Featured Archives - Spencer Insurance Agency, Inc

Whole Life Insurance VS. Term Life Insurance

Shopping for life insurance may not be as fun as reading a good novel, but it is something everyone should do – sooner rather than later. There are two popular types of life insurance: term life insurance and whole life insurance. While the death benefits from both can be similar, there are a few key differences between them.

Family Cooking Kitchen Food Togetherness Concept

Term life insurance is perhaps the easiest to understand. This straightforward insurance is purchased for the simple promise of a death benefit for your beneficiary should you pass away while it’s in force. Term life insurance only lasts for a certain period of time, whether it is 10, 20 or 30 years. After the term is up, the policy expires. One benefit of term life insurance is it tends to be the most affordable option. If all you seek from a life insurance policy is the ability to protect your loved ones when you die, term life insurance is likely the best fit for you. Basic protection is better than no protection at all.

Whole life insurance is a form of permanent life insurance. Meaning that if you keep making your premium payments, it will never expire. Whole life insurance also provides some “cash value”, which can be a source of funds for future needs. Your premiums are split in two ways. One part of your payment goes to the insurance component, while the other part helps build your cash value, which will grow over time. At a later date you can borrow or withdrawal from your cash value amount for things such as your child’s college tuition or repairs to your home. However, should you withdrawal or borrow from your policy, your death benefits will go down by a corresponding amount if you don’t pay it back.

So which option is better for your family? Life insurance can be confusing. What’s right for one family, may not be right for yours. Spencer Insurance Agency, Inc. will be happy to help you with any questions you may have and provide you with a free quote. You can give us a call at (215) 885-2200 or visit us online at https://spencerinsurance.com/ to get in touch with one of our experienced representatives.

Source: https://www.investopedia.com/term-life-vs-whole-life-5075430

Spring Home Maintenance

Spring is here! After a long dark and cold winter, the bright sun and warm winds of the spring are a breath of fresh air! The only downside? All that sunlight helps you see your leaf-filled gutters, cracked

sidewalks, and dead plants in the flower beds. Get your home in shape for spring with this checklist!

  1. Examine Roof Shingles: Examine the roof to see if any shingles were lost or damaged under the

    Child and small grey horse with saddle in the field at spring.

    winter snow and ice.

  2. Check the Gutters: Loose or leaky gutters can cause improper drainage, which can lead to water in your basement or crawlspace during the spring rain.
  3. Inspect the Concrete: Inspect concrete slabs for signs of cracks or movement. Fill cracks with concrete crack filler or silicone caulk, power-wash, and then seal the concrete.
  4. Remove Firewood: Firewood stored near the home for winter should be moved at least 18 inches off the ground and at least 2 feet from the structure.
  5. Check Outside Faucets: Check outside faucets for freeze damage. While you’re at it, check your garden hose for dry rot.
  6. Repair Window Screens: You will want to open the windows to let the fresh air in. Ensure small holes and tears are repaired so bugs don’t get in.

This is just a short list of items you can do to prepare your home for the spring. Winter was nice and cozy

Mutter und tochter auf einer wiese mother with daughter on a meadow

but Spencer Insurance Agency, Inc. is ready for the spring sunshine! While you are preparing your home for the spring, it is a great time to review your homeowners insurance! Give Spencer Insurance Agency a call at (215) 885-2200 or visit us online at https://spencerinsurance.com to speak with a representative.

Source: https://www.hgtv.com/lifestyle/clean-and-organize/10-home-maintenance-tips-for-spring-pictures

Buying Auto Insurance When You Don’t Drive

If you don’t have a driver’s license, then you don’t need auto insurance. Seems reasonable – you wouldn’t buy a flight out of the country without your passport. However, you can buy insurance without a license, so the option exists. It must exist for some reason, right?

There are a couple reasons and they are actually more common than you might think. There are multiple scenarios where buying auto insurance as a non-driver is just as important as buying auto insurance when you drive every day.

Underage drivers are one common scenario where you may want to invest in insurance. Many states do not allow minors to enter into a contract. Insurance falls under the umbrella of “a contract.” However, many people under the age of 18 drive. For many people, this is not an issue since they just add their kids to their policy. Adults who don’t drive, but have children who do can effectively do the same thing. You may not drive, but buying an auto insurance policy will allow you to put your underage driver on your policy plus, there are ways for students to get discounts.

