When to Choose Permanent Life Insurance Over Term Insurance

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There are a variety of life insurance policies you can choose in Evergreen Park, IL, but the two main types are term and permanent insurance. They both come with a variety of benefits and disadvantages, so it helps to know more about the basics before moving forward with one type over the other. Martin Insurance Team wants you to know more about each type of insurance so that you can choose the right one for yourself and for your family. 

How to Decide

The two biggest questions to ask yourself about life insurance is how long you want it for and whether or not you want to rely on it as a financial tool. Term life insurance is for a set amount of time, so people usually choose it to support their children while they’re still minors. Once they hit a certain age and can provide for themselves, the life insurance policy is terminated. Permanent life insurance is exactly what it sounds like, and it’s usually chosen by people who want to care for their spouses in Evergreen Park, IL forever. However, it can also be used as a savings account if the policyholder hits a financial crisis that they need to take care of. 

Other Considerations 

Term life insurance is generally less expensive than permanent insurance, but there’s also no way to draw funds out of the policy either. Because of this, some people will choose permanent life insurance as a form of additional back-up that they can always count on — even if they don’t have any dependents. For more information about how to make the best decision, call Martin Insurance Team today. We’re here to serve the people of Evergreen Park so they can have the best possible protection. 

Do I need workman’s compensation insurance if I only have a few employees?

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Workers’ compensation insurance is a way that employers can help protect their employees if they become hurt of sick because of the job. The employees who are covered are not able to sue the employer in a civil suit for the damages, as they have to give up that right in exchange for the workers’ compensation protection. This protects both the employer, who cannot be sued into insolvency, and the employee.

The damages include basic medical expenses and some wage replacement for time the employees miss from work. The coverage also gives benefits to families of workers killed on the job. Martin Insurance Team can assist business owners in Evergreen Park, IL in comparing workers’ comp policies.

Who Is Required To Carry Workers’ Compensation Insurance?

In Illinois, Workers’ Compensation is required for almost every work situation and of almost every employer, even if the employer only has one part-time employee. Workers’ Compensation is required for those working in construction, trucking at a construction site and any other hazardous job, in order to protect employees who might come to harm.

Sole proprietors are exempt from carrying Workers’ Compensation Insurance, although they are still allowed to buy a policy to cover themselves. Even family members must be insured, unless they are corporate officers, work less than 400 days of agricultural labor per year, or are immediate family members in the same household. 

While there are some exceptions, most businesses in Illinois are required to purchase their Workers’ Compensation insurance from a commercial provider. The only exceptions are those who qualify to insure themselves. If you have any questions about Workers’ Compensation Insurance in Evergreen Park, IL, or would like to compare policies, the agents at Martin Insurance Team would love to talk to you.

At What Age Should You Buy Life Insurance?

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Here at the Martin Insurance Team, serving the greater Evergreen Park, IL area, one of the questions we are often asked is what age should someone begin to think about buying life insurance for themselves or for their spouses or partners. Unfortunately, there is no one size fits all answer and age alone should not be a determining factor for when a person should buy life insurance. Here is what you need to know about buying your first life insurance policy. 

As a general rule of thumb, if anyone depends on you for your income or services you provide, you should have life insurance. For most people, this occurs when they move in with a life partner, get married or have a child. Without the income that you have coming in, someone else, such as your spouse or child, would be unable to live the life they have become accustomed to. Likewise, if you provide a service, such as watching your children rather than working, your spouse or partner may be put into a tight position if you were to die and they would have to pay for child care. As such, you should take into account whether anyone is dependent or reliant on you or the money you have coming in. If they are, now is the perfect time to purchase your first life insurance policy. 

When you are ready to purchase life insurance in the greater Evergreen Park,, IL area, Martin Insurance team can assist you. Contact us today to inquire about various policies and let us help you to find the one that best meets your needs, including policy limits, terms, conditions and the cost of the policy. 

When Should You Buy Commercial Insurance?

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If you are a business owner, then it is time for you to get commercial insurance if you do not already have it in place. Commercial insurance is the best way to protect you and your business. Here at Martin Insurance Team, serving Evergreen Park, IL, we are here to help you make the right decision and get a commercial insurance policy for your business as soon as possible. 

  • You have invested a lot in your business. The last thing that you want to do is find yourself in a bind and possibly losing your business simply because you did not have the right coverage. One wrong move without commercial insurance can result in you losing the entire business that you have worked hard for. 
  • You should protect yourself and your employees. If you have employees, you not only want to ensure that you are protected but you also want to make sure that they are protected. Your employees are valuable and you should protect them as such. 
  • You want to protect yourself against employees. Even though you value your employees, there is never a guarantee that one will not file a claim against you in court. It is a good idea to have this coverage so that one of these claims does not take your business under as a result. 

