In What Ways Should Having a Baby Affect Your Life Insurance Policy?

One of the questions that we are frequently asked at Goodman Insurance, Inc. is how a baby can affect your life insurance policy. Here are a few of the ways that a baby may influence your life insurance policy in the Shelton, CT area. 

Becoming Your Beneficiary

If you have a child, you may want to change who the beneficiary is on your life insurance policy. Many people make the child, or the person who will be the guardian of the child, the recipient of their policy if they are not married or in a relationship. If you have a life insurance policy, you may want the money to benefit your child by paying for their college education, providing them a start with a savings account, or preventing them from going into future debt. Designating your child or their guardian as the beneficiary helps you to make this happen. 

Increasing Your Policy Amount

The other reason why your life insurance policy may need to change after having a child is that you may need to increase your policy amount. After having a child, you are no longer responsible for just supporting yourself. You are now responsible for caring for and supporting a child. If you were to pass away, this could place a significant burden on the child’s other parent, which may result in the child growing up differently than how you planned. Increasing your life insurance policy helps your child to grow up without worrying about having a roof over their head or food in their belly thanks to your life insurance policy. 

If you have recently had a baby, now is a great time to either buy your first life insurance policy or increase the value of your policy. Contact Goodman Insurance, Inc. serving the greater Shelton, CT area today to get started.

Coverage to Be Included with Home Insurance

Buying a new home can be a fantastic long-term investment that needs to be properly protected with home insurance. For those that are buying a property in the Shelton, CT area, several different types of coverage options should be included in their home insurance policy.  

Property Insurance

Property insurance is typically the most significant component of any home insurance policy and will be a requirement for most mortgage loans. Property insurance will be able to provide you with financial coverage in the event your home is damaged by a storm, vandalism, or theft. This type of coverage can either provide you with reimbursement for repairs or even cover your property in a total loss.  

Liability Coverage

Another vital part of any home insurance policy is liability coverage. Whenever you have someone on your property for any purpose, you are taking on some level of responsibility for them. If your guests happen to become injured while on your property, you could be held liable for their injuries. Liability insurance will provide you with a certain level of coverage in the event you are found liable for another person’s injuries.  

Personal Property Rider

If you happen to have valuable personal property, you should also consider acquiring an additional rider on these assets. Many people buy insurance riders on jewelry, art, or other collectibles. An insurance rider will provide coverage in the event the items are lost, stolen, or damaged.   

If you are buying a new home in the Shelton, CT area, it would be a wise idea to contact Goodman Insurance, Inc. Goodman Insurance, Inc. is a leading insurance company in the area and will be able to provide you with a full consultation on your home insurance needs. Once you have determined the coverage you need, the company will be able to provide you with a free quote.

Is commercial insurance a legal necessity?

Suppose that you’ve crunched the numbers and discovered that you’re fine without insurance for now. Your Shelton, CT business has very low overhead, and you can comfortably cover, out of pocket, any damages you suffer while doing business. So this leaves the question of whether you are legally required to attain commercial insurance.

This question comes down to a number of factors, but the short answer is: You might not.

Insurance becomes legally complicated when liability enters the picture. If you’re self-employed, then you’re technically a small business owner, but not every self-employed individual carries a policy with Goodman Insurance, Inc. There’s very little concern regarding liability when it comes to, say, website design or selling vintage clothing in an Etsy shop.

Liability comes into play in a number of instances, and for business owners, these will generally come down to:

  1. Inviting people (customers, clients, business partners) onto the business premises
  2. Selling products that may be potentially hazardous (workout equipment, car parts, etc.)
  3. Driving (delivery, and transportation)

You may have a personal policy in place that already covers the first or third item on the list. Your car insurance will cover you for trips to the bank on company time, for instance, but you may need to talk to someone at Goodman Insurance, Inc. about getting commercial coverage to protect your client’s cargo for delivery runs. In any event, a general rule of thumb is that commercial insurance will be up to the individual business owner when it comes to protecting your end of things, but legally prerequisite when it comes to putting others at risk. If your business isn’t already covered on these fronts, call Goodman Insurance, Inc. in Shelton, CT about a commercial policy.

What’s Taxed and What Isn’t With Life Insurance

When you acquire your life insurance policy through Goodman Insurance, Inc., a question you will naturally have is: How are taxes arranged on this sort of thing? You’d rather not have your family paying half their payout to the IRS, right? So how does it work? Let’s go through it step by step.

  • In Shelton, CT, you don’t have to worry about the actual payout being taxed. The amount of money for which you are insured goes right into your beneficiaries’ pockets, from the insurer to the loved ones. There may be legal fees and so on in some scenarios, but the taxman has nothing to do with this exchange.
  • Interests and profits are taxed. If your insurance policy relies on payouts from an investment, then this money will be taxed like any other investment, be it stocks, small business, venture capitalism, and so on.
  • The purchase of an insurance policy does not involve any taxation. Rather, you do not have to pay any taxes in this regard. Any taxes related to the business of insuring will be paid by the insurer.
  • After the payout, the money is just regular money. While the initial payout was not taxed, if your nephew wants to take his share and start a business with it, he’s going to have to pay all the same taxes he would have had he started the business with a loan or with his income.

