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How a Cash-Value Life Insurance Policy Benefits You

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When you consider purchasing a life insurance policy, Hausmann Insurance & Financial Services suggests consulting with a knowledgeable insurance agent about your lifetime financial goals first. Some of the life insurance options available to Charlotte residents can help them build a nest egg while providing a death benefit to their beneficiaries upon their death.

An Insurance Decision Example

When your agent consults with you in Waxhaw, NC, they’ll ask a client about their financial goals and current needs for beneficiaries. For instance, a 36-year-old married customer with two children, aged five and six, needs a funeral benefit and a death benefit for their family. They can divide this into three payments or leave one to their spouse. They ask about financial goals to determine how much money they need as a death benefit and, therefore, the face value of the policy. The client may want to make sure there’s plenty of money to:

  • Pay off the mortgage.
  • Pay off the car loan.
  • Provide income replacement for their income.
  • Pay for college for both children.

Although many single people their age choose term policies, a whole-life policy works better for them. They and their spouse also need to prepare for retirement, so the insurance agent suggests a whole-life policy called a cash-value life insurance policy.

Life Insurance Policies That Help You Build Wealth

Four main types of cash-value life insurance policies exist, each providing two components. First, a cash-value life policy includes a death benefit and, second, a money market or savings account. The four most common types of these policies include:

  • Guaranteed Issue Life Insurance
  • Guaranteed Universal Life Insurance
  • Indexed Universal Life Insurance
  • Variable Universal Life Insurance.

Each varies on the method of accruing interest or growing the money market account. For example, an indexed policy earns at a commensurate rate like the Standard & Poor’s 500, NASDAQ-100, or other stock market index the insurer selects. The money market account grows over time since a portion of each month’s insurance premiums goes into it. The policyholder can borrow against the account once it vests.

Get Your Life Insurance Policy Started Today

Let Hausmann Insurance & Financial Services help you plan for retirement and death. Whether you live in Charlotte or Waxhaw, NC, we can help you purchase the ideal life insurance policy for your situation.

How a Cash-Value Life Insurance Policy Benefits You

Posted on by admin

When you consider purchasing a life insurance policy, Hausmann Insurance & Financial Services suggests consulting with a knowledgeable insurance agent about your lifetime financial goals first. Some of the life insurance options available to Charlotte residents can help them build a nest egg while providing a death benefit to their beneficiaries upon their death.

An Insurance Decision Example

When your agent consults with you in Waxhaw, NC, they’ll ask a client about their financial goals and current needs for beneficiaries. For instance, a 36-year-old married customer with two children, aged five and six, needs a funeral benefit and a death benefit for their family. They can divide this into three payments or leave one to their spouse. They ask about financial goals to determine how much money they need as a death benefit and, therefore, the face value of the policy. The client may want to make sure there’s plenty of money to:

  • Pay off the mortgage.
  • Pay off the car loan.
  • Provide income replacement for their income.
  • Pay for college for both children.

Although many single people their age choose term policies, a whole-life policy works better for them. They and their spouse also need to prepare for retirement, so the insurance agent suggests a whole-life policy called a cash-value life insurance policy.

Life Insurance Policies That Help You Build Wealth

Four main types of cash-value life insurance policies exist, each providing two components. First, a cash-value life policy includes a death benefit and, second, a money market or savings account. The four most common types of these policies include:

  • Guaranteed Issue Life Insurance
  • Guaranteed Universal Life Insurance
  • Indexed Universal Life Insurance
  • Variable Universal Life Insurance.

Each varies on the method of accruing interest or growing the money market account. For example, an indexed policy earns at a commensurate rate like the Standard & Poor’s 500, NASDAQ-100, or other stock market index the insurer selects. The money market account grows over time since a portion of each month’s insurance premiums goes into it. The policyholder can borrow against the account once it vests.

Get Your Life Insurance Policy Started Today

Let Hausmann Insurance & Financial Services help you plan for retirement and death. Whether you live in Charlotte or Waxhaw, NC, we can help you purchase the ideal life insurance policy for your situation.

Does Renter’s Insurance Cover a Tenant’s Personal Belongings?

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Renter’s insurance can save tenants in Charlotte and Waxhaw, NC a lot of money if personal belongings are stolen, vandalized, or damaged by a natural disaster. Unfortunately, this type of insurance does have limits. Before filing a claim, you’ll want to know what is and isn’t covered.

Personal Belonging Coverage: What to Expect

Renter’s insurance compensates if your personal belongings are damaged or destroyed as long as the disaster is covered under your policy. You’ll also get liability coverage. For instance, the renter’s insurance covers medical and legal costs if someone is injured on your property. This means you don’t have to sell valuable belongings to pay those bills. However, some types of belongings aren’t covered under your policy. Personal vehicles aren’t covered under the renter’s insurance. Instead, they’re covered by your car insurance policy. If you run a business from your residence, any business-related items or products you store at home are likewise not covered by this form of insurance. Rather, you’d need business insurance to compensate for the loss of such items.

