Blog | WealthCare Investments & Insurance, LLC

Fall Festivities and the Importance of Special Event Liability Coverage

Tue, 08 Oct 2024 13:30:00 GMT

As the fall season approaches, many in our community are gearing up for autumn-themed activities such as corn mazes, festivals, and even haunted houses. Whether you're hosting a small local gathering or organizing a large public event, this season presents a great opportunity to connect with customers and neighbors through fun and memorable experiences. However, while these events can bring joy and engagement, they also come with certain risks—especially when it comes to liability.

Special Event Liability: What It Is and Why You Need It

If you’re planning to host a fall event, such as a harvest festival or pumpkin patch, it's essential to consider special event liability insurance. This type of coverage protects both event organizers and the venue from claims related to property damage or injuries that might occur during the event. Given the higher risk associated with large gatherings, many standard commercial insurance policies exclude coverage for special events. That’s why special event liability is crucial—it can save you from financial strain in case something goes wrong, like a slip-and-fall accident or property damage caused by event attendees.

At Tully Insurance Agency, we strongly recommend reviewing your insurance needs before hosting any large events. Having the right coverage in place allows you to focus on creating a great experience for your guests while minimizing the risk of unexpected costs.

Example: The Hopkins County Stew Contest

For those in the Sulphur Springs, TX area, an upcoming event that serves as a perfect example of fall-themed fun is the World Champion Hopkins County Stew Contest. Held on the fourth Saturday in October, this annual event features over 150 teams cooking delicious chicken or beef stew over open wood fires. With a history dating back to 1969, the contest continues to draw thousands of spectators, with over 7,000 people attending last year alone.

While this event is a beloved tradition, it’s also a large-scale public gathering, making it a prime candidate for special event liability coverage. Events like these involve cooking, open flames, and crowds, all of which increase the potential for accidents. Ensuring proper insurance coverage allows event organizers to focus on delivering a memorable experience without worrying about unforeseen liabilities.

How to Get Covered

If you're hosting a similar fall-themed event, now is the perfect time to explore special event liability coverage. Whether it’s a small neighborhood gathering or a county-wide festival, being properly insured ensures that you're prepared for any unexpected incidents. At Tully Insurance Agency, we’re here to help guide you through your options and find the right coverage to fit your event.

Feel free to give us a call to discuss your needs or to explore how special event liability insurance can offer you peace of mind while you enjoy the festive season.

The Importance of Life Insurance

Thu, 12 Sep 2024 13:00:00 GMT

As we observe Life Insurance Awareness Month this September, it’s an ideal time to reflect on the significance of life insurance and how it serves as a safety net for you and your loved ones. Life insurance is a vital financial tool, ensuring your family’s financial stability in the event of your passing. At Tully Insurance Agency, we understand how crucial it is to be prepared, and we're here to help guide you through your life insurance options.

What is Life Insurance and Why Is It Necessary?

Life insurance is essentially a contract between you and an insurance company. In return for regular premium payments, the insurance company guarantees a death benefit to your chosen beneficiaries. This financial support can cover funeral costs, pay off debts, or replace lost income, giving your family a crucial lifeline during an emotionally and financially difficult time.

The importance of life insurance becomes especially clear when you consider that 44% of families would face financial hardship within six months if their primary wage earner passed away. Without a proper life insurance policy, your loved ones could be left vulnerable to financial strain. Whether you're starting a new policy or updating an existing one, the right coverage can ensure your family’s future remains secure.

Common Life Insurance Questions Answered

What Are the Types of Life Insurance?

There are two main types of life insurance: term life and permanent life. Term life insurance provides coverage for a set period, such as 10, 20, or 30 years. It’s a great option for those seeking affordable coverage for a specific timeframe. On the other hand, permanent life insurance, such as whole or universal life, offers lifelong protection and includes a cash value component that grows over time.

How Much Life Insurance Do I Need?

Determining the right amount of coverage depends on factors such as your income, debts, and future financial goals. A common guideline is to aim for life insurance coverage that’s 10 to 15 times your annual income. However, everyone's situation is unique, so it's essential to tailor your coverage to meet your specific needs.

How Much Will It Cost?

