Do I Need Life Insurance?

Those with anyone with a family or dependent can benefit from purchasing a life insurance policy. Most people buy life insurance policies to help ensure their family is taken care of in the event of their passing. Many policies pay out money to help pay for funeral and burial costs, mortgage payments, college tuition, and daily expenses. Purchasing life insurance in Arkport, NY helps ensure loved ones can continue living the life they are used to living. 

If you have questions about if you need life insurance, call the agents at Genesee Valley Agency. 

Determine Your Family’s Need for Life Insurance

Life insurance ensures your family can continue to live the life they are accustomed to in the event of your death. Are you still wondering if you need life insurance? Ask yourself the following questions, and if you answer yes to any question, you need life insurance. 

  • Do others depend on you financially? 
  • Does your spouse depend on your income? 
  • Are you a caregiver for an elderly relative who relies on your income? 
  • Do you own a business? Or have a business partner? 
  • Do you want to expand your savings or estate options? 

Types of Life Insurance Policies

There are two basic life insurance policies — term life insurance and whole life insurance. Each policy provides a death benefit payout in the event of the policyholder’s passing; however, they do differ in many ways. 

Term life insurance only pays out benefits if the policyholder passes during the term of the policy. So, for example, if you purchase a ten-year policy, the policy would expire at the end of the term, and no death benefits are paid out if the policyholder is still alive. 

Whole life insurance pays out a death benefit no matter when the policyholder passes. Essentially, this policy lasts the policyholder’s entire life. Additionally, you can borrow money against your whole life insurance policy because it does carry a cash value, where a term life insurance policy does not. 

Those in Arkport, NY, still wondering if they need life insurance should call the experts at Genesee Valley Agency to discuss policy options and benefits. 

Preparing for Hurricane Season

 

With Hurricane Ida terrorizing houses from New Orleans to New York, many are regretting skimping on their flooding insurance this last month. Even areas that have no bodies of water around them can experience damage resulting from the tropical storms that hurricanes bring! Keeping yourself protected for the worst circumstances is what insurance is here for. Flood insurance can keep your mind at ease, even during a drastic flooding incident. 

 

Prevention is the key. Let’s go over how to keep yourself safe before, during and after hurricane season, for the remainder of Ida and for any inevitable future hurricanes 

 

 

Assessing Your Risk

 

New York State has many bodies of water both within and surrounding it. While it allows for fun trips to the beach and relaxing boat trips on the lake, it also increases the risk of flooding during hurricane season. Assessing how much flood risk your property may have is a good way to keep yourself and your family safe. By using your own past experience, experience from your neighbors, or helpful websites like www.myfloodrisk.org, you can decide how likely you are to be affected by a flood. 

 

Buy Flood Insurance 

 

Now that you have a good idea of the likelihood of being affected by a flood, the first thing you can do is to insure your property. Review your current homeowners policy, as many base insurance policies do not cover damage from flooding or storms. If your current insurance doesn’t cover it, talk to your insurance representative about how you can add flooding and storm damage insurance. Don’t wait until hurricane season is already here! Policies tend to go for less during the months before, so it will be beneficial to plan beforehand. 

 

Inspect Your Home 

 

Once hurricane season is upon you, making sure your house is as secure as possible will help 

reduce and perhaps even prevent water from coming in. Ensure you don’t have any visible cracks or holes around the sides of your house. Put up sandbags as a way to divert water away from any openings or risk areas you may have. If possible, relocate important furniture or items that you can’t risk losing to a higher area of the house. 

 

Prepare a Safety Kit

 

A last precaution is to prepare a safety kit in case of emergencies. Packing a bag full of all the essentials that you might need in a situation where the flooding requires evacuation will help alleviate some of the stress during hurricane season. Pack things like water, extra food, a radio, batteries, a portable phone charger, and flashlights. Keep yourself and your family safe by staying prepared! 

 

 

Stay Inside

 

Assuming you are in an area that is high risk, follow all of the local guidelines provided by the authorities. Stay inside when you are advised to. Keeping inside during the storm will prevent getting trapped due to water affecting the roads and keep you in a place where you are secure.  

 

Stay Out of the Water

 

If you are affected by flooding, either inside or outside of your house, do not go into the water. Flooding water can have pollution, debris, sewage and other hazardous materials inside of it. To keep yourself safe from sickness or injury, avoid the water if at all possible. 

 

Contact Your Insurance Agent

 

If you have flood damage from the storm, contact your Insurance agent as soon as possible. Your agent can help you with the claim process and what to do first to prevent further damage to your home.