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What Are the Different Types of Life Insurance Policies?

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Taking a life insurance policy will guarantee that your family is financially protected if you pass away. But where to get started, and what are the coverages available? L M Insurance & Financial Services LLC,  serving Bronx, NY and surrounding areas, is happy to provide you the following guide:

The Various Types of Life Insurance Policies

Term life insurance

As the name implies, this type of life insurance is taken for a specific period, typically 10 to 30 years. This policy has no cash value and is meant to solely provide your beneficiaries with a payout if you die while it’s active.

Whole life insurance

This life policy offers coverage for your entire life. The policy has a cash value, and part of your premiums will be put in a cash value account where it will grow over time on a tax-deferred basis. This means that money will not be subject to taxes on the gains. Moreover, you can take a loan against the cash value once it grows to a substantial amount. 

Universal life insurance

This life insurance policy is similar to a whole life policy in that it has a cash value and offers coverage for the entire life. Some of our clients at L M Insurance & Financial Services LLC prefer universal life over whole life because it has flexible premiums. Thus, you can increase or decrease premiums as defined by the policy’s limits. 

Final expense insurance

This policy is solely meant to cover end-of-life expenses like funeral and final expenses. It has no cash value, and you need to keep paying the premiums your whole life for it to remain in effect. 

Group life insurance

This policy can be purchased as part of a member organization or employee benefits package. Group life insurance is usually term, but you can opt to make it permanent life coverage via voluntary (employee-paid) benefit.

 

Give Us A Call 

Do you want to find out more about life insurance in Bronx, NY? Contact L M Insurance & Financial Services LLC today.

What Business Owners Need To Know About Commercial Insurance

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If you own your own business, then you understand the tremendous responsibility of making sure all of the bases are covered for yourself and your employees. At L M Insurance & Financial Services LLC, we provide business owners with insurance products that can help them fulfill these responsibilities in Bronx, NY and the surrounding areas. Keep reading to learn more about commercial insurance and how it can help you. 

What Is Commercial Insurance?

Commercial insurance is a specially designed insurance product made just for business owners. There are many layers to running your business, and a commercial insurance policy will cover all of these layers. Having a commercial policy in place will help protect you from expenses should your business run into a liability event. 

What Does Commercial Insurance Cover?

Businesses are unique, and that is why a commercial insurance policy can be customized to meet your specific needs. However, most policies will provide coverage in the following areas:

  • Property Damage– Most businesses have a brick and mortar location they operate from, store inventory, and house equipment. This property must be protected. If this property is damaged due to fire, natural disaster, or burglary, you will be held responsible for the expenses out of pocket. Commercial insurance can kick in and pay for these costs. 
  • Liability Protection– As a business owner, you carry the risk of liability. If someone is injured at your place of business or because of your goods or services, you could be held responsible for medical expenses and even legal fees. Commercial insurance policies can be designed to protect you from these types of costs. 

If you would like to learn more about our services, please contact us at L M Insurance & Financial Services LLC serving Bronx, NY and the surrounding areas. 

Explaining The Different Parts Of Auto Insurance

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L M Insurance & Financial Services LLC serves the Bronx, NY community. Our mission is to assist our clients while upholding the highest level of customer service. We recognize that each of our clients has unique needs. We are committed to helping our clients find the policies they need to protect their assets. We will sit down with you and help you find coverage that aligns with your present and future.

Explaining The Different Parts Of Auto Insurance

Auto insurance is designed to help you stay protected on the road at all times. Here is a look at the different parts of the policy

Collision

Collision insurance covers your vehicle if it suffers damage due to impact with another vehicle or object.

Liability

Liability insurance protects you if you are responsible for accidentally hitting someone or damaging property. Sometimes, mistakes happen. Liability insurance is a safety net designed to prevent you from losing everything due to a mistake.

Comprehensive

Comprehensive coverage protects you in multiple scenarios. Perhaps you are a victim of theft or someone vandalizes your vehicle. Perhaps you are traveling through Bronx, NY during a thunderstorm and an object cracks your windshield or mirror. Comprehensive coverage protects you in these situations.

Uninsured Motorist Coverage

Uninsured motorist coverage is designed to protect you if you are involved in a collision with someone who does not have coverage. Uninsured motorist coverage simplifies what could be a complicated process.

Roadside Assistance

Emergency roadside assistance covers you when you need it most. Perhaps you’re traveling out of town when your vehicle suffers engine failure, or your battery is drained. You will receive urgent service. Towing is available as well.  

L M Insurance & Financial Services LLC Will Help You Protect Your Assets

Contact us today to learn more information about auto insurance.

What Is the Right Kind of Life Insurance?

