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Life Insurance - Complete Controller

When talking about life insurance, reference is made to an acquired contract through an insurance company, financial planners, and banking institutions.  The insurance provider is committed to providing a series of benefits to all of their insured clients. Insurance coverage is provided as long as monthly installments known as premiums are paid. The amount of the premium will depend on the coverage established during the purchase of that insurance.

Why is it important to have life insurance? Without a doubt, for the benefits that it gives along with a sense of security. It should be noted that the advantages offered by this service are many and ensure the client is covered along with their beneficiaries giving them economic peace of mind. If a fatal accident or temporary or permanent disability, having life insurance can be a life-saver and the difference between financial survival or devastation.  

Life insurance is not to be confused with health or other types of insurance. Life insurance is different in many ways, while the basic concept of insurance is the same. Insurance is paying a company that will cover you financially if something occurs. This description is the same for life, health, or auto insurance. Life insurance, however, has some specific differences that are unique to this type of insurance. Here are six benefits of life insurance. Check out America's Best Bookkeepers

Economic Coverage

One of the most basic advantages of life insurance is that it will allow a person to be economically secure if the owner dies. The amount will depend on the policy purchased and will be delivered to the beneficiary that has been stipulated in the insurance contract. There is a saying, “there are no guarantees in life” unless a person has life insurance.

Monetary Benefit for Disability Insurance

If an insured person suffers an accident that causes a permanent or even a temporary disability, an insured person will rest assured that they have insurance that will cover all of their medical expenses, living expenses, and hospitalization. This life insurance benefit depends on the type of insurance you carry; not all life insurance carriers have this benefit. Check out America's Best Bookkeepers

A Fund for Emergencies

Another advantage of having life insurance for both the owner and their beneficiaries is that this insurance company can back them in the face of unexpected situations that arise throughout life. This ability to draw from your life insurance for emergency funds is only available to the insured after paying in for a certain period.

Used as an Investment

Some use life insurance as an investment because it can compound over several years, and if you decide to sell your life insurance policy or take the money and go once it is matured, it can be profitable. Not everyone will want to take this option as it will deny your beneficiary any payment if you should pass away. You must be careful if you decide to cash out your life insurance. Check out America's Best Bookkeepers

Quality Care, at a Lower Cost

And as the previous point mentions, having the support of an insurance company guarantees that they enjoy greater bargaining power in front of the workshop in terms of costs and deadlines because they handle a high volume of cars repaired. Delivery.

Insurance Keeps a Small Business Going

Having Insurance is considered a safety net for when things go wrong. Life insurance will support a family in case something bad happens. It’s similar to a business. In case an important member of a family or part of equipment goes out of command, the business won’t stop, and work can remain to carry on, thanks to insurance. These are few main reasons why having insurance is important to obtain ultimate peace of mind.

There are many reasons to get life insurance. It is an important decision that will cover many things while living and will help your loved ones after your death. If you don’t currently carry life insurance, you should seek a trusted agent and discuss the costs and options and get this important insurance today.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Life Insurance - Complete Controller

Most people have heard of life insurance, and many of those have heard the terms whole life and term life insurance. When choosing life insurance, you must know what you need before you speak with an insurance agent. Most agents, while keeping your best interest in mind, will are at their core salespeople. For this reason, you need to understand life insurance and know what you need, so you don’t buy needless insurance that doesn’t work for you. Check out America's Best Bookkeepers

When deciding which type of insurance to purchase, you should base your decision on your financial goals and your needs along with those of your beneficiaries. Life insurance isn’t just something that will cover your loved ones after your death. It also has some financial advantages you can utilize while you are alive. Here is an overview of both term life and whole life insurance and the comparison of what each one of them includes so you can make an educated decision on what you need before you meet with an agent.

