Types of Life Insurance

Life insurance is meant to protect the financial needs of your loved ones when you are gone. The type of coverage as well as the amount will greatly depend on your needs and circumstances. If you are in Brecksville, OH, Ganley Family Insurance can help you make an informed choice on which type is best for you. Below are the two major types of life insurance to choose from.

Term

This type of life insurance policy pays out only if death was to occur during the period of coverage, which usually lasts up to 30 years. The death benefit is paid out either as a monthly payment, lump sum, or an annuity, although people mostly go for the lump sum.  There are two primary types of term life policies namely; decreasing term and level term. In level term insurance policy, the value of the death benefit is maintained throughout the term. On the other hand, the death benefit in decreasing term drops during the policy’s term, typically in one-year increments. 

Whole

Also known as permanent life insurance, whole life insurance offers death benefit when you die, regardless of how many years you live. It also has a cash value component, which is an alternative to the death benefit. This policy is divided into three major types namely; universal life, variable universal life, and traditional whole life. The three have variations within them and it is important to consult a qualified insurance agent for a clear explanation and advice on which one best suits your needs.

When buying a life insurance policy, it is important to take your time and choose one that will work for your situation. Remember, there are policies that expire, those that are best for unhealthy or older individuals, and those that come with an investment kind of cash value. Also note that the cost of the policy you buy will depend on your gender, age, lifestyle, and medical history. Contact us at Ganley Family Insurance in Brecksville, OH for more information on the different types of life insurance.

 

 

Progressive home owners insurance: What you need to know!

Homeowners insurance is an agreement between you and your insurance company which basically covers your house, separated structures, lawsuits among others. Purchasing a progressive homeowners insurance policy is safe since it offers affordable and comprehensive homeowners coverage for most major risks including fire, theft, and flood among others.

Before settling down on a specific policy, it is important to understand what exactly you’re yourself to. The following guide will help you get a little knowledge on what you need to know about a progressive homeowner’s insurance cover.

1. Price. Various factors are considered when pricing homeowners insurance. Firstly, the size and cost of your home. Secondly, the materials used in constructing your home. Thirdly, your previous claims, and lastly the vulnerability of damages in your area and other safety features.

2. What is covered? Basically, there is a standard homeowners policy which is offered in most states. Nevertheless, it does not cover every aspect of your home. The standard coverage only shields your house, structures not attached to your house, your personal property not inclusive of your expensive items, temporary living expenses, injury on your property and lawsuits. Any other costs and items will need add-on coverage to cater for the expenses in case of perils.

3. Making a claim. Before making a claim, it is necessary to understand that there are some out pocket expenses that you will incur, the main payment being the deductible which is payable if you have another claim or if your home is damaged. Purchasing homeowners insurance cover with a company that has good reviews and great customer service will save you in case you have a claim to process since it’ll be handled efficiently without any headaches.

At Ganley Family Insurance in Brecksville, OH,  we offer great policies for major perils with great customer service. Call us or visit us today for an experience like no other.

Gain A Better Auto Insurance Policy With Ganley Insurance

Ganley Family Insurance in Brecksville, OH.  Our customers and the residents of Ohio are very important to us here. Valuing insurance is an extension of how we value our community, our property, our homes, and our lifestyle. Located Just 20 minutes away from Cleveland,  Ohio we are eager to serve all of your insurance needs today.

 Ohio FAQ’s

Two Ohioans And A Tree

Did you know that our fair state is credited with having the very first automobile accident? In 1891 two Ohioans in Ohio City ran into a tree.  By the same token, Ohio is credited with writing the first auto insurance policy. A wrong rated. In 1897 the first auto insurance policy was written in Dayton, Ohio. Here at Ganley  Family insurance, we continue to make good on Ohio’s word.  We’ve been trying to make up for it  by offering awesome insurance. 

One Half Of A Year Makes A Real Difference 

While we are not certain of the age of those drivers, we hope that they fared well and were adults. Though each state is different in their minimum age requirements for eligibility for driving learners permit, (temporary instruction permit) we especially like the fact that Ohio residents must be 15 1/2 years of age before they are issued a learners permit. Six months makes a huge difference in maturity and driving responsibility.  If all of the requirements are met drivers are able to receive a provisional license at the age of 16.

If you are ever in Brecksville OH, look us up.  We’d be more than happy to show you a professional, yet family oriented atmosphere while we deliver conscientiously ethical service to you and your family. 

Can I buy a policy for my niece and nephew when they’re babies?

While it can be fun to buy new baby gifts, it is even better be able to give a gift which will be meaningful and significant for the rest of the baby’s life. Many people ask whether they should purchase an insurance policy for young relatives.

