What are my life insurance options?

Being properly covered by insurance is very important. While having an auto, medical, and home insurance is very important, one of the most important types of insurance to have is life insurance. When you are shopping for life insurance, you will find that there are several different options to consider. It is important to consider the advantages of each option, which will help you to get the right policy for your situation.

Term Life Insurance

One of the most common types of life insurance today is term life insurance. With a term life insurance policy, your monthly premiums will typically be lower and you will get far more in coverage than you would with other types of insurance. The downside is that you will only get coverage for the term that you choose and once that term is up, you will lose all of the money that you paid into the policy.

Whole Life Insurance

For people in Lansdale, PA, another option to consider is whole life insurance. When you have whole life insurance, a portion of your monthly premium will go into an account that will then increase and appreciate in value. This can make it a good conservative investment vehicle as well and you will also get the coverage for as long as you want. However, your monthly payments tend to be much higher than they would be with term life for the same level of coverage. 

When you are looking for life insurance, you should speak with the team at Farrell Insurance Associate Inc. The life insurance professionals at Farrell Insurance Associate Inc. are skilled in helping Lansdale, PA area residents find the right life insurance option for their situation. This will help to ensure you get the coverage you need for your personal situation. 

Does a Sole Proprietorship Still Need Commercial Insurance?

Commercial insurance is an important consideration for any business in Lansdale, PA. A sole proprietorship has insurance concerns that aren’t quite like those of other businesses. Here’s how a Farrell Insurance Associate Inc. commercial insurance policy can still benefit you if you’re a sole proprietorship.

You Are Your Business and Your Business is You

A sole proprietorship has no real separation between you and the business. That means you are the business, and that comes with many things for you to consider.

If your business causes any damage or injury to someone, that person will likely try to sue the business. Since you have no separation from your business, that party will sue you personally. Can you handle a lawsuit out of pocket?

Even if the person suing you loses in the end, you can spend a tremendous amount of money defending yourself and your business. This is why a sole proprietorship needs commercial insurance, possibly even more than many other types of businesses.

Your Business Will Dictate Your Insurance Needs

What does your business entail? No matter what you do, you create some risk that you need to insure against. Even if your business is nothing more than you and a laptop in the basement of your home, you will need at least some coverage for liability and some coverage to protect your business property.

If you use your car for any business related activities, you will need to consider coverage for those activities as well. If you’re a freelancer, then professional liability insurance can often become a necessity. Sometimes, businesses won’t hire freelancers who don’t have professional liability insurance.

Does the scope of your business include activities with government oversight, such as preparing food? You may need commercial insurance just to do certain types of business legally.

For all these reasons and more, a sole proprietorship should seriously consider commercial insurance in Lansdale, PA. Contact Farrell Insurance Associate Inc. today to find a commercial insurance package suitable for your sole proprietorship.

Urgent Care or ER?

On a Saturday afternoon, you slip while mopping the floor. You know you need to be seen but don’t know whether to go to Urgent Care or the ER.   Knowing when and where to go is important so Farrell Insurance Associate Inc. wants to help Lansdale, PA residents prepare for the unexpected.

Choose Urgent Care in Situations Like These

It would be convenient if an injury or illness happened between the hours of 8-5 Monday through Friday, but often times things happen at night, on weekends, or during holidays.  Urgent care centers have extended hours and are open during most holidays.  They can fill in the gap when your doctor is not available and are a good option if your concern is not life-threatening or severe.  Examples of illnesses or injuries that you might lead you to go to urgent care are

  • Headaches
  • Asthma Exacerbation
  • Upper Respiratory Tract Infection
  • Nausea, vomiting or diarrhea
  • Urinary Tract Infections
  • Mild Fevers
  • Minor Back Pain

Choose the Emergency Room in Situations Like These

When other illnesses come into play or the injuries are more severe you may be best served by going to the ER.  If you have rare or chronic conditions that could cause illness or injury to become complicated an ER that you are familiar with may be the best place to go.  Some illness or injuries that might lead you to ER include

  • Fainting/Loss of Consciousness
  • Head Injury
  • Chest Pain
  • Deep Lacerations
  • Uncontrolled Bleeding
  • Severe Burns

Injuries caused by motor vehicle accidents

When you go to the emergency room it would probably be a good idea to bring a list of your current medications and allergies.  Farrell Insurance Associate Inc. knows that you may have more questions so they want Lansdale, PA resident to know they can call or email.

 

 

 

 

How much life insurance do you need?

Life insurance, in many respects, is the gift that keeps on giving. Not only do you have the assurance that your final expenses will be taken care of in the instance of your death, but life insurance also offers certain perks while you are living. A whole life indemnity plan, for instance, provides a cushion so that you can cash out the interest accrued on your policy to use for emergencies. Term insurance comes with the ultimate perk of having coverage for less money.

