When should you get Life Insurance

Many individuals assume that life insurance is unnecessary until they have a family of their own. But this is not always the case, as life insurance is not a one-size-fits-all type of insurance. You might find that buying life insurance at an earlier age than previously expected is a better option for your circumstances.  So what exactly determines one’s need for life insurance?

Life insurance, in its most basic form, is designed to pay benefits to your dependents in the tragic event of your death. These benefits are most commonly used as a form of wage replacement to allow the surviving spouse and/or children to maintain the lifestyle that they’re accustomed to living. But these benefits can also be used to pay for funeral expenses, medical expenses and erase debts from mortgages, car loans, student loans and credit cards. The benefits can also be designated to pay for a child’s college education.

So at what age should you consider buying life insurance? Use the above circumstances as a guide. If you have a spouse and/or children, life insurance can provide them with financial security during the hardest time they may face. This is especially true if you’re the primary or sole wage earner in the household. If you’re single but you have a lot of debt, life insurance can lift the financial burden off of your family. If you take care of elderly parents or disabled family members, life insurance can secure their continued care after you’re gone.

If you fall into one of these categories, than life insurance is a consideration that shouldn’t be taken lightly. However, if you’re single without dependents and without debt that exceeds your savings, then you probably don’t need to purchase life insurance yet—and you’re also quite lucky! Remember, life insurance protects those you love, giving you peace of mind in return. You only need to buy it if you’re in the position to provide financial care to your loved ones, at whatever age that occurs.

Protect your loved ones when they need it most. Call Gardiner Allen DeRoberts Insurance, Inc. at (614) 221-1500 for more information on Columbus life insurance.

Insurance Changes for Your Car Each Season

Whether you have a camper that you only use in the summer months or a car that’s never used in winter, it’s important to understand the different insurance coverage options that are available. Unfortunately, many car owners find out the hard way that taking all of their insurance coverage off of their vehicles isn’t the best idea over the winter.

How Different Auto Coverage Works

The most commonly associated coverage with automobiles is called liability. This covers bodily injury and property damage and may be referred to as BIPD. This is usually broken down into specific limits and may appear on your policy or cards as: $12,500/$25,000/$7,500. This coverage covers other people and their property, not you or your vehicle. Comprehensive coverage provides indemnity on an “other than collision” basis; for example, if you hit a deer or something collapses on top of the vehicle. Collision coverage indemnifies you if you hit something, such as another vehicle.

What Coverage to Leave On Your Seasonal Vehicle

If you are going to leave your seasonal vehicle in storage over the winter, you won’t need to carry liability or collision coverage until you take it back out again. However, you should consider leaving comprehensive coverage on that vehicle. For example, let’s say you have it stored in your garage and a heavy snowstorm causes the roof to collapse. If you have comprehensive coverage still on your vehicle, it would be covered in this event. If you don’t, you’ll end up having to fix your vehicle out of your own pocket.
Leaving just comprehensive coverage on your vehicle is very inexpensive and well worth the peace of mind you’ll get knowing that your vehicle will be protected.

When to Contact Your Insurance Agent

If you plan to move your vehicle or take it out when the weather turns nice, it is imperative to give your insurance agent a call. They will be able to reinstate any coverage that you removed to ensure that you have the coverage you need. Even if you’re only going to use the vehicle for a few days, it is still necessary to turn your coverage back on. Failing to do so can result in either a ticket or a fine if you are pulled over, or you may risk damage to your vehicle that will not be covered. Once you’ve returned the vehicle to storage, you can remove the excess coverage until you need it again.
Want to ensure that your seasonal vehicles are properly protected? Give us a call today at (866) 846-4488 to learn more about your Columbia auto insurance options.

Simple Ways to Live Green—and Save Money!

We all know that living green is good for the environment, but with such a big scope like that, it can be hard to see the tangible benefits, for both you and the environment. So here’s one for you: living green can save you money! You can save on your energy and water bills, you can reduce your gas mileage and you can save on the groceries and home supplies you buy. Try incorporating the following tips into your lifestyle and see how much money you can save by living green:

1.       Set your thermostat two degrees cooler in the winter and two degrees warmer in the summer. Blankets and fans can help you make up for those lost degrees.

2.       Ensure the proper insulation of your walls and ceilings.

3.       Use caulk and/or weather-stripping to seal any leaks around windows and doors.

4.       Install compact fluorescent light bulbs wherever you can.

5.       Turn off the lights when leaving the room.

6.       Unplug appliances and electronics when not in use. You can also purchase a “smart” power strip that senses when these items are off and cuts phantom energy use.

7.       When shopping for new appliances, choose models that are Energy Star rated.

8.       Wash your clothes in cold water and only when you have full loads. As much as 85 percent of a washing machine’s energy consumption goes toward heating water.

