New Jersey Life Insurance – What You Need To Know About Life Insurance

They say that there are only two universal truths in Life and that’s Death and Taxes.  There should be a third universal truth in Life and that’s “uncertainty” because nobody truly knows what will happen to them day-to-day in their life.  You can wake up in the morning feeling great and not know that in just mere hours, you could have an accident that will require you to convalesce in a hospital for two weeks.  It’s that uncertainty that we all face in our lives that brings up the question of how to protect ourselves and our families.  Five Star Insurance Agency in Fords, NJ offers many insurance options including life insurance.

Life Insurance

Have you pondered the thought of what would happen to your family in the case of your untimely passing?  You’re not alone as many of us have those same thoughts and worries.  Do I have enough money saved for such a situation?  Will my family be okay financially?  Will they be protected with what I leave to them?  These are all questions that we ask ourselves, usually after a traumatic event or a close call.  Those are not the optimum times to have these conversations with yourself as you should be ahead of the game and have a game plan for protecting your family just in case.

Life Insurance typically comes in two different versions, Whole-Life and Term-Life.  Whole-Life insurance covers you as long as you make your monthly premium payments.  Some companies require a physical (especially if you start your plan as an older person) while others don’t have those requirements.  The money built up over the Whole-LIfe term can be borrowed against which is an option not afforded to Term-Life Insurance.  Term-Life insurance covers a period of time (10 to 30 years) and its value is set, meaning that you can’t borrow against it or build up a cash value to the policy.

More Information

You can learn more about life insurance by contacting Five Star Insurance Agency in Fords, NJ today!

Can commercial insurance in New Jersey protect a business?

Owning a company can be a dream for many people and a great path to pursue. However, there are always going to be risks that come with owning any type of organization. Those that are in the Fords, NJ area will always want to ensure that they are properly protecting their business. One of the most effective ways that this can be done is by getting a commercial insurance plan. This type of insurance can protect a business in several ways. 

Cover Company Assets

One of the ways that you can protect your business with commercial coverage is by covering your company assets. Anyone that is going to start a business will need to buy core assets to get the business off the ground and keep it running. Due to the importance of these assets, protecting them should be a top priority. If you get commercial insurance support, you will be able to protect these assets against the risk of damage or theft. 

Offset Risk of Liability

Businesses also need to be cautious when it comes to their liability risk. There is always a chance that a mistake or other issue can lead to injuries, property damage, or damages. If this is the case, you will need to pay restitution to those that incurred the damages. With proper liability coverage, you are able to mitigate this risk. 

Getting commercial insurance continues to be a great way for anyone in the Fords, NJ area to protect their organization. When you want to protect your company, you should call Five Star Insurance Agency to discuss your insurance needs and options. The team with Five Star Insurance Agency can provide a lot of guidance that will be necessary to ensure you choose a plan that is right for your situation. 

Frequently Asked Questions About Tax Insurance in New Jersey.

Tax insurance is created to protect those who carry a higher amount of risk from their tax position. Some people do not even realize that this coverage is available. At Five Star Insurance Agency, we serve the people of Fords, NJ and the surrounding areas with quality tax services and information. If you think tax insurance may be beneficial to you, or if you would like to learn more about it in general check out these commonly asked questions.

Frequently Asked Questions About Tax Insurance

  • What is tax insurance? It is a way to protect against tax risk/loss that can occur in certain circumstances when running a business or situation that requires many transactions or investments. Tax insurance provides protection from the IRS in high-risk circumstances
  • Who may benefit from this coverage? Business owners, investors, large corporations, traders, attorneys, and more may benefit from this specialized coverage. If there is a great risk, then great protection is a wise choice. 
  • Is tax insurance a requirement for high-risk corporations?  No, the government does not have a specific tax insurance requirement. Even if it is not a legal requirement, it may be a good idea to make sure that you are protected if certain changes can put you at risk of changing your tax situation. A lot of money can be at risk with large enough change, and this risk can be a domino effect in some cases. 

Contact us at Five Star Insurance Agency if you are ready to purchase an insurance policy, or if you have any further questions. We serve the community of Fords, NJ and the surrounding areas. 

Why do people need to carry umbrella insurance?

Liability is a risk which all people in the Fords, NJ area need to spend time thinking about. Even if someone is cautious and does their best to do the right thing, there is always a chance an accident can happen that could result in damages. Due to this, having the right insurance in place is important. An umbrella insurance plan is a great way to receive the liability support that you need. There are several reasons to get this coverage

Coverage Against Unexpected Risks

A reason that you should obtain an additional umbrella coverage plan is that it can protect against unexpected risks. Most people here are going to have liability protection already through home and auto plans, but there are other liability risks that are harder to predict and insure against. An umbrella insurance plan will give you the coverage that is needed to offset these concerns. 

