Why Should I Invest in Life Insurance?

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Many people fail to see the benefits of life insurance. Life insurance is something that can create peace of mind. It can provide money for your loved ones in the event of your timely or untimely death. There are different types of life insurance that suit different needs, wants, and preferences of those who choose to invest in it. However, regardless of the type of insurance you choose to invest in, there are many benefits. Our team at The Sirover Agency LLC is dedicated to educating and guiding the Wayne, PA community about the ABCs of life insurance. 

What Is Life Insurance?

Life insurance is simply the type of policy that pays a specific sum of money in the event of your death or after a set period of time. It’s a contract between the insurance company and the policyholder. The insurance company pays specified people money in the event of a death or after a set amount of time. A life insurance contract may allow a beneficiary to collect payment in instances of terminal illness or critical illness.  Life insurance payments are usually made to beneficiaries like a wife/husband or children.

What is a good age to get life insurance?

Life insurance is the most affordable when you are in your 20s. You can purchase affordable term life insurance during your younger years and lock in great rates. Young people pose less of a health risk to insurance companies because younger people generally have fewer health issues than older people. In essence, you’re purchasing insurance earlier than you need it, more than likely. However, doing this makes life insurance more affordable. 

Other Important Points…

When a life insurance beneficiary receives a payout, these payouts are tax-free as well as estate-tax-free. The cash accumulated during your life insurance is tax-deferred. Life insurance can also replace your income if you pass away. This money is often used to pay for a funeral or other bills. Our team at The Sirover Agency LLC in Wayne, PA is committed to helping our Wayne PA residents understand life insurance and its many benefits.

Pennsylvania Umbrella Insurance – Can You Get A Discount Through Umbrella Coverage?

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We’ve all been there, haven’t we?  You get an invoice for your monthly auto insurance premium from one company, and then you get an invoice for your monthly home insurance premium from another company.  It’s still not over though as the next day, you get another invoice for your monthly life insurance premium from yet another company!  So that’s three different companies that you have to keep tabs on and to send your hard-earned money to once a month.  Wouldn’t it be nice to be able to just cut one check a month to handle all of your insurance coverage?  It’s not a dream to achieve this these days as you can have one insurance company handle all insurance bundled under umbrella insurance coverage.  The Sirover Agency LLC in Wayne, PA handles umbrella insurance coverage and other services.

Umbrella Insurance Discount

The big plus in getting umbrella coverage is that you get a small discount for each individual policy bundled under the coverage.  Instead of paying top dollar to individual insurance companies for those policies, you can save on those policies by employing them under one umbrella insurance coverage.  You should select an insurance company with a good track record, perhaps it’s an insurance company that you’re already doing business with.  The small discounts that you receive from each policy under the umbrella may seem small on a monthly basis, but expand on those numbers for a year or two.  Then, you’ll see the real savings over an extended period of time which can add up to thousands!

To Learn More

If you would like to know more about umbrella insurance coverage, please contact The Sirover Agency LLC in Wayne, PA today!

Mistakes to Avoid When Getting Auto Insurance

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If you regularly drive to work or love traveling within Wayne, PA, getting auto insurance will be the smart thing to do. An auto policy protects you against liability claims when you cause injury and property harm to other parties while also allowing you to protect yourself and your passengers. Unfortunately, numerous policyholders will occasionally make mistakes when getting their cover, lowering its benefits. The Sirover Agency LLC discusses mistakes to avoid when getting auto insurance.

Purchasing the Bare Minimum

Every state has its own set of policies that drivers are required to adhere to, failure of which could lead to license revocation. To avoid this, numerous drivers purchase these policies but forget to sign up for additional coverage. While state-mandated cover will help you take care of other parties’ expenses, you also need to get coverage to protect yourself, your family, and your passengers from bodily harm and damage to your vehicle. Due to this, consider getting optional coverage.

