Which Type of Life Insurance is Right for Me?

For people in and around the Pomona, CA area, being properly covered by insurance is very important. One important type of insurance that many people need to have is life insurance. If you are shopping for life insurance, you will quickly find that there are many different options to choose from. There are several factors to consider when you are trying to determine which type of life insurance is right for you.

Maximum Coverage for Smallest Cost

Most people that are shopping for life insurance will want to have the most amount of coverage possible without spending too much on a monthly basis. In these situations, getting a term life insurance policy is a great choice. With a term life insurance policy you will get a certain level of coverage for a fixed period of time. The level of coverage that you gets tends to be much higher than other life insurance options.

Investment Opportunity

An additional benefit of life insurance is that it can provide you with a low-risk investment option as well. If you invest in a whole life insurance policy, you will get a policy that will remain in place for as long as you want. Further, a portion of your monthly premiums will accrue in an investment account. This will build up significantly over time and can eventually be liquidated. 

If you are in the Pomona, CA area and are looking for a life insurance policy, the team at THINK Insurance & Financial Services should be your first call. When you call the professionals at THINK Insurance & Financial Services, you can receive the support you need to make a good decision about your life insurance options. This will ensure you get the right coverage and policy type for your situation. 

Accident Forgiveness

THINK Insurance & Financial Services in Pomona, CA is an independent agency that offers automobile insurance advice to meet the needs of its customers.  The standard auto insurance policy includes such types of coverage:  liability, damage to property, collision, comprehensive, Personal Injury Protection which pays for medical, rehabilitation work loss, funeral costs and replacement services and uninsured/underinsured motorist coverage.

One facet of automobile insurance is “accident forgiveness”.  "Accident forgiveness" is a cost-effective device to entice the driving public to purchase an automobile policy.  Other than the true savings on the cost of automobile insurance accident forgiveness most attractive features are the prevention of an insurance premium from rising if the insured is involved in an at-fault accident, preventing insurance premiums to increase and protecting the customers driving record due to an insurance company’s “at-fault” rating system.   However, the accident is still on your driving record.

Generally, accident forgiveness insurance is offered to an insured that has a “clean” driving record.  For instance, if a customer has multiple auto accidents in the past three years or excessive speeding/moving tickets, you will not qualify.  On the other hand, if your carrier does not offer accident forgiveness, it may offer discounts as your driving record improves.

Buying the cheapest insurance premium does not always save cost as a result of an accident because there are higher out of pocket expenses.  The cost of accident forgiveness may result in a slight increase in the premium while overall reducing the costs because of hidden costs associated with a gap in insurance coverage because the bodily injury limits are too low, the limits for property damage are inadequate, higher out-of-pocket deductible expenses and not rental car coverage.

The agents of THINK Insurance & Financial Services in Pomona, CA  will advise you of your auto insurance needs and ways you can increase the value of your policy to reduce any of the hidden costs of being underinsured.  Please call for an appointment!

Tips for Buying From the Health Insurance Marketplace

The health insurance market place is open from November 1, 2018, to Saturday, December 15, 2018. If you are looking to purchase health insurance through the marketplace, you must do so by December 15 or you cannot purchase from here unless you have a qualifying life event. Here at THINK Insurance & Financial Services, serving the greater Pomona, CA area, we are often asked about buying health insurance from the marketplace. Here are a few tips to help guide you through this process. 

Compare Private and Health Insurance Marketplace Prices

If you are looking for health insurance, it is important to compare the prices for policies available within the health insurance marketplace to private policies available outside of the health insurance marketplace. Many people assume that the health insurance marketplace is the most affordable option. While it usually is for those who receive credits or have a pre-existing condition, it may not be for everyone. Always take the time to compare rates. 

Carefully Review Deductible and Maximum Coverage Amounts

Another tip is to carefully review the deductible and maximum coverage amounts when buying a policy. Not every policy is the same on the health insurance marketplace. Some have high deductibles and low maximum coverage amounts, while others may have lower deductibles and higher maximum coverage amounts. Never assume coverage is the same and carefully review it. 

Consider What Plans Your Current Doctors Accept

Lastly, always ask your current doctor what insurance plans they accept. If you want to stick with your current doctor, find a plan that they accept. Many people prefer to stay with their doctors, but don’t select a plan that their doctor accepts, which forces them to have to change providers. 

Are you looking to purchase health insurance in the greater Pomona, CA area? Then let THINK Insurance & Financial Services help you find the right health insurance policy for your needs or for your family’s needs. Contact us today to get started. 

Is Renters Insurance Required?

