Insurance

How Term Insurance Can Protect Investment Property Owners

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Many people find purchasing investment properties in Florida an attractive option in creating revenue streams. Some out of state residents will purchase a property here to build equity and potentially move into it. Others may rent it seasonally and become a “snow bird”. Still others buy investment properties to expand their financial portfolio.

Term life insurance can play an important role in protecting those involved in buying investment properties. It can provide a significant amount of coverage at a low cost-per-thousand price. Term insurance covers the life of the insured for a specific period of time. In the instance of investment properties, it can be taken out for the period of the mortgage. In fact, to save even more, investors can purchase decreasing term insurance. The amount of decreasing term insurance coverage gets less as the years pass to coincide with the lower balance owed on the mortgage.

If you are an investment property owner in the Pembroke Pines, FL area, we invite you to contact us at McCormick Insurance. We are an independent insurance agency that can get quotes from multiple insurance carriers. In the case of term insurance, we can find a large amount of protection for a very affordable price. Contact us and let’s discuss your investments and how we may better help you protect them.

Let us demonstrate the power of working with an independent insurance agency by visiting our website. There you can get an online quote for your homeowners or auto insurance. Answer a few questions and our independent agents will get to work. We may be able to save you money, improve your coverage, or possibly both! Contact us soon and get the coverage you deserve at a price you can afford.

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Five Life Insurance Basics Everyone Should Know

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Five Life Insurance Basics Everyone Should Know

As interesting as it would be to know a lot about everything, most of us have to pick and choose our interests. For those of us at McCormick Insurance Inc., we have chosen to make loss prevention products a big part of our lives. We have undergone the training necessary to get properly licensed in the various forms of insurance we make available to our clients and potential clients. We understand that many may consider insurance a less than stimulating conversation starter, but here are five life insurance basics everyone should know.

  1. Buy life insurance when you are young and healthy. The biggest factors affecting life insurance prices are your age and health. Buying it when you are young and healthy may seem contrary, but it is the smartest time to purchase it.
  2. There are two basic forms of life insurance. The two are Term life insurance, that covers an insured for a specific period or term, and Whole life insurance which covers the insured as long as premiums are paid.
  3. Whole life insurance builds value, term life insurance does not. Term life coverage is generally less expensive but expires after its term is over. Whole life builds value as you make payments over the years, value that you can tap into.
  4. Make sure someone knows about your life insurance coverage. An unclaimed policy doesn’t help the people it was intended to help.
  5. Compare to get the best rates. Rates can vary widely from provider to provider. Comparing is the one way to ensure you are getting the best value.

If you live in the Pembroke Pines, FL area we invite you to compare using McCormick Insurance. We are an independent agency that can do the work for you. We can scour the rates of multiple companies to find your best rates. Visit us online or contact us. Knowing the basics can go a long way in better protecting your family.

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Life Insurance Has You Covered During the Hard Times

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When it comes to making it through the hard times, you should already know that life insurance can prove to be of the utmost value. With a whole life insurance policy in your name, you can usually borrow against it before you become deceased in the event that you have an expense that needs to be covered, such as for your children’s college tuition.

Life insurance can also come to the rescue in the event that you or loved one suffers from an illness and you need money to cover the associated medical expenses. Of course the exact usage of your life insurance policy will depend on the agency that you purchase a policy through as well as the policy that you buy.

Do keep in mind that even if you are on a tight budget that affordable life insurance is available. Also remember that the sooner you buy a policy, the better. The older you get, the more expensive a policy becomes. This is why it is highly suggested that you purchase a life insurance policy for each of your children when they are young. Many people find they can buy a policy on their children for only a few dollars each month.

You never know what life will throw your way, which is why it’s so important to be covered from the get go. With a policy in your name, you can rest assured that if something was to happen to you that your family will be financially protected. Whether you die due to being sick or in a car accident, life insurance provides your family with the funds they need to continue living like they were when you were alive.