Failure to Understand Your Policy

Different policies protect you from various risks while also placing exclusions on other perils. An example of this is comprehensive auto insurance that covers non-collision accidents with attention to hazards such as fires, theft, and vandalism. Unfortunately, this type of policy will limit perils such as earthquake damage, requiring you to pay out-of-pocket for the expenses incurred or have additional coverage. With this in mind, research what your policy covers before purchasing it.

Failure to Disclose Relevant Information

Numerous first-time policyholders will often fail to disclose various information when getting their insurance in the hope of getting favorable coverage. This comes with its downfall since different policies prove helpful when relevant information such as teenage drivers is disclosed. This may result in reduced compensation or cause you to lose out on your policy benefits entirely. Ensure that you write down the age of your drivers and the purpose that your vehicle will be used for.

Whether you need to renew your policy or need first-time coverage within Wayne, PA, consider reaching out to The Sirover Agency LLC today. Our agents will provide tailor-made auto policies for your traveling needs. 

Will Your Home Insurance Policy Lapse if You Pass?

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When a homeowner passes away, the transition to a new home insurance policy can be tricky. Thankfully, The Sirover Agency LLC can help Wayne, PA area residents better understand their options and keep them from experiencing financial troubles as well.

The Policy Provides Some Protection 

After you pass away, if you own a home, your home insurance policy is up in the air. While it isn’t going to go away immediately when you pass, it is crucial to take a few steps to help your family transition to a new option. These steps include the following moments:

  • The Original Policy Stays Temporarily Valid – If you pass away partway through your insurance term, it will stay valid until your policy finally expires. 
  • A New Policy Must Be Created – After a new homeowner is decided, the homeowner and their insurance company must create a new policy to avoid complications. 
  • Other Changes Must Be Made – If you want to make changes to an insurance policy, it is vital to do so in 30 days or less to ensure that no legal issues occur. 

A lapse in home coverage, no matter how brief, may trigger complications with selling a home, preparing it for the market, or moving into it. So, if you’re concerned about your family after you pass, make sure you tell them this information to make the transition to a new insurance policy more accessible.

Don’t Get Caught By Surprise 

This situation usually doesn’t impact most people but should be considered a potential concern. Therefore, it is essential to talk to us at The Sirover Agency LLC serving Wayne, PA, to learn more. We’ll do what we can to help protect you from these dangers and give you the inside scoop on the potential complications that may otherwise occur and affect your coverage. 

Life insurance FAQs

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Life insurance can be confusing. It’s not like you can just take a course about how much you should have and the different types that are available. You have to count on your insurance agent to give you the information you need to make an educated decision.  You may have questions and hopefully, we will give you the answers you need in this post. At The Sirover Agency LLC in Wayne, PA we are proactive in servicing the needs of our customers. We believe in the need to keep your insurance updated to meet your current needs. 

Is there a best time to purchase life insurance? 

The ideal time in terms of price is when you are young and healthy. However, it is the time when you will probably feel you need life insurance the least. Don’t let that deter you, think long term. The whole life is what you might want to focus on at this point in a lifetime financial plan. 

Whole life versus term life, what do I need?

The reality is you need both. Term life has a term. You don’t want to purchase it too soon when it really isn’t needed. It is less expensive and is best suited to protecting your children during their childhood. Whole life will be with you throughout your entire life, and it earns dividends that allow you to borrow from it if the need arises. 

Do I need to buy my own life insurance if I get some from work?

Does your employer know exactly how much life insurance you need to protect your family?  Do you plan to stay with this employer for your entire work life?  Life insurance is something best left to you to control. Accept your employer’s policy as a nice addition but not your primary coverage.  

Contact The Sirover Agency LLC in Wayne, PA for all your life insurance needs. 

Who Needs Umbrella Insurance in Wayne, PA?

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If you have a boat, auto, or home insurance policy in Wayne, PA, you may not understand when someone says you need umbrella insurance. However, like many things, your insurance isn’t perfect — it has limitations and exclusions. As such, you may need umbrella insurance from The Sirover Agency LLC to boost your conventional policies. 

What is umbrella insurance?