Features of Term Life Insurance

  • Only provides death benefits
  • Only pays if you die while the term of the policy is in effect
  • Most affordable life insurance to buy
  • Purchased for a specific period or terms such as 5, 10, 15, or 30 years
  • It is more expensive as you age
  • Once your term ends, you must renew a new term
  • Used as additional coverage with a whole life insurance policy
  • It can be converted to whole life insurance Check out America's Best Bookkeepers

Features of Whole Life Insurance

  • It covers you for life
  • Provides death benefits
  • Cash value that builds an accumulation for the lifetime of the policy
  • Sometimes requires a health examination
  • It can sometimes be purchased without a health examination
  • It takes several years to build value
  • Cash value is based on the rate of the return value
  • During the life of the policy, it can be borrowed against
  • It is initially more expensive, but premiums reduce over the years

Reasons to Convert Your Term Life Policy

  • You are over fifty, and your term life insurance is about to expire
  • You still need life insurance, but due to age or other circumstances, term life is too expensive
  • Estate taxes are a concern, or you are hoping to set up your estate and need whole life
  • You are establishing or changing your will to include a trust
  • You need a non-taxable investment option Check out America's Best Bookkeepers

Should Carry Both Whole Life and Term Life Insurance?

In most cases, you will want to choose one insurance over the other, but there is an argument for having both at the same time. This is especially beneficial since term life policies have an endpoint, while whole life insurance covers your lifespan.

The Benefits of Having Both Whole and Term Life Insurance

  • You need more coverage but can’t afford to add to your whole life policy
  • You need more coverage only for a period and not whole life
  • You have term life and can’t afford to convert to whole life completely

Conclusion

You should know the differences between term life and whole life insurance so that no matter which one you decide to take, it is the one that is right for you. The main thing to remember is that you must have life insurance. This insurance, while beneficial to you while you are alive such as with financial benefits you can take before death, but the main reason you take out life insurance is to benefit your loved ones after your death.

Many times, life insurance covers funeral and debt expenses, gives your beneficiaries income to cover after death expenses, and takes care of them for life. To choose the right kind of life insurance, you must consider the benefits of both and choose the best one you can afford that will cover what you need.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Worker's Compensation Insurance - Complete Controller

Most states require workers’ compensation insurance, as employers are required by law to purchase this insurance on behalf of their employees, as part of a remedy that is exclusive to the employee in the event of workplace injuries.

However, despite being mandatory in many states, selling is different from state to state. Since most of them allow the sale of these insurances by private companies provided they meet the state’s financial requirements, some states do not allow this practice.

Therefore, each state maintains its regulatory agency that is commonly known as the Office, and its specific functions also vary according to each state, thus dividing itself into monopolistic states and NCCI states. Check out America's Best Bookkeepers

Monopolistic States and Worker’s Compensation Insurance

Five monopolistic states prohibit the sale of worker’s compensation insurance by private insurers since it must be purchased through a state fund. These are the monopolistic states that makeup Wyoming, Washington, Ohio, and North Dakota. In these states, the state fund performs many of the functions of NCCI offices.

NCCI (National Council on Compensation Insurance) States

The NCCI states subscribe to the National Council on Compensation Insurance and allow private insurers to sell the insurance. Although each of the states operates with its own office and performs several administrative and specific functions, they differ from one state to another. In many states, the NCCI handles the qualification of the experience, develops and maintains the classification system, and creates and publishes the forms and endorsements that the insurers use to issue the insurance policies’ policy. Check out America's Best Bookkeepers

Independent States

The independent states are eleven, and they do not subscribe to the NCCI (National Council on Compensation Insurance.) They are Wisconsin, Pennsylvania, North Carolina, New York, Massachusetts, Indiana, Michigan, Delaware, and California. These states allow private insurers to sell insurance and use their classification system that often resembles those developed by the NCCI.

Worker’s Compensation Insurance in Texas and Oklahoma

Texas and Oklahoma are the only states that do not require insurance by ls employers but are obligated to buy it if they make a contract with the government. If employers do not buy insurance, they lose important defenses when establishing a judgment by the employers. For example, they cannot defend themselves if the injury has to do with the employee’s negligence or the co-worker who caused the worker’s injury. Therefore when losing a claim, uninsured employers may be liable for punitive damages.