Life insurance premiums vary based on several factors, including age, health, and lifestyle. Generally, younger and healthier individuals enjoy lower premiums. For example, a healthy 30-year-old might pay around $20-$30 per month for a $500,000 term policy. Permanent policies, which offer lifelong coverage and cash value, tend to have higher premiums but provide more benefits in the long run.

Why It’s Never Too Early to Invest in Life Insurance

A common misconception is that life insurance is expensive or only necessary later in life. In reality, the earlier you invest in a life insurance policy, the more affordable it is. Waiting until you’re older often results in higher premiums. In fact, you’re at the youngest age you’ll ever be right now, making this the best time to lock in lower rates.

Moreover, even if you already have group life insurance through your employer, it may not provide sufficient coverage. Supplementing it with an individual policy ensures your family will have the financial security they need.

How to Name Beneficiaries and Avoid Common Pitfalls

Choosing a beneficiary for your life insurance policy requires careful consideration. Think about who would be most impacted financially by your passing, and remember to regularly update your beneficiaries after major life events, such as marriage, divorce, or the birth of a child. It's also wise to name contingent beneficiaries in case your primary beneficiary cannot receive the benefit.

Secure Your Family’s Future Today

Delaying the purchase of life insurance can leave your family exposed to unnecessary financial risks. By securing life insurance now, you’re taking an important step to protect their future.

At Tully Insurance Agency, we’re here to answer any questions and guide you through your life insurance options. Whether you're exploring a new policy or updating an existing one, we are committed to ensuring your loved ones are protected.

Ready to take the next step? Schedule a consultation today to explore the best life insurance options for you and your family.

Back to School: Essential Insurance Tips for Students and Parents

Wed, 14 Aug 2024 13:00:00 GMT

As summer winds down and the back-to-school season kicks into gear, families across the country are preparing for significant transitions. Whether your child is getting ready to drive for the first time or heading off to college, understanding the right insurance options is crucial for ensuring their safety and your peace of mind. Here at Tully Insurance Agency, we’ve gathered some essential tips to help you navigate this exciting yet challenging time with confidence.

Preparing for Teen Drivers

We've had numerous conversations with parents about their teen drivers, especially when and how to add them to an insurance policy. If you're in a similar place this year, contact us to discuss what to expect when adding a youthful driver to your policy.

Here are a few tips we've gathered over the years from working with parents of new drivers:

Encourage Driving Practice

Let your teen drive as much as possible. Although it may be nerve-wracking, practice is crucial for improving their skills. Say yes when they ask to drive, as experience is the best teacher.

Set Clear Rules

Establish clear guidelines about where your teen can drive, whether they can have passengers, and your expectations for speed limits and phone usage. Consider creating a formal parent-teen driving agreement, which you can find through resources like AAA and the CDC.

Expect Mishaps

Even with guidelines in place, mistakes are bound to happen. When they do, stay calm and respond thoughtfully. The natural consequences of their actions will often serve as valuable lessons.

Use Safety Apps

Apps like Life360 offer location sharing and advanced driving safety features. These can provide peace of mind and help you monitor your teen's driving habits.

Stay Positive

Encourage and support your teen. The calmer you remain, the more their confidence will grow. Remember, you too were once a teen driver!

Inform Your Insurance Provider

When adding a newly licensed driver to your policy, notify us before they get behind the wheel. This step is crucial to avoid denied claims or potential legal issues.

Good Student Discounts for Auto Insurance

Did you know that many insurance providers offer good student discounts? If your student maintains a high GPA, they might qualify for lower premiums on their auto insurance. This discount rewards their hard work and encourages continued academic excellence.

How to Qualify

To qualify for a good student discount, typically, your student needs to:

Maintain a B average or higher.
Be enrolled full-time in high school or college.
Provide proof of their academic achievements, such as report cards or a transcript.

Benefits of Good Student Discounts

These discounts can result in substantial savings on your auto insurance policy, making it a great incentive for students to keep their grades up.

Renter’s Insurance for College Students

As summer ends and a new school year approaches, many families are preparing to send their children off to college. We've been receiving questions about renter’s insurance for students living in dorms.

