Life Insurance: A Crucial Consideration for New Parents

If you’re new to parenting, you might feel a bit overwhelmed. Caring for a child is a huge responsibility, and plenty of new parents need a bit of assistance getting up to speed. While it’s tempting to focus on your child’s physical health and development, you should be careful not to overlook their financial well-being. For example, taking out a life insurance policy could prove crucial to your child’s well-being later in life. If you live in or near Marshall, MI, and need help with insurance policies (including but not limited to life insurance), contact the team at Great Michigan Insurance.

Things Parents Should Watch For

Medical practitioners often pay very close attention to babies, and the first several months of your child’s life may be packed with doctor’s appointments. Why? Early intervention could make a big difference if medical practitioners notice an issue that could impede development. Development is crucial, and development challenges could have a big impact on your child throughout the rest of their life.

Your child isn’t the only consideration, however. You also need to consider yourself and your partner. There is a risk that you or your partner (or both) may pass away at some point. Should the worst occur and a parent passes away, the right life insurance policies can help provide financial security.

Financial stability can be crucial for your child’s development. If your child can’t attend college or can’t enjoy a healthy, diverse diet simply because the money isn’t there, it could impact their life trajectory. However, the right life insurance policies can help ensure that your child has access to needed financial resources. Folks who need help with life insurance in Marshall, MI should come work with Great Michigan Insurance.

You may encounter unique experiences that will require you to purchase add-on insurance. Add-on protection fills gaps that a standard commercial insurance policy does not address.

Business Income Insurance

A disruption that temporarily closes your business could greatly affect your finances. Business income insurance provides financial relief while your business is inoperable.

The financing you receive will help you handle any costs necessary to get your business in order. Business income insurance can be adjusted to provide adequate coverage for small or large businesses.

Cybersecurity Insurance

Cybersecurity insurance protects sensitive information shared online. This type of insurance may provide routine monitoring onsite, remote surveillance, and other services to keep information safe.

The amount of equipment you own should be considered before purchasing cybersecurity insurance.

Equipment Breakdown

Equipment breakdown coverage will provide financial assistance if your equipment becomes damaged. This type of insurance should cover automated and manual equipment you and your workforce rely upon. Before purchasing equipment breakdown coverage, you should inspect your equipment professionally.

Any issues that need to be addressed during the inspection will be presented. Once your equipment is in good order, seek coverage that will pay for its repair or replacement in the future.

Agent Assistance

Contact one of our Great Michigan Insurance agents. Our agents offer insurance products that will protect the owner of a small or large business.

An agent who serves the Marshall, MI, region will schedule an appointment to meet with you. During your meeting, provide the agent with your business plan. They will recommend commercial add-ons that will protect your interests.

Umbrella insurance, also known as catastrophic insurance, is designed to protect you from major liabilities that can significantly affect you financially. Great Michigan Insurance, located in Marshall, MI, offers umbrella insurance.

1. You Have Significant Assets

Many individuals consider umbrella insurance primarily due to their significant income or assets. If you are financially stable, an unforeseen accident could have catastrophic results. You could potentially lose the assets you’ve worked diligently to accumulate due to a judgment against you.

2. You Want to Safeguard Your Future

It can be easy to assume that umbrella insurance isn’t necessary if your assets amount to less than 1 million. However, it’s also crucial to secure your financial future. A liability judgment can encompass your future earnings and assets. You might find yourself footing the bill for a claim for many years.

3. You Are at a Higher Risk

Some situations increase the likelihood of you being sued for a liability claim. These include owning a swimming pool, having a dog, or an inexperienced driver in your household. Hosting social gatherings also comes with added risk.

4. You Want to Ensure Your Family’s Protection

Having a family means having people who depend on you for financial stability. Protecting them includes having life insurance, and you might also want to consider an umbrella policy. This gives an added layer of security to the people who rely on you.

5. You Participate in Recreational Activities

Engaging in recreational activities can also increase your risk of being sued. This includes activities like boating, golfing, and even coaching Little League. Essentially, the more active your lifestyle, the higher your liability risk.

Umbrella Insurance at Great Michigan Insurance

If you require umbrella insurance in Marshall, MI, reach out to us at Great Michigan Insurance. Our approachable agents are available to discuss your needs and assist you in choosing the best policy for your situation.

Your condo insurance policy is important for reducing the financial risk of condo ownership. If a covered event occurs, your policy will help repair and replace your personal belongings and repair damage inside your condo.

At Great Michigan Insurance, servicing Marshall, MI, we work with only the best carriers to ensure our customers have many choices when they get condo insurance. 

Why Review Your Condo Insurance Policy?

When your condo insurance policy was initially purchased, it should have been enough to cover your condo and belongings in the event of certain perils. However, this needs to change over time. Reviewing your condo insurance policy helps ensure that your policy continues to offer enough coverage.

The cost of materials and personal effects can change over time. Reviewing your policy keeps it up to date and helps ensure that it will be adequate in the event of a covered disaster. 

In addition, reviewing your condo insurance policy each year gives you an opportunity to shop for a better policy if necessary. 

When to Review Your Condo Insurance Policy?