In Oklahoma, a law was passed that allows employers to waive insurance because they can opt-out of benefits. However, it is an opt-out law that is still uncertain.

Major Insurance Companies of Worker’s Compensation Insurance

As for the largest workers’ compensation insurance insurers, Travelers and Hartford initially generated an important premium, but other providers that can be considered leading are Zurich Insurance Group, Am Trust Group, and AIG.

Major insurers cover various lines from small specialties to state insurance funds, such as Travelers, AIG, Zurich and Hartford are some of the largest insurers in the United States that provide a wide variety of insurance coverage most also sell insurance through independent agents.

In the case of Am Trust, it specializes in workers’ compensation and package policies for small and medium enterprises operating in the United States with its headquarters in New York. Other workers ‘compensation specialists are Employers Insurance and Texas Mutual, which offer workers’ compensation coverage and no other insurance type. In the case of Texas Mutual, it only sells policies to employers in Texas, while Employers Insurance covers two-thirds of the states and focuses on small businesses. Check out America's Best Bookkeepers

Worker’s Compensation Insurance for Work Accidents

Keep in mind that Workers’ Compensation insurance is an insurance policy that helps cover expenses to a worker when they are injured at work. The insurance covers medical care, medical treatments, assists them economically if you need physical therapy, and can also physically prepare you with techniques to return to work.

Work Accidents

 Work accidents can cause a wide variety of illnesses, injuries, and injuries, affecting employees of all kinds of professions. Some accidents can be very serious, and employees can end up disabled, disabled, or dead. Well, some common accidents at work can be injuries to the back, fractured bones, tears, shoulder injuries, kneecap injuries, knee injuries, carpal tunnel syndrome, hand, wrist, and elbow injuries, the ankle and foot, amputation, paraplegia, quadriplegia and can also be a fatality in a work accident having been diagnosed brain death by a head injury.

The truth is that every worker who is injured at work is entitled to a reward, but the legal procedures to file a claim are quite complex.

Benefits of the Worker’s Compensation System

The benefits granted by the worker’s compensation tank are several. Among them, the recovery of lost wages due to the injury stands out since the workers can begin to receive the monetary and medical benefits immediately whenever you are eligible for the benefits. It is also beneficial to reimburse the medical bill since the employer will pay for the medical care related to the injury claim. Therefore the employee benefits economically from a disability.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
auto insurance coverage - Complete Controller

Does it cost more to insure a used car than a new car? This is a popular question among those shopping for a vehicle and/or a new auto policy. Below, we address common questions and expectations about insuring your vehicle, including coverage types and what to expect from the insurance agency. Check out America's Best Bookkeepers

New vs. used… does it really make a difference??

While you may not always be able to SEE the difference, there are, in fact, specific details that distinguish even a very well-maintained used car from a new one. Insurance companies WILL look at the age of your vehicle when establishing what kind of insurance coverage policy is necessary, what coverage is ideal, and how much they are going to charge you for your policy.

If you are trying to save money by salvaging an old vehicle, remember to keep in mind the cost of preventative maintenance as well as the cost of actual repairs. Waiving or declining coverage is not an option! While it may be easy to agree with this statement, it can still be overwhelming when it comes time to determine where to shop and which types of coverages are most beneficialCheck out America's Best Bookkeepers

Domestic vs. foreign cars and types of coverage

Due to the dynamics of the auto industry, only certain amounts of coverage are available for domestic cars that are over 10-15  years old. Over time, it becomes increasingly more difficult to find working parts for certain vehicles; maintenance and repairs can be become more expensive compared to the value of the car. The good news is, when the car value decreases, this car may require less insurance or a “liability only” policy.

On the other hand, a foreign car or brand new car that has a higher value or is being financed will require more insurance or a “full coverage policy.” There is more specific or “comprehensive” coverage needed to address repairs to this vehicle, and the cost is higher to send it to the manufacturer.