No matter where you are in the stages of your business, you need to have commercial insurance as a way to protect you and your business. If you are interested in exploring your options and finding the right commercial insurance policy for you and your business, be sure to reach out to Martin Insurance Team, serving Evergreen Park, IL, today. We will help you find the right policy and find one that fits within your budget. 

What Affects Your Long-Term Disability Insurance Pricing?

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Long-term disability insurance protects you in the event that you’re disabled for longer than 90 days. There’s a 25 percent chance that you’ll experience a disability period of 90 days or longer over your entire career. This type of insurance usually costs about one to three percent of your annual salary, however, there are a variety of factors that influence the actual price. If you’d like to get a quote or ask questions to a knowledgeable representative, contact Martin Insurance Team, which serves Evergreen Park, IL.

Factors That Affect Long-term Disability Insurance Cost

Coverage amount refers to how much money you’ll receive each month that you’re not getting a paycheck. As you pay your premiums after taxes, the money you get from your long-term disability policy is tax-free. It’s recommended to have a coverage amount at about 60 percent of your gross (before-tax) salary.

Benefit period refers to the length of time that your benefits will last. The longer this period is, the more your premium will be. On average, long-term disabilities last for three years, so it’s a good idea to use that number as a baseline. If it’s affordable, it’s recommended to choose a benefit period of at least five years.

Waiting period refers to how long you have to wait after becoming disabled before receiving your benefits. The shorter your waiting period is, which is referred to as the elimination period, the higher your premium is. Also, the longer the waiting period is, the less your premium is.

Age, health, your occupation, and location are also factors that influence your premium. The older you are, the more expensive your policy will be, and the younger you are, the cheaper your policy will be. Likewise, the healthier you are, the less your premium will be. If you have a risky career, your policy cost increases, as the chance of injury is greater. Finally, location is a factor, too. Generally, premiums are higher in states where people file more claims, but this isn’t always the case.

If you want to get a long-term disability insurance quote today, call Martin Insurance Team, which serves Evergreen Park, IL.

What Does Motorcycle Insurance Cover?

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Motorcycles are a great way to have fun on the road. But in case of an accident, your insurance specialist will be there to help. The Martin Insurance Team in Evergreen Park, IL will answer all your questions about your bike.

Even if you have your eye on a trike or moped, there is good news: motorcycle insurance will likely cover it. Motorcycle insurance covers motorcycles and the following vehicles:

-mopeds
-scooters
-sport bikes
-high-performance bikes
-custom bikes
-ATVs
-Cruisers
-Motocross bikes
-Vintage bikes
-Off-road bikes
-Touring bikes

What Is Included In My Motorcycle Insurance Plan?

Most insurance packages require two parts. These are bodily injury coverage and coverage for property damage. Both of these come into action if your are ever found to be at fault after an accident.

Comprehensive and Collision Coverage

Comprehensive coverage will help you in the even that your bike is stolen. It will also help if are in an accident where you are not at fault. Collision insurance kicks in when you are in an accident with another vehicle. This type of coverage will help you repair your bike and replace your helmet and riding gear.

Total Loss Coverage

In the even that your bike is totaled, total loss coverage will pay for your bike at it’s current suggested retail price.

Coverage for Medical Payments

This type of coverage will help you pay your medical bills in the event that you are injured in an accident.

Optional Equipment

If you have made customizations to your bike, you will be able to cover them up to $30,000 for models less than 25 years old.

If you have any questions about motorcycle insurance, be sure to contact the Martin Insurance Team in Evergreen Park, IL.

Do you need commercial insurance when you work from home?

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Commercial insurance is designed to protect your business from losses related to things like theft, liability, and property damage. While the average company owner seeks out indemnity coverage for his traditional brick and mortar establishment, the new age millennial may deem commercial insurance as unnecessary for his work-from-home business. The reality, however, is that homeowners or renters insurance is not enough to cover your company in the event of an incident. You need commercial insurance if you have a home business in Evergreen Park, IL, which is why Martin Insurance Team is here to help. 

What homeowners insurance covers and leaves behind
Yes, homeowners insurance protects if your family gathering turns tragic and someone falls down the stairs. The policy, however, does not cover a client falling down those stairs after having a productive meeting to discuss services offered. A traditional homeowners insurance policy also leaves behind all property damage occurring on the premises except $2,500. Many small business owners have computers costing more than such amount. 