The Earlier, the Better 

When you buy an insurance policy for a very young person, the policy itself costs very little. There won’t be a need for a physical exam, and the price will be locked in for the life of the policy. 

Once they’re old enough, they can choose what they want to do with the policy based on their plans and what kind of policy it is.

Get Permission

You will need to meet a few requirements to buy a life insurance policy for your young relatives. First, you need to prove you have an insurable interest, which basically means you need to prove you’re really related to them.

Second, if you are buying a life insurance policy for someone else in Brecksville, OH, you will need to get permission. If you have any questions about the requirements, you can ask any agent at Ganley Family Insurance. 

Insurance Can Be an Investment 

Whether you get a term life insurance policy or a whole life insurance policy, you will be making an important investment for your loved one if you purchase the policy early. Even a policy which only pays death benefits will get more expensive over time. A policy which can eventually pay out cash can help at an important time as a down payment or for a necessary purchase. 

If you live in Brecksville, OH, don’t wait to make this important decision. Call Ganley Family Insurance today to find the policy you’re looking for. 

What Exactly Does Home Insurance Cover?

It’s no secret that purchasing a home is a major life decision. As such, it’s important for new homeowners to invest in the proper protection by getting home insurance. While this kind of insurance is not a legal requirement in Ohio, it is nonetheless a very smart decision. So on this note, what exactly does home insurance cover?

Expecting the Unexpected

Nobody wants something bad to happen to their property, but the truth is that there are no guarantees that nothing will. Home insurance is, therefore, a precaution in the event that something uncontrollable does happen. From human causes to natural occurrences, insurance is a way to ensure that these events do not cause further damage and pain through financial loss. 

Covering the Home Inside and Out

A good home insurance policy should cover both the structure of the home itself as well as the valuables inside it. In fact, many people opt for a policy that will cover the total value of their home and belongings, in the event that it all needs to be replaced. While the specifics can certainly vary from policy to policy, it’s important to know that the following things can be covered:

  • Lightning strikes
  • Hail, rain and windstorm damage
  • Equipment replacement (furnaces, cooling system, etc.)
  • Fire damage
  • Water damage (such as from leaking or burst pipes)
  • Burglary
  • Identity Theft

Now, it is also important to understand that under a lot of basic policies, damage from certain natural disasters may not be covered. However, if you feel you are at risk, this may be a customizable add-on to your policy. 

Taking the Next Step

When you’re ready to start looking at insurance policies that fit your specific needs and keep your home protected, contact Ganley Family Insurance. As an independent, family-run insurance agency, Ganley is able to match clients in the Brecksville, OH area and beyond with different insurance carriers depending on the kind of coverage they are looking for. 

3 Questions to Ask When Getting Umbrella Insurance

Umbrella insurance can give you an added layer of liability protection on both a personal and professional level. If you’re found liable for a serious accident where damages exceed the limits of your home or business insurance coverage, umbrella insurance will pick up where these other insurance options leave off. Before purchasing umbrella insurance, talk to an agent from Ganley Family Insurance, Brecksville, OH, to get a better idea of what this insurance has to offer. Here are a few questions you can ask to determine if umbrella coverage would benefit you.  

What Liability Coverage Do I Currently Have?

Before extending your liability coverage, review your home, auto and business insurance policies with one of our agents to see how much coverage you currently have. Go over each of your plans and compare your liability coverage with your overall assets. If your assets are greater than your current liability limits, you may want an umbrella policy to protect your investments.

How Much Umbrella Insurance Do I Feasibly Need?  

People vary in the amount of umbrella coverage they need, depending on their assets and risks. Your agent can help you assess your situation and get personalized coverage according to your individual need. If you’re a frequent traveler, have a pool in your home or entertain often, you are at greater risk of accidents in which you could be held liable for damages. You should also review business risks with your agent to ensure you obtain sufficient protection against accidents on your business property.

What Will My Umbrella Policy Cost?

After determining how much umbrella coverage you want, get quotes for policy costs. The cost of your coverage should be well within your budget so as not to put a strain on your finances. For umbrella coverage that protects your interests at affordable costs, contact Ganley Family Insurance, Brecksville, OH.    

When Can You Claim Your Life Insurance?

Life insurance is a cover that everyone needs to take care of their loved ones after they are gone. It sure cannot provide emotional satisfaction, but it comes in handy on keeping them economically stable after the loss. You can take it for yourself or elderly parents. Besides, no one is too young or too old to take a life insurance claim.

That said, when should you claim on life insurance? We at Ganley Family Insurance LLP offers some important hints for those living in Brecksville, OH.