How to choose an agency

All car insurance agencies provide both new and used car policies. After assessing your needs and researching coverage, then it is important to look for reliable insurers. Because this company will be the one who ultimately guarantees payment and compensation in the event of an accident or loss, research and compare reviews and quotes online. Sites like Reclaimed Here provide ratings and reviews as well as online surveys from actual clients on the quality service provided by the company. This gives you inside knowledge from people who have previously owned the type of vehicle you are buying or interested in.Check out America's Best Bookkeepers

Getting a quote

Once you have purchased your car, assessed your needs for coverage, and chosen an agency, you can then look at costs. A licensed insurance agent at the agency will first need to have you complete detailed paperwork about you and your vehicle. They will want to know about all drivers, the vehicle’s main purpose, and where it will be parked at night. Make sure you fill out these forms accurately so that the agency can obtain consumer reports, driving records, research accident trends in your region, and perform a credit check. They can then provide you with a contracted price or premium called a quote.  

Closing the deal

Now that you have purchased a vehicle, researched agencies, and compared quotes, you can continue to customize your policy and reach out to different agencies in your area to find the best one. The quote becomes a contract, and signing it means you agree to pay either in full or in monthly installments to the agency in order to cover your new car.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Auto Insurance - Complete Controller

Auto insurance is important to carry, and in most states, it is the law that you at least have limited liability insurance. Auto insurance is essential because it will take care of you in case of an accident and cover both sides, whether you are at fault or not. Knowing this, there are many questions when it comes to choosing insurance. Some coverages are complex, and others that are simple and basic. Here are three things you need to know to help you choose the right auto insurance for you. Check out America's Best Bookkeepers

What Kind of Coverage Do You Need?

There are many factors to consider when you are deciding what kind of coverage you need. If you are purchasing your car and making payments on it through a lender or dealership, since they will own it until you pay it off, most will require full coverage. You also may want to consider GAP (Guaranteed Asset Protection) insurance until your car is paid off.  GAP insurance is coverage that will pay off the car if it is totaled in an accident. While full coverage will help you get into a new car, you will still be on the hook for car payments if your car is totaled. GAP insurance eliminates this worry.

Depending on your vehicle’s value, you can still have some scale of differences within the full coverage options. Higher deductibles will get you a lower rate and the year, make, and model can affect the cost of your decisions when it comes to how much coverage to get.

If you own your vehicle, your choices are a much larger variety. The best way to figure out how much coverage to get in this case, you need to find out your car’s value. In some states, you can put in the VIN or Vehicle Identification Number, and it will automatically let you know the value. If your car is older, you may only want to carry minimum liability if you are ever at fault for an accident. If your car is more valuable, you may want to carry full coverage. The value of the car is the most important factor when deciding how much coverage to get. Check out America's Best Bookkeepers

You also need to determine what else you may need, such as roadside assistance and rental car coverage, if your car is in for repairs after an accident. Usually, these extra coverages are only a few dollars a month but can save you hundreds on towing and rentals if something happens.

Choosing an Insurance Company

When it comes to choosing an insurance company, it is agreed that the number one factor in the decision is the cost. There are so many companies that compete in this market you can essentially get the insurance you can afford. However, remember that insurance is like anything else in this world in that you get what you pay for, which when it comes to your vehicle should be of significant importance.

If you get cheap insurance or go with a small company, you can run the risk that you might not be covered well or well represented if something catastrophic happens. So while you want to factor in the cost, you need to still go with a reputable insurance company. The reputation of the company is just as crucial as value. You need to make sure the company has an overall good reputation and high ratings in customer satisfaction.

One last thing to consider is the claims process. You need to make sure that you understand how claims are processed and what will and will not be covered should you file a claim. Also, ask about their processes should you get in an accident or need assistance in an emergency. Check out America's Best Bookkeepers

You Have Made Your Choice

Once you have made your choice and put in the insurance company’s call, be prepared with exactly what you want and stick to your guns on your choices. The job of the agent is to get as much as possible in premiums. This is not in your best interest. In most cases, now you can get insurance online without ever speaking to an agent. While this is great, it is still best if you contact an agent to answer any questions.

