Insurance

Three Reasons to Obtain Life Insurance in your Twenties

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When you think of life insurance, you’re probably likely to view it as something you’ll buy when you get older or have children. However, you may think of it as something you don’t need when you’re only in your twenties. But that couldn’t be further from the truth. While it isn’t required by law in Connecticut, life insurance is still essential, even for young people. Our agents at Goodman Insurance Inc., serving Shelton, CT, could show you why you may need a plan.

Premiums are Inexpensive

Your life insurance monthly premiums are usually cheaper if you’re a young adult in good health. It could be a wise financial decision for a young adult to purchase one. Getting life insurance early could help you cover large debts such as student loans, even if you’re not planning on starting a family.

Cash Value can be Used.

When you purchase a whole life insurance policy, accumulating cash value can be used while you are alive. This compounds over time as dividends are created. You can also borrow against this money. It makes more sense to obtain whole life insurance than term life when doing this.

Easy Chance of Coverage Approval

Getting life insurance in your twenties allows you to get approved more easily than if you were older. You’ll unlikely have health problems or other contributing factors preventing you from getting approved. According to LIMRA, an insurance industry research center, the number of people under 25 who have purchased life insurance has increased significantly in 2020. No matter how young you are, having life insurance gives you peace of mind.

As you can see, having life insurance in your twenties allows you to pay less for monthly premiums, accumulate a cash value that can be used while you’re still alive, and have an easier chance of getting approved. Contact our Goodman Insurance Inc. agents today to find your plan options.

Do You Need Commercial Insurance for Your Connecticut Business?

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If you own a business in Connecticut, there are specific requirements you must follow when it comes to commercial insurance. The agents at Goodman Insurance Inc., serving the Shelton, CT area, are here to assist you with your commercial insurance needs. They want you to know and understand the different coverage options and requirements that you need to know about when it comes to commercial insurance for your business.

Commercial Auto Liability

Under the state laws of Connecticut, all drivers must have at least auto liability insurance in place. If you own or rent vehicles for your business or use personal vehicles for business purposes, you must ensure that you have auto liability insurance for each car.

Commercial Liability Insurance Coverage

Commercial liability insurance coverage is critical since it covers many things. For example, if a customer or other visitor to your business slips and falls, their medical bills will be paid under this type of coverage. This coverage can also assist you if you have a breach in security online with your customers’ information or are sued for slander, copyright infringement, or libel.

Commercial Property Insurance

It is vital that you have commercial property insurance to cover the inventory that you have for your business in case there is a fire, a natural disaster, or an act of vandalism. Commercial property insurance will assist you in recovering any losses that you suffer if your business is also robbed.

Contact Goodman Insurance Inc.

The agents at Goodman Insurance Inc., serving the Shelton, CT area, are ready to assist you with all your insurance needs, including commercial insurance. Call today for an appointment to get your policy started.

Can I Donate My Life Insurance Benefits to Charity?

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At Goodman Insurance Inc. in Shelton, CT, we’ve seen how personal and challenging it can be to choose the proper beneficiary for your life insurance policy. For many folks, this can be one of the most challenging choices to make surrounding their legacy planning, finances, and passing.

Suppose you have a cause that you believe in deeply or want to support. In that case, you might wonder if donating your life insurance benefits to your favorite charity, non-profit organization, or foundation is possible. When you want to make a difference in the world with your life insurance benefits, the first step is figuring out if it is legal and, if so, if it is a possibility for some policies.

What is a life insurance policy?

A life insurance policy is essentially a contract between you as a policyholder and your insurance provider that indicates that they will pay out a death benefit in the form of a lump sum to whomever you list as your beneficiary when you pass in exchange for the premiums you pay.

While coverage, specifics of policies, and eligibility to file a claim vary, most life insurance policies function similarly in this way.

Can I list a charity or other organization as my beneficiary on a life insurance policy?

Yes, you can list a charity or other organization as the beneficiary for your policy if you list their name and contact information. You can also list a charity to receive a percentage of your death benefit and other beneficiaries to receive the remaining portion.

If you want to see how we could help you continue doing good after your death through your life insurance policy, call our office at Goodman Insurance Inc. in Shelton, CT today!
 

What types of commercial insurance coverage are there?

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There are many different things that businesses have to do to keep their businesses running. One of these things that a business owner should do is have insurance to protect their finances, property, employees, and the public in case stuff happens. This is where commercial insurance comes in. There are several different types of commercial insurance coverage to choose from for your business insurance needs.

General liability

General liability covers if something happens to a customer or employee. It helps cover the costs if someone is injured or their belongings are damaged due to the company’s fault. It also helps protect you financially if you end up with a lawsuit against your business.

