Wills Insurance

Three Questions To Ask Before Buying Life Insurance

Wills Insurance — Tue, 03 Apr 2012 13:14:24 +0000

Question #1: How do I know if I need to buy life insurance?
If you have made a significant financial commitment, like a mortgage, that is well in excess of your liquid assets, then life insurance is a simple and inexpensive way of meeting the shortfall in the event of your death. Likewise, if you have dependents and your objective is to provide for their financial well-being, including education, life insurance is again a simple and inexpensive way of meeting those future expenses in the event of your death.

Question #2: How much life insurance do I need?
If the need for life insurance is to cover a significant financial commitment, like a mortgage, simply buy an amount of life insurance equal to the loan. If the need for life insurance results from the desire to provide for dependents, consider buying 10 times your annual income or consult with a local Wills life insurance agent for more individualized advice.

Question #3: Should I buy term or permanent life insurance?
If the need for life insurance is for a period certain like a 25-year mortgage, term life insurance is usually appropriate. If the need is less period certain, such as providing for dependents, a combination of term and permanent life insurance usually works best.

For more information about life insurance, contact your Wills agent at 802.442.5414. Because we represent multiple insurance companies we can custom design a policy that meets your specific needs.

Vermont Business Owners Need Wrongful Termination Insurance

Wills Insurance — Wed, 25 Jan 2012 14:26:31 +0000

Wills Insurance recommends that all small Vermont businesses purchase Employment Practices Liability Insurance (EPLI) because, according to industry surveys, the majority of small businesses believe they are covered for this on their regular liability policy. However, contrary to popular belief, most business owners’ insurance policies DO NOT provide enough coverage. EPLI insurance protects Vermont businesses against a variety of employment-related lawsuits including wrongful termination, discrimination, and harassment. And EPLI not only pays for judgments and settlements, but also pays for defense costs—including legal fees.

Because the number of Vermont lawsuits filed by employees against their employers has been rising, EPLI insurance helps reduce the uncertainties of small business ownership. It is especially important because often a majority of the life savings of a small business owner is tied up in the company.

The cost of EPLI coverage depends on your type of business, the number of employees you have, and various risk factors such as whether your company has ever been sued for employment practices in the past. For more information, contact a Wills Insurance agent today at 802-442-5414 and request an Employment Practices Liability Insurance quote.

Why Vermonters Should Pay More for Auto Insurance

Wills Insurance — Wed, 25 Jan 2012 14:25:44 +0000

Cost is an important factor when Vermonters decide where to buy their auto insurance, especially with the current state of our national economy. While most insurance companies focus their TV advertising on offering lower premiums, Wills Insurance recommends buying a policy with high liability limits….much higher than Vermont’s mandated minimums of $25,000 for bodily injury per one person, $50,000 bodily injury per accident, and $10,000 for property damage per accident.

Paying more for higher auto liability limits can make good sense with today’s expensive medical and vehicle repair costs. And, in fact, buying auto insurance with high auto liability limits actually costs less than a Vermonter would expect.

As a local, independent agent in the Bennington, Vermont area, Wills Insurance represents several A-rated auto insurance companies including Safeco, Travelers, Allstate, Progressive, and others. Contact a Wills agent today at 802-442-5414 for an auto insurance quote.

After Hurricane Irene, All Vermonters Need Flood Insurance

Wills Insurance — Wed, 25 Jan 2012 14:23:46 +0000

Hurricane Irene was not your typical Vermont hurricane. After the storm struck in August 2011, it revealed that Vermonters also need to consider protecting themselves from high waters – as well as high winds – and purchase flood insurance. The greater Bennington, Vermont, area as well as many parts of the state received unprecedented flood damage…..washed out bridges, homes, and roads. The smaller mountain streams did the greatest damage.

Flood insurance protects Vermont buildings and their contents against a general inundation of normally dry land including damage from resulting from mudslides.

Flood insurance policies do not cover:

damage from a wet basement or sump pump failure that does not involve a general inundation.
loss of business or rents.
damage to landscaping.

Vermont flood insurance rates are based on the flood hazard zone the property is located in and the amount of coverage. A full range of deductible options are available. Coverage is effective 30 days after the application is submitted and the premium paid. There are some exceptions to this when a bank is requiring coverage for a mortgage. For policies on single family homes, there is a requirement to insure the structure for 80% or more of the replacement cost. Otherwise, you would not receive full reimbursement for your loss. For more information, contact a Wills Insurance agent today at 802-442-5414 and request a Flood Insurance quote.