At What Age Should You Buy Life Insurance?

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?

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?

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?

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:

-sport bikes
-high-performance bikes
-custom bikes
-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?

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?

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?

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

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.

Do you need a motorcycle insurance?

If you are a new owner of a motorcycle, you are probably so excited to take it for a ride. Do you pause and think about the risks you may encounter or do you just assume you are a great motorcycle driver? Well, as much as you are excited, it is good that you protect yourself and the bike before you start riding it.

However, not so many people may see the need of getting motorcycle insurance because it is just an additional expense. But life is unpredictable. You may try to reduce costs by not taking an insurance cover, but in the future, you end up losing so much that you could have saved. So, we as Martin Insurance Team seize this opportunity to educate you more on the reasons why you need to take this policy.

All the information you may need will be in the Martin Insurance Team. Here we explain to you the different coverage options you may need once you own a motorcycle. However, first,  let us look into detail the reasons why you need this cover.

It is a requirement by law

As long as you own or drive a motorcycle, the law requires you to have an insurance cover. That is to protect you and other third parties.

To protect you against liabilities

While on the road, you may cause an accident that ends up injuring your bike and other third parties. You may cause damage to their bikes or even cause injuries to them. As long as the court finds you liable, you will be required to cater for all the other party’s medical bill as well as any damages caused to their motorcycle. With this cover, all that is catered for.

To protect your motorcycle and yourself

If you get into an accident where no one is liable for it, we help you pay for the damages as well as all your medical bills.

Martin Insurance Team is always here to guide you. Do not hesitate to contact us in case of any questions.

Is Disability Insurance Good for Both Short and Long Term Illnesses?

Many people in Evergreen Park, IL have misconceptions about the different types of disability insurance available to them.  Some believe disability insurance is only for short-term issues. Others only know about long-term disability insurance. The Martin Insurance Team believes both types are important. Here’s why you would choose one, the other, or both.

Short Term Disability Insurance and What It Covers

Short-term disability coverage can last from a few weeks to a year. These benefits come into play if you suffer from a lengthy illness or injury that needs a little time to heal.

When the disability insurance starts providing coverage, it will only do so for the length of time specified in the policy, or until you max out the coverage amount. Short-term disability insurance can also cover things like childbirth.

Long-Term Disability Insurance and What it Covers

Long-term disability insurance works in much the same way, but it covers you over a greater length of time. After the claim process, a long-term plan can pay out benefits for years, or even a lifetime.

The types of disability claims long-term coverage supports can include things like musculoskeletal disorders, cancer, and cardiovascular diseases. In many cases, a long-term plan can kick in when a short-term claim ends.

Evaluating Your Need for Individual Disability Insurance

Many people receive disability insurance through their employers. Unfortunately, employer group plans aren’t always enough coverage if you find yourself with a short or long-term health issue. And it’s just as unfortunate many people don’t find this out until it’s too late.

Evaluating your need for disability insurance in Evergreen Park, IL requires a thorough review of your occupation, lifestyle, and budget. No one policy will work for everybody.

That’s why it’s important you speak to the Martin Insurance Team about which options will work for you specifically. Whether it’s short or long term, we can help you get the coverage you may need. Contact us today for more information about individual disability insurance.