Coverage Under Homeowners Insurance

While your homeowners policy may cover your student’s possessions, the deductible is often higher than the value of damaged or stolen items, and there are significant coverage limits.

The Benefits of Dorm Renter’s Insurance

Dorm renter’s insurance specifically covers your student’s belongings, such as laptops, bicycles, smartphones, and musical instruments. Though the chance of a burglary is relatively small, the risk varies by region and school. This insurance is affordable and provides significant peace of mind.

Consider dorm renter’s insurance before the school year begins to weigh its pros and cons. Much like other insurance policies, the true value often lies in the peace of mind it offers.

Contact Tully Insurance Agency

Navigating insurance options for your children, whether they're new drivers or college-bound, can be overwhelming. We're here to help you make informed decisions and ensure your family is adequately protected.

Contact Tully Insurance Agency today to discuss your insurance needs and explore the best options for your family. Whether you need advice on adding a new driver to your policy, exploring dorm renter’s insurance, or securing a good student discount, we're here to assist you every step of the way.

Sweet & Simple Summer Recipe

Fri, 19 Jul 2024 13:00:00 GMT

Summer is the perfect time to enjoy light, refreshing, and easy-to-make dishes. At Tully Insurance Agency, we believe in making your summer delightful not just with excellent insurance coverage but also with some delicious no-bake recipes that are perfect for hot days. Here’s a favorite of ours that’s sure to keep you cool and satisfied.

No-Bake Strawberry Cheesecake

Nothing says summer like a fresh, fruity dessert. This no-bake strawberry cheesecake, inspired by a recipe from Bigger Bolder Baking, is easy to prepare and perfect for any occasion. Plus, it's a guaranteed hit with both kids and adults!

Ingredients

2 cups of graham cracker crumbs
1/2 cup of melted butter
16 ounces of cream cheese, softened
1 cup of powdered sugar
1 teaspoon of vanilla extract
2 cups of fresh strawberries, pureed
1 cup of heavy cream, whipped

Instructions

Prepare the Crust: Mix graham cracker crumbs with melted butter. Press the mixture into the bottom of a 9-inch springform pan to form the crust. Chill in the refrigerator for 30 minutes.
Make the Filling: Beat the cream cheese, powdered sugar, and vanilla extract until smooth. Add the strawberry puree and mix well. Fold in the whipped cream until the filling is fluffy and well combined.
Assemble the Cheesecake: Pour the filling over the chilled crust. Smooth the top with a spatula and refrigerate for at least 4 hours, or overnight, until set.
Serve and Enjoy: Garnish with fresh strawberries before serving for an extra touch of summer freshness.

This easy-to-make no-bake strawberry cheesecake is perfect for enjoying the season without spending too much time in the kitchen. Whether you're hosting a backyard barbecue or just looking for a cool treat, this dessert is sure to be a hit. Enjoy your summer with Tully Insurance Agency and our delicious recipe idea!

Benefits of Insuring Your Summer Toys

Tue, 18 Jun 2024 13:00:00 GMT

With sunny days and outdoor adventures back on the agenda, we wanted to take a moment to emphasize the importance of making certain your summer "toys" are adequately insured.

Whether you're eagerly planning days spent boating, jet skiing, ATVing, or RVing, or hitting the open road on two wheels, having the right insurance coverage is crucial for your peace of mind as you make the most of the season.

Why Insuring Your Summer Toys is Essential

Unpredictable Weather

Mother Nature can throw unexpected curveballs like severe storms, floods, or hail. Insurance acts as a protective shield to ensure you're covered no matter the summer weather.

Vulnerability to Theft and Vandalism

Theft, vandalism, and accidents can happen at any time. Adequate insurance coverage guarantees a stress-free summer.

Home Insurance Exclusions

Most home insurance policies exclude motorized vehicles. Specialized policies are required to ensure comprehensive protection.

Financing Obligations

If you finance or lease any of these items, maintaining insurance is often a requirement, even if specific states don’t require it.

Vehicle-Specific Guidance

Motorcycles

Home and auto policies typically don’t cover motorcycles. You'll need a specialized motorcycle policy, with premiums based on factors like your bike type and driving record.

ATVs

ATV insurance offers similar coverage options to motorcycle insurance, with potential savings for installing safety features.

