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.

 

 

 

 

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.

 

 

 

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.  

 

 

 

 

 

One of the biggest mistakes you can make as a renter is not taking out renter’s insurance. While you may not own the property you do own the items within the property. If anything is stolen or damaged there is a good chance your landlord will not cover this kind of damage. That is exactly why you need renter’s insurance. So whether you live in or around Pomona, CA the team at THINK Insurance & Financial Services can help. 

Increased Risk of Property Damage

When you live in a home the greatest risk of property damage comes from the people living inside. However, when living in a rental you don’t need to just worry about those living in your unit. You need to worry about everyone. If one person on the other side of the building falls asleep while cooking or plugs too many items into a power outlet it may start a fire that engulfs all of your valuables. When renting a property you’re at greater risk, which is why you need renter’s insurance. 

Protect Your Personal Investments

Do you have an entertainment system? Perhaps you have an expensive gaming laptop or you have an elaborate wardrobe. If these items are stolen or damaged you will likely be out of luck and forced to re-purchase everything. That is unless you have renter’s insurance. Renter’s insurance is a valuable investment to consider as it will safeguard what you currently own within the property you are renting. 

No matter the size of your rental space, whether you’re renting an apartment for yourself or for your family, it is important to invest in renter’s insurance. So if you’re living in or around the Pomona, CA area now is the time to contact THINK Insurance & Financial Services. 

Obtaining a life insurance policy from THINK Insurance & Financial Services in Pomona, CA is the first step toward establishing a financial foundation for the future. The next step is naming a beneficiary. Your beneficiary will receive the proceeds of your policy upon your demise. Here are a few aspects to consider when selecting a life insurance beneficiary.

Spouse and Family

If you’re married and have children, your primary responsibility is to your immediate family. Naming your spouse and kids as beneficiaries provides them with financial support to carry on after you’re gone. Proceeds from your policy can be used to pay the bills, liquidate debts, cover childcare and medical expenses and more, giving your spouse time to plan for the future.

Even without children, your spouse will need financial assistance after you’re gone, especially if you were the main breadwinner of the family.

Parents

If your parents helped co-sign your private student loans or loaned you money for a down payment on your home, you may want to name them as co-beneficiaries with your spouse to help repay their generosity.  This alleviates your parents of the financial burden of these outstanding debts.

Minor Children

As a single parent, you may want to name your minor child or children as beneficiaries of your life insurance policy. If so, be sure to designate a trusted custodian to help manage these funds until your kids come of legal age to make decisions on their own. You can also place these funds in a trust for your children to be distributed at a designated time.

Siblings/Close Friends/Charity

Other considerations for beneficiaries include siblings, close friends, business partner or your favorite charity for which you’d like to provide financial support.

For more information on choosing a beneficiary or life insurance options and costs, contact THINK Insurance & Financial Services in Pomona, CA.

When it comes to making smart business decisions, one of the most important is the type of commercial insurance you buy. Not all commercial insurance policies are the same. When choosing your insurance provider, along with the terms and conditions outlined in the contract, you should also inquire about the ability to customize the policy to cover your specific needs.

Why Customize?

Depending on what type of industry your business is in, you may need to beef up your policy in certain areas or add riders to cover additional property or offer a greater amount of protection. Some industries have specific hazards that are unique, which is why selecting an insurance company that has flexible policies is crucial for some types of business. Customizing ensures that there are no gaps in the coverage that can leave you financially crippled. 

Selecting A Provider

Finding the right company to protect your business from potential risks and losses is the key to having peace of mind. One of the things you should look for is excellent customer service. Most companies offering a high level of service will also provide excellent insurance products. Check with a reputable company such as THINK Insurance & Financial Services serving the residents and businesses in and around Pomona, CA. They can give you additional details about customization and services available to potential customers. 

If you are located in or around the Pomona, CA area and would like to purchase quality insurance products from a commercial insurance provider that values quality and satisfaction, contact THINK Insurance & Financial Services today and speak with a knowledgeable representative. Get the coverage you need to protect you tomorrow.