How Whole Life Insurance Works

Safeguard Your Dependents with the Right Life Insurance

When you have dependents, it becomes crucial to ensure their financial protection in the event of your absence. This is where life insurance proves vital. Understanding the different life insurance policies available can guide you to the best one for your family’s needs. Your age and budget significantly impact the type of policy you select. At Goodman Insurance, Inc. in Shelton, CT, we are here to answer all your life insurance queries.

Lifetime Insurance Coverage

Whole life insurance gets its name because it remains valid for your entire lifespan. Unlike term life insurance, which has a specified expiration date, you can retain whole life insurance provided you continue the premium payments. This kind of policy can’t be canceled, guaranteeing your family’s psychological and financial peace since they’ll know a reliable safety net is in place. Regardless of your age, as long as the premiums are paid, the policy will be there for your family in times of need.

Building Cash Value

One significant benefit of whole life insurance is its ability to build up a cash value. Over the years, the accruing amount can become substantial enough to borrow against during financial emergencies. The borrowed amount is subtracted from the death benefit amount until it’s paid back, just like any other loan. This form of a financial buffer is incredibly valuable if unexpected costs arise.

Benefits of a Whole Life Insurance Policy

when you’re seeking reliable coverage that will protect your family after you’re gone, a whole-life insurance policy is an exceptional choice. At Goodman Insurance, Inc. in Shelton, CT, we are ready to address all your questions and concerns regarding this policy type. Reach out today to protect your most precious asset – your family.

Four things to know when you need to choose a commercial insurance policy

Business owners need to do their research and make informed decisions when they purchase commercial insurance. At Goodman Insurance Inc., we offer commercial insurance coverage to business owners in Shelton, CT.

Here are four things to know when choosing a commercial insurance policy. 

The amount of their policy deductible

Being aware of deductible amounts is vital because your company needs always to have enough liquid funds available to cover deductibles in case you need to file a claim.

It’s important to note that commercial insurance policies often have varying deductibles. Your deductibles could vary depending on whether they’re for commercial property, commercial auto, general business liability, or another type of coverage on your policy.

The risks faced by the insured company

Performing a risk assessment when you buy a policy is important. Risk assessments can help you determine coverage details for your company, such as how much coverage you need and what types of commercial insurance your policy should include. 

The legal requirements that the insured company needs to meet

Companies are often required by law to carry certain types of insurance. For example, companies that use vehicles for business operations must have commercial auto insurance covering their vehicle fleet. 

The term length of the commercial insurance policy

A commercial insurance policy is only good for a certain length of time. One year is a typical term length for a commercial insurance policy. After a year goes by, you’ll need to renew your policy so that you can continue to have coverage. 

We’re here to assist you when you’re on the market for commercial insurance in Shelton, CT. Call us at Goodman Insurance Inc. to get a policy quote.

What is the best age to buy life insurance in Shelton CT?

You can never be too old or young to benefit from life insurance. However, there are benefits to buying life insurance as early as possible. If you are considering purchasing life insurance for yourself or a family member in Shelton, CT, Goodman Insurance Inc. would be happy to discuss the different types of life insurance and the best way to plan, given your circumstances.

Life Insurance For Children

If you purchase a policy for a child, you can get the best rates. Life insurance rates are determined by how much risk the insurance company is taking, and young people are the most likely to live a long time. Young people are also usually healthier, as many health conditions do not surface until later in life.

Life Insurance In Your 20s and 30s

This is also a great time to purchase life insurance. Even if you feel as though you don’t need it yet, life insurance could still help your family if you pass away at a young age. Your loved ones could use the proceeds to pay for your funeral and possibly pay off any loans you have accumulated.

Life Insurance As You Get Older In Shelton, CT

It is never too late to get life insurance. Your premiums will be higher if you are older, and the insurance company will probably require a physical to assess your health. But life insurance can still help your loved ones if something happens to you.

Depending on your age and other factors, you can make different choices about what kind of life insurance will benefit you the most. To discuss your options, please call Goodman Insurance Inc. today.

Using a Business Owners Policy (BOP) as the Foundation of Your Commercial Insurance

 Many small and mid-sized businesses qualify for a helpful insurance bundle called a Business Owners Policy (BOP). A BOP includes the four most commonly purchased commercial policies for a lower premium cost than buying them separately. Let’s look at what a BOP gets you, the Shelton, CT, business owner.

