Difference Between Term And Permanent Life Insurance

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When you are shopping for life insurance, it is easy to get confused by the various options available. Buying the wrong type of policy can cause financial disaster and leave your loved ones without proper coverage and financial protection. Life insurance is divided into two types – term life insurance and permanent life insurance. The Sirover Agency LLC, serving Wayne, PA, will explain the difference between these two types of insurance so that you can make the right choice.

Permanent Life Insurance

This type of life insurance is designed to stay in place for the individual’s entire life. A permanent type of life insurance provides death benefits to beneficiaries and can also be used as an investment or savings vehicle. One of the most significant differences between term and permanent policies is that permanent life insurance costs more. 

There are two types of permanent life insurance – universal and whole life insurance. Compared to whole life insurance, the universal type offers a bit more flexibility. It gives you an option to adjust death benefits or premiums within certain limits. 

Term Life Insurance

It is a type of short-term policy. Compared to permanent life insurance policies, term life insurance is quite straightforward. It stays in effect only for a certain period of time, usually from 5 to 30 years. Once the policy expires, you will have an option to renew it to keep the coverage. You can also convert it into permanent life insurance. Term life insurance policies are much cheaper and normally do not cost more than a few hundred dollars a year. 

If you are currently looking for an insurance company to purchase a life insurance policy to protect your beloved ones, The Sirover Agency LLC serving clients from Wayne, PA is ready to assist you. If you still have questions about these two types of life insurance, do not hesitate to give us a call, and our experienced agents will provide you with the information you need. 

What is Umbrella Insurance?

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When you’re caught out in a storm, you need an umbrella to protect you from Cleveland, OH to Wayne, PA. That’s where the term umbrella insurance comes from. It’s added protection in the event of a crisis you never expected. We may be able to predict some storms, but not all, especially accidents. Having umbrella insurance gives you maximum coverage at all times. You can add it to your home, auto, or recreational insurance for extra peace of mind. 

Scenarios Where You’d Need Umbrella Insurance

Umbrella insurance works by kicking in when your other benefits run out. For example, someone injures themselves on your property and then sues you. To cover the cost of litigation, you will use your homeowner’s insurance. However, this may not cover the entire cost, at which point your umbrella insurance will kick in. Take another example. You are cruising the lake on your boat when another boater causes an accident and your boat is now damaged. Unfortunately, the at-fault driver doesn’t have any insurance. At this point, you would submit a claim with your boating insurance and if there isn’t enough to cover the damage, your umbrella insurance will kick in. 

Purchase and Umbrella Insurance Policy

To learn more about umbrella insurance, contact the reputable team at The Sirover Agency LLC, serving the Cleveland, OH and Wayne, PA area. We are standing by right now to answer all your questions and concerns, compare quotes, and bundle policies to save on your premiums. You probably already have a number of insurance policies that you can bundle together under one carrier.

The Sirover Agency LLC can be reached online or by phone at 610-240-7700.

What should I think about when picking an auto insurance policy in Wayne?

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When you are in the Wayne, PA area, there are many different insurance needs that someone will have. If you have a car in this area of Michigan, one important form of insurance you will need is auto insurance. Several factors should be taken into consideration when you are looking for a new auto insurance policy here. 

Liability Insurance Requirements

One factor that you should consider when looking for auto insurance is your liability insurance needs. Those that are in Pennsylvania need to make sure that they carry liability insurance at all times as it is required by law. When you are looking for insurance, you need to at least comply with the state minimum requirements. However, there are plenty of situations when having more coverage will be a good decision for peace of mind. 

Protection for Asset

Another factor that you should think about when you are picking an auto insurance policy is to consider your asset protection. When you are looking for auto insurance, you will want to get a collision and comprehensive insurance policy to protect your asset. This is a good idea to get if you have a valuable vehicle that you want to protect or have taken out a loan to buy.

Anyone in the Wayne, PA area with insurance needs for their car should call The Sirover Agency, LLC. If you are in contact with The Sirover Agency, LLC, you will receive a lot of support that you need to choose a policy. The team here will help you find a policy by carefully assessing your needs and building a plan around them. 

How often should you review your home insurance

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Home insurance is something most people take for granted. You usually get a policy when you buy your home, and after that, the policy renews every year without you having to do anything. While that is the easy way to do things, it might not be the best thing for you. Your home insurance should be reviewed from time to time to make sure the coverage you have is the right coverage. In Wayne, PA, the Sirover Agency, LLC is your independent agency choice. Why settle for only one carrier when you can have a choice of many? 

Things can happen in your life and in your home that affects your insurance coverage. That is why most carriers recommend a yearly home insurance review. That may seem a little frequent, and perhaps it is, but certainly, every other year is reasonable.

Reasons why you may want to review your home insurance:

  • Major home repairs: There are home repairs that increase the value of your home. Adding new siding or a new roof, a room or garage addition, a new kitchen, or a bathroom update are all things the may require a review of the value of your home insurance. 
  • Adding a new pet may require that you increase the liability insurance you have on your home policy. If you put in a pool or a trampoline, these are also things that may cause financial issues if you don’t increase your liability. 
  • If you get a new piece of expensive jewelry, artwork, oriental rugs, or costly electronics, this can all affect the value of your content. 
  • Adding a new security system can make your house safer and save you a little money, so lt is essential to let your insurance company know about them. 

Your life and your home change over time, and your home insurance policy must keep up with you. Call The Sirover Agency, LLC in Wayne, PA to set up an appointment to discuss your needs. 

What are the benefits of getting a life insurance policy in Pennsylvania?