Another common scenario – especially for older individuals – is if you have a personal chauffeur. We’re not talking about some guy who drives you around in a limo or a Bentley, but someone who drives around senior citizens who can’t drive anymore, but still need to get from point A to point B. These seniors may not have licenses, but they still need to purchase insurance for their car and driver. Many insurance companies charge seniors more because they are seen as higher risk drivers, but for a senior who does not have a license, this is not a problem. They won’t be driving the car, so age doesn’t matter when writing up the policy. This works the same for those who have health issues that need a caregiver to drive them around.

Perhaps you are working on getting a license. Regardless of whether you have a license or a permit, you need insurance on your car. Adults with permits can get insurance on their car just as any license driver would be able to.

Finally, another scenario that comes up is for those who own a classic car. Classic car insurance exists and will cover that car in the same way that other specialty insurance policies cover boats and ATV’s. However, if you are tempted to have someone drive you around in your beauty of a car, you will want auto insurance there to protect your investment.

However, this doesn’t answer the question of how you get a policy without a driver’s license number. The workaround is pretty simple. If you are not driving, then you must have someone else who is and they have a driver’s license. If you list them as the primary driver, then you can get the policy using their license number.

Anyone with a license can be named your primary driver. It could be your spouse, your son or daughter, or even your friend. The license number corresponds to a driving record which is why you have to have a number. The agent needs to know how much of a risk they are taking by insuring a driver. You may also need to put yourself down as an excluded driver – your name is on the policy as someone who will not be covered when driving. Seeing as you don’t have a license, this shouldn’t be an issue. It is used to reinforce the message that you can’t drive without a license.

In any case, Spencer Insurance Agency can help you get the policy that meets your specific needs. Schedule an appointment today to learn about all of your options and find out which policy will work best for you. Give us a call at (215) 885-2200 or visit us online at https://spencerinsurance.com/.

Life Insurance Myths and Facts

Thinking about your death isn’t the most enjoyable part of your life. However, ensuring your family’s future is protected when you’re gone is very important! Life insurance can help your family pay for funeral expenses, pay off any debt you left behind, and much more.

So why do people avoid buying life insurance before it’s too late? Easy! There are many myths and misconceptions about life insurance and we’re here to debunk those myths!

Myth 1: Life insurance is expensive. FALSE! Life insurance can cost less than your daily cup of coffee. On average, millennials overestimate the cost of life insurance by 213%! For a young and healthy adult, the average cost of a $250,000 life insurance policy is around $160 annually.

Myth 2: The choices are overwhelming. FALSE! While there are many different varieties of life insurance, the best choice for most people is a term life insurance policy. You should always consult your insurance agent about your options and they will help you choose the best policy.

Myth 3: I’m young and healthy. I don’t need life insurance. FALSE! The younger and healthier you are the cheaper your life insurance policy will be. You are never too young, or too healthy, for life insurance!

Myth 4: Stay-at-home parents don’t need life insurance. FALSE! If you’re a stay-at-home parent and you pass away, who will take care of the children? Your elderly parents? Your pets? Your surviving spouse will need to continue working and may need to hire help. Life insurance could help him or her pay for these costs.

Myth 5: Life insurance through an employer is sufficient. FALSE! While group life insurance is a great benefit, the payout is typically low and may not support a young family. What happens if you lose your job? A workplace policy doesn’t follow you. Having a personal policy is the safest and best option.

Family always comes first. Their future depends on you! Protect your family and loved ones today by calling Spencer Insurance Agency at (215) 885-2200 or visit us online at https://spencerinsurance.com/.

 

Source: https://www.nerdwallet.com/blog/insurance/9-myths-life-insurance/

Restaurant Insurance

Restaurant owners face many different risks while running their business. Restaurant insurance is a specialty business insurance policy that covers several risks and gives the restaurant owner the confidence he or she needs to be successful.

Whether you run a small café or a national chain, you could be held liable for contaminated food, spilled coffee, slips and falls on your premises, and much more! You will want the best restaurant insurance policy for your establishment. What are the basic insurance coverages for a restaurant?

Property Insurance: This coverage protects your property in the event of a fire or vandalism, but it may not cover natural disasters such as floods. Speak with your insurance agent to find out if you need additional coverage for natural disasters.

General Liability: This is an umbrella insurance policy that protects you if someone slips and falls on your

property or if a patron gets sick after consuming your food, even if it’s not your fault. General liability insurance is a must have in today’s sue-happy world!

Employee Coverage: Most states require that all employers carry workers compensation insurance to

protect you if an employee gets hurt on the job. Unemployment insurance covers employees who no longer work for you until they find another job.