When getting the insurance online or over the phone, ensure that all of the following factors that apply are considered to lower your insurance’s overall cost.

  • Mileage and usage
  • Climate controlled winter storage
  • Student, senior, business, or association discounts
  • Good driver discounts
  • Environmental discounts if you have a smart car
  • Alarm and tracking systems
  • Defensive driving class discounts

Conclusion

When looking into auto insurance, you need to consider cost, coverage, and claims. Don’t let yourself be influenced by cute ads, but rather look for the company and coverage tailored to your needs and wallet.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Car Insurance - Complete Controller

Every person who owns or leases a car should have car insurance. It is the law in most states, and not having it could cost you tickets and penalties. Since it is necessary, you need to make sure you get the right car insurance coverage that won’t break the bank. To help you find the right car insurance, here are eight money-saving tips. Check out America's Best Bookkeepers

Shop Around

Car insurance can widely vary depending on several factors. Your driving record, age, and car type are the main factors that affect the costs. Most people don’t realize that most insurance coverage is the same, no matter the insurance company, in what they offer for coverage options, especially if you are only carrying minimum liability. The differences are more dependent on how they structure factors about the person being insured.

If you have a great driving record, good credit, and are older, you will save hundreds of dollars. But don’t count yourself out if you have bad credit, an accident, or are under 25. Some companies still offer less costly insurance for your needs. The key is to shop around until you find insurance that meets the needs that you can afford.

Take Advantage of Discounts

Almost every major car insurance company has discounts they give drivers. Even smaller unknown insurance companies will have discounts. Do your research to see what discounts the companies you are considering have to offer.

Some insurance companies will offer savings upfront, and others will offer discounts as you go. These discounts can come from money back, lower premiums, or discounts for safe drivers, or for every year you are insured with their company. Check out America's Best Bookkeepers

Drive Safely

Driving safely may be the best way to save on car insurance. Everyone knows that getting a ticket or having an accident drives your insurances costs up. However, some don’t know that going without an accident or a ticket year over year. Suppose you are a driver over the age of 25; the savings increase. In many states, you can also take a defensive driving class to save. All of these show that you make safety concerns, and insurance companies will reward you for it.

Drop What You Don’t Need

When you purchase a car through a lender or lease a car, you will carry the maximum insurance. The lender wants you covered for everything since they technically own the car until you pay it off. Full coverage insurance can be costly. Once you have paid off your car, you should assess what you need and drop anything you don’t need.

If your car is older and not worth much, you will be wasting money having full coverage on the car. For example, if your car is worth less than your deductible, it doesn’t make sense to spend a lot on insurance. Minimum liability or whatever the minimum the law allows is more than enough for a less expensive car.

Purchase a Car that is Cheaper to Insure

The safer the car is considered in the market, the cheaper the car insurance. Certain types of vehicles will have lower insurance, such as minivans and certain SUVs. Some car models will always be expensive because they are at higher risk for tickets and accidents such as sports cars. Even some companies will raise rates if you get a sports car that is a bright color that attracts the attention of law enforcement and is generally ticketed more. Check out America's Best Bookkeepers

Increase the deductible

You can instantly save money when you raise the deductible if you carry full coverage insurance. It is similar to a down payment on a car lowering the overall car payments. If you are in a damaging accident and willing to pay more out of your pocket to repair the car, you will pay less per month on your premiums. You may never get in an accident; therefore, these savings make sense.

Improve Your Credit Score

Many car insurance companies run a credit check as part of the process of determining the premium of your car insurance. Raising your credit score can, in many cases, greatly reduce the overall cost of your insurance or lower the down payment the insurance company requires.