In simple terms, an umbrella insurance policy is an additional layer of liability insurance. It extends beyond the limit of your other standard insurance like home and auto insurance. It intends to pick up where other coverages leave off to protect your assets. It also provides coverage for claims excluded by your other liability policies like libel, slander, and false arrest.

Ultimately, umbrella insurance covers the below when accused by third parties: 

  • Bodily injury liability 
  • Property damage liability 
  • Personal liabilities
  • Legal costs

As you can see, umbrella insurance is the perfect coverage to have when facing storms. But does everyone need umbrella insurance? Let’s find out.

Who needs umbrella insurance?

There is a popular myth that umbrella insurance is for the rich and famous only. This notion isn’t entirely accurate. Umbrella insurance suits many people, from the modest, super-rich and anyone in between. Generally, you may need umbrella insurance if:

You have significant assets

Litigations can wipe your hard-earned assets when your typical insurance runs out. However, umbrella insurance can protect your assets even when the limits of your standard coverages are exhausted.

You own a business

Businesses operate in a risky environment. One such significant risk is lawsuits. Legal suits emanating from employees, customers, suppliers, and other parties can be substantial, wiping your business finances. 

You participate in risky hobbies

Do you participate in skiing, hunting, or surfing? When you take part in these hobbies, there are chances you can harm other people. Since the arising third-party costs can be significant, you need umbrella insurance for optimal protection. 

Umbrella insurance in Wayne, PA

The list above isn’t exhaustive — there are tons of other reasons you need umbrella insurance. To learn more about umbrella insurance, please get in touch with The Sirover Agency LLC for more information.

What Does Auto Insurance Cover?

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Auto insurance is one of the mandatory coverage that residents within Wayne, PA are required to have upon purchasing a vehicle. While numerous policyholders understand the basic coverage features, not all are aware of such information, especially if you are a first-time policy seeker. The Sirover Agency LLC can help with this, with the following guide detailing what auto insurance covers.

Property Damage Liability

The first item covered by auto insurance is property damage liability. If you are found liable for an accident that results in the other party’s destruction of property, auto coverage will help you take care of the repair and replacement costs. This can be damage to vehicles or other 3rd party property such as buildings.

Bodily Injury Liability

Auto coverage will also help you pay for bodily harm that you cause during an accident. Bodily injury liability kicks in when other parties incur treatment costs, with this cover ensuring that such expenses are taken care of.

Medical Payments

Accidents will often leave you with injuries to cater to, an aspect that could lead to significant medical expenses. Auto insurance provides medical payments coverage, a policy that provides compensation for the costs of injuries. This policy also covers your passengers, helping them pay for their treatment expenses when they get injured.

Uninsured and Underinsured Motorist Expenses

When an uninsured motorist hits you, and you get bodily harm, or your vehicle gets damaged, uninsured motorist coverage helps you pay the ensuing costs. Underinsured coverage comes in handy when you get into an accident with a motorist whose coverage is not enough to cover your costs of medical expenses and property damage costs.

Collisions and Non-Collision Incidences

Collisions are also covered by auto insurance, with collision coverage coming in handy when you encounter impact accidents. Non-collision accidents are also covered by auto insurance, with a comprehensive policy helping you take care of emergencies related to fire, hail, theft, and vandalism.

If you need coverage designed to take care of your injuries or damage to 3rd party property during your Wayne PA drives, auto coverage will be your go-to. Call The Sirover Agency LLC today to purchase auto insurance.

Demystifying Popular Home Insurance Misconceptions

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Nothing is more frustrating than buying home insurance based on wrong facts. It can be nasty when disaster strikes, only to find out that you are not covered. With many home insurance myths being peddled about, The Sirover Agency LLC is here to set the record straight to help Wayne, PA homeowners buy home insurance plans free of bias. Here are the facts.

Myth #1: Your home should be insured against the market value

The insured value of your home you should be looking at is how much it will cost to rebuild your house from scratch — not the amount it will fetch if you were to sell it today. The cost of replacement is usually below the market value because it excludes the cost of land. 