There’s insurance coverage for just about any object, action, or person. You are not limited to those we have mentioned above. If you have special concerns, you can purchase other insurance coverage. Spencer Insurance Agency is your trusted insurance agent in Jenkintown, PA. We know the state and local laws regarding how much insurance your restaurant needs. Give us a call at (215) 885-2200 or visit us online at https://spencerinsurance.com/ to set up your consultation.

Source: https://www.thebalancesmb.com/restaurant-insurance-basics-2888374

 

Spencer Insurance Agency LOVES Insuring Your Life!

Spencer Insurance Agency LOVES Insuring Your Life!

Life is the most precious gift and we love insuring yours! Spencer Insurance Agency values every single one of our loyal clients and this month, we are sending you love and gratitude for welcoming us into your families and homes. It is our pleasure and honor to provide you protection and assurance in these times of uncertainty. Some of the most impactful services we proudly provide are:

Whole Life Insurance: Whole life insurance is a policy which is guaranteed to remain in place for the insured’s entire lifetime, provided premiums are paid, or to the maturity date. The premium is often higher than other life insurance policies, but is ideal if you need life insurance throughout your entire lifetime.

Term Life Insurance: Term life insurance provides coverage at a fixed rate of payments for a limited period of time. These premiums are lower when you are younger and can increase with age.

Universal Life Insurance: Universal life insurance is a type of cash value life insurance. Under the terms of the policy, the excess of premium payments above the current cost of insurance is credited to the cash value of the policy, which is credited each month with interest.

Variable Life Insurance: Variable life insurance is a type of policy that builds a cash value. The cash value can be invested in a wide variety of separate accounts, similar to mutual funds, and the choice of which of the available separate accounts to use is entirely up to the policy owner.

If you have questions, we would love to answer them! If you have concerns, we would love to address them! We love insuring you – and all the things that come along with it! Get to know us better at Spencer Insurance Agency, and let us give you the support and protection you so very much deserve!

https://spencerinsurance.com/  

(215) 885-2200                                                         

115 West Ave Suite 204
P.O. Box 54
Jenkintown, PA 19046

Commercial Umbrella Insurance Explained

 

Just like an umbrella provides us an extra layer of protection against the elements, a commercial umbrella insurance policy provides your business an extra layer of liability protection. If you own a business, chances are you have some form of general liability insurance. General liability insurance can help protect you in the event of a lawsuit; however, what if the limits of your policy isn’t enough?

If an employee gets into a car accident while they are out making a delivery to a customer, the property damage and bodily injury costs could exceed your business’ commercial auto insurance limits. If you don’t have a commercial umbrella insurance policy, you would be responsible for paying the amount that exceeds your policy limits.

Commercial umbrella insurance can help cover claims of bodily injury, whether it’s an injured customer or employee, and property damage your business causes to someone’s belongings. Without a commercial umbrella insurance policy you may be responsible to pay out of pocket for legal costs, medical bills, property damage, and judgements and settlements if they exceed your general liability insurance limits.

Hotels, crane operators, and pharmaceutical manufacturers are subject to major losses. Therefore they would need a higher umbrella insurance limit than say a retail store. The cost of a commercial umbrella insurance can vary depending on insurance carriers, limits, and coverages you purchase. Luckily, Spencer Insurance Agency, Inc. is an independent insurance agent located in Jenkintown, PA. We will shop around for a commercial umbrella insurance policy that will give you the coverage you need at a price you can afford. Just give us a call at (215) 885-2200 or visit us online at https://spencerinsurance.com/ to get started.

Sources:

https://www.thehartford.com/commercial-umbrella-insurance

https://www.thebalancesmb.com/before-you-buy-an-umbrella-policy-462598

Sticking to Your New Year’s Resolution

2021 is here! A new year means a fresh start and another chance to make some changes. Most of us make New Year’s resolutions, but not all of us can stick to them! There are several things you can do to increase your chances of sticking to your New Year’s resolution.

  1. Start Small: By making your resolutions more realistic, there is a greater chance that you will keep them throughout the year. For example if you aim to eat healthier, try replacing dessert with something else you enjoy, like fruit or yogurt, instead of changing your whole diet and making it a form of punishment.
  2. Change One Behavior At A Time: Unhealthy behaviors develop over time. Thus, replacing unhealthy behaviors with healthy ones will require time. Don’t get overwhelmed trying to reassess and change everything at once.
  3. Talk About It: Sharing your struggles and successes with friends and family can make the journey much easier and less intimidating. Consider joining a support group to reach your goal!
  4. Don’t Beat Yourself Up: Perfection is unattainable. It’s normal and OK to have minor missteps when working towards your goals. Don’t give up completely if you ate that brownie or skipped the gym for a week. Everyone will have their ups and downs – recover from your mistakes and get back on track!
  5. Ask For Support: Accept help from those who care about you. If you feel overwhelmed or unable to meet your goals, consider seeking professional help – a trainer or a nutritional counselor perhaps.