Boats

Consider an actual cash value policy for affordability. Smaller watercraft may be covered under your homeowner's policy. One more note: Because a high percentage of boats are stolen while being stored on trailers, you need a safe and secure location for your boat when it’s not in the water.

RVs

Different types of RVs require varying insurance coverage. Your premiums may be influenced by how you use your RV, whether for full-time living or occasional recreation.

If you're interested in more information or know someone who recently purchased one of these vehicles, please know we are here to help. Feel free to reach out anytime or share our information with others in your network.

Contact Our Business today to ensure your summer toys are properly protected and enjoy your adventures with complete peace of mind!

How to Choose the Right Insurance for Your Classic Car

Thu, 09 May 2024 13:15:00 GMT

At Tully Insurance Agency, we've noticed an increase in queries about classic car insurance over the past few weeks. It seems many of you are curious about the specifics of protecting these unique vehicles, so we’re here to provide some clarity and guidance.

What Qualifies as a Classic Car?

First things first, let's define what makes a car a "classic." Classic cars are generally those that have increased in value over time rather than depreciated. This category often includes vehicles that are at least 20-30 years old and considered collectibles. However, it's not just about age; muscle cars, hot rods, small-batch production vehicles, luxury or high-performance cars, and extensively modified cars also fit into this category.

How Does Classic Car Insurance Differ?

Classic cars are not your everyday commuting vehicles; they are driven less frequently and require special care and parts that are often hard to find and expensive. This rarity and the unique usage of classic cars make standard car insurance policies inadequate for fully covering such distinctive assets.

Benefits of Opting for Classic Car Insurance

Opting for classic car insurance through Tully Insurance Agency means you'll receive coverage that acknowledges the unique needs of your classic car. Not only does this specialized insurance typically come with lower premiums, but it also guarantees a maximum payout that reflects your vehicle’s true market value should anything happen. This is a significant advantage over standard policies that only consider the depreciated value.

Ready to Protect Your Classic Car?

I f you own a classic car, or are considering adding one to your collection, it’s crucial to have the right insurance in place. At Tully Insurance Agency, we're here to help ensure that your prized possession is well-protected with a policy that meets its specific needs. Feel free to reach out to us by phone or email anytime to discuss your classic car insurance needs. We’re always ready to assist with any and all insurance inquiries you might have!

Remember, protecting your classic car with the right insurance is not just a necessity—it’s a smart investment in preserving your vehicle’s value and legacy. Contact us today to learn more about how we can help!

How to Handle Property Damage

Tue, 16 Apr 2024 13:00:00 GMT

When the unexpected strikes your home, whether it’s from a storm, fire, or other calamities, the aftermath can feel overwhelming. But here at Tully Insurance Agency, we believe dealing with property damage shouldn’t add to your stress. Our priority is to guide you through the recovery process in a way that’s clear, simple, and, most importantly, stress-free. Here's how you can manage the situation with confidence, ensuring your safety and smooth sailing through the insurance claims process.

Prioritize Safety First

The immediate aftermath of property damage is a critical time. Your first step should always be to ensure the safety of everyone involved. If the situation demands, don't hesitate to evacuate and contact emergency services for issues like gas leaks or structural damage. Remember, objects can be replaced—people can’t.

Reach Out to Us

Once you've ensured everyone's safety, the next step is to contact us at Tully Insurance Agency. The sooner you reach out, the quicker we can provide the assistance you need. We’ll help you understand if and when to start the claim process, guiding you every step of the way. Documenting every interaction, from the date to the name of the insurance representative you speak with, is crucial for a smooth claim process.

Document Everything

Before any cleanup or repair efforts, take thorough photographs or videos of the damage. This visual evidence is invaluable for your insurance claim. Also, compile a detailed inventory of damaged or lost items, including their estimated value. This documentation is crucial in ensuring that you're adequately compensated for your losses.

Prevent Further Damage

Taking steps to prevent further damage is key. This might mean covering a leaky roof with a tarp or turning off the water to prevent flooding. However, it’s important to avoid making permanent repairs or throwing away damaged items until you've consulted with us. These actions are essential to not only protect your property but also ensure your claim is not jeopardized.