9.       Shave time off your showers to reduce your water usage.

10.   Prepare at least one vegetarian meal a week.

11.   When grocery shopping, purchase locally raised/grown, humane and organic meat, eggs, dairy and produce whenever possible. Bonus: purchasing from local farmers keeps money in the local economy.

12.   Recycle glass, aluminum, paper and plastics.

13.   Install a water purifier instead of buying bottled water to reduce waste.

14.   Use washable, reusable mugs and water bottles (aluminum or glass) for work and school, rather than using Styrofoam or plastic products.

15.   Use washable plates and utensils whenever eating at home or throwing parties.

16.   Donate or recycle old electronics (computers, cell phones etc.). E-waste contains mercury and other toxins and should stay out of landfills.

Protecting the environment helps you protect your home and loved ones as well. Call Gardiner Allen DeRoberts Insurance at (614) 221-1500 for more information on Columbus homeowners insurance.

Should Young Adults Buy Life Insurance?

Many young adults maintain a sense of immortality well into their 30s and do not stop to consider the importance of life insurance. However, there are several benefits to purchasing Columbus life insurance at a young age, including locking in a lower rate and having guaranteed coverage if you develop health issues later in life. Term life insurance offers coverage for 10, 20 or 30 year terms and provides the most cost-effective solution. Let’s take a look at a few more benefits:

Early Death

No one expects to die early, but the truth is that it can happen to anyone. If you’re married, your spouse loves and depends on you. He or she would need time to grieve after your death. Having a financial cushion would let him or her go through that process without the need to worry about paying bills.

Married couples often buy homes based on both incomes. If one spouse dies, it may become difficult to pay the mortgage. Life insurance can help your spouse continue living the lifestyle he or she is accustomed to.

Dependents

Some young adults support children, elderly parents or disabled family members. A life insurance policy can provide financial support to ensure the continued care of these individuals. Every young adult with dependents faces increased responsibility and should plan his or her finances accordingly.

Funeral Expenses

Funeral and burial services can quickly add up to total over $10,000. A life insurance policy can cover these expenses and remove the burden from your family in the wake of tragedy.

Life insurance is designed to benefit individuals of all ages. Call Gardiner Allen DeRoberts Insurance, Inc. at (614) 221-1500 for more information on life insurance.

Three Consequences of Not Offering Group Health Insurance for Employees

Providing health insurance for employees is not a legal requirement, except under certain conditions in the states of Massachusetts and Hawaii. However, while a business owner may look upon this as an opportunity to save costs, failure to provide healthcare insurance could be a false economy. Health insurance is a major outlay for any small- and medium-sized business, but there are some hidden benefits that could make sound business sense. Business owners who don’t offer healthcare benefits could find themselves at a disadvantage in their respective industries.

1. Your Business Could Be Perceived as a Second-Rate Employer

A business exists to sell either services or products in the marketplace, but a business is also in the market itself - for employees. The fight for the most experienced, best-qualified staff is fierce indeed, and in cases where a required skill set or experience portfolio is in high demand, a business that offers Columbus group health insurance benefits will have a clear and distinct advantage. Skipping health insurance for employees could leave a company with a relatively inexperienced, poorly-qualified workforce–something that can have far-reaching consequences for its commercial viability. 

2. Your Business Could Miss Out on Tax Breaks

From a completely selfish point of view, a business can treat employees’ health insurance costs as a tax-deductible expense. A business can benefit from a deduction of 100 percent of employees’ insurance costs for tax purposes, and if that business is incorporated, the owners’ insurance costs are also tax-deductible.

3. You Could Be Faced with Higher Employee Absenteeism

Many health insurance plans provide people with programs of preventative care and wellness, and this can promote healthy lifestyles and workplace practices. These programs, combined with an annual physical, could identify stress, repetitive strain, and a whole host of other work-related health issues before they result in long spells of absence.

Of course, there are some headaches involved with providing health insurance for employees. Although one of the aims of the much-maligned Affordable Care Act is to drive down the overall cost of healthcare in the U.S., health insurance is still a very costly benefit to provide at a time when many companies are struggling to survive. This added benefit also presents extra administrative costs, which can be burdensome for small companies. However, it is clear that a business that can provide health insurance as a benefit of employment stands to receive the goodwill of its employees and the inevitable increase in productivity that will result. If you want help or advice on health insurance benefits for your employees, give Gardiner Allen DeRoberts Insurance a call on 614-221-1500, and one of our experienced insurance agents will explain all your options.