Farrell Insurance Associate Inc. can ultimately help you find the life insurance policy that best fits your lifestyle in Lansdale, PA. In the meantime, you can use the guide below to determine which type of assurance plan may be right for your needs.

Whole Life Insurance

Some deem whole life insurance the full package in indemnity plans and for good reason. As the option’s name implies, whole life insurance offers you the benefit of coverage when you pass on all while giving you financial advantages before death.

Many homeowners pursue whole life insurance because of certain assets and the need to feel secure with their decisions regarding final expenses. Those who do not own property may also choose whole life insurance just to have a safety net should there be a reduction in income.

Term Life Insurance

Term life insurance is much cheaper than whole life assurance plans, which is why those who are younger may pursue such options. You can purchase a higher premium when you opt for term plans. It is important to be aware, though, that this more affordable choice comes with the limitation of only being in place for a certain time period. Your insurance guarantee ends when your term is up.

How Much Do You Need?

The amount of life insurance you need depends on your lifestyle. Those with families may choose a higher premium to ensure that all debts are covered. You may not need as much coverage if your financial responsibilities are few.

Farrell Insurance Associate Inc. can help you understand how life insurance plans work in Lansdale, PA. Call them today for a quote!

Can You Drop Commercial Insurance Even if you have a Loan on the Property?

As a general rule, any property or item that you have a loan out on is going to require some sort of insurance to help protect the investment of the bank or other lending agents. This is to make sure that if something happens to the property, the lender is not going to be out the cost of the property. For those that live in the Lansdale, PA area, the agents with Farrell Insurance Associate Inc. can help you to find the perfect commercial policy for your property.

For those that have a commercial property that they still owe money on, an insurance policy is a must. For the most part, your lender is going to require that you have some sort of policy on the property at all times that you are still paying on the loan. In some cases, both a commercial policy and a property policy are both going to work to cover. This means that you can have either a commercial policy or a property policy out on the property.

The main concern is that there is some sort of valid insurance on the property to help protect the lender in the case of an accident. There needs to be fire coverage of some sort, perhaps theft coverage, and certainly coverage of some sort to make sure that if the business is no longer operable, the entire cost of the loan is not lost. This also protects the business owner as it makes it possible to recover and get back to work rather than having to spend all their money to recover.

For those in the Lansdale, PA area, the agents with Farrell Insurance Associate Inc. can help you find the right policy for your property.  

Do You Need More Insurance for a Classic Car?

Everyone knows that you need to have auto insurance in Lansdale, PA but if you own a classic car, you may be wondering if you need even more insurance on your vehicle if it is a classic car. Here at Farrell Insurance Associate Inc. we know that the initial answer is yes but you should also consider classic car insurance. Classic cars are unique and rare and you likely want an additional type of coverage.

While standard auto insurance is a great thing to have for a car that you drive regularly on the road, a classic car needs something different. Most classic car owners do not even drive their cars on the road outside of a few joy rides throughout the year. The car does not tend to be a regular mode of transportation and is, instead, an in investment. Because it is an investment, it needs a different type of insurance that is not structured as much as coverage for auto accidents but structured as insurance for the car as an entity. Classic car insurance is the perfect solution to this problem because it is designed to cover the car whether it is being stored, being sown at a car show, or if you are taking it for a joy ride.

You love your classic car and that means that you should make sure it is covered more than a standard car that you find on the street. If you own a classic car, be sure to reach out to us here at Farrell Insurance Associate Inc. serving Lansdale, PA. We can help you figure out the exact type of overage you need as well as how much you need. Beyond that, we can run you a free quote and find one that is in your budget.

Top Things to Remember When Renting a House

For many people, it makes the most financial sense to rent a house rather than purchasing one. Take for example you’re moving to Lansdale, PA for career reasons, but you know within three years, you’re going to be moved to a different location. In this case, it makes more sense to rent than to buy a house. And fortunately, there are plenty of homes for rent regardless of where you’re moving to. As a renter, it is essential to make smart decisions and respect the house as if it were yours and not someone else’s. Here at Farrell Insurance Associates, Inc., we’d like to share two tips for being a responsible tenant when renting a home. 

Some of the Upkeep Is Your Responsibility

When renting a home, one of the first things you’ll want to discuss with the landlord are the various forms of upkeep you are responsible for and what the landlord expects of you. Some landlords will mow your yard for you, while others will require you to mow the lawn or pay someone to mow it. In regards to interior upkeep, like changing air filters on the HVAC system, there’s a good chance you will be responsible for changing the filter. Still yet, because every landlord has his or her own rules, you need to make sure you understand them. 

