Life insurance is a critical component of financial and estate planning, for those that want to leave a legacy for their surviving spouse and/or children. Death may come suddenly when not expected. Good financial and estate planning prepares for this unfortunate possibility well in advance.
Changing Needs for Life Insurance
The need for life insurance changes over the course of a person’s life. When younger, a person may choose a whole life insurance plan that builds up cash value over time. Or they may choose lower-cost term life insurance that does not build up cash value. Having a discussion about plans, life goals, and the need to take care of others, if you are no longer alive, is an important thing to do with your insurance agent at Cordell Insurance in Baton Rouge, LA.
Some people feel uncomfortable about contemplating their own demise. However, life insurance is meant to protect those left behind and gives the insured person great peace of mind when an adequate life insurance policy is in place. It is comforting to know that the kids and a significant other will have enough financial resources to continue on without suffering if something bad happens. This helps one feel confident and be without worry.
How much life insurance do you need?
The amount of life insurance needed depends on the current lifestyle and the number of years desired for financial support. For example, some calculate the number of funds needed to pay for the living expenses at the current lifestyle for the kids until they reach the age of 18 and then add the cost of them attending a college or a university. That is the amount that will take them to adulthood, which is the time that they should be able to take care of themselves.
Others who do not have children calculate the life expectancy of a surviving spouse and use this figure to make the estimate of the life insurance requirements to cover that period of time while providing enough funds for living expenses to sustain the current lifestyle.
Each person’s situation is slightly different. The best thing to do is to contact your agent at Cordell Insurance, serving Baton Rouge, LA, and the surrounding area, to discuss your personal circumstances.
For recreational boat owners in Louisiana, springtime is a great time. It is the time to remove the boat cover and get the boat ready for summer use. Each boat owner should have a checklist to follow for annual maintenance requirements that include such things as changing the oil, getting new fuel, checking the operating systems, and making sure there is an adequate amount of safety equipment and floatation devices. Maintenance may also include giving the engine a tune-up, changing spark plugs, making sure the engine runs smoothly, and that the tires for the boat trailer are inflated properly.
Another important consideration is to make sure the boat insurance coverage is adequate and up-to-date. That is easy to accomplish. All you need to do is contact your agent at Cordell Insurance, serving the Baton Rouge, LA area, to make sure the insurance coverage is adequate and in force. It is important to do this before taking the boat out of storage.
Be sure to inform your insurance agent if you plan to take on paying customers as passengers for fishing trips and so forth because that creates a different commercial insurance requirement. Also, if you have made or plan to make any upgrades and/or renovations to your boat, be sure to explain your plans to your insurance agent. Any investments made in upgrades should also be considered for updated insurance coverage.
Be sure to understand that boat insurance coverage is not only for when the boat is on the water. It is also important for when the boat is stored and when it is in transit on the public roads. Many accidents happen to boats when they are being pulled on a trailer in regular road traffic.
Have your agent at Cordell Insurance, serving the Baton Rouge, LA area, give you an insurance review and ask them about what happens for any damages caused by natural disasters, such as hurricanes. They will be happy to explain all the details to you and look for places where there may be gaps in insurance coverage, which can be remedied. Contact them today to get ready for a safe and secure boating season.
Your standard car insurance policy may cover recreational vehicles. Even so, it is a good idea to have RV insurance to help protect your RV from specific risks that can occur with your recreational vehicle or travel trailer. Cordell Insurance of Baton Rouge LA has options to help keep your RV insured and covered in the event of an accident.
There are 2 main types of RVs – motorhomes and travel trailers. Insurance requirements vary between them. Motorhomes typically must have cooking appliances, refrigeration, a bathroom, heating and/or air conditioning, a drinkable water supply system and 110 – 125-volt electrical system to qualify. Travel trailers are towed behind other vehicles and are non-motorized.
Typically the only requirements for trailers are a cooking facility and sleeping quarters to qualify. It is important to know the type of vehicle you seek coverage for.
RV insurance has different types of coverage and many are optional. Your insurance agent can help you customize your policy to fit specific needs. Types of coverage that you can choose from typically include:
In the event of an accident where you are at fault, this will help protect you against costs associated with bodily injury and property damages. This type of coverage is a minimal requirement in most states.
This will keep your RV covered in the event of non-collision incidents such as fire or theft.
This is for standard collision damages that occur in accidents.
Optional coverage that can help with mechanical issues while on the road.