Usage-Based Insurance

If you don’t drive your car often, you might want to look into getting usage-based insurance. Some insurance companies factor in usage on all drivers’ levels, so if you can give an accurate accounting of your mileage, you can save a lot of money on your insurance. Those drivers that are mostly at home and drive for errands will see great savings over drivers who use their car to drive all over the country for work.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Life Insurance - Complete Controller

Most people have heard of life insurance, and many of those have heard the terms whole life and term life insurance. When choosing life insurance, you must know what you need before you speak with an insurance agent. Most agents, while keeping your best interest in mind, will are at their core salespeople. For this reason, you need to understand life insurance and know what you need, so you don’t buy needless insurance that doesn’t work for you.

Here is an overview of both term life and whole life insurance and the comparison of what each of them offers so you can make an educated decision on what you need before you meet with an agent. Check out America's Best Bookkeepers

Differences Between Whole Life and Term Life

When deciding which type of insurance to purchase, you should base your decision on your financial goals and your needs along with those of your beneficiaries. Life insurance isn’t just something that will cover your loved ones after your death. It also has some financial advantages you can utilize while you are alive. Here are the features of both insurance types.

Features of Term Life Insurance

  • Only provides death benefits
  • Only pays if you die while the term of the policy is in effect
  • Most affordable life insurance to buy
  • Purchased for a specific period or terms such as 5, 10, 15, or 30 years
  • Is more expensive as you age
  • Once your term ends, you must renew a new term
  • Used as additional coverage with a whole life insurance policy
  • Can be converted to whole life insurance Check out America's Best Bookkeepers

Features of Whole Life Insurance

  • Covers you for life
  • Provides death benefits
  • Cash value that builds an accumulation for the lifetime of the policy
  • Sometimes requires a health examination
  • Can sometimes be purchased without a health examination
  • Takes several years to build value
  • Cash value is based on the rate of the return value
  • During the life of the policy, it can be borrowed against
  • Is initially more expensive, but premiums reduce over the years

Reasons to Convert Your Term Life Policy

  • You are over fifty, and your term life insurance is about to expire
  • You still need life insurance, but due to age or other circumstances, term life is too expensive
  • Estate taxes are a concern, or you are hoping to set up your estate and need whole life
  • You are establishing or changing your will to include a trust
  • You need a non-taxable investment option

Should Carry Both Whole Life and Term Life Insurance?

In most cases, you will want to choose one insurance over the other, but there is an argument for having both at the same time. This is especially beneficial since term life policies have an endpoint, while whole life insurance covers your lifespan. Check out America's Best Bookkeepers

The Benefits of Having Both Whole and Term Life Insurance

  • You need more coverage but can’t afford to add to your whole life policy
  • You need more coverage only for a period and not whole life
  • You have term life and can’t afford to convert to whole life completely

Conclusion

You should know about term life and whole life insurance that no matter which one you choose, it is essential that you have life insurance. This insurance, while beneficial to you while you are alive such as with financial benefits you can take before death, but the main reason you take out life insurance is to benefit your loved ones after your death.

Many times life insurance covers funeral and debt expenses and gives your beneficiaries income to cover after death expenses and also takes care of them for life. To choose the right kind of life insurance, you must consider the benefits of both and choose the best one you can afford that will cover what you need.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Business Insurance - Complete Controller

When starting a small business, you should make your business an LLC or Limited Liability Corporation. Creating it as an LLC or Limited Liability Corporation will protect you and your personal assets from being affected should your company have legal issues, including lawsuits or collections.

Outside of making your business a Limited Liability Corporation, you also need to obtain business insurance. Many business owners believe they are completely protected by becoming an LLC. Still, this assumption is incorrect and could be costly or even devastating to a company that does not carry business insurance. Here are three major reasons your small business needs business insurance. Check out America's Best Bookkeepers

Protecting Your Business Assets

While forming your company into a Limited Liability Corporation protects your personal assets, business insurance is necessary to cover your business assets. Both of these, in combination, will give you complete protection against lawsuits and disasters.

Small businesses often have financial struggles larger businesses don’t experience, and one liability incident could destroy your business. This possible destruction is the main reason every small business needs business insurance without question.