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Those that live in the Wayne, PA area are going to have a lot of different insurance needs. One form of insurance that people in this area should get is life insurance. This is a unique form of insurance that can provide very valuable protections to those that get the policy. There are a couple of benefits in particular that make life insurance a good investment. 

Provides Protection to Dependents

One of the main benefits of getting life insurance is that it will offer protection to your dependants. Anyone that has people that depend on their income should make sure their dependents are cared for if they were to pass away. When you get a life insurance policy, you will be providing your dependants with this financial protection. You are able to build and choose a policy that is right for your situation and gives an appropriate level of coverage.

Life Insurance Can Be a Good Investment

When you get a whole life insurance policy, you can also use it as a conservative investment. Those that get whole life insurance will have a portion of their premium payments build up in an account that can be liquidated. This can make it a great addition to anyone’s diversified investment portfolio. 

Picking a life insurance policy in the Wayne, PA area can come with its fair share of complexities and challenges. Since it can be hard to pick a life insurance policy, you should reach out to the team at The Sirover Agency, LLC. When you call The Sirover Agency, LLC, you will receive the personalized guidance and support that you need to choose a life insurance policy. This can help you to pick a policy that adequately protects you and your dependents.

What is Umbrella Insurance and Why Do You Need it?

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Think of umbrella insurance like your rainy day savings fund – hopefully, you’ll never need it, but when disaster strikes, you’ll be thrilled that you have it. What is umbrella insurance? It’s quite simple – it’s insurance coverage that kicks in when the maximum coverage of your personal auto, business, homeowners, or boat insurance has already been exhausted. In short, it protects your wallet or pocketbook from expenses that may be too significant to overcome. 

How Does Umbrella Insurance Work?

Keep in mind that the umbrella insurance will cover not just yourself, but also any other members of your family or those living at your home. This means that if you have an elderly parent living in your home and they get into an accident, then you can feel confident that your umbrella insurance will pay for the third parties’ medical bills. Additionally, the accident does not have to involve your property, belongings, or vehicle for umbrella insurance to kick in. 

Is Umbrella Insurance Needed?

Generally speaking, umbrella insurance is a must-have option for anyone that has assets totaling higher than the limits of their homeowners and auto insurance policies. For this exercise, be sure to take into account all of your financial accounts to include retirement, investment, college savings, and others plus the estimated value of any properties that you own.

If umbrella insurance sounds like something you may need or you want to discuss your options, the team at The Sirover Agency, LLC in Wayne, PA is ready to answer all of your questions. Residents of Wayne, PA have been trusting The Sirover Agency, LLC for years, and we want to continue earning your business for decades to come. Give us a call today and schedule your no-obligation consultation.

What Commercial Insurance Does an Online Business Need to Have?

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If you have an online business in Wayne, PA, or somewhere around the Tri-State area, you may be wondering what kind of insurance you need.

Just like every other business, online businesses do have liabilities. You want to protect the business from claims of bodily injury, property damage, and lawsuits to succeed and grow. There are several liabilities an online business can acquire. If you aren’t sure which insurance your business needs, an agent at The Sirover Agency, LLC can also help you.

  • Data Breach Insurance: Your online business can be hacked, and customer data can be stolen. Data breach insurance can help cover the costs associated with a data breach.
  • General Liability: Someone may file a lawsuit about something you post on social media platforms or websites. A general liability policy will help protect a business from any advertising or personal injury claims. This insurance policy can also cover legal fees and damages, so it’s crucial for any business regardless of the industry. Even if you run a home-based business, liability insurance will still protect you because home insurance won’t cover any business damages or losses.
  • Workers Compensation: Just because your business is online doesn’t mean you don’t need this insurance if you have more than one employee, even if they are part-time employees. If you do, you are required to have this insurance to cover workers’ injuries on the job.
  • Property Insurance: If you sell products, your products will need to be housed somewhere, and property insurance can protect your inventory along with other items. Home insurance won’t cover any products that are stored at your home, and you will need separate property insurance if your inventory is in your home.

Contact The Sirover Agency, LLC, serving Wayne, PA to get a quote on commercial insurance. 

What You Should Know When It Comes to Home Insurance

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When it comes to home insurance in Wayne, PA, the most important thing to remember is that you need home insurance. While it may not be required, everyone will need protection against liability for any accidents that can injure others and cause damage. It’s also important to protect the home and your belongings in the house.

Determine How Much Coverage You Want

The better coverage you have, the less you will have to pay out of pocket if disaster strikes. Sometimes your lender will require how much coverage you need, which is typically at least the amount of the mortgage. It’s important to note the amount of coverage you buy will affect your monthly premiums.

Actual Cash Value or Replacement Costs?

You may have the option to choose between actual cash value and replacement costs. Replacement costs are the amount it takes to replace or rebuild your home with similar materials without depreciation. You want to insure your home for at least 80% of its replacement value.

Compare Deductibles

The deductible is the amount you have to pay on each claim. You should choose a policy where you can afford to pay the deductible. If your policy has a lower deductible, it will usually cost more.

Read Your Policy Carefully

Each policy is different, so you should read your policy carefully. Doing so will help you know what is covered and what isn’t. Keep it in a safe place, and know the name of your insurer. For example, home insurance doesn’t cover flooding.

Review Every Year

Check with your agent at The Sirover Agency, LLC to see if you need to update your policy to make sure you have enough coverage. New insulation, remodeling, or an addition of a room can add value to your home and increase the replacement costs.

Contact The Sirover Agency, LLC, serving Wayne, PA, to get a quote on home insurance.