Studies show that about 60% of us make a resolution every year. Only about 8% of us actually achieve our resolution! If you want to be a part of the 8% follow these tips, work hard, and don’t quit! Spencer Insurance Agency, Inc.’s resolution is to provide excellent customer service and help our community members receive the insurance coverage they need! Give us a call at (215) 885-2200 or visit us online at https://spencerinsurance.com/ for your free insurance quote!

Sources:

https://www.apa.org/topics/new-year-resolutions

https://bit.ly/3g2Z8r6

Homeowners Insurance Riders: What Do You Need?

 

Homeowners insurance and renters insurance cover many of your belongings in the case of theft, fire, or other disaster. The only problem is that they don’t cover everything. These insurance policies usually do not cover particularly expensive items such as jewelry, artwork, antiques, or other items with high value. Riders (or add-ons) to your policy can protect these items in case of a mishap.

The first thing you need to do is to check and see how many items of yours will not be covered by your homeowner’s insurance. If you have a lot of items not covered, then you will need a higher value homeowners’ policy. This can be expensive, but if these items were to be damaged, you’ll see that a policy like this can actually save you money in the long run.

However, if you only have one or two items of particularly high value, then you might only need one or two insurance riders. These will cost you very little in premiums while covering thousands of dollars’ worth of items.

Jewelry is usually the most common when it comes to insuring valuables. In fact, homeowners insurance usually covers around $1,000 dollars’ worth of jewelry. However, as you probably know, jewelry can be much more expensive that that. Perhaps you bought an engagement ring for your fiancée. You happened to have a good chunk of change when you went shopping and then next thing you know, you just dropped $5000 on a diamond ring. It happens. The good news is that a policy covering that kind of ring will only run you around $20 or less a month! Adjust this for a more affordable ring, and you can see how negligible the extra premium could be.

Another type of item you might want to insure is art or antiques. These two are grouped together, because these items usually become more valuable as time goes on. This makes insuring their worth difficult, because most policies cover their value at the time of their loss. When insuring these items, make sure you discuss this in detail with your agent and understand the exact parameters of the claims settlement. It is also important to have these items evaluated and certified as authentic.

Homeowners insurance may or may not cover your rugs. If you have an expensive oriental rugs, then it is suggested that you get a rider. These rugs can be enormously expensive and take up a lot of the money your house is insured for.

This only covers 3 common high value items, but if you have inherited any items like expensive sterling silver utensils, fur coats, or anything else of high value, talk to your agent and find out how much a rider will cost you. One thing it definitely won’t cost you is thousands of dollars’ worth of lost rings and rugs!

At Spencer Insurance Agency we focus on providing you with personal and business insurance for all your needs. To find out more about the services we offer, give us a call at (215) 885-2200 or go online to our website, https://spencerinsurance.com/.

COVID-19 Remote Work Cyber Security Risk

During the Coronavirus pandemic many employers shifted their employees to work at home. While this has allowed many businesses to maintain their operations, it also poses a cyber security risk. At the office, a business can implement and enforce cyber safety standards to keep sensitive data safe. However, employees’ home networks may not be as secure. To keep your sensitive information safe consider the following tips:                                              

  1. Train Against Phishing Attacks: Ensure your employees can recognize and avoid phishing attacks. Teach employees not to click on suspicious emails or links and never provide personal, financial, or company information to an unknown party.
  2. Virtual Private Network: Companies should implement a virtual private network (VPN). VPNs encrypt internet traffic and make it more difficult for potential cyber threats to track online activity.
  3. Anti-virus Software: Companies should require all employees to use anti-virus software. Employees should also be required to keep the software updated.
  4. Two-factor Authentication: This adds an extra layer of protection when employees are accessing any company device or data. Two-factor authentication generally requires users to send a verification code to their phone or email address.
  5. Device Privacy: Instruct your employees not to share company devices with others. The more people who have access to a device, the more likely it is that someone may make a mistake and jeopardize the cyber security of a business.

A cyber-attack can devastate a company’s operation, finances, and reputation. Cyber security should be taken seriously and be of the utmost importance. Ensure you are taking the proper precautions with your business to prevent a cyber-attack.

For more information on cyber insurance, please give Spencer Insurance Agency a call at (215) 885-2200 or visit us online at https://spencerinsurance.com/.

Source: www.zywave.com