Business insurance will also protect your business assets should one of your employees makes a mistake that puts your business at risk for suit or other liability. Check out America's Best Bookkeepers

Protecting Your Personal Assets

Even if your business is a Limited Liability Corporations, there are still some circumstances in which you could be held personally liable. These circumstances include if you guaranteed loans with your personal assets or left any of your personal assets attached to the business.

Therefore even under an LLC, your personal assets could be lost if connected to your business, and you don’t have business insurance. Business insurance also covers court costs even if you are not found to be liable.

We live in a litigious society. Even if you or your business have not done anything wrong, if a suit is brought against your business and you are not covered by business insurance, your company could go bankrupt.

Liability Goes Beyond What We Can Imagine

There are so many hidden issues we can involve ourselves in as a business that could open us up to potential financial devastation without business insurance. Professional liability insurance covers accidents that happen on your property, it also covers libel issues, and it covers third party mistakes made by your employees or subcontractors. Check out America's Best Bookkeepers

There are many scenarios where you and your business could be liable beyond what you can imagine that business insurance would cover. Those small businesses that go without business insurance may believe they are low risk due to the nature of their business. Still, many unforeseen issues can cost you greatly if you are not covered by business insurance.

Examples of Unforeseen Scenarios

An employee is delivering something and accidentally breaks a $125,000 vase. Without business insurance, your company would have to pay the client $125,000 or risk court where the client could win more than just the vase’s cost. If you carry business insurance, it would cover the vase’s cost and protect you and your assets.

The classic slip and fall can potentially wipe a business out depending on the physical damage the falling victim incurs. You would be liable for not only the medical cost but potentially for loss of income and future medical costs if the issue is permanent or long-term.

Conclusion

Small businesses have many expenses that are a challenge to pay at times, and often small business owners will cut out business insurance to save the premiums. These reasons laid out above explain why you need business insurance and should make paying the monthly premiums a priority.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Business Insurance - Complete Controller

No matter the size of your business, there are certain coverages every business needs. One of the most critical business needs is business insurance, though it is often overlooked. What is business insurance? It is insurance specifically designed to cover issues businesses face, such as natural disasters, accidents, equipment breakdown, and lawsuits, all of which could spell the destruction of your business without insurance. Here are the types of business insurance and what they cover to make the best decision on the coverage that works for you and your business. Check out America's Best Bookkeepers

General Liability Insurance

General liability insurance protects you against financial loss if there are bodily injury and medical expenses, property damage, libel, slander, lawsuits, liens, settlement bonds, or judgments. Every business should carry general liability insurance. While you can run your business as professionally as possible, there are unforeseen disasters or human reactions you have to protect your business against. Without insurance, your business could be wiped out with just one disaster, accident, or lawsuit.

Product Liability Insurance

Product liability insurance protects against financial loss due to a defective product that causes injury or bodily harm. If your business creates any product or products, this is a must in addition to general liability insurance. There is no prediction about how some products will be used or how the people using them may be vulnerable to some aspect of them. Your business is protected from financial loss with product liability insurance, no matter what happens with your product(s). Check out America's Best Bookkeepers

Professional Liability Insurance

Professional liability insurance protects against financial loss as a result of malpractice, errors, and negligence. This insurance is specifically designed for businesses that offer a service instead of a product. Several things can happen when performing a service for a customer. With professional liability insurance, you and your business will be protected from financial devastation. Some businesses that offer services also have products. In that case, you would need to carry both product liability and professional liability insurance.

Commercial Property Insurance

Commercial property insurance is coverage that protects your business against loss and damage of company property due to a wide variety of events such as fire, smoke, wind and hail storms, civil disobedience, and vandalism. It also covers injuries a person may have suffered while on your property. This coverage is specifically designed for businesses with property or physical assets. There are so many events that can occur, causing damage to your property, this coverage ensures that if the unthinkable happens, your business will come out intact.