After death

Life insurance benefits are paid after a person dies. Therefore, the claim can only after the person is declared dead, clinically of course. It is, therefore, necessary to have a copy of the death certificate as well as the insurance policy document. Burial insurance covers should be claimed before the burial or soon after.

Unique policy requirement

Some types of insurance policies such as group covers have different claim time frames. The benefits can be available for the first person who dies or when the last person dies. Such details are worth looking into when considering to file a claim on a policy that covered more than one individual, say, spouses.

As soon as possibly possible

Due to some reasons, it might be impossible to file a claim on life insurance. They include divorce, sibling rivalry, loss of the policy document or not knowing that the person had taken a life insurance cover. Fortunately, those who stay in Brecksville, OH can make the claim decades after the death of the insured. Most states also allow unlimited time on when to file the claim.

It is important to safeguard the future of your loved ones by taking life insurance. Contact Ganley Family Insurance for information. We are experienced in family insurance coverage and are willing to help with your questions.

Do I really need to complete a home inventory?

If you own a home in Brecksville, OH, you hopefully are already protecting your property with a homeowners policy through Ganley Family Insurance. Your home is probably your biggest investment, and you need the peace of mind that comes with knowing that if anything were to happen to it, you and your family would be taken care of.

When you purchased your policy, your agent suggested that you should make an inventory of all your possessions. You may not have done so, because like many other people, you don’t realize how important it is to have that inventory when you need it. 

If you ever did experience a burglary or fire, or another kind of incident where your possessions were lost or destroyed, you would need to file a claim with your insurance. You will need to specifically list all of your losses, in order for us to start the process of getting your funds to you.

Any time you experience a loss can be stressful, and it can be especially traumatic when the loss is large. Having the inventory ready will save you the work of making a list then, and it will greatly simplify the process of filing your claim. 

You can find a handy checklist to help you fill out your inventory at www.insurance.ohio.gov. Using an outline can help you make sure you don’t accidentally leave out anything valuable or important. It is also a good idea to save receipts on large purchases, like televisions or appliances, so you know the value. Keep your paperwork somewhere safe.

To protect your home in Brecksville, OH, make the most complete inventory possible. If you need any assistance, please feel free to call Ganley Family Insurance today. We can provide you with various options so you can get the homeowners policy that’s right for you.

Does Umbrella Insurance Cover Flood?

Flooding is a huge issue in some areas and never an issue in others. As a result, a flood is not normally covered by any home policy so you have to take out separate coverage to accommodate it. That being said, not all areas need flood coverage while it is a necessity for others. For those that do have to have flood insurance, flood policies can be pricey and any way to save money is nice. For those in the Brecksville, OH area, the agents with Ganley Family Insurance can answer all your inquiries.

Umbrella insurance is a type of supplementary policy that many people take out in an effort to help cover any extra that they might have that is not already covered by their main policy. These are often less expensive than other policies but may not cover as much. For the most part, umbrella policies, unless expressly stated otherwise, are also not going to cover flood.

If you do live in an area where the flood is common, you may want to take out a specific policy that either states that it covers flood or a flood policy that is not an umbrella policy at all. Flooding can cause thousands of dollars of damage and can even end up sending people out of their homes. As such, if you live in an area where floods are common you want to make sure you are going to have coverage that is going to help you rebuild and recover from any flooding that you have experienced.

For those that live in the Brecksville, OH area, the agents with Ganley Family Insurance can help you to find the perfect policy for your particular needs and for the needs of your area every time no matter what.

2 Ways to Improve Your Umbrella Insurance

When it comes to your umbrella insurance coverage, you want to make sure that you are doing all you can to get the most out of it. There is no sense in paying for insurance if you aren’t taking full advantage of it, right? Fortunately, there are several ways you can go about improving your umbrella coverage. Let’s take a quick look at two of these ways. 

1) Check for coordination

First and foremost, you will want to make sure that your umbrella insurance is coordinating with your other policies. Remember, if the underlying limits of your other policies are not met, then your umbrella coverage will not come into effect. Generally, those who provide umbrella coverage will want to see your other policies have the following minimums:

  • $300k to $500k of liability coverage on homeowners policies
  • $250k/$500k of liability on your auto policies

Most importantly, remember that any changes to your existing policies may mean there need to be changes made to your umbrella policy. With this in mind, never make tweaks to your other policies without considering how they will impact your umbrella coverage. 

2) Look at your personal injury coverage

There is a big difference between bodily injury and personal injury. You need to check your existing coverage and see if it provides protection against libel and slander. From there you can tweak your umbrella coverage to ensure you are covered if you are ever sued for something you may have said (such as on Facebook). 

If you would like to learn more about improving your umbrella insurance, please contact Ganley Family Insurance serving the Brecksville, OH area.