Many people have never heard of renters insurance, and some might even question why it would be necessary. The fact is, renters need protection from the unfortunate just as much as home owners do. They may need it even more. Renters often live in buildings with multiple units. This raises the risk of an individual causing an incident that could impact other renters within the building. What can a renter do? They can insure their possessions so that if the worst comes to pass, they can recover much more quickly. Our agents at THINK Insurance & Financial Services can help them with that.

Renters who learn about renters insurance often have a variety of questions about it. Here at THINK Insurance & Financial Services, we can discuss your questions and fill you in on the value of renters insurance. We’ll even help you sign up for dependable insurance that is provided by reputable companies. This saves you the trouble of making a long list of phone calls to various insurance companies or reading dozens of websites. We’ll have all that information in one place and give you the answers you need. You can leave our office with the insurance coverage policy you can use. Save yourself the time and hassle of doing all the research yourself. We will provide all the latest information in one place and at one time. Renters living around Pomona, CA can rely on us to treat them with respect and offer services that provide peace of mind.

Renters insurance is not required by law. However, some rental companies require it as a condition of their rental agreement. This kind of protection just makes sense, and our agents are pleased to help renters throughout the Pomona, CA area. Contact us today.

Does Condo Insurance Cover Condo Vacation Rentals?

More people than ever are looking to rent out their homes, condos or townhouses as vacation rentals. This is because the internet makes it easy to do so. If you are considering doing this, you may find yourself wondering if your regular condo insurance coverage still applies if you use your condo as a vacation rental. Here at THINK Insurance & Financial Services, serving the greater Pomona, CA area, we want you to be informed. Here is what you need to know about condo insurance and condo vacation rentals. 

A regular condo insurance policy is designed to cover you living in the condo. It is not designed for people who are planning on renting their condo out, either for short or long term rentals. If you are planning on renting your condo out as a vacation rental, you may need what is known as a short-term rental policy or a vacation rental insurance policy. If you are planning on renting out your condo for a long period of time, you may need what is known as a landlord insurance policy. The right insurance policy will cover you and your property when you are renting out your condo. 

Having the right insurance policy in place for your condo is important, and the right type of policy varies based on how you plan on using the space. Whether you are looking to reside in the condo, rent it out as a short-term rental or rent it out for the long term, THINK Insurance & Financial Services, serving the greater Pomona, CA area, can help you get the right insurance policy for your needs. Contact us today to get started. 

Using Life Insurance for Estate Planning

After working a lifetime to build a legacy for your family, you need to make sure to cover every aspect of your estate planning process. Life insurance gives you a source of support for your survivors, education funding for dependents in the event of a sudden passing and a means of protecting both your business partners and your family.

This is why it’s so important to understand how life insurance can simplify your estate planning. Ask your THINK Insurance & Financial Services agent in Pomona, CA what your best options are, but first, get started with the essential information below.

When Does Life Insurance Need to be Included in Your Estate?

Smaller estates don’t realize the significant tax savings made possible by life insurance ownership. However, if your net worth exceeds $2 million, life insurance helps your beneficiaries save on tax obligations and sets them up to move on with their lives. 

Planning Objectives for Insurance

Life insurance is used in estate planning to pay off any debts, support your dependents and even to accumulate wealth. You can get term life insurance that covers you up to a certain milestone, such as your children finishing their education or the retirement of your spouse. However, many choose permanent insurance, typically whole life insurance, due to its flexibility in terms of building wealth.

Whole life insurance can be used for long-term goals, has consistent premiums and is a great way to accumulate additional wealth accumulation.
Universal life insurance is great when you want flexible premiums, death benefits, and nominal savings potential.

Types of Life Insurance Trust Arrangements

There are two kinds of life insurance trusts to help you preserve your wealth.

Revocable Life Insurance Trust. The trust is the beneficiary if you pass away, but you retain the right to nullify the trust as well as the ownership of your property. This protects you as well as your beneficiaries and is recommended for younger families.

Irrevocable Life Insurance Trust. This policy allows your spouse to be the beneficiary without controlling the principal and is subject to approval by the trustees.

THINK Insurance & Financial Services in Pomona, CA is here to help you understand all your life insurance options. Call today to set up an appointment for a quote.

 

 

 

 

Choosing A Commercial Insurance Policy That is Right for your Business

Many risks gnaw at your business provided that it is running. The best way to navigate through these risks safely is by getting your business an insurance cover. It can, however, be a daunting task trying to find the right commercial insurance policy for your business if you don’t know where to start or where to look.

Here are three things you need to consider when searching for an insurance policy well suited for your business

  • Research on the internet

The internet is an excellent start to researching different business policies. Currently, there are a ton of Insurance companies offering different insurance covers for business owners. It is incredible how much information you can get. By visiting various websites, you can get to learn about the cover best suited for your business and the different rates in the market.

