desk.

Construction professionals pay a median of $70 per month for a business insurance policy. Cleaning professionals pay $43 per month and fitness professionals pay a median of $16.50 per month for a business insurance policy.

Factor 4: Scope of operations
If you’re a fitness instructor who only teaches privately in people’s homes your general liability insurance is probably going to cost less than if you offer public classes, as working with the public will always increase your risk — and therefore the cost of your business insurance.

Factor 5: Experience
Some people have spent years building up professional expertise before they ever start their own business. That can mean that their risk is lower than newer professionals. That risk is often reflected in the price they’ll pay for their coverage.

Why is Business Insurance Important?

Business insurance is crucial for protecting your business from financial losses.

Without insurance, an accident or mistake could keep you from reaching your goals and threaten the survival of your business.

That’s a scary thought, but it’s a very real factor for many businesses if you consider the average cost of a liability lawsuit can easily reach $50,000.

Business insurance gives you the protection you need to confidently focus on growing your business and serving your customers.

We’re here to help you at every step.

How can NEXT Help You Get the Right Coverage?

We’re dedicated to helping small businesses and self-employed workers find the affordable coverage you need to stay protected, meet legal requirements and satisfy their customers.

Whether you’re an accountant, construction worker, baker or candlemaker, we’ll help you thrive by providing coverage that protects everything you do.

Since we only work with small businesses and the self-employed, we can customize your commercial insurance package to fit your business. Currently, Next serves more than 130,000 small business customers.

NEXT also offers customized business insurance package tailored to different business structures:

  • LLC business insurance
  • Sole proprietors business insurance
  • Self-employed business insurance

How do I Get Business Insurance

You can purchase the business insurance you need online in less than 10 minutes with Next.

Here’s how the process works:

Start an instant quote. We’ll ask you some basic questions about your business and operations, including:

  • Your industry
  • Where you do business
  • How many years you have owned the business
  • Number of employees
  • Expected annual revenue
  • Recent insurance and claims history
  • We will use the information you share to create a customized business insurance quote.

If you like what you see, you can adjust the package limits to fit your preferences and make your purchase.

Your insurance will begin immediately after payment, and you’ll have access to your certificate of insurance. The self-service tools also allow you to pay premiums, add an additional insured and file claims.

The streamlined process, which can be completed without needing to talk to an agent, makes it possible to purchase insurance online in a matter of minutes.