For more information on life insurance, please contact one of our agents in Pembroke Pines, FL serving the 33024 area.

Work with the Best Life Insurance Agents in Pembroke Pines

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It can be a common misconception that residents of Pembroke Pines, FL spend all of their time soaking up the sun without a care in the world. But whether you reside in the West Pines or in the 33024, planning ahead for your family’s future is an important part of leading a happy and healthy life in Florida.

Plan for the Future with Life Insurance

Although it may not be a favorite subject to touch upon, it is important that American’s plan for the unexpected. Give yourself and those you care about most peace of mind knowing they will be taken care of when the unexpected happens.

Because insurance laws vary from state to state, dealing with large national providers can be a bit intimidating. At McCormick Insurance, our independent agents have experience servicing the greater Pembroke Pines area and can work with you to get coverage at a price that works well within your budget.

Whether you want a term or whole life insurance policy, we can help to quickly and easily shop and compare quotes online in just minutes. This type of coverage can be very affordable and allows you to care for your family even after you’re gone.

Get a Quote Today

We want to make sure you find the best coverage policy to fit the needs of you and your loved ones. That is why our online quoting system is designed to find quotes quickly and allows you to compare each quote in order to find the perfect option for your needs and financial concerns.

Don’t leave your loved ones behind without the protection they deserve. Visit McCormick Insurance online or give us a call to get your fast and easy quote today.

About McCormick Insurance Agency in Miramar, FL

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Insurance is an essential part of your life, from your health to your final expenses. However, it's not always easy to understand the benefits of insurance. You keep health and auto insurance because these are required, or you get fines and penalties. But when you understand the basic concepts that all types of insurance share, it makes it easier to figure out exactly what you're getting out of your existing insurance and new insurance.

The basic concept of insurance is pooling together financial risk for a particularly activity. For example, with car insurance the insurance agency puts together risk pools based on how likely it is that accidents are going to occur, how much it would cost to repair the damage, and the amount of medical claims. Each person buying insurance pays a premium, as well as a deductible, which goes into the insurance claim pool. The insurance company wants to have more money coming in than they have to put out for payments.

Health insurance operates on the same principle, although it deals with many more variables. There are high risk pools that people who have preexisting conditions and other high costing medical issues go into, while healthier people balance out this pool to bring down the costs for everyone.

The deductible is the amount you end up paying for your part of the insurance costs. Once you've ended up paying the deductible, your insurance company pays the costs up to a particular maximum. The full amount they pay depends on the type of insurance you have, and the lifetime limits available. Insurance in Miramar, FL is subject to any regulation changes that may affect the coverage level.

Inland Marine Insurance Coverage in Pembroke Pines, FL

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If you’ve got a lot of particularly valuable items to protect and insure, from art to jewelry or high-end electronic equipment, you might just need an inland marine policy. And that doesn’t mean you have to live close to the water.

What is Inland Marine Insurance?

The term "inland marine" coverage is a bit of a misnomer, born during the earlier days of the country when individuals needed to insure transportable goods and cargo (which were most often shipped by sea). Today, it’s more an independent category of property insurance, though it still goes by the old-school "inland marine" name.

What exactly does it cover?

According to the National Marine Definition, which was created in 1933 and updated in 1976, an inland marine policy includes primary the following:

  • shipments of domestic goods
  • bridges, tunnels, and other transportation devices
  • personal and/or commercial property floater risks

What does that mean FL homeowners?

As a resident of Pembroke Pines, FL (or just about anywhere else), you can purchase an inland marine policy as an extension of your home property insurance. It covers particular items you own, whether they’re valuable collections of art, jewelry, or something else, against all risks, including theft, weather damage, vandalism, and just about anything else that could damage those items.

To find out more about whether an inland marine policy might be a smart choice to protect your investment, take the time to call or stop by. We’ll be able to talk to you about your questions and your specific situation to help make sure those items are covered, whether that means adding additional coverage to your home insurance or purchasing an add-on inland marine insurance policy separately.