Differences and Similarities of Whole and Term Life Insurance Policies

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Both whole life and term life insurance policies help leave something behind for loved ones. Many things differentiate these policies, however. Both can be good policies to have, and each has its own advantages and disadvantages. When you need a life insurance policy, you can contact us at North Coast Insurance Services in Lexington, MI.

The Differences

Term life insurance policies are valid for only a specific period. After that time, the policy expires. For people who don’t want an expiration date, whole life policies never expire. You can keep them for as long as you want. However, whole life insurance policies are more expensive. They also have a cash value that builds up over time, and this can be borrowed later as the amount gets larger. Term life insurance doesn’t have this feature, but it’s much less expensive. Weighing the pros and cons of each is crucial for deciding which policy is right for you.

The Similarities

Both types of life insurance policies do the most important thing: leave something behind that will benefit your beneficiaries. Both allow you to set one or more beneficiaries and how much of the death benefit will be left to each of them. Both policies allow you to pay regular premiums so that those who depend on you will be left with something to help out once you’re gone. Both can be extremely important for families and can help keep the survivors from experiencing financial catastrophe.

Get Life Insurance in Michigan

If you want to protect your family, getting life insurance is a good way to do it. Whether you’re interested in term life or a whole life policy, we can help. To get started, contact us now at North Coast Insurance Services in Lexington, MI.

What Is Comprehensive Auto Insurance? Do I Need It?

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If you own a vehicle, you’re likely aware of the necessity for auto insurance. Car insurance can protect you from the financial liability associated with car accidents. There are different types of auto insurance, including comprehensive auto insurance.

At North Coast Insurance Services, servicing Lexington, MI, we can answer your questions about comprehensive auto insurance and be a resource as you decide whether it’s right for you.

What is Comprehensive Auto Insurance?

Comprehensive auto insurance protects against damage to your vehicle caused by non-collision events. For instance, if your car is stolen, comprehensive auto insurance would provide coverage. If your car is damaged in a fire, comprehensive auto insurance can help with this as well.

Who Benefits From Comprehensive Auto Insurance?

Anyone can be a victim of theft, vandalism, fire, and other events covered under a comprehensive auto policy. However, not everyone wants to pay for extensive insurance coverage for their vehicle.

If you have an older vehicle and you have the money to replace that vehicle if a covered event occurs, comprehensive auto insurance may not benefit you. Talk to your insurance agent to determine whether you’re a good candidate for comprehensive auto insurance.

Is Comprehensive Auto Insurance Required?

Although most states require car drivers to have some form of car insurance, comprehensive auto insurance is not specifically required unless you have a car loan. If you have a car loan, you may be required to get full insurance coverage for your vehicle, including comprehensive auto insurance.

Do you have questions or want to know more? Contact the professionals at North Coast Insurance Services, servicing Lexington, MI. We’re here to help.

A Look at the Legal Protections Offered by Commercial Insurance

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A commercial insurance policy, also referred to as business liability insurance, offers extensive coverage for your business. This includes legal protection in case of a lawsuit, funds to cover claims, and even protection against libel and slander. At North Coast Insurance Services in Lexington, MI, we understand the significance of safeguarding your business. We’re here to assist you in obtaining the right commercial insurance to meet your business needs.

How Commercial Insurance Provides Legal Defense for Businesses

It’s common knowledge that commercial insurance defends your business against third-party bodily injury, such as when a customer slips and falls in your establishment due to a hazardous condition. However, commercial insurance also provides legal assistance in various situations that require you to defend your business.

Insurance defends against lawsuits such as:

  • Third-party or customer property damage
  • Defamation, also known as libel and slander
  • Product liability
  • Customer injuries other than slip-and-fall

Your business is always at risk of being sued by a customer or client, but a commercial insurance policy can mitigate that risk. If you’re sued, the insurer will provide a lawyer to resolve the lawsuit on your behalf. The policy covers your legal fees and settlement costs, saving you from out-of-pocket expenses.

Contact North Coast Insurance Services Today for More Information

Your business, built with love, sweat, and tears, deserves protection from lawsuits. At North Coast Insurance Services, we understand a business’s potential liabilities. We can help you secure a commercial insurance policy that provides the right level of protection. Call our Lexington, MI office today to discuss your business insurance needs.

What alternative forms of coverage should I consider with my Michigan home insurance plan?

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For many people in Lexington, MI, their home is the most valuable asset they will ever own. Along with this, it is important to insure and protect a home as well as possible. While most people know that they need some home insurance, they may be curious about alternative forms of coverage to consider adding onto their plan. There are various forms of coverage that you should consider that can help protect you and your home.