Keep Track of Expenses

If you make temporary repairs or need to find alternative accommodations, keep every receipt and invoice. These records are important for reimbursement under your insurance policy. They paint a clear picture of the impact the damage has had on your living situation and finances.

Be Proactive and Cautious with Contractors

Hiring reputable contractors is a crucial step in the recovery process. Obtain multiple estimates to ensure you're getting fair prices for clean-up, removal, or restoration services. However, be cautious—unfortunately, some may try to take advantage of your situation. It’s important to choose contractors with a solid reputation and to avoid paying for services upfront. When you do hire, clearly discuss what items should be preserved to prevent accidental loss of valuable or sentimental items.

Let Tully Insurance Agency Be Your Guide

At Tully Insurance Agency, we understand that dealing with property damage can be a trying time. That's why we're committed to making the insurance claim process as seamless and stress-free as possible. From the moment you reach out to us, we're here to support you, offering clear guidance and professional advice every step of the way.

If you've experienced property damage or just want to be prepared for any eventuality, contact us. Let us help you navigate the challenges with ease and confidence, turning a potentially overwhelming situation into a manageable one. Your peace of mind is our priority.

Personal Umbrella Insurance: Your Safety Net in a Storm

Wed, 13 Mar 2024 13:30:00 GMT

In the ever-evolving landscape of life's uncertainties, having a safety net is not just a comfort—it's a necessity. This is where umbrella insurance steps in, offering a layer of protection that goes beyond what your standard policies cover. At Tully Insurance Agency, we understand the importance of safeguarding what matters most to you. Through this post, we aim to demystify umbrella insurance and show you how it can be an essential part of your safety net, all at a surprisingly low cost.

What is Personal Umbrella Insurance?

Imagine you're carrying an umbrella. On a typical day, it might seem unnecessary, but when a storm hits, you're grateful for the protection it provides. Umbrella insurance works much the same way. It's an extra layer of liability coverage that kicks in when the limits of your existing home, auto, or other personal insurance policies are reached. Think of it as your financial umbrella, ready to protect you from the downpour of claims and legal fees that can arise from unforeseen events.

The Importance of Being Protected

In today's litigious society, the risk of facing a lawsuit is higher than ever. Whether it's an accident on your property, a serious car collision, or an incident involving your pet, the costs associated with these events can quickly escalate beyond the limits of your primary insurance policies. Without adequate coverage, your assets, savings, and even future earnings could be at risk. Umbrella insurance provides that extra layer of security, ensuring that you're prepared for life's storms, no matter how severe.

The Cost-Effective Solution for Peace of Mind

One of the most compelling aspects of umbrella insurance is its affordability. Given the extensive coverage it offers, many are surprised to learn how cost-effective it can be. For just a small additional premium, you can secure an umbrella policy that extends your liability coverage by millions of dollars. Considering the financial and emotional cost of facing a lawsuit without adequate protection, it's an investment in peace of mind that's well worth making.

Why Tully Insurance Agency?

At Tully Insurance Agency, we're more than just a provider; we're your partner in protection. Our team of experts takes the time to understand your unique needs, ensuring that you have the right coverage in place for every aspect of your life. We believe in transparent, honest communication and are here to guide you through the ins and outs of umbrella insurance, helping you make an informed decision about your safety net.

Take Action Today

Don't wait for the storm to hit before you think about your umbrella. Contact Tully Insurance Agency today to learn more about how umbrella insurance can safeguard you and your family from life's unpredictable downpours. Our friendly and knowledgeable staff is here to answer your questions, provide personalized advice, and help you secure the coverage you need for peace of mind in any weather. Let us be your shelter from the storm.

Understanding Life Insurance: A Beginner's Guide

Thu, 15 Feb 2024 14:30:00 GMT

Today, we're diving into a topic that often puzzles many: the difference between term life and whole life insurance. If you've ever found yourself scratching your head over this, you're in good company. Let's break it down in a way that's as straightforward as our conversations across the fence with a neighbor.