There are several options to choose from when purchasing insurance for your RV. Typically, RVs are an expensive investment and it is wise to make sure your assets are protected by the best insurance at the most affordable rates. Visit Cordell Insurance of Baton Rouge, LA today to discuss options and pricing with one of our agents. We are here to help with all your needs.
Often times our insurance policies simply do not cover all that we want them to cover. In these cases, there are policies called umbrella insurance policies that help to cover the overall extras that we feel need to be covered above and beyond the coverage that is afforded with a typical policy. These types of policies can be added to just about any type of insurance which is helpful for those that do not have the coverage that they want or need from existing policies. For those in the Baton Rouge, LA area, the agents with Cordell Insurance can help find the policy you need.
Overall, umbrella insurance is something that most people will never have to take out or add to their existing policies. Umbrella insurance is coverage above and beyond the coverage that you already have in place and it covers a great deal. In most cases, you can only have as large of a policy or as much coverage as the item or property that is being insured is worth. This means that you cannot take out a $10,000 umbrella policy on a car that is worth $2,000.
Your policy value cannot exceed the value of what you are looking to insure. This helps to prevent insurance fraud from those that would take more coverage than they need and then damage or destroy the property to get the insurance money. You can talk with an agent to find out just how much you can take out of any one thing and what sort of umbrella policy is going to work best for you. You may not even need an umbrella policy.
For those in the Baton Rouge, LA area, the agents with Cordell Insurance can help you perfect any policy you choose to have the right coverage.
It has long been recommended that you and your new spouse purchase life insurance when you get married. This helps to create a stable foundation on which you can build your life together and protect one another in the event one of you experiences an untimely death. Here at Cordell Insurance, serving the greater Baton Rouge, LA area, we are often asked if you really need to purchase life insurance or increase your existing policy when you get married. Here is what you need to know.
Many couples live together and even buy houses before they are married these days. These couples should have enough life insurance on the other party to cover the debts that they have together and to ensure your partner is able to live the life you planned if your income is gone. If there is enough life insurance already in place to cover these expenses, you likely do not need to increase your life insurance coverage immediately after getting married.
If you and your spouse do not have life insurance, or do not have enough life insurance to cover the debts you have together and to afford to live the life you are used to with each other’s incomes, then it is strongly advised that you purchase a new life insurance policy and/or increase the life insurance policies that you already have in place. This helps to protect the both of you in the event someone passes away early in life.
If you are in the market for a new life insurance policy in the greater Baton Rouge, LA area, visit Cordell Insurance today. We can help you determine just how much life insurance you need based on your circumstances.
Having home insurance is an absolute must for homeowners. In the event of a covered incident, you can replace your home and any other covered items so you can get back to normal. In the event of a claim, it is important to know how to start the claims process and allow it to work quickly.
After A Covered Event
Immediately after a covered event, you should collect all of your documentation and bring it to your insurance agent immediately. Then, the insurance agent will begin collecting information to submit the claim to the parent insurance company. Once the information is submitted, it will be reviewed by the agency, and if any additional documentation is required, it will be requested. Make sure you know what information you will need initially to help expedite the claims process.
Things You May Need
Before you buy your insurance policy, you may want to give your agent photographs of your home and its covered assets for future claims. Having this information, along with purchase receipts helps the claims process go much more smoothly and makes the settlement faster. Ask your insurance agent about the information you need for a claim so you can be prepared if a covered event takes place. It is easier to handle a claim if you are prepared ahead of time. For more information about home insurance, call or stop by Baton Rouge, LA, Cordell Insurance. Our friendly and knowledgeable agents will help you prepare for a possible claim and guide you through the whole process.
Don’t purchase home insurance coverage without understanding the claims process. We at Baton Rouge, LA, Cordell Insurance can get you covered and give you the information and tools you need to be prepared for a claim.
Determining the amount of life insurance that is necessary to protect your family after your death can be a confusing process. If you are looking to ensure that you have adequate life insurance coverage Cordell Insurance is here to help. We are proud to serve the greater Baton Rouge, LA area and would welcome the opportunity to work with you to make sure you have the coverage that your family needs. Necessary amounts of life insurance can be a moving target as your situation changes and we are here to help you gain the peace of mind that comes with knowing your family will have the financial resources that it needs in the event of your death.
Tips on Calculating the Amount of Life Insurance You Need
One easy tip is to multiply the amount of your annual salary by 10 in order to determine the adequate amount of coverage that your family needs. This is a good starting point and should be supplemented with $100,000 additional coverage for the college expenses for each child. If you want to take a deeper look at your expenses, try the DIME approach and consider Debt (and burial expenses), Income, Mortgage, and Education. From there you can project the amount of coverage that will be necessary for each category. Our agents can help you to determine the level of coverage that is right for you.