Sewer Backup Coverage

A sewer backup in your basement can be a very stressful and challenging process to work through. For many in Michigan, a standard home insurance plan will not have coverage for a backup of your sewer line. The cost to remediate, clean, and repair damage caused by a sewer backup can be significant, so getting additional coverage for this risk is a good idea. There are often additional provisions that you can add on.

Personal Property Riders

One of the advantages of home insurance is that it will provide coverage for your personal assets. However, the limits for this are somewhat low and likely do not cover any valuable items, which can include jewelry, art, or collectibles. If you have valuable items you want protection for, you should look into a rider that will specifically cover such items.

Call our North Coast Insurance Services team if you live in the Lexington, MI, area. Our professionals understand the value of home insurance coverage and can help you build the right plan for your situation. We customize our approach to understand your needs and options thoroughly.

Do Small Businesses Need Worker’s Compensation Insurance?

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For small business owners, reviewing insurance policies can feel overwhelming as you try to identify the ones that are right for your business. At North Coast Insurance Services in Lexington, MI, we strive to minimize the stress our customers experience while obtaining insurance coverage and protecting their business. Workers’ compensation insurance is one type of commercial insurance that many companies find crucial. As a small business, you may be unsure if you need this type of coverage. We’re here to help you figure that out. Since this article contains general information, we recommend speaking with one of our insurance agents to help you decide if this coverage is right for your business.

Do Small Businesses Require Worker’s Compensation Insurance?

Depending on the size of your business, you might not need worker’s compensation insurance. However, even if it is not legally required based on your business size and other factors, it’s always better to have more coverage than you need. No one wants to discover the hard way that their business was underinsured, especially in situations as serious as the events that would qualify employees to utilize worker’s compensation insurance.

If you’re interested in worker’s compensation insurance but unsure if your business would qualify for coverage, you can contact our office. We’d be happy to guide you through your options for protecting your business, from the equipment you use to the vehicles that drive your company to the employees who are the heart and hands of the work your business does. You may be surprised to learn about the many ways we can keep your business safe.

Get in Touch With Us

For more information, call us at North Coast Insurance Services in Lexington, MI.

What Kind of Auto Insurance Do I Need For My Collector Car?

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Your collector car is an investment that you spend valuable time and money on to keep looking at its best. Collector cars, ranging from classic to antique, carry a sentimental value different from your everyday vehicle. The friendly team at North Coast Insurance Services, serving Lexington, MI, is here to ensure your collector car is fully protected.

What is A Collector Car?

A collector car can be a classic, vintage, antique, or exotic vehicle that is over 25 years old. It has retained its original design, isn’t driven for everyday use, and is showcased during parades, events, and car shows. Collector cars are also kept for sentimental reasons. This limited use is why collector car insurance is different from standard auto insurance.

Why Collector Car Insurance is Different From Regular Auto Insurance

Standard auto insurance is provided for vehicles that are used on a day-to-day basis. When properly taken care of, your collector car will increase in value. Collector car insurance in Michigan considers special factors like agreed value coverage. This means that you and your insurance company agree on the value of your collector car. Additionally, collector car insurance policies have driving mile limitations. Some might include roadside assistance coverage for towing and breakdown assistance.

Contact North Coast Insurance Services For Collector Car Coverage Today

Your collector car is a special investment that gives you pride and enjoyment. Whether it’s a family heirloom you want to share with your children or a special vehicle you wish to share with the world, get the proper insurance coverage you need to protect it. The North Coast Insurance Services team serving Lexington, MI is here to discuss the right collector car insurance for your investment today.

How Does My Michigan Motorcycle Insurance Protect My Passenger?

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Motorcycle insurance provides essential protection for you and your passengers. It’s exhilarating to head out on your bike and feel the fresh air on your face, but it’s also comforting to know that you are fully protected in the event of an accident. The expert team at North Coast Insurance Services, serving Lexington, MI, is here to help with the proper motorcycle coverage.

Personal Injury Protection (PIP)

Personal Injury Protection (PIP) is required for both auto insurance and motorcycles in Michigan, but there is an important detail to understand. Motorcycles are not automatically covered under PIP like cars. However, if you have an accident, your passengers might be able to claim PIP benefits through their auto insurance. PIP covers medical expenses, rehabilitation costs, and wage loss, regardless of who is at fault in the accident.

Bodily Injury Liability Coverage

If the accident is your fault, bodily injury coverage protects you, your passenger, or someone else who is injured. If your passenger is injured, your insurance will cover their medical expenses up to your policy limit. After the limit is reached, you are responsible.

Passenger Liability Coverage

Many insurance policies include guest passenger liability coverage, which covers your passenger’s injuries regardless of who is at fault.

Uninsured/Underinsured Motorist Coverage

If you are in an accident, it’s the other driver’s fault, and they don’t have any or enough insurance, uninsured and underinsured motorist coverage ensures you and your passenger are financially protected.