Term Life and Whole Life: The Basics

Imagine insurance as a safety net for your family, but one that comes in different shapes and sizes. Term life insurance is like a net that's there for a specific period – say, 10, 20, or 30 years. If you happen to leave us during this period, your family gets a predetermined sum. However, if you outlive this term, the net disappears, leaving no financial benefits behind.

On the other side, whole life insurance is a net that stays with you for your entire journey, as long as you keep up with the premiums. It's a bit more intricate because it not only offers a death benefit but also grows a cash value over time, tax-free. This cash can be borrowed against, surrendered for cash, or left to accumulate, offering a living benefit in addition to the peace of mind of lifelong coverage.

Decoding the Differences

The main distinctions between term and whole life insurance boil down to three aspects: duration, cash value, and cost.

Duration: Term insurance is for a set period, while whole insurance accompanies you for life.
Cash Value: A unique feature of whole life insurance, allowing it to serve as an investment with dependable returns, thanks to its tax benefits.
Cost: Term life is generally more wallet-friendly. For instance, a healthy 30-year-old might pay $358 per year for a $500,000 term policy, versus $4,308 for a comparable whole life policy.

Which One Is Right for You?

The choice between term and whole life insurance often hinges on cost and the appeal of whole life's living benefits. It's a significant decision, one that can feel daunting without the right guidance.

That's where we come in. At Tully Insurance Agency, we're more than just agents; we're your neighbors here in East Texas, ready to help you navigate these decisions with the same ease and understanding as if we were chatting over a cup of coffee on your porch.

Let's Chat About Your Life Insurance Needs

Choosing the right life insurance shouldn't be a journey you take alone. If you're feeling overwhelmed or simply have questions, we're here for you. Why not schedule a consultation or meeting with us? We can explore your unique situation together and find the coverage that best suits you and your family's needs.

Remember, taking care of your family's future is a profound act of love, and understanding your insurance options is the first step. Let's take that step together. Reach out to us today, and let's ensure your safety net is securely in place.

A Look Back to 2022

Tue, 21 Mar 2023 14:09:00 GMT

A Look Back to 2022

Unfortunately, just like everything else, home and auto premiums were on the rise in 2022.

A Look Ahead to 2023

While the Federal Reserve is trying hard to curb inflation’s impact , insurance experts expect little relief for home and auto insurance consumers in 2023. Here are a few early trends and statistics to keep in mind:

While rising premiums in 2023 may be concerning, we are here to help you navigate this changing market. One of the benefits of working with us is that we have access to multiple insurance carriers and can shop around for the best rates.

If you have any questions or concerns, please don’t hesitate to reach out. We are happy to review your current coverage and see if there are any opportunities to lower your premium.

The post A Look Back to 2022 appeared first on Tully Ins. .

General Liability

Tue, 28 Feb 2023 21:55:00 GMT

The unfortunate truth is that in today’s quarrelsome society, every business owner should guard themselves against possible lawsuits. General liability insurance does just that.

To assess your level of risk, ask yourself these questions:

If you answered “Yes” to any of these questions, your business is at a high-risk for claims involving injuries or property damage resulting from your products, services, or operations. But even if you answered “No,” you should still speak with us about how best to protect your business from unforeseen events.

General liability insurance protects you when individuals (including trespassers and thieves!) visit your business, hurt themselves, or cause accidents. It also encourages opposing attorneys to act responsibly as they interact with an insurance company instead of an isolated business.

Give me a call today . With experience helping businesses just like yours, I’d love to talk about your unique needs.

LEARN MORE

The post General Liability appeared first on Tully Ins. .

Beneficiaries under Life Insurance

Thu, 08 Sep 2022 22:27:00 GMT

The post Beneficiaries under Life Insurance appeared first on Tully Ins. .

Tips for First-Time Home Buyers on Insurance

Thu, 01 Sep 2022 17:18:00 GMT

For first-time home buyers, this is a fun moment. The time is right to buy a house!
Buying a new house is an essential milestone, and beginning your life in a place you can call home can be thrilling. Because there are so many different tasks to complete during the house buying process, it may also be highly overwhelming. A few examples include contract negotiations, mortgage approvals, and home inspections. First-time home purchasers should be aware that they need to take care of getting home insurance.