  • Cheap is costly

Different insurance website on the internet provides different rates for their covers. However, one thing to always have in mind is that cheap is expensive. Insurance companies are also businesses out to make money. Some of these companies give you covers that barely give you the coverage you need.

  • Provide accurate information on your business

It is a legal requirement to provide accurate information as you fill in the form for an insurance cover. It is also vital if you wish to avoid problems that may arise over the value of items insured especially after incurring a substantial loss. Always make sure that you add up all the assets you would like protected and do a valuation before you fill in the insurance form.

 To learn more about commercial insurance, contact THINK Insurance & Financial Services, serving Pomona, CA for more information and details.

 

 

 

Will Your Home Insurance Cover Damage Caused By a Contractor?

Are you planning a large home improvement project, or does your home need substantial repair? Whatever the reason, having a contractor in your home for a substantial period of time can open you up to liability for which you may not have coverage. Before you begin a large project, it is advisable to meet with your agent at THINK Insurance & Financial Services in Pomona, CA. We can provide the guidance necessary for you to have all of your policies up to date and in place before your project begins. 

Protect Yourself from Damage and Liability Before You Begin Any Major Home Project

Your home insurance policy likely provides some level of protection for both damage and liability for contractors and other third party vendors and service providers in your home. However, with a substantial project, your coverage levels may not be adequate. In addition to upping your own coverage, it may also make sense to have your contractor add you to their policy as a named insured. This can typically be accomplished with a small amount of paperwork and will be more than worth it should any accident or mishap occur on your property during your home improvement project.  Protect yourself and your family from liability in the event that your contractor is injured or causing damage to your home.

Do you want to make sure that you have adequate coverage in place before you begin a major renovation project? The agents at THINK Insurance & Financial Services are here to provide the necessary review of your current policy and recommend any additional coverage for your home project in the greater Pomona, CA area. Call or stop by today and we will make sure that your coverage levels are appropriate before you begin that major project.

How Does Auto Insurance Provide Peace of Mind?

If you’ve been wondering whether or not to buy auto insurance, you should know there are plenty of reasons to make this wise investment. And when approached the right way, you will come to see that auto insurance can serve as one of your most valuable assets. Here at THINK Insurance & Financial Services serving the Pomona, CA area, we have put together a list of ways purchasing auto insurance can provide great peace of mind. Let’s take a quick look at these reasons. 

You can Replace a Damaged Car

Depending on the type of coverage you purchase, you may be able to entirely replace a damaged car thanks to your auto insurance policy. To understand exactly how your policy works and the benefits that it can bring, it is important to speak with a qualified agent that works for your insurance carrier. 

You can Be in Compliance With the Law

In the state of California, it is mandated by law that you have auto insurance if you are the owner of a car. Purchasing a policy can provide great peace of mind because it allows you to rest easy knowing you are driving around by being in compliance with state law. 

You can Protect Your Assets

If you don’t have auto insurance and you are at fault in an accident, you will be held responsible for paying for any damages and injuries. If you don’t have the monetary means to pay for the damages and injuries, it is very possible you could be sued, meaning you could have to sell some of your assets. With insurance, you are protecting your assets. 

Contact THINK Insurance & Financial Services serving Pomona, CA for more information about the importance of buying an auto insurance policy. 

Emergencies While on Vacation

There are many things we plan for.  Planning for medical emergencies while on vacation isn’t one of those things we prepare for.  Hopefully, you will never find yourself in a situation where an emergency comes up, but it’s always good to be prepared.  THINK Insurance & Financial Services wants to help you prepare for your next vacation abroad so you can fully enjoy your time away.

Before You Go

Before you go to the airport and leave Pomona, CA you have to plan.  Here are some things you should consider doing before you go.  

  1. Register with the U.S. State Department:  Registering with the US State Department can be done online and will ensure that you get help should an emergency arise while traveling.  
  2. Find contact information for the U.S Embassy:  Before you leave, find the contact information for the U.S. Embassy in the country you will be traveling to.  If you have a medical emergency while you are on vacation the Consular at the U.S Embassy should be able to provide aid.
  3.   Fill out emergency contact information on passport:  That emergency contact page in your passport is one that’s often overlooked, but if you’re planning to leave the country you might want to revisit that page.  Filling out may prove helpful if you have a medical emergency and will be something that police look for when providing assistance.

 While You’re There

If the unthinkable happens to call for help as soon as possible.   If you have access to your personal phone you can call, and if you don’t you can shout for help.  Once someone comes to have them take you to the nearest medical facility as soon as possible.  

Being prepared before you leave Pomona, CA will help and THINK Insurance & Financial Services is available should you have further questions.