Invest in Renters Insurance

A lot of people view renters insurance as coverage that is only good for renting an apartment. What they fail to realize, though, is unless you own the home you’re living in, you can’t purchase a homeowners policy. If you’re renting a home, you will need a renters insurance policy to protect you and your belongings.

To learn more about renters insurance and how it can help protect you and your belongings in Lansdale, PA, contact Farrell Insurance Associates, Inc. today.

3 things you should know about motorcycle insurance

You’re riding along the highway in Lansdale, PA when, out of nowhere, a car swerves into your lane. A spill is inevitable, and now you’re wondering if your insurance policy will cover the event. Here are three things you should know about motorcycle indemnity coverage. Farrell Insurance Associate, Inc. can help you sort through the details of your policy. 

Motorcycle insurance covers more than bikes

You can get a policy for your scooter, moped, ATVs, and more. Some motorcycle indemnity plans even cover non-motorized cruisers. Now how is that for added protection? 

Motorcycle insurance is a necessity, not an option

You do not have the choice to go without motorcycle assurance since, by law, you are responsible for providing proof of financial ability to pay for at-fault accidents. You could find yourself on the receiving end of a serious lawsuit if someone is injured by your negligence on the road and you lack proper coverage to pay for the incident. It is important to keep in mind insurance limits when you purchase a motorcycle insurance plan. You may still be sued if you buy the cheapest policy that does not pay enough to cover the victim’s medical bills and vehicle repairs. 

There is umbrella insurance for motorcyclists

What happens if you are on the receiving end of a policy that does not pay enough to get your bike fixed. Should you go after the driver who was at fault for the accident with court proceedings intended to make him pay more. You could, or you can prepare for such occurrence now with an umbrella policy made for motorcyclists. 

An umbrella policy makes up the difference for the amount of money that your standard policy does not pay. You may find that many Lansdale, PA residents are flocking to these plans because of the added security that they bring to the table. Call Farrell Insurance Associate Inc. today to learn more about motorcycle umbrella insurance and what a standard insurance policy looks like!

 

Does Flood Insurance Cover Leaks Inside The Home As A Result Of Roof Damage From A Storm?

When there is a severe storm, there can be extensive damage to a home in the area. Without the proper insurance, serious financial losses may occur. One of the most common forms of damage from storms is roof damage. Roof damage allows water to enter the home and can ruin walls, floors, and electrical wiring.

Does Your Flood Insurance Protect From Roof Damage?

The good news is that your flood insurance will protect you from flooding as a result of damage to the roof during a storm. It will cover specifically outlined items, which is why consumers should know what the limits of coverage are. For example, basements and external structures are not generally covered by flood insurance. Discuss the limits of coverage before making a purchase. It is important to note that flood insurance does not kick in until 30 days after the purchase date, which is why it is important to buy it as soon as possible. 

Getting Flood Insurance

Purchasing flood insurance from a reputable insurance provider such as Farrell Insurance Associate, Inc. can provide complete protection from natural disasters and other accidental problems causing flooding or water damage in the home. They proudly serve the residents living in and around the Lansdale, PA area and are happy to answer any questions. 

Get the coverage you need to protect your home from flood damage. If you are living in or around the Lansdale, PA area, call or stop by Farrell Insurance Associate, Inc. and speak to a knowledgeable insurance agent about getting the coverage you need to feel secure year round.

 

Do Health Insurance Policies Cover Maternity Care?

Health insurance is an important part of your overall financial plan. For some, policies that provide coverage for maternity care is also significant. The reality is that since the implementation of the Affordable Care Act, most health insurance policies do include coverage for maternity care. The amounts and types of coverage may differ from policy to policy, however. This is when it is important to contact the agents at Farrell Insurance Associate, Inc. We have been assisting residents in the Lansdale, PA area since 1996. We understand the concerns that you may have and will answer any questions that arise. 

Companies with 15 or more employees are required by law to provide health insurance policies that include some maternity coverage under the Pregnancy Discrimination Act of 1978. If you are employed by a smaller company, you may want to acquire your own health care coverage. Also, even if your company offers a large group plan, you may want to have that policy reviewed to ensure that you have an adequate amount of health care coverage, especially if you anticipate becoming pregnant. By proactively reviewing your coverage options now, you can be assured that you are covered.

The team at Farrell Insurance Associates, Inc. understands that you may have some concerns about your current coverage, especially if you are considering starting a family. In the Lansdale, PA area, they help customers understand their health care coverage options and explain any unfamiliar terminology. We are your community partners to ensure that you and your family are protected. We work hard to ensure that you receive the best health care coverage available for your situation for the best possible price. Your health is important. Call today and get the coverage that you and your family deserve.