Navigating Life Insurance for Young Families

Starting a family is one of life’s greatest joy’s, yet it also comes with making some tough decisions  about their safety in case of your absence. Choosing a life insurance policy that is best for your family can be daunting to first-time buyers. This guide will shed some light on any questions you may have.

So What Exactly Is Life Insurance?

A life insurance policy allows your family to cover funeral expenses in the event of your death, as well as covers the major expenses of shelter, food, health care, college tuition and other necessary costs that your family may need without you as the major provider.

How Can You Determine Coverage?

Being able to determine the exact amount of life insurance coverage you and your family needs can be difficult. There are several ways to determine the amount of coverage your family may need, including online tools such as Mint. Some banks offer online assistance as well.

Different Types of Life Insurance Policies

The next hurdle you’ll encounter is determining a policy type. Term and whole life insurance policies get a lot of attention when it comes to shopping for life insurance, and each has their merits. For a small family starting out, term policies may work out best.

What About Disability Insurance?

Young families don’t need to worry about disability insurance as much as an older family does. Although disability insurance provides many of the same benefits should you become disabled instead of die, this isn’t something you should worry too much about if you’re just starting out.

If you’re starting a new family in or around Harrisburg, PA and looking for a life insurance policy to keep them safe, Henderson Insurance Agency is here to help you find the right policy to fit your needs. Together we can help you navigate this confusing topic and provide you with the coverage you need.

What should my commercial insurance policy cover?

Commercial insurance is a major investment decision for any business.  Deciding exactly what needs to be covered can take a while. If you’re thinking about buying a commercial insurance policy, make sure that your agent is aware if your business has any of the following items so that they can be included in your policy.

  1. Company cars. If you or your employees are using your personal vehicles for business more than you’re using them for other things, then your personal auto insurance policies might not cover them. A commercial auto insurance policy will make sure that your cars and trucks are covered in the event of an accident, theft, or natural disaster.
  2. Commercial equipment. Expensive machinery is difficult to replace. Your commercial policy should include any equipment that you could not easily replace from company funds.
  3. Inventory. If retail is a part of your business, then it’s important to make sure that your merchandise is protected from theft, damage, and other disasters.  Talk to your agent about setting a limit on this protection.  As your business grows, your inventory value will change, so be sure to update this number often.
  4. Buildings. Even if you’re renting, it’s necessary to have coverage that would provide funds for your to fix or rebuild your storefront, restaurant space, or storage areas.  Be sure to review your tenant agreement carefully to make sure that you insure any parts of your building that you are responsible for fixing.

If you’re thinking of purchasing or updating your commercial insurance, call the agents at Henderson Insurance Agency.  They have years of experience helping small business owners get commercial insurance policies that are right for them.