Home-based Business Insurance

Home-based business insurance is added to the homeowner’s insurance and protects your business and home from liabilities. These liabilities include the same thing general liability covers, but your business AND home are protected since your business is run out of your home. Check out America's Best Bookkeepers

The Business Owner’s Policy

The business owner’s policy is coverage that protects your business by combining all the coverage needs you have in one bundle. This bundling simplifies all the coverage you need and makes it more affordable. There is often more than one coverage a business requires. For example, a home-based business offers service and has a product that would need product liability, professional liability, and home-based insurance and general liability insurance. Bundling all four under one business owner policy will save money and confusion.

Before You Buy

Before you buy any business insurance, you need to take the following steps.

  • Assess your risks. As the business owner, you need to consider types of accidents, natural disasters, or lawsuits you could be facing with your business. If you need help, the National Federation of Independent Businesses (NFIB) helps assess your risks and choose the right insurance for your company.
  • Find a licensed agent. Commercial insurance agents specialize in policies that match your specific business needs.
  • Research and compare. Prices and benefits can vary significantly from company to company, like any insurance. Research your needs and shop to compare rates, terms, and benefits for your specific insurance needs.
  • Re-assess every year. As your business grows, so do your liabilities, so what worked this year may not work next year. Get with your insurance agent to adjust as needed.
Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers

Many companies sell car insurance. When you need the best coverage for the money, then you need to research the available companies. Insurance policies give you protection for your vehicle. This coverage allows you to have peace of mind that you are safe from financial losses. The car insurance companies give you the best customer service, updated websites that enable you to check your policies or pay your bills.

There are many car insurance corporations that give you the best policies at a reasonable price.

PROGRESSIVE INSURANCE COMPANY Check out America's Best Bookkeepers

The Progressive insurance company is a very well known insurance company with thousands of customers with great reviews. A recent study by J.D. Power found that when it comes to insurance company pricing, Progressive is one of the least expensive. 

They provide you a multi-car discount, pay in full discount, and multi-policy discounts. Progressive is at the top of the list that gives you the policy you like.

Now the best thing about Progressive, they have 18 million drivers insured today in America. 1 of 10 drivers wants to choose progressive over others.

QUOTEWIZARD INSURANCE COMPANY

Car insurance is about not comparing the rates. When you are shopping for insurance, one mistake that consumers make is not shopping multiple companies before purchasing. That is why we suggest you visit the quotewizard.com for the queries.

QuoteWizard is one of the largest independent insurance company in the U.S.

They give quotes. They are making it a straightforward policy to search auto insurance strategies when you decide to use QuoteWizard. You provide some simple information, and QuoteWizard will provide you with several insurance company quotes.

In conclusion, they will request for info like name, address, and email. They are also giving you the information for the proper workers in your area.

STATE FARM INSURANCE COMPANY

State farm insurance started in 1922; the company has a past of customer satisfaction and financial stability. State Farm gives you individual services with offices or agents spread all over the country. The company’s major offers are, they have several discounts they offer, brick and mortal agents and stores, and a great mobile app. Check out America's Best Bookkeepers

Pros of State Farm:

Limited agent and offices give in-person need

Inordinate mobile website and app

Sufficient discounts are available

 

ESURANCE COMPANY OF INSURANCE

 

The primary rewards of purchasing auto insurance with Esurance (owned by Allstate) is having the flexibility and control to manage your policy. Esurance is convenient and allows for customization of your coverage.

Pros of Esurance:

Easy and quick contact to auto insurance

Many options of customization

LIBERTY MUTUAL INSURANCE COMPANY Check out America's Best Bookkeepers

Liberty mutual insurance is one company that provides coverage to more than 1.5 million automobiles; they are considered the top of the most customer service rating.

Liberty Mutual was graded “better than most,” in J.D. Power’s 2018 Insurance Shopping Survey.

Pros of Liberty Mutual

Services provided 24 hours a day

Standard coverage is excellent and includes accident forgiveness, replacement of the new car, and deductible funds.

Cons of Liberty Mutual

If you are purchasing a single policy, it can be expensive.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers