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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.

Protecting Your Lexington Home: Essential Tips for Lakefront Properties

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Living in the idyllic lakefront town of Lexington, MI, along the shores of Lake Huron, offers a small-town feel, a host of outdoor recreational opportunities, and local amenities that make residents proud to call this peaceful townhome. Despite its natural beauty, lakefront residents should take proactive precautions to protect their lakefront homes from storm damage, flood damage, or theft.

Essential Tips for Protecting Your Lakefront Properties in Lexington, MI

The guide below, provided by North Coast Insurance Services, offers a few tips for shielding your waterfront properties from extensive damages and financial losses.

Conduct Regular Inspections and Home Maintenance Checks

Waterfront residents can shield their homes from water damage and high repair costs by conducting regular home maintenance and inspection checks. This helps to ensure no water leaks into the home’s foundation or mold and rot, which can lead to expensive structural damage if left untreated.

Implement Flood Mitigation Measures

Implementing the proper flood mitigation measures can save homeowners thousands of dollars in out-of-pocket expenses. Lakefront homeowners should add flood mitigation measures like sump pumps and elevated utilities in homes with basements that can flood when local rivers and lakes overflow.

Get Comprehensive Home Insurance with Flood Coverage

There’s nothing worse than getting caught without adequate home insurance coverage in the event of a flood-causing natural disaster, heavy rainstorms, or when theft or vandalism occurs.

Please don’t wait until it’s too late to protect your Lexington, MI, home from water damage and other financially devastating events. A licensed home insurance agent can guide you through home insurance policy selections for your family’s peace of mind.

Contact a knowledgeable and friendly North Coast Insurance Services agent today for a comprehensive home insurance quote and total lakefront home protection!

The True Cost of Skipping Workers’ Comp

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At North Coast Insurance Services, we understand workers’ compensation insurance’s significant role in safeguarding businesses and their employees. Opting out of this crucial coverage is risky because it could lead to substantial unforeseen costs.

Workers’ compensation insurance is a protective barrier for employers and employees. It ensures that in the event of a work-related injury or illness, employees’ medical needs are addressed, and employers are shielded from costly lawsuits. Without this insurance, Lexington, MI businesses could face severe financial and legal consequences.

For many businesses, particularly small enterprises, the temptation to skip workers’ comp in an attempt to cut costs can be appealing. However, the reality is that the absence of this insurance can lead to much steeper expenses down the line. Legal fees, medical bills, and compensation for lost wages can quickly accumulate, far exceeding the premiums for adequate coverage.

Moreover, maintaining workers’ compensation insurance fosters a safe and supportive work environment. It reassures employees that their welfare is a priority, which can enhance morale and productivity. Employees are more likely to feel valued and secure at a fully insured workplace, knowing that they are covered in case of any mishaps.

At North Coast Insurance Services, we’re dedicated to helping businesses understand the importance of workers’ compensation insurance. Ensuring you have the right coverage is not just about compliance; it’s about protecting your business’s future and the well-being of those who contribute to its success.

We invite businesses and individuals in and around Lexington, MI, to contact us. At North Coast Insurance Services, we are equipped to guide you through the intricacies of workers’ compensation insurance, ensuring you choose the best possible protection for your business and your team.

Rev Up Your Knowledge Lexington’s Guide to Classic Car Insurance

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When you have a classic car, it is about more than just getting from place to place; your car becomes a treasure and an investment piece you can enjoy for many years.

What Type of Protection Does a Classic Car Need In Michigan

There are no special needs for a classic car in Michigan, and a classic car must follow the same standards as any other car. In Michigan, because it is a no-fault state, each person has to have enough insurance to cover themselves and any other parties that may have damages in an accident. This usually correlates to $20,000 for bodily injury coverage per person, $40,000 per accident, and $10,000 for property damage liability, also known as a 20/40/10 policy. You also need personal injury protection if you get injured because of an accident. Failure to have appropriate insurance can lead to fines, jail time, or both.

What Makes Classic Car Insurance Unique

While insurance is needed for any car in Lexington, Michigan, there are some special considerations you’ll have to consider when buying insurance for your classic car. While most cars can be swapped out when they are damaged, classic cars are not just about practicality. They are a collector’s item and often have a lot of sentimental value. At North Coast Insurance Services, we understand that getting a policy customized for your classic car can help you give your classic car a long life and sure up your investment. Car collectors put a lot of time and effort into their classic cars, and their insurance policies should reflect that.

Protecting Your Classic Car

If you’re like most classic car owners, your classic car is precious to you. By opting to get insurance through North Coast Insurance Services, anyone in Lexington, MI, and the nearby areas can get the right coverage for their specific circumstances and have peace of mind when it comes to one of their most prized possessions.

Motorcycle Anti-Theft Devices and Their Influence on Your Insurance Policy

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Supplementing your motorcycle with security devices remarkably reduces the theft risk, ultimately impacting your insurance coverage requirements. This article examines various anti-theft devices and how they influence your insurance policy.

The Power of GPS Systems

A Global Positioning System (GPS) significantly deters theft by offering real-time tracking of your motorcycle’s location. This handy device can be concealed under your motorcycle’s dashboard. Once installed, you can remotely monitor your bike, thereby improving its security.

Robust and Modern Locking Systems

In addition to GPS Systems, modern locking systems also impede potential thieves by disabling the bike from being moved from its current location. With many locking systems available on the market, finding one that provides adequate protection for your motorcycle becomes possible and straightforward.

If your motorcycle is frequently parked outdoors in an unsheltered area, enhancing it with a robust locking system drastically minimizes the likeliness of theft.

Policy Changes After Security Additions

Installing anti-theft devices often necessitates modification of your insurance policy. Your updated insurance coverage should specify the advanced systems installed. Post-installation, an assessment will be conducted to determine the resulting risk value. This assessment impacts the amount of coverage your policy requires.

If you acquire additional anti-theft systems, remember that your motorcycle insurance policy will again warrant tweaks.

How To Proceed

Regardless of your security and safety concerns, our North Coast Insurance Services representatives in Lexington, MI, are eager to advise you. Do not hesitate to contact us if you require information on motorcycle coverage or the variety of anti-theft devices compatible with your bike. Ensuring your peace of mind is our priority.

Seven Ways to Plan for a More Secure Future with Life Insurance in Lexington, MI

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Short-Term Insurance Policy: What You Need To Know

Are you looking for a time-bound insurance policy that’s valid for a specific duration? You’re at the right place! North Coast Insurance Services is your dependable guide to navigate and understand life insurance coverage options. Here are some tips to help you make an informed decision.

Understand Your Coverage Needs

Initiating the journey towards a more secure future with life insurance starts with evaluating your coverage requirements. This assessment forms the basis of your saving strategy and long-term retirement goals.

Research and Compare Options

Now that you know your needs, it’s time to explore the potential options. Our experienced insurance agents can walk you through the unique features of term life, whole life, universal life, and supplemental life insurance policies.

Obtain a Life Insurance Policy Quote

Once you’ve shortlisted the policies that align with your requirements, the next step is to receive a life insurance quote. These quotes reveal crucial policy details such as premiums, deductibles, and policy limits.

Look for Bundle Discounts

You can save big when you bundle your new life insurance policy with an existing home or automobile insurance policy. Ask about these pooling options when discussing your choices with your insurer.

Maintain a High Credit Score

A good credit rating can help you lower your life insurance premiums. Avoid late payments and manage your debts effectively to maintain a promising credit score.

Review Your Policy Regularly

Life encounters such as a job change, relocation, marriage, or even a death in the family can significantly alter your coverage needs. Regular reviews of your life insurance policy can ensure you have the optimal coverage.

Consult a Local Trusted Agent

Deciphering the complexities of life insurance policies is easier when you engage the professional counsel of a trusted local insurance agent. Connect with the friendly and knowledgeable agents at North Coast Insurance Services in Lexington, MI to explore your best options for coverage and receive a customized quote.

After Market Add-ons and How They Can Affect Your Auto Insurance

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Owners love to customize their vehicles. Old or new, many choose to upgrade sound systems, tires and wheels, lighting, bumpers, and more. Pick-up trucks are raised, giant upgraded bumpers are attached, and a variety of other options are added. Cars can resemble those in video games. At North Coast Insurance Services in Lexington, MI, we want you to be aware that if you are making upgrades to your car or truck, it may prompt a call to your auto insurance agent.

Upgrades Impact Value

When you invest a few thousand dollars in new rims and tires, a sound system, or even a specialized paint job, it will likely impact the value of your vehicle. This increased value may not be reflected in a standard "book value." If that vehicle is stolen or vandalized, it may not be covered for its real value. Your auto insurance policy may need an upgrade.

Upgraded Vehicles May Be More at Risk

Face it. Reasons to upgrade a vehicle include making it more appealing. And attention-getting. Unfortunately, this can make it a bigger target for theft or break-ins. Reach out to your auto insurance company to ensure you are sufficiently covered.

Engine and Power Upgrades

Cars may also have upgrades made to improve performance. When this alters horsepower, it could possibly impact auto insurance coverage. We can help.

Contact Us Today

North Coast Insurance Services serves the Lexington, MI area drivers with insurance for a wide range of vehicles. If you are investing in after-market upgrades to your vehicle, make sure you are covered and reach out to us. We will be pleased to provide a complimentary car insurance review and price quote. We look forward to assisting you.

Why your home business needs commercial insurance

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You may think that because your business is located in your home, your home insurance provides all the coverage that you need. That is not the case. Home insurance is not designed to protect a home business, and you can be left unprotected if you decide to save money by not adding commercial insurance. At North Coast Insurance Services in Lexington, MI we are here to offer you the advice that you need. 

Home property insurance

Home property insurance is different from commercial property insurance. Commercial property insurance not only protects the premises, but it also protects all the things that you use to conduct business. Depending on what your business is, this may include tools, inventory, raw materials, and a lot more. You may find that your home insurance won’t cover most of your losses from your business. This could be an expensive omission. 

Home liability insurance

Home liability insurance protects you against legal actions taken against you if someone is injured at your home or by a member of your family at home or away. What it won’t cover is people who come to your home to do business with you. So, if a client or customer comes to visit and falls, you won’t be covered by your home insurance. This makes having commercial liability a necessity. 

If you have any employees as a part of your home business, you may need to have workers’ compensation coverage. If you have three or more employees or one employee who works 35 hours a week for 13 weeks or more, then the state mandates that you have this coverage. It is not something home insurance can cover. 

Consult With Us

Contact North Coast Insurance Services in Lexington, MI to discuss with us the ramifications of not having the right insurance for your home business.