With a cash payout, you can effectively get through the whole process without involving the IRS on any level whatsoever. Life insurance is one of the only exchanges we have left where the IRS will not come in and ask for their cut.

Reach out to our agents at Goodman Insurance, Inc. in Shelton, CT asks questions about life insurance and learn how to start a policy.

Types of Coverage for Connecticut Home Insurance Policies

If you own a piece of property, home insurance can give you an important level of protection in case something happens, and it can cover both the structure itself and any personal property that you have inside. Every homeowner needs protection against certain accidents that can cause harm to other people or damage their property, which is why you should understand the type of coverage that’s included in Connecticut home insurance policies.

Types of Protection Offered by Home Insurance Policies

There are several types of protection that can be provided by a Connecticut home insurance policy, and they can include:

•    Damage to the Home – Covers any damage that was done to the house itself up to a certain amount that’s listed on the policy.
•    Other Structures – Covers any damage or loss related to personal property, which includes any contents that are being kept inside. However, certain items like jewelry, antiques, and artwork may require additional coverage.
•    Additional Living Expenses – Covers any living expenses up to a limit that will be stated in the policy, but the property can’t be habitable as a result of the loss.
•    Comprehensive Personal Liability – Protects you from any claims that are related to an accident that resulted in any damage that was done to others on a property that you own or rent, but it may come with certain exceptions.
•    Medical Expenses – Covers any medical expenses up to a certain amount per person and per accident for any injuries that happened on your property to a visiting party. It may also cover any medical expenses related to accidents on another property if it was caused by you, your family, or your pets.

Be sure to talk to an agent to find a plan that will best suit your needs.

Purchasing the Right Home Insurance Policy

If you want to find the right home insurance policy at a price that you can afford, Goodman Insurance, Inc. has some of the best agents in Shelton, CT. We have earned a solid reputation from the people in our area, and we have the experience and the expertise to find an affordable policy that will suit your specific needs. If you live in Shelton, CT, be sure to get in touch with Goodman Insurance, Inc. today!

Frequently Asked Questions Small Businesses Have About Commercial Insurance

If you have never owned a business before, commercial insurance may be a term that you are unfamiliar with. You may have many questions about this type of insurance. At Goodman Insurance, Inc. serving the greater Shelton, CT area, we want to ensure that small businesses understand what this type of insurance is and why it is important. Here are a few frequently asked questions about it and the answers.

What is Commercial Insurance?

Commercial insurance covers a variety of the different parts of your commercial insurance. Depending on the coverage you select, commercial insurance may cover commercial property, commercial automobiles, your inventory, items in your warehouse or shop, your employees, and even key figures and staff in your business.

Do I Need Commercial Insurance?

In many states, you are not required to carry commercial insurance. However, it is strongly recommended you do, even if it is not required of you. Commercial insurance helps you recoup money for any losses you sustain in regards to the above coverage areas. As a small business, your reserves may not be very high. Having insurance ensures you do not have to come out of pocket to cover these losses minus the deductible wrote into the policy, helping your business to remain profitable.

How Do I Determine How Much Coverage I Need?

Determining how much coverage you need can be challenging. It is best to let a professional ask you questions and have them assist you in determining the right coverage levels for your business. This helps ensure your business is fully covered should something unexpected happen.

If you are looking to obtain a new commercial insurance policy or have questions about your coverage level, let Goodman Insurance, Inc. help. We serve the greater Shelton, CT area. Give us a call today for any assistance.

How Does Your Choice Of Car Affect Your Insurance In Shelton?

Goodman Insurance, Inc. can help you to get a solid deal on your coverage, but even so, you may be wondering if your choice of automobile is going to be held against you by your provider. Well here’s a simple rule of thumb: The safer your ride, the lower your insurance. There are exceptions to the rule, outdated laws, cars that are way safer than they have a reputation for being, but if you’re driving a safe car, you’re going to pay less.

There are other factors, but it all starts with how safe your car is to drive. Here are a few things to consider when buying a new ride:

  • Trucks and SUVs tend to rank among the cheapest vehicles to insure, across the board. The added security of driving a larger auto tends to go a long way with insurers.
  • If your car doesn’t come with standard safety features like full airbags, anti-lock brakes, and rear-view cameras, it may be cheaper to have them installed than to pay the difference on your insurance.
  • Your insurer is going on "worst-case scenario." No matter how safe your Ferrari may be to drive, it goes a lot faster than a Honda Civic, so it’s going to be pricier to cover.

Other factors your insurer will consider include a car’s likelihood to be stolen, whether or not it’s a hybrid (many insurers covering Shelton, CT offer deals for hybrid car drivers), and of course, how much it’s actually going to cost to repair and replace the vehicle.

If you have any questions about your next vehicle, call the agents at Goodman Insurance, Inc. to get a quote. Also, try our online rating tool for quotes on your auto and home insurance. Our doors are always open, visit our office in Shelton, CT today.