Commercial insurance has you fully covered
A liability insurance policy for your small business can guard against losses related to accidents if you, like several work-from-home entrepreneurs, do not have the significantly expensive equipment. You may also want to search out a comprehensive package policy, known as a business owner’s policy (BOP), that provides general liability coverage as well as property protection. Some BOP options include business income that pays you for wages lost should your company need to close due to extensive damage. 

Whichever option you choose for coverage, you want to make sure that you have an expert explaining the nuts and bolts of commercial insurance. Do not be caught underinsured, Evergreen Park, IL. Call Martin Insurance Team today for a consultation. 

How Much Life Insurance is Needed?

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Being properly insured is a very important responsibility that all people share. While most people have auto insurance, home insurance, and medical insurance, there are other types of insurance that are necessary as well. One type of very important insurance to have is life insurance. For those that are in the Evergreen Park, IL area, there are several different factors to take into consideration when determining how much life insurance is needed.

Income Replacement

When you are looking to build a life insurance policy, your first thing to think about how much of your income will need to be replaced by your loved ones. Ideally, you should have a life insurance policy that is at least 10 times the amount of your annual income. This would provide a substantial amount of money for your family to live off of if you pass away untimely.

Mortgage and Other Debt

Another factor to take into consideration when you are building a life insurance policy is the amount of money you have on your mortgage and other debt. It would be very beneficial for you to have an additional amount on your life insurance policy to pay off this amount. This would take off a significant financial burden for your family.

Future Expenses

Finally, you also need to factor in future costs that your family will incur.  This can include providing additional life insurance proceeds to pay for college education costs or help support your spouse in retirement.  

Since building a life insurance policy is such a big decision, those that are in the Evergreen Park, IL area should consider working with the Martin Insurance Team.  The Martin Insurance Team will be able to provide you with support to better understand your insurance needs and get you into a policy today.  

How Much Life Insurance Coverage Do You Need?

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Before selecting a life insurance policy, consider your income and the ongoing cost of living.  It’s recommended that you obtain benefits equal to five to eight times your current salary.  Other factors, such as your age, the number of dependents you have, and your financial goals (like retirement) will help you decide on a policy that’s right for you.  A Martin Insurance Team agent serving the Evergreen Park, IL area can advise you about the different types of coverage available.

Calculate Income and Expenses

First, calculate the amount of income you will need to pay for annual expenses (mortgage, utilities, food, clothing).  Next, add the sources of income that would be available to your family upon your passing, such as your spouse’s earnings, pensions, and Social Security.  Subtract the total annual income from the annual amount of income you need (Step 1 minus Step 2).  Multiply the result by the number of years you want to provide coverage for your dependents.  Add to that figure the full amounts of any lump-sum expenses that your family would be responsible for, such as funeral costs, medical bills, or student loans.  The final number gives you the amount of coverage you need.

Other Considerations

Other factors, such as marital status and the ages of your children, may affect how much insurance you purchase.  Single parents with young children may opt for a higher level of coverage, especially if they are the family’s sole breadwinner.  If you’re married and your children are grown and able to support themselves, you may want a plan that provides only for your surviving spouse.

If you live in Evergreen Park, IL, and have questions about life insurance, a Martin Insurance Team agent can help you explore your options.

Why Commercial Insurance is good for your business

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By purchasing a commercial insurance policy, you will have made one of the most important investments especially if you are starting a new company. A good commercial insurance policy will protect your business from financial loss ensuring that you remain afloat even during turbulent times. According to Martin Insurance Team, Evergreen Park, IL, you should seek information regarding different types of commercial insurance policies and also work with a reputable agency to ensure that you choose the right policy.

Significance of the policy
If you own a small business, this policy is very crucial since it will protect you from common liabilities resulting from employee injury, theft, and property damage. The adequate insurance coverage offered by this policy reduces the risk of going out of business.

Types of commercial insurance
There are three major types of commercial insurance namely; worker’s compensation insurance, property insurance, and liability insurance. The worker’s compensation insurance will protect you in the event your employee is injured while on the job. Also, it will prevent employees from filing negligence lawsuits due to the injury they sustain in the workplace. Secondly, the property insurance will cover any property damages within your business which includes flood and fire damage. Finally, liability insurance will protect you from the damages inflicted on third parties by your company.

Considerations you should make
It is advisable to work with an insurance agency with extensive experience in the field of commercial insurance. As Martin Insurance Team, Evergreen Park, IL advises, the relationship between you and the insurance agency is crucial when it comes to a decision making process. A reputable agency will discuss the most common losses within your line of business and advise you on the best policy to choose. Before purchasing the policy, ensure that you seek clarifications in areas that you don’t understand to avoid future regrets.