Support for Major Liability Claims

Those that have auto and home coverage will have some liability coverage in place. However, there are situations that could result in claims that exceed the insurance coverage. If you have an umbrella plan in place, it will offer the support you need to cover claims that are in excess of your base insurance policies. This protection will typically offer coverage on top of your existing liability insurance policies. 

People that are in the Fords, NJ area should always consider their umbrella insurance needs. If you want to learn more about this type of coverage, you should call Five Star Insurance Agency as soon as you can. If you do call Five Star Insurance Agency, you can learn a lot about your different insurance options and how you can mitigate liability risk. This can ensure you receive the right coverage for your situation. 

Why Do I Need Renters’ Insurance in Fords, NJ?

Renters’ insurance is an important but often overlooked type of insurance coverage. When people are buying home insurance, why do they always fail to consider insuring the contents of the home instead. Normal home insurance does not do this. 

Not as popular as homeowners’ insurance, renters’ insurance offers repair or replacement upon claims of a loss through any type of mishap including vandalism, theft, storms, hail damage, or other Acts of Nature.

At Five Star Insurance Agency, we remind you to assess what is really important. Of course,  your family’s life is the most important. But when a disaster strikes and you locate your family, what then?

How will you rebuild from the tragedy and start repairing or replacing your valuables following a storm or disaster?

If you have the right renters’ insurance policy, this process is much easier. Contacting Five Star Insurance is all it takes to get started getting your life back after disaster strikes. 

If you contact Five Star Insurance Agency and tell them you are interested in home insurance, we can route you to the right person immediately and answer all of your questions about home insurance. Whether you are inquiring about a new policy or think you need to upgrade your policy to cover more, we can help.

Your home is your most prized and usually most expensive investment. If you are a renter, you have just as much of a right to protect what’ in your home as homeowners do. Why not protect it as you would yourself or your family. That way, if tragedy strikes, you are ready. 

In Fords NJ, your insurance agency is Five Star Insurance Agency, looking out for your interests and your financial success by protecting your most important investments.,

Should we get an umbrella insurance plan in New Jersey?

People that live in the Fords, NJ area are going to have various insurance needs. A form of insurance that people need to have is personal liability insurance coverage. One of the ways you can be assured that you have ample insurance coverage is by getting an umbrella insurance plan. You should get an umbrella insurance plan for a few important reasons.

Coverage Protects Against Major Claims

A reason to have an umbrella insurance plan in place is that it will give you coverage to protect against major claims. Those that are in this area of New Jersey will likely have some personal liability coverage through their existing home or auto plans. While this can be helpful in many situations, if you are deemed liable for an accident that has significant damages, you will still need to cover the uncovered amount. With an umbrella insurance plan, you will have the additional coverage needed.

Broad Coverage

An umbrella insurance plan is also a good idea as it will give you broad coverage. There are a lot of liability risks that the typical person takes on that might not be covered by other insurance plans. With an umbrella insurance plan, you will receive broad liability protection that will cover these less predictable situations. 

An umbrella insurance plan can be a great form of insurance for those in the Fords, NJ area. As you are shopping for your next umbrella coverage plan here, calling the Five Star Insurance Agency can be a good idea. The process of picking this insurance can be complicated. Fortunately, the Five Star Insurance Agency can help you carefully assess all of your needs and options. This will help you choose a plan that offers the ideal protection for your situation. 

What Is Covered Under A Flood Insurance Policy?

During a flooding disaster, numerous homeowners are shocked to find out that their flood insurance can only cater to specific items, leaving a handful of essential assets outside of their coverage. With this comes the need to cover the remaining repair and replacement costs out of pocket, a factor that will likely cause financial constraints. If you reside within Fords, NJ, and are looking for ways to avoid this, Five Star Insurance Agency takes you through the following items covered by a flood insurance policy.

Building Property Coverage

Building property coverage protects the structure of your home, its foundation, and fixed structures within your home. Examples of permanent structures covered include essential systems like air conditioners, electrical and plumbing systems, heat pumps, and water heaters. Built-in appliances are also included, with examples of this being washing machines and refrigerators. Structures such as cabinets and bookcases are also protected, with detached garages also taken care of by this coverage.

Personal Contents Coverage

Personal contents coverage takes care of your personal belongings, helping you replace or repair them depending on the extent of the flooding. Examples of these items include clothing, electronics, and furniture. Flooding exclusions will, however, kick in when your contents are stored in your basement, since various flood policies do not protect items in this area. Certain personal valuables are also taken care of by personal content coverage, with an example being art pieces where the policy allows.