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Most people think insurance is a necessary evil, but it doesn’t have to be. Insurance can protect you from life’s uncertainties and provide for those you leave behind when the time comes. And luckily, there are now many types of policies that offer different levels of coverage with various costs and benefits, as well as many flexible payment plans to suit your budget. In this post, we will explore term insurance and whole life insurance options.

Term Life Insurance

First, let’s explore term insurance because it is the simplest type of policy to understand. A term life insurance policy lasts for a set amount of time (called the "term") and provides coverage for an agreed-upon amount of time. Term life insurance rates are based on your age and health. If you die during your policy term, your beneficiaries will receive the agreed-upon amount of coverage. But if you die after the term is completed, they won’t get anything—because there is no savings component to a term life insurance policy.

Term Life Insurance Pros and Cons

The key benefit to a term life insurance policy is that it offers affordable protection for a set period. The major drawback is that once the policy expires, there is no cash value—so your beneficiaries will not receive anything if you die after the term of coverage.

Whole Life Insurance

Whole life insurance is also known as permanent life insurance because it lasts for your entire lifetime, with coverage having no expiration date. Whole life policies accrue a cash value over time. In fact, you can borrow against the cash value of a whole life policy for emergencies or large purchases. Whole life insurance premiums are higher than those of term life insurance, but the policy provides a guaranteed death benefit. Your beneficiaries will receive at least what you insured yourself for—no matter how long you live.

Whole Life Insurance Pros and Cons

The main benefit of a whole life insurance policy is permanent protection. There are no expiration dates, and you can keep the policy as long as you continue making the required premium payments. The downside of this plan is that premiums tend to be expensive, and if you stop making payments or die before the term expires, there’s no benefit to your loved ones.

Life insurance is a valuable tool to help protect your family and provide them with some sense of stability. L M Insurance & Financial Services LLC in Bronx, NY can provide you with the information you need to make an informed decision on the best type of plan for your situation. Call us today to speak with an experienced professional about term life, whole life, and other types of coverage.

What commercial insurance is required in New York?

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Protecting your business is good business. If you have employees, it can save their jobs and, of course, it can save your income. Making sure that you have the correct coverage is important. Who wants to pay for coverage they don’t need?  At L M Insurance & Financial Services LLC in  Bronx, NY, our experienced team will work with you to curate the correct policy for your particular business. 

In New York, two types of commercial insurance are mandated by law. If you have any employees, you are required to have worker compensation insurance. This protects your workers in the event they are injured while doing their job. They can collect for medical bills they incur because of their injury and also for lost time. If your business owns any vehicles, you also need to carry commercial auto insurance. 

Just because other coverage isn’t mandated by law doesn’t mean it’s a good idea not to have it. Most businesses can benefit from commercial property insurance and commercial liability insurance.

Commercial property insurance protects not just the physical structure that houses your business but it also covers the things you need to do business. This is different for every business but can include things like computers, telephones, tools, machinery, raw materials, office equipment, and inventory. Whatever you need for your business to operate. Obviously, a plumber uses different things than an accountant. 

Commercial liability insurance protects your assets from legal action taken against you. It can be from a customer, a client, a vendor, or even an employee. About one in three businesses are involved in legal actions every year.  It can cause a lot of financial damage to your business if you don’t have liability insurance. 

Contact L M Insurance & Financial Services LLC in Bronx, NY to get the commercial insurance you need.

What is a home inventory and why should I have one?

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As a homeowner, you hope that nothing bad ever happens to your home while knowing that the chances are pretty high that eventually something bad will happen and you will have to file a claim. There is no way in the world to make filing a claim fun, but you can make it easier with an inventory. In Bronx, NY, L M Insurance & Financial Services is your local independent insurance agency and we customize our customer’s policies to suit their needs. 

When your house is hit by a covered peril, you will file a claim. As part of that claim, the insurance company will want to know what you lost in the peril. You will have to supply a list. Imagine trying to construct that when your entire home has been destroyed. You will be traumatized but you will not be able to see what you used to have because it is gone. This is a recipe for stress. 

If you had created an inventory and stored it in a safe place, you would be able to just give the insurance company a copy. What could be easier and less stressful?  You create an inventory by going through each room in your home and documenting the items that are in it. You will also attach any invoices or sales slips to give detailed information. Adding pictures to your inventory is a good option as well. You want to provide as much information as possible. 

Do every room in your house, don’t forget to open drawers, closets, and cupboards. Go to the attic and the basement, the garage, and even the shed. Write everything down. When you are done, store your inventory in a safe place, hopefully away from your home. 

If you live in Bronx, NY talk to L M Insurance & Financial Services about your home insurance needs. 

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"Proudly servicing the New York, Tri-State Area for nearly 20 years. Miami FL office coming soon.."

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