Goodies Inside a BOP

A BOP includes perils, property, liability, and business interruption coverage. These four policies provide the protection a business needs to protect itself financially.

Perils insurance covers damages caused by any peril named in the policy. Examples include tornadoes and earthquakes.

Property damage insurance reimburses the insured for damage caused to personal property or business property. This could come from unique situations, such as a car driving into the plate-glass window of the business.

Business liability covers your business’s culpability if an accident occurs at your place of business. It also provides financial protections against your liability if you are found at fault for an accident or if your product causes physical or mental harm.

Business interruption coverage compensates when a named peril causes the business to shut down temporarily. For example, if a hurricane damaged the business’s building, requiring repairs before employees could enter and open for business, this coverage pays the lost revenue.

Which Businesses Qualify for BOPs?

Your business may qualify if it owns assets, maintains a physical location, generates less than $5 million in revenue, and employs less than 100 individuals. Some types of businesses that meet these criteria don’t qualify, so ask your insurance agent at Goodman Insurance Inc.

The BOP as a Foundation Policy

Many businesses in Shelton, CT, require other insurance policies to cover their financial risk fully. Your insurance agent can help you add customized coverage to your BOP. Some businesses need forgery insurance, while others require commercial auto coverage.

Contact Goodman Insurance Inc. for BOP Services

Contact Goodman Insurance Inc. today to apply for your BOP. Meet with your agent to determine the insurance coverage that your business needs.

How Much Life Insurance Do I Need?

Life insurance is an essential type of investment you make for your family. Although everyone should consider purchasing life insurance, there is certainly not a one-size-fits-all solution for everyone. At Goodman Insurance Inc., serving Shelton, CT, we want to help clients make the smartest insurance choices. Keep reading to learn more about how much life insurance you should purchase.

Lifestyle Considerations

One of the significant factors determining how much life insurance you should purchase will be the lifestyle and standard of living that you and your family enjoy. Life insurance aims to help ensure that your family will be able to maintain their standard of living and lifestyle even if you pass on and they no longer have your income coming in. You should plan to sit down with an insurance specialist to discuss your standard of living and goals for life insurance. They will be able to help you determine a good amount to purchase.

Life Insurance Goals

Some families have bigger goals than simply maintaining the current lifestyle. Many people hope a life insurance policy can also provide for their children’s college education, mortgage payments, or other financial ambitions. You will need to have some conversations with your partner and your family concerning what if any, other goals will be met with the insurance money. These details will significantly influence the amount of insurance you purchase. 

The Size of Your Budget

A life insurance purchase also needs to fit into your current budget. You will need to consider what you can afford as far as a monthly premium is concerned. 

If you would like to learn more about life insurance, please get in touch with us at Goodman Insurance Inc., serving Shelton, CT, and the surrounding areas. 

Commercial insurance most businesses can benefit from

Every business has its own set of risks. Not every company faces the same risks, but some are universal. At Goodman Insurance Inc. in Shelton, CT, our team knows commercial insurance to ensure your business gets the coverage it needs and nothing more. 

Liability coverage

One of the most significant risks all businesses face, no matter their size, is being sued. It happens to about 30% of all businesses every year. If you don’t have liability insurance, a judgment against you and the legal fees that go with it could force your business to close. No company should knowingly take that risk. It would be best to have as much liability insurance as you can afford to carry and consider adding an umbrella to give you even more. 

Property coverage

Commercial property insurance is much more than just building coverage; it is also content coverage. If you rent the building, you still need it to pay for what you have in it. It covers tools or inventory, machinery, or office equipment. It can help you return to business quicker after being hit by a covered peril. 

Workers Compensation

In Connecticut, you must either have workers’ compensation insurance or self-insure. It is required if you have one or more employees, even part-time ones.   

Business interruption insurance

When your business is damaged or forced to close for another reason, you will not make any money. Your expenses, however, will not decrease. To pay your bills and rent etc., you need money. Business interruption insurance provides that income if it is a covered peril. 

Contact Goodman Insurance Inc. in Shelton, CT on the phone, on our website, or visit our office when you are ready to discuss your commercial insurance needs. 

Three Reasons to Obtain Life Insurance in your Twenties

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?

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?

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?

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.