Myth #2: All your valuables are covered

While its true home insurance covers your furniture, electronics, and other assets against loss or damage, high-value items like art, cash, and jewelry have limited protection. So, it’s vital to check with a specialist insurer for optimal protection if you have high-value items.

Myth #3: All damages are covered

Homeowners with home insurance protect their home and other assets against numerous risks, including theft, vandalism, fire, and select natural calamities. While home insurance protects you from various threats, it doesn’t cover damage resulting from:

  • Normal wear and tear
  • Mold and pest infestation
  • Acts of war
  • Floods and earthquakes

It’s critical to go through all your home insurance exclusions to avoid a surprise when making a claim. 

Myth #4: Home insurance pays for your family injuries

While your home insurance may have bodily injury coverage, it doesn’t cover you or your family members. It pays for guest’s medical expenses for injuries sustained while on your premises.

Not yet covered by home insurance? Please contact The Sirover Agency LLC, serving Wayne, PA, and the surrounding areas today.

Life Insurance: Help Protect Your Loved Ones

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Is it true that life insurance is too expensive? At The Sirover Agency, LLC, we believe this is a misconception. These fears are mainly propagated by people who lack adequate information on the actual cost of life insurance and its various plans. Also, they fail to explore the benefits of life insurance.

If you’re a resident of Wayne, PA, this short guide is for you. We’re here to show you why you need this insurance policy to protect the people you love.

Common Types of Life Insurance

To understand life insurance benefits, you must first know two critical types of plans: term life insurance and whole life insurance. Term life covers you for a specified period. As a result, it is cost-effective, although it offers temporary coverage. Whole life insurance covers you for the rest of your life.

Benefits of Life Insurance To Your Loved Ones

If you care for loved ones, the last thing you’d want is to leave them in poverty. If you were the sole breadwinner, life might be challenging for them once you’re no longer present. They might struggle to get food or even have to drop out of school. Is this something you’d wish to happen to your children?

With life insurance, your loved ones are guaranteed a certain amount of money upon your death. The amount is predetermined, so you’re sure your loved ones will be getting enough amounts to take care of their needs.

Life insurance will also make sure your loved ones have enough money to pay any debts you might leave behind.

Purchase Your Life Insurance Policy Today

Every breadwinner in Wayne should have the best interests of their loved ones at heart. That’s why you need to buy life insurance and live knowing that should anything happen to you that leads to death; your family will still live a comfortable life.

Are you looking for a life insurance provider in Wayne, PA? The Sirover Agency, LLC is your reliable partner for insurance matters. Contact us today for more information.

4 Areas Where Umbrella Insurance Can Be A Real Asset

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The Sirover Agency LLC serves the Wayne, PA community by offering residents multiple types of policies. We want to make sure that our clients are covered for whatever issues life may bring their way. We understand that your life may evolve, so your insurance needs will change. That’s why we are prepared to help you through every stage of your life. We proudly serve as an independent insurance agency.

Where is Umbrella Insurance an Asset?

Umbrella insurance offers a layer of protection in the event of a serious emergency. Accidents can happen at any time. However, it’s important to have a plan in place. Umbrella insurance covers you if you are involved in a serious liability dispute. Here is a look at four specific situations where umbrella insurance can assist you.

Your Home

Umbrella insurance can protect you if someone gets injured while visiting your Wayne, PA home. The policy also protects you if you cause serious damage to your neighbor’s property. If you have a pet, umbrella insurance will protect you if your pet injures someone. Umbrella insurance provides an extra layer of protection besides your existing liability coverage so that you can defend yourself against the charges.

Accidental Collision

Umbrella insurance covers you if your vehicle causes damage to someone else’s property.

Slander

If you work as a professional advisor, you face certain risks. You may be accused of slander if one of your tips turns out to be detrimental. Umbrella insurance will help you cover the allegations.

Hosting a Party

If you are hosting a party, umbrella insurance can prevent you from being held liable if one of the attendees causes damage.

The Sirover Agency LLC Will Help You Cover Your Assets

Visit our website to learn more information about umbrella insurance.