Protect Your Passengers With The Proper Coverage

You need to know your motorcycle insurance coverage. The professional team at North Coast Insurance Services, serving Lexington, MI, will ensure that you have the proper motorcycle insurance. Contact us today, and let’s work together to protect you and your passengers.

How to Use Life Insurance as a Tool for Charitable Giving

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Charitable giving is a powerful way to make a lasting impact on your chosen causes, and life insurance can be an effective tool in this regard. Join us as we delve into various ways to use life insurance for charitable giving and how North Coast Insurance Services in Lexington, MI, can assist you in finding a policy that aligns with your needs.

Leveraging Life Insurance for Charitable Contributions

There are several strategies to incorporate life insurance into your philanthropic efforts, including:

Naming a Charity as a Beneficiary

One of the simplest ways to include charitable giving in your life insurance plan is to name a charity as a beneficiary on your policy. You can designate the charity as the primary beneficiary, where it would receive the full benefit, or as a contingent beneficiary, which would grant it the benefit only if the primary beneficiaries cannot claim it.

Purchasing a Policy for a Charity

Another option is to procure a policy with the charity as both the owner and beneficiary. You would be responsible for premiums, and the charity would receive the policy’s death benefit following your passing.

Donating a Policy to a Charity

If you currently own a life insurance policy you no longer need, you could donate it to a charitable organization. This process would involve transferring ownership to the charity.

Creating a Charitable Remainder Trust

Establishing a Charitable Remainder Trust (CRT) is another option for transferring assets to a trust. Life insurance can fund the CRT, and the trust can leverage the policy for a future charitable gift.

Discovering Your Life Insurance Policy Options

To learn more about using life insurance as a tool for charitable giving, contact North Coast Insurance Services in Lexington, MI. We’re here to guide you through the choices and assist you in finding a policy that fits your charitable giving goals.

Do You Need to Change Car Insurance Providers If You Move to Michigan?

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Making an interstate move to Michigan can be an exciting adventure. It can also be stressful, with plenty of choices you’ll have to make as you adjust to this new change. At North Coast Insurance Services in Lexington, MI, many clients want a new insurance agency like ours after relocation. While you may or may not need to change insurance companies or policies for car insurance when you move to this state, it’s a good idea to double-check with local and state regulations and your previous provider. Even if you aren’t obligated to change your insurance when you move, switching car insurance providers has several benefits.

Do You Need to Change Car Insurance Providers If You Move to Michigan?

Our team of insurance professionals hears a common question from new clients: "Do I have to change auto insurance when I move to Michigan?” Although we might not know your situation, we can’t speak directly. We can generally say that it may be helpful to switch insurance providers when you relocate to this area. After all, it can be a hassle to have an insurance provider several states away. This is especially true when you run into an issue that’s best solved with an in-person discussion or a phone call to an office in the same time zone.

Beyond convenience, you might legally have to change car insurance when you move here. You’ll have to have a policy that meets the state minimum requirements. Additionally, switching providers can mean better terms for your policy and a fresh start.

For more information, call our North Coast Insurance Services office in Lexington, MI.

Selecting the Right Commercial Insurance Policy for Your Business in Michigan

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Proper insurance, business filings, and record-keeping are essentials for running a successful business in Troy, Southfield, or Lexington, MI. If you want to protect your investments and new business ventures, choosing the right commercial insurance policy for your needs is a crucial first step. You can navigate the right path by comparing different commercial insurance policy options with the help of North Coast Insurance Services.

Traditional Commercial Liability

Commercial liability insurance is recommended for all businesses, big or small, online or off. This policy protects against property damage, bodily harm, injury, or even medical expenses due to an accident that has occurred on your commercial property.

Workers’ Compensation

Before hiring full-time employees, ensure you have the appropriate workers’ compensation insurance policy. This policy protects workers from medical expenses, injury rehabilitation, and sometimes even lost wages.

Commercial Property Insurance

Commercial property insurance protects your commercial dwellings from potential theft, natural disasters, and even fires. It is vital to have a form of commercial property insurance for physical business locations anywhere in Michigan.

Commercial Auto Insurance Policies

Businesses that operate with commercial vehicle requirements also require commercial auto insurance coverage to protect their fleets. This coverage is ideal for companies that use commercial vehicles for deliveries, employee travel, or transportation from one location to another.

Working with professional insurance specialists from North Coast Insurance Services helps protect your commercial business and investment in Michigan. So, whether you’re starting a new lumber warehouse or building a design agency in Lexington, MI, our insurance agents at North Coast Insurance Services are committed to ensuring your business has the commercial insurance policy it requires to remain protected at all times.