Pros and Cons of Universal Life Insurance

Every individual with dependents should have a Columbus life insurance policy to protect their family. Most consumers choose a term life insurance policy, which offers low premiums in exchange for coverage for a predetermined length of time. However, individuals who would like to invest, as well as provide insurance for their loved ones, may wish to consider universal life insurance. Universal life insurance is more costly than term life insurance, but it also retains cash value and can act as an investment. Below are some pros and cons to consider before purchasing a universal life policy.

Pro: Universal Life Insurance Can Be Used as an Investment 

Universal life insurance invests a portion of each premium paid, which then accrues interest quarterly. These interest rates are often tied to the value of an investment fund, so the amount earned each quarter will vary. Most universal life insurance policies do promise that the cash value of the policy will not decrease, even if the fund does not do well.

Con: Premiums Cost More Than Other Types of Insurance 

The largest disadvantage of universal life insurance is the high cost of the premiums. Individuals who purchase universal life insurance should carefully consider if they'll be able to afford a high premium during retirement.

Pro: Flexible Premiums Are Available 

Unlike other insurance policies, universal life insurance offers flexible premium policies in addition to single premium or fixed premium policies. Consumers can tailor the premium payments to their specific circumstances. Taking advantage of flexible premium payments can also offer a tax advantage to consumers who are earning money now but intend to retire soon.

Con: Interest Rates Are Not Guaranteed 

Universal life insurance interest rates are reset every quarter in accordance with the performance of the investment fund tied to the policy. Therefore, consumers who purchase a policy as an investment may be disappointed if their interest rate plummets.

Pro: The Death Benefit Is Adjustable 

If consumers' circumstances change, the death benefit can be increased or decreased to meet their new needs without issuing new policies. Of course, the premium will also change in accordance with the death benefit.

Con: Commissions on Policies Sold Are Front-Loaded 

Insurance agents charge a commission on the sale of each universal life policy. This fee is front-loaded, so it may take several years for the insurance policy to gain cash value.

Pro: The Cash Value of the Policy Can Be Withdrawn at Any Time

Consumers who need cash for an unexpected emergency can withdraw all or part of the cash value of their policy at any time. If the cash is withdrawn as a loan against the policy, consumers can also avoid taxes on the amount they receive. 

Con: Canceling a Policy Can Cost Hefty Fees

Consumers who decide they no longer want or can afford their universal life policy can cancel it and withdraw the cash value of the policy. However, the insurance company can charge surrender fees to cash in the policy. Most surrender fees are limited to a certain number of years, but the time range varies between insurance polices. 

Purchasing a Life Insurance Policy

Universal life insurance can be an excellent investment for some individuals, but can represent an unnecessary expense for others. Consumers who want to invest for their retirement and have already maximized their IRA contributions may find that universal life insurance can offer them tax-free income.
Individuals interested in purchasing any type of life insurance policy should call Gardiner Allen DeRoberts at 614-221-1580 for a free quote.

Secondhand Car Buyer? Quick Insurance Facts to Take Note Of

A secondhand car comes cheaper than a brand new one. However, buying a used car may turn out to be a harrowing experience if you are not aware of all the financial and insurance matters involved. Besides carefully assessing the dos and don’ts of getting a secondhand vehicle, you also need to review the insurance aspects that are associated with the deal. Being aware of some facts will help you choose the right kind of insurance for your used car. Knowing some tips on secondhand Columbus auto insurance policies will help you avoid problems that could haunt you later on when you make insurance claims.

• Insure your secondhand car as soon as you purchase it. The registration and ownership process, involving the transfer of the car in your name, can be completed only when the insurance is done. Also, as per rules, you will not be able to use the car if you do not have insurance. 

• If the secondhand car is your first vehicle, then you are not likely to secure any immediate benefit from the insurance company. 

• Check the history of the used car you are planning to buy. Its condition and safety factor will determine the way insurers will assess its risk and calculate the premium on your insurance.

• Find out if your chosen secondhand car has ever been involved in an accident or had any repairs made to it.   

• Review the statistics and records on the safety of your secondhand car's make and model. The insurance policy premium, the risks of insuring the secondhand car and the type of car insurance coverage it needs is often decided based on the number of claims made against that car model.

• Maintaining a clean driving record and steering clear of traffic fines, speeding tickets, and car accidents will help you get secondhand car insurance at a lower premium rate. 

• Assess the type of physical damage coverage you need for your secondhand car purchase. You may not necessarily need to settle for collision and comprehensive coverage, since this coverage is not always worth it for a used car.

• Choose an insurance policy that offers a higher deductible in order to pay a lower premium. 

• Settle for a plan with a lower deductible if you can shell out more money on a higher premium. This will help cover the cost of repairs in case of an accident or mechanical problems.

Understanding the above-mentioned facts will help you get the right insurance policy for your secondhand car purchase. Please give Gardiner Allen DeRoberts Insurance a call at 614-221-1500 for more advice on finding the best secondhand car insurance policy.