Property insurance

Property insurance protects against property damage.

Business interruption insurance

This covers your potential financial loss if something interrupts your business and potential income.

Worker’s compensation

Worker’s compensation protects workers if they get injured on the job.

Commercial auto insurance

Commercial auto insurance covers vehicles that are company owned or used for the work of the business.

Employment practices liability insurance

This covers the business if an employee does something that reflects poorly on the company and affects customers.

Cyber insurance

This helps cover losses from cyber crimes. There are limits to cyber insurance coverage and strict guidelines that you need to follow, such as having high cyber security measures in place.

Crime insurance

If a crime occurs, commercial insurance can help cover the losses and damages that happen to the business.

Contact Goodman Insurance Inc.

If you have a business in Shelton, CT, and are looking for commercial insurance coverage, look no further than Goodman Insurance Inc.

What is Permanent Life Insurance?

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Life insurance is not a requirement by law for Shelton, CT residents, though many choose to invest in this protection for their family’s financial well-being. Permanent life insurance is an option often selected for its reliability. 

This type of coverage lasts the duration of the person’s life from the point at which they purchase the policy until they pass on. This is in contrast to term insurance, where there is a set period for which the insurance is in effect.

You must be in good standing with your insurance policy at the time of your death, which means your premiums must be current and paid. Your beneficiaries are entitled to a death benefit under this arrangement. 

Additionally, there is a component of permanent life known as cash value. Over time, your policy accumulates savings when you make your payments consistently year after year, and these can be borrowed against.

The outstanding loan amount will be deducted from your death benefit if unpaid and you pass away. A Goodman Insurance Inc. specialist can help give you additional information about your particular situation. 

Unlike the cash value, the death benefit is a predesignated amount determined when you purchase your indemnification. Premiums are typically more expensive than term life because the likelihood of a payout is more certain. 

You can choose whole life, a type of permanent life insurance whose terms on death benefits and premiums stay fixed, or universal, which allows you to adjust these features. Variable universal life insurance has an investment component to maximize savings. 

Goodman Insurance Inc. Can Help

Serving the residents of the Shelton, CT area, we provide quality insurance products for our customers. Contact us by calling, stopping by the office, or visiting us online. We look forward to working with you. 

Don’t forget to increase your commercial coverage when purchasing heavy machinery

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Business owners in the greater Shelton, CT area can rely on the Goodman Insurance Inc. team for all their commercial insurance needs. We understand the importance of protecting your hard work. Call to schedule a consultation today.

Heavy machinery purchases could mean changes to your commercial insurance

Firms that operate heavy machinery have a lot of insurance needs that many other types of companies may not have to deal with. Operating heavy machinery involves the risk of injury in addition to the possibility of material damage. This can mean that a firm will need liability insurance and worker’s compensation protection.

The cost of heavy machinery can be pretty substantial, so protecting the company’s investment is also important. Before making a large purchase of heavy machinery, it makes sense to take the time to review the company’s current commercial policy. This is also an excellent time to sit down with an insurance professional to review all insurance policies thoroughly. 

It may be time to upgrade to a comprehensive commercial policy or add an umbrella policy to the company’s insurance portfolio. With such significant equipment investments, obtaining a professional outlook is worthwhile. Don’t be caught without the necessary insurance to protect your equipment, employees, and the overall health of the company’s bottom line. 

We are here to help with all of your insurance needs

Goodman Insurance Inc. is proud to serve the Shelton, CT business community. Our team is dedicated to helping community business owners protect their hard work. If you have questions about your commercial insurance or are planning to start a business in the future, we are here for you. Contact our office today!

Two Main Types of Life Insurance

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When it comes to life insurance, there are two main types. These are term life insurance and whole life. Both offer effective help when a person is gone and wants to leave something to their heirs. Both can give you peace of mind knowing that you can help your loved ones after you are gone. Each type has pros and cons; one type may be better for your specific needs and budget. Call Goodman Insurance, Inc. to talk to an agent when you need life insurance in Shelton, CT.

Term Life Insurance

This type of life insurance is a great one to have when you have a tight budget. This low-cost type of life insurance operates for a specific term. This means that at the start of the policy, it is enacted for only a particular number of years. After this term has passed, the policy expires. Once that happens, you are no longer covered and must seek a new life insurance policy if you want to be covered again. Many people don’t choose this type because of its expiration date, but others like it because it is inexpensive. 