Other Coverage

Some events outside the regular flooding guidelines may also be covered and will often apply when multiple properties, yours included, suffer similar damage. Events that could lead to this include groundwater seepage or a faulty water main that causes flooding to various homes.

Whether you live in a flood-prone area or need coverage to keep your Fords, NJ property safe from any unforeseen events, consider calling Five Star Insurance Agency today. We will help you customize a flood insurance policy suited to flood emergencies.

Condo insurance FAQs

A condo is a great way to break into the housing market. It is also a great way to own your own home without all the work freestanding homes require. Whether you’re just starting out or winding down, a condo can be a great way to have a place to call home. Protecting that home requires good condo insurance. At Five Star Insurance Agency in Fords, NJ, we have more than 35 years of insurance experience. We are local agents with more than 10 years of individual experience who place the needs of our customers first.

Is condo insurance required?

The state of New Jersey does not require condo insurance. That does not mean you can or should be without it. If you have a mortgage on your condo, your lender will require that you carry condo insurance. Your condo association may also require you to carry condo insurance. Read your covenant and follow whatever requirements they have. 

Doesn’t my condo association have insurance?

Yes, your condo association does have insurance, but it is not comprehensive when it comes to the interior of your unit. The condo association policy covers common areas and the exterior of the building. How far it actually goes into your unit depends on the policy but most likely you are responsible for the interior walls into your unit. 

What coverage does condo insurance offer?

  • Contents-You have options for your personal items, you can choose replacement cost or actual value. 
  • Loss of use-If your condo is damaged, this coverage will pay for a place for you to stay until your home is ready to be occupied again. 
  • Liability-Getting sued is a real concern and this coverage will help with legal costs as well as a judgment against you. 

When you are ready to discuss your condo insurance needs, give Five Star Insurance Agency in Fords, NJ a call or stop by our office. 

Health Insurance: What is the Difference between a Co-Pay and Deductibles?

No matter where you live, even in Fords, NJ, health insurance is complicated. How do you decide which coverage you should select when it is time for open enrollment? Your friends at Five Star Insurance Agency are here to help you make an informed decision that will protect you and your family all year long.

Your Co-Pay Gets You in the Door for Treatment

When reviewing what benefits are included in your health insurance, you may see a list of co-pays. This means that if you have a doctor’s appointment for a physical, you will pay the appropriate co-pay when you arrive at the office. The doctor will see you and give you an exam. The same applies to an ER visit–you pay the co-pay at the registration desk, and it ensures that a doctor will evaluate and treat you. However, it may not be the only cost associated with your visit.

Your Deductible or Out-of-Pocket Expenses are Part of Additional Fees

Once your visit is completed, the doctor’s office or hospital submits a bill to the insurance company for all the procedures done during the visit. Some procedures may be included with your insurance, while others may only be covered 80%, 50%, or not at all. You will receive a bill for the remainder and that becomes part of your deductible.

Most plans have a set deductible limit like $2,000 or $5,000. Once you have paid for other procedures, services, and supplies that are not covered by the co-pay and total more than your deductible limit, your health insurance will begin to pay 100% of some of those other fees.

This article may have answered one question, but you probably now have others about how to choose the right health insurance for this year. Five Star Insurance Agency serves the greater Fords, NJ area and we look forward to assisting you in this often confusing decision. Give us a call!

Term Life vs. Whole Life Insurance

As a Fords, NJ resident, getting a life insurance policy could be one of the most important decisions you can make in your life. However, for a long time, it has been challenging for people to differentiate between the two types of life insurance commonly offered by insurance organizations; term and whole life insurance. Five Star Insurance Agency provides the difference between the two and highlights the benefits. 

Term Life Insurance

Term life insurance is a coverage that is only valid for a period of time, such as five years, twenty years, thirty years, or so. The whole essence of term life insurance is to provide death benefits to your beneficiaries once you pass while it’s still in force. However, if you die after term life has expired, your beneficiaries will not get death benefits. 

One of the outstanding benefits of term life insurance is that it is the cheaper of the two, which is often by a wide margin. Other possible benefits of term life insurance are that it has a finite duration and is a simple policy.

Whole Life Insurance

Unlike term life, whole life insurance does not expire after a specific duration of time. However, you must make sure that you continue to pay the necessary premiums for it to remain in effect. There are several benefits that you will be accessing if you have a whole life insurance policy. Besides the apparent death benefits that your beneficiaries will be getting, there is some cash value, which can be a source of income in the future. 

Do You Need Life Insurance in Fords, NJ?

As you can see, making a decision on the two types of life insurance available is always tricky. Five Star Insurance Agency helps individuals to make better decisions based on their income and the financial goals they want to achieve in the future.