One of your largest purchases will be a house. To ensure your protection, follow these 4 insurance suggestions for first-time home buyers:

Last but not least, if at all feasible, purchase your home and auto insurance from the same company. This is important advice for everyone with home insurance. The savings you receive from having all of your insurance with one provider will be maximized. This may result in considerable savings.

The post Tips for First-Time Home Buyers on Insurance appeared first on Tully Ins. .

How long do I need life insurance for?

Fri, 19 Aug 2022 17:11:00 GMT

When getting life insurance, choose the policy’s duration. Life insurance: how long do I need it for?

Term life insurance is cheap and short-term. Permanent life insurance costs more but protects you for life.

What’s the best term life insurance length?
Unlike permanent life insurance, term life won’t cover your entire life. You choose the term length of your life insurance policy. Your coverage needs will determine the term.

Term Length
Term life insurance has multiple term lengths. 10-year, 20-year, and 30-year periods are frequent. There’s more. 15, 25, 35…and even 40-year periods are possible.

10-year-term
10-years is short-term. It can cover unanticipated occurrences.

For example, You may have refinanced your home or have other short-term debts.
Maybe you have a 10-year company loan may require life insurance.
Perhaps your health makes long-term coverage costly. Until your health improves, you can buy a 10-year term.

20-year-term
Young parents often choose a 20-year term to protect their children through college. It’s helpful for people with mortgages under 20 years.

30-year-term
30 years is the longest term most life insurance companies offer. For all other firms, a 30-year term policy will give you the longest coverage. Newlyweds and young professionals love it. It’s fantastic for the family breadwinner.

Coverage length
You must know why you’re buying term to determine how long your coverage should last. Need short-term coverage near retirement? Do you need 30-year income replacement? Your coverage goals determine its length.

Here are 3 options to determine how long your term life insurance coverage should last.

Cost
Some coverage beats none. Buy affordable term life insurance. Don’t buy an expensive policy. Don’t pay for an insurance that will lapse in a few years.

Age
How old are you now? Your term life policy expires when? After your term, will you need another policy? Age affects your rate. These things should be figured out now to avoid surprises later.

Goals
What’s your coverage goal? Short-term or long-term? Do you need a simple funeral policy? Millionaires may require a policy to avoid estate taxes or leave an inheritance. Life insurance goals decide how long your coverage should last.

Mortgage
Do you have a mortgage? What’s the remaining balance? Make sure your coverage covers your mortgage, your biggest asset and responsibility.

Retirement
If so, when? Will you need life insurance in retirement? Your life insurance needs will alter if you’ve saved for retirement.

Permanent life insurance?
Do you need whole-life insurance? Term life insurance won’t help. Permanent life insurance offers lifetime coverage and several possibilities.

Universal Life Insurance
Guaranteed Universal Life insurance offers policies to a particular age (GUL). You choose your GUL age. You can buy GUL through age 90, 95, 100, 105, 110, and 121.

GUL is good for senior shoppers. When 30-year terms aren’t available, GUL is a good option. Most companies do this in your 60s.

Whole-life insurance ?
Whole life insurance has a place, but it’s pricey. Whole life has a level premium and lifetime coverage. It’s beneficial for cash growth, estate planning, and high-net-worth individuals.

Begin
How long to receive life insurance is complicated. Be careful when picking term life’s length. This information can help you and your family decide.

The post How long do I need life insurance for? appeared first on Tully Ins. .

Why Umbrella Insurance is Important

Fri, 05 Aug 2022 22:47:00 GMT

In life, anything can happen. Obviously, you are well aware of this. But have you given all the dangers you currently confront any thought? distracted motorists people who reveal others’ dirty laundry on social media. Daily dangers include those associated with teen drivers, carpools, pets, gatherings, and occasionally even your maid.

Additionally, our society is more litigious than ever, and lawsuits are frequent. Therefore, the true question is not whether an unexpected event will occur but rather when and how bad it will be.

Many individuals only have $100,000 in liability insurance. It is as much money as it sounds to be. However, when dealing with significant harm, particularly when numerous parties are involved, $100,000 doesn’t go very far when you take into account medical expenses, pain and suffering, lost wages, emotional distress, lingering pain and scarring, and other factors.

What happens if someone is wounded and you don’t have enough insurance? That’s a terrible thought.