Whole Life Insurance

This type doesn’t have an expiration date and stays good for as long as you want to keep the insurance. Many people choose it because it can’t be canceled for as long as you keep paying for it. However, it can be expensive for many people. Another benefit to this type of life insurance is that it builds a cash value that the policyholder can borrow someday if they ever need to. 

Get Life Insurance

It’s never a good idea to be without life insurance, just in case. If you need life insurance in Shelton, CT, call us at Goodman Insurance, Inc.

Do I Need Business Insurance if I Have No Employees?

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You might be tempted to skip business insurance when you first start your business. The cost of coverage can seem prohibitive for new companies. But as your business grows and requires more protection, you’ll want to add business insurance even if you are the only one working for your business.

Goodman Insurance Inc. has the expertise to help Shelton, CT business owners protect their business with the right insurance coverage. We understand the unique challenges of small businesses and the importance of having the proper protection in place.

Insurance You Are Legally Required to Have

The state only has two laws that require you to have insurance. The first is for worker’s compensation, which only applies if you have employees. The second is for commercial auto insurance, which only applies if you have a vehicle used for business purposes.

If you use a vehicle exclusively for business purposes, you must insure it against a minimum amount of coverage. These coverages include liability for bodily injury and property damage and uninsured/underinsured motorist coverage.

Note: You aren’t required to insure a personal vehicle used for work purposes with a commercial auto policy. However, it’s good to have hired and non-owned auto coverage (HNOA), like your personal auto policy, which may not cover damages incurred during business use.

Insurance You Should Have for Your Businesses’ Protection

If your business has property such as computers, inventory, office equipment, etc., that would be expensive to replace if damaged or stolen; then you need a commercial insurance policy. Likewise, suppose you are worried about your business being sued for damages due to an accident involving a customer or in the event of a data breach. In that case, commercial insurance is a good idea.

Business insurance can offer protection for:

  • Property
  • Liability
  • Vehicles
  • Identity Theft
  • And more…

Contact Goodman Insurance Inc. today to discover what commercial insurance is available for you in Shelton, CT.

Do you have the right policy protecting your Connecticut home?

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The team at Goodman Insurance Inc. in Shelton, CT understands the importance of family homes. If you want to ensure that you have the insurance protection you need, give us a call or stop by our office today.

Protecting your home with the right insurance 

Your home is more than just a house. If you want to ensure that you have the protection you need, now is an excellent time for a full policy review. When you conduct a full review of your home insurance policy, you can determine if there are any gaps in your coverage. Adjusting your policy to fill any gaps in service is an integral part of keeping your insurance up to date. As more time elapses, your home’s insurance needs might change, and it’s essential to keep your coverage in line with your needs.

Another consideration is the level of insurance that your policy provides. As your home’s value increases, you will also need to increase the amount of insurance you have. This is especially true if you make any significant improvements to your home. Updating kitchens and bathrooms can increase the value of your home significantly. 

It’s essential to have the right insurance to protect your family’s home. We recommend that all of our clients conduct a comprehensive review of their insurance policies at least once a year. Call today to schedule your home policy review.

Do you have the right insurance to protect your home?

Goodman Insurance Inc. is here to help the residents in the greater Shelton, CT area. If you want to ensure that your insurance policy provides the protection you need, we can help. Give us a call or stop by today!

Tips about home insurance

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Owning a home is one of the American dreams. When you have your own home, you can finally paint the walls with your color of choice, shape the lawn the way you have always wanted, and carry out other modifications. However, whether you own your first home or tenth, you must think about home insurance.

But because home insurance can be tricky, you need to talk with an expert for personalized advice. Fortunately, if you live in Shelton, CT, or the surrounding area, you can make Goodman Insurance Inc. your preferred home insurance agent. We not only sell policies to you but educate you first to ensure you make an informed decision. So, today, let’s look at important tips about home insurance.

  • Get the facts: Ask everything you need to know about home insurance — what does it cover? What is excluded? What are the factors affecting your insurance premiums? This information helps get the best out of your policy.
  • Consider the replacement cost value: You want an insurance policy that can rebuild your home without asking too much of your pocket. Consider the "replacement cost value" to ensure that you will get a similar home without paying high out-of-pocket costs if your home is totaled.
  • Update your policy regularly: Like most things in life, your home insurance policy can’t remain the same year in and year out. Update your policy at least once a year.
  • Buy adequate coverage: Underinsuring your home puts your finances at risk. We are not saying you overpay your premiums but get sufficient coverage. Please talk to your insurance agent if you don’t know how much coverage you need.

Need more tips about home insurance? At Goodman Insurance Inc., we are always at your side. You can call, email, or visit our Shelton, CT office for all your home insurance queries.