Review your condo insurance annually. The time of year doesn’t matter, although many people choose to do this at the beginning of the year or around the time of their policy renewal.

To review your insurance coverage, look at the paper certificate and read it carefully. Next, talk to your insurance agent at Great Michigan Insurance Servicing in Marshall, MI. We’re skilled at reviewing insurance information with our customers to ensure they have the best coverage for their needs. 

We know what questions to ask to help you discuss and think about your policy. Call today to get started. 

Selecting the Appropriate Life Insurance Policy

Deciding on the right life insurance policy can be a critical decision. Contact us at Great Michigan Insurance in Marshall, MI, to learn about the types of life insurance and decide which policy suits your needs.

Understanding Time Periods

The key difference between term life and whole life insurance is the duration they cover. Term life insurance typically lasts for a predetermined period, after which it expires. A new policy needs to be initiated for continued coverage. On the other hand, whole life insurance, as the name suggests, covers you for your entire life, providing constant reassurance.

Weighing Costs of Policies

Term life insurance policies are generally less expensive than whole life insurance policies, making them a popular choice for many. As term life policies expire before one reaches senior years, the mortality risk is lower, contributing to their lower cost. Whole life policies have higher premiums as they cover mortality risks in the late stages of life.

Factoring in Cash Value

Whole life insurance policies accumulate a cash value over time, which can be borrowed against if needed, thus serving as an emergency financial reservoir. Term life insurance doesn’t offer this feature.

Securing Your Life Insurance

If you still haven’t purchased life insurance, now is the time. Contact Great Michigan Insurance in Marshall, MI, to explore a policy that’s right for you.

Understanding Commercial Insurance for New Business Owners

Let’s say you’ve been working with a company for an extended period. Perhaps you’re related to the owner, you’ve been taken under their wing, or they’ve seen your potential and groomed you to be their successor. Over time, you’ve grown to know the business inside out, and now you’re about to take the reins. But what about insurance?

The Pre-Existing Insurance Settings

If the former owner were diligent, they would have added your name to the policy before the business was handed over to you. If they’ve passed away, you should review the policy to ensure your name is registered. If the previous owner is still alive but has retired, they may still technically own the property while you manage the operations. It’s essential to update all the stakeholders before proceeding.

Transition of Liability

It’s important to note that now all liability falls into your hands. You could be held accountable for your employee’s negligence, and your workers’ compensation coverage might change. Be sure to stay updated about what workers’ compensation will cover for your employees, and make sure you have ample liability insurance as the ownership transitions to you.

Professional Insurance Guidance with Great Michigan Insurance

If you’re in the Marshall, MI, area and need any assistance with commercial insurance, don’t hesitate to get in touch with Great Michigan Insurance. Our helpful and knowledgeable agents will guide you, ensuring your new venture starts its journey toward success on a solid footing.

Umbrella insurance from Great Michigan Insurance offers additional protection beyond your existing home, auto, and other liability policies here in the Marshall, MI area. It provides an extra layer of financial protection against claims or lawsuits resulting from car accidents, injuries on your property, libel or slander, and more. 

Who should get umbrella insurance? 

Anyone with significant assets should consider getting umbrella insurance because it can help protect you in a catastrophic lawsuit or judgment against you. Even if you already have a substantial amount of home and auto insurance coverage, an umbrella policy will provide even greater protection for your assets if needed. 

Additionally, anyone who spends much time around water, such as boaters and people who own pools, should strongly consider an umbrella policy. Water-related activities can result in expensive lawsuits if someone gets injured, so having an additional layer of protection from an umbrella policy is essential to consider. 

Overall, anyone with significant assets to protect or those involved in water-related activities should definitely look into getting umbrella insurance. It is relatively inexpensive but provides excellent protection in the event of a serious legal issue that could cause financial ruin without it. You don’t want to get sued over your existing policies and be caught having to pay the difference. 

For more information, or if you want to explore a policy that meets your needs and your budget, call us at Great Michigan Insurance today. We are proud to serve the Marshall, MI area, and it would be our pleasure to help you find the right umbrella policy for you. So don’t wait! Call us today!

Regarding insurance from Great Michigan Insurance in the Marshall, MI area, there are two main types of policies for condo owners: a master policy and a condo unit policy. A master policy is typically purchased by the building’s association or management company and covers the common areas of a condominium complex like the lobby, elevators, hallways, stairwells, etc. It also covers any additions or improvements made to a condo complex and liability coverage in case of accidents. 

On the other hand, a condo unit policy covers individual units and their contents. This type of insurance generally covers damage caused by fires, storms, theft, and vandalism to personal property within the unit. This policy may also provide liability coverage for someone injured while inside an insured unit. 

Owners of condominiums need to understand the difference between these two policies to ensure they’re fully protected against potential damages or hazards they may face. While both types of policies are necessary for any homeowner living in a condominium complex, understanding which one provides which kind of coverage is essential to ensure your assets are safe and secure.

For more information, give us at Great Michigan Insurance a call today. We proudly serve the Marshall, MI area and would be happy to help you find a policy that meets your needs and budget. We work with both owners and associations and have precisely the policy you need to make sure you are covered in case of an accident. So don’t wait! Call today!