Umbrella insurance is crucial because of this.

Like many others, you probably haven’t heard of umbrella insurance. Simply, it extends your existing insurance coverage by an additional $1 million or more. It increases your sense of well-being and shields you from the unforeseen surprises of life.

Being sued like that doesn’t require you to be rich.

Not just higher earners have access to umbrella coverage. Everyone should use it, especially if you:

How many of these describe you? Each one raises your liability and necessitates a risk analysis by an impartial agent. You can better safeguard your family and yourself by being aware of your risk.

What happens if a loss isn’t covered by your home or car insurance?

Were you aware that your home and car insurance doesn’t cover all potential liabilities?

Take into account these two fictitious situations:

You overhear some intriguing rumor about one of your neighbors. At a neighborhood BBQ, you share it with your best friends and swear them to silence. Naturally, as gossip frequently does, it comes back to this individual. Although many homeowner’s insurance policies don’t cover slander, you could be sued for it.

Or,

You have the funds saved up for a romantic getaway to Europe. You opt to rent a car and explore all the key places on your own schedule rather than going on a tour. Unfortunately, your auto coverage does not protect you while you are traveling outside of the United States or Canada and you cause a collision because you forgot to drive on the other side of the road, injuring someone.

In all of these fictitious instances, a Safeco umbrella policy might have offered protection for you despite the absence of coverage from the primary homeowner’s or auto insurance (subject to policy limitations and conditions, of course). Additionally, it can assist with the legal fees.

The bottom line: If the unexpected occurs, a personal umbrella policy may be able to shield you from a range of dangers.

You might be surprised at how inexpensive peace of mind is.

Without an umbrella policy, if you are found liable for a claim, your savings, possessions, and even future income could be at stake. Umbrella coverage is an economical method to plan for the unforeseen.

The post Why Umbrella Insurance is Important appeared first on Tully Ins. .

Why a Standard Homeowners Policy isn’t Always Sufficient

Wed, 27 Jul 2022 17:38:00 GMT

A simple homeowners policy can be inadequate occasionally. It is crucial to keep your insurance coverage current as your profession develops and your income rises. This saves you money by preventing costly coverage gaps and limits the amount of money you would have to pay out of pocket in the event of a claim. You need a homeowners policy that develops together with you if you want to be fully covered.

Because of this, we provide a variety of house insurance choices. If you fit any of the following descriptions, you might benefit from additional coverage:

You have the choice with homeowner alternatives to quickly and affordably add comprehensive coverage to your policy without complicated endorsements or other issues. These worthwhile choices consist of:

Extended dwelling coverage
Your current homeowner’s policy may not adequately reflect the total expenses of reconstructing your house because full reconstruction costs are sometimes more than market value. In the event that the costs of construction or permits increase and exceed your current policy limitations, extended dwelling coverage aids in your rebuilding. Debris removal, contractor fees, construction fees and permits, architect fees, and other charges can also be covered.

Covered under a building ordinance or law
You must adhere to current building codes if your home needs to be rebuilt or restored as a result of a covered loss. This could result in higher rebuilding expenditures than anticipated since codes change. Building ordinance coverage, often known as law coverage, is available for just these circumstances and might save you hundreds.

Covering for replacement costs upfront
After a covered total loss, you can elect not to rebuild at the original site using this loss settlement option. In this scenario, you will get a payment that can be used to fund the purchase or building of a new home in a different area.

Insurance for replacement costs of personal items
With no deduction for depreciation, this aids in covering the costs of replacing personal property, such as electronics, artwork, jewelry, and furniture. As a result, rather than settling for something of lower quality, you’ll receive the money required to purchase an item that is equal or identical.

Coverage for personal offenses
This provides you with a comprehensive defense against a range of legal actions and financial losses brought about by libel, slander, character assassination, invasion of privacy, and other offenses. This can include remarks you or your kids have made on social media.

Is your homeowner’s insurance policy current? Contact your independent agent to examine your circumstances and receive the protection you actually require if you’re unsure or if you’ve outgrown your present coverage.

The post Why a Standard Homeowners Policy isn’t Always Sufficient appeared first on Tully Ins. .