Please give us a call today at (225) 767-8840 to set up an appointment with Cordell Insurance. Our agency serves the entire Baton Rouge, LA area and is here to help you. Knowing that you have adequate life insurance coverage in place can give you the peace of mind that comes with knowing your family is protected, even after your death.
What does RV Insurance Normally Cover?
If you have an RV for personal, recreational use, you can normally insure it for up to 260 days per year. Your policy will be based on the class of your RV, and will be based on its value. You can base your coverage on the stated, market value, the agreed value for which it is insured, or how much it would cost you to replace it. Cordell Insurance in Baton Rouge, LA can help you find a policy based on your needs.
Liability coverage is standard and required by law, and covers you in case you involved in an accident. Your policy will have limits for property damage, medical bills, and underinsured claims much the same way regular automobile insurance does. Many of your personal effects will be covered, such as personal items like clothing, and may or may not include roadside assistance.
How Can I Get Extra Coverage to use my RV as a Residence?
If the situation is only temporary, you might want to choose Vacation Liability. This covers your damages if you stop driving and use your RV as a home for a limited period of time. You may need extra coverage if you are in Mexico, or if you need to store your RV.
If you actually use your RV as a primary or secondary home, you will need full-timers insurance. This kind of policy is similar to a homeowners policy, You will have a comprehensive policy which covers everything from theft, to vandalism, to fire or broken glass.
If you want to purchase a comprehensive insurance policy for your RV, of if you just have questions, call Cordell Insurance, proudly serving Baton Rouge, LA.
An umbrella insurance policy is additional liability insurance that can help cover unexpected circumstances that are not otherwise covered in your general insurance policy. Having an umbrella insurance policy is an important part of protecting yourself and your property. Umbrella insurance will cover you for potential lawsuits, claims, injuries and much more. If you live in Baton Rouge, LA, and are interested in getting an umbrella policy, Cordell Insurance is here to walk you through the process. So, let’s consider what exactly is covered in an umbrella policy and why it is important to have.
What kind of insurance is provided under an umbrella policy? – An umbrella insurance policy provides additional liability insurance that extends beyond the coverage of your current homeowner, boat and auto insurance policies. Umbrella insurance picks up where the coverage on those other policies ends. Umbrella insurance will also provide coverage for legal issues and fees, lawsuits and liability for rental properties that you own. This includes damage, injuries and lawsuits.
Is an umbrella policy needed if I already have solid insurance coverage? Absolutely. Remember, an umbrella policy will provide additional insurance coverage for the unexpected- outside of what you already have. It isn’t until the unexpected occurs that people consider thing like others’ bodily injury (dog bites, falls and other injuries that occur on your property or because of your negligence) property damages and exorbitant legal fees and lawsuits that you may find yourself wrapped up in. Umbrella policies will cover those expenses when you are at fault toward others. Basic policies will only cover your property damage, bodily harm etc.
Essentially, an umbrella insurance policy will provide you with peace of mind as you will be protecting yourself, your family and your business from potential future losses from injuries, property damages and lawsuits.
The first few times you get behind the wheel of your new RV, it will be exciting and a little intimidating. Just a short trip in the Baton Rouge, LA area traffic can be hair-raising. RV’s today come with all the amenities that make it almost as easy to handle as any other vehicle and a comfortable ride. Familiarize yourself with the differences before your first trip.
- Due to the size of many RV’s, it’s vital that you take the time to adjust the seat so you can comfortably reach everything for that long trip. Adjust the mirrors with particular attention to the side mirrors.
- Know the RV’s clearance level so you are aware of heights you need to avoid. Become acquainted with which states require a special oversized load permit if your RV is over the width limit allowed.
- Learning to maneuver your RV will take a little practice. Spend some time in an open space, and if you don’t feel comfortable, you may want to consider an RV driver training course.
- When driving up and down steep hills, learn to use the engine instead of the brakes to help control the vehicle. A general rule: downshift pulling the hill and leave it in the same low gear on the descent to avoid burning up the brakes.
- When driving in traffic, keep in mind the blind spots often are larger, and you need to pay more attention to traffic patterns.
- Driving an RV in severe weather conditions, especially high winds can be dangerous. You may want to stop and wait out the storm until you are a more seasoned driver.
Cordell Insurance provides RV insurance to the Baton Rouge, LA area. Contact a Cordell independent agent today to discuss your RV insurance options.