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• Stay Calm and check for injuries.
  • Remain calm and in control.
  • Make sure you and your passengers are okay.
  • Move your car off the road or traffic for safety if possible.
• Call the police.
• Call 911, especially if there are injuries. 
• Exchange information if no police dispatched.
• Driver’s Name, Address, and Phone Number
• Insurance Company Name
• Insurance Policy Number
• Driver’s relationship to the insured person if different
• Driver’s license state and number
• License plate number for each vehicle
• Car make, model, and color
• Record what happened.
• Take note of what happened, location, and time of the accident.
• Take pictures of the damage to each vehicle involved.
• Ask any witnesses for their contact information.
• Notify your insurance company

Life insurance is an essential part of raising a family. You cannot beat the security it provides knowing that “they” will be taken care of if you’re gone. There are plenty of options to fit different budgets and needs. Here we’ll go through the different types and the ones we recommend.

There are two types of life insurance: Term and Permanent.

Term life insurance is a pure life insurance policy and is most suitable for young families. The typical terms are 10, 20, and 30 years. Term life insurance is the most affordable because it expires after the time frame selected. It’s to cover the most crucial time for a young family when the needs are the greatest, and the lost is most devastating.

We recommend 30-year term life insurance for those with little ones. It’ll cost very little for a lot of benefits.

A healthy 35 yr old male can purchase a $500,000 policy and a 30-year term for about $39 a month. It even comes with living benefits for you covering critical illnesses, chronic illness, and terminal illness. No exam is necessary if qualified.

As your family grows, you may start thinking long term. I’m covered right now, but what happens after 30 years? The kids will grow up, maybe have families of their own, but you still want to leave something behind for them. What about your spouse ? Don’t you want her to be financially secure in the later years? That’s when you may want to look into a permanent life insurance policy.

Permanent life insurance provides coverage for your whole life. It covers the now and the future. That’s why it’s much more expensive than term life insurance. The risk is a lot less when only covering 30 years vs. the inevitable end of life. Insurance companies know that paying you on a term policy is very unlikely, but a permanent policy is for certain. 

There are many types of permanent life insurance such as Whole Life Insurance, Universal Life Insurance, Index Universal Life Insurance, and Variable Life Insurance, plus more.

The three types we recommend depending on your situation are Whole Life, Universal Life, or Index Universal Life insurance. The benefits and details of each take a lot more than a few sentences, so we’ll leave it to a more one-on-one conversation.

The cost is higher when it comes to any of the permanent life insurance, but you should try and look at it differently. How much do you have to save each month right now to leave behind $500,000 (tax free)? How long would it take and is it even possible?

A healthy 35 yr old male can purchase a $500,000 permanent life insurance policy with living benefits paid off in 30 years for about $260 per month.

We recommend products that have guaranteed death benefits with a pay off in 10 to 30 years. Buying life insurance that you have to pay for your whole life may seem cheap at the time, but it may a drag later. The overall cost is also more significant.

Your wants and needs may be different than others. That’s why we research to recommend appropriate solutions that fit you.

We typically recommend a combination of the two (term and permanent) or a tiered approach to make sure it provides the most coverage to fit your budget. The choice is always yours. We’re just here to give you options.

Lastly, one efficient option to mention is using a combination of term life insurance and investment for young families. The plan is simple. Buy term and invest the difference between that and permanent policy. However, execution is difficult for most on their own. It takes discipline and consistency. Don’t buy term and spend the difference.

We’re going to use the examples above. The difference between a $500,000 term and a $500,000 permanent life insurance is $221 per month or $2,652 per year. If you invest that over 30 years at an 8% average annual return, it’ll be about $320,000.

At this point, you may have two questions:

1) How am I suppose to get an 8% return? I’m not Warren Buffet.

The average annual return for the S&P 500 (500 largest companies in the U.S.) is roughly 8% from 1926 to 2018. That’s 92 years and longer than most of us have been alive. If you simply buy an S&P 500 Index Fund, that’ll likely be the average return in the long run. Also, Mr. Buffet is more at 20%. See this article below from USA Today mentioning his average annual gain of 21% vs. S&P 500’s 10% in 2017 (We’re going conservative with 8%). Mr. Buffet highly recommends buying S&P 500 Index Fund for the average investor. 

https://www.usatoday.com/story/money/markets/2018/03/06/a-foolish-take-warren-buffett-has-crushed-the-market-for-more-than-half-a-century/110859108/ 

2) $320,000 is much less than $500,000. Is the math wrong? Where’s the happy ending?

No. It is less. However, That $320,000 is yours. You can do whatever you please with it. The life insurance benefit of $500,000 is for your beneficiary. More important, you’ll most likely live beyond 30 years. In 40 years, it’ll be $740,000.

Everyone is different in goals and values. Our focus is families like ours — those who work hard and looking to provide security and a bright future for their family. There are many choices in life. We can’t help you with everything, but we’re here to make some of those choices easier.

These are the five types of insurance that a restaurant needs:

• General Liability – Covers customers’ falls and injuries. Liquor liability should be added if alcohol is served.
• Property – Covers fire, break-in, water damage, and etc.
• Workers Compensation – Covers employees’ injuries on the job.
• Auto – Commercial auto used for delivery or catering service.
• Umbrella – It provides additional liability coverage over your general liability, worker’s compensation, and auto limits.