Furthermore, all renter’s insurance policies have coverage limits. If you own valuable collectibles or antiques, you’ll need to purchase coverage designed to compensate for the loss of costly items.

Find Out More from Hausmann Insurance & Financial Services

Hausmann Insurance & Financial Services has offices in Charlotte and Waxhaw, NC. Our team specializes in helping renters review insurance options and choose a renter’s insurance policy that meets their needs and budget. If you’re new to the area or looking for a new policy, call us at your convenience. We’ll answer your questions, review your options, and provide you with policy quotes.

Mending Your Bad Driving Record

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Improving Your Driving Record and Managing Car Insurance Rates

If you are a driver in the Charlotte or Waxhaw, NC area with a less-than-stellar driving record, overcoming the repercussions may seem daunting. Your car insurance rates may have skyrocketed and could take years to reset.

At Hausmann Insurance & Financial Services, we want you to know there’s help available. Here’s how to repair and manage your driving record.

Know Your Standing

The first step to managing your driving record is understanding what it contains. Please obtain a copy of your record or view it online. Ensure it’s accurate and challenge any discrepancies. Document past violations and keep track of when they will be removed from your record. Regularly monitor your record to be sure any expired violations are cleared.

Consider Driving Courses

Many states and insurance companies offer incentives for drivers who take defensive driving courses. These courses are often inexpensive and can be completed online at your convenience. They could lead to discounts or even the elimination of certain violations.

Adopt Safe Driving Practices

Much like rebuilding poor credit, mending a driving record means not adding any further violations. Concentrate on maintaining a clean record for the year or two it may take to see improvements.

Compare Insurance Rates

While comparing car insurance rates won’t repair your driving record, it could save you money on your policy. In many cases, comparison shopping is the best way to save on car insurance.

Whether your driving record is spotless or marred by several incidents, we invite you to request a quote from Hausmann Insurance & Financial Services, which proudly serves the Charlotte and Waxhaw, NC area. We will provide a quote based on your current information. Remember, it’s an advantage to compare before you choose.

We look forward to assisting you.

How Do Auto and RV Insurance Differ?

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Understanding the distinction between RV and auto insurance is crucial for every RV owner, especially as RV insurance can potentially be more complex than auto insurance. It’s essential to ascertain a coverage that aligns with your requirements. For residents of Charlotte or Waxhaw, NC, our Hausmann Insurance & Financial Services team is on hand to help determine the optimal RV coverage for your needs.

Comparing RV and Auto Insurance

Similar to automobiles, motorized RVs in North Carolina are required by law to carry a minimum insurance coverage of $30,000 for bodily liability per person, $60,000 per accident, and $25,000 for property damage liability per incident.

Given the larger size of RVs, which leads to the potential of accommodating more individuals and causing enhanced damage during accidents, many RV owners typically secure more than the state’s minimum bodily injury liability coverage. Additionally, North Carolina mandates Uninsured Motorist insurance for RV owners, which is not a requirement for automobiles.

Besides liability coverage, RV insurance policies often encompass other elements or add-ons, including:

  • Vacation Liability: Provides coverage for bodily injuries and property damage endured by individuals around your parked RV
  • Personal property and attachments coverage: Protects items like appliances, electronics, clothes, and other household goods
  • HOA Fees: Covers the cost of RV homeowners’ association charges arising from damage to common areas
  • Adjacent structures coverage: Insures structures like decks, carports, and similar amenities at certain RV locations
  • Roadside Assistance: Offers coverage for RVs that surpass the vehicle size limit for most standard auto roadside assistance plans
  • Temporary lodging coverage: Reimburses living expenses if your RV needs repairs while you’re traveling

Partnering with Hausmann Insurance & Financial Services

Our friendly and knowledgeable Hausmann Insurance & Financial Services team caters to clients in the Charlotte and Waxhaw, NC area. We’re ready to assist with your RV or other insurance requirements. Drop by our office or call us today at (704) 332-0011 to schedule an appointment.

# Types of Optional Boat Coverage You Should Consider

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Before you venture onto the water, you must cover your boat adequately. Hausmann Insurance & Financial Services provides boat and watercraft insurance in Charlotte and Waxhaw, NC. In addition to standard boat coverage, consider these optional coverage types.

Emergency Services

What do you do if you are stranded in open water? You could face unexpected expenses if your boat runs out of gas or requires repairs. Emergency services coverage can help, offering assistance with towing, labor, and the delivery of batteries or fuel.

Belongings and Equipment Coverage

You may want to consider personal belongings coverage. If your items are damaged while on the boat, this policy can cover the costs of repairing or replacing them.

If your boat carries expensive fishing or navigation equipment, consider equipment protection. If the equipment is lost or damaged while on the boat, their repair or replacement costs are covered.

Clean Up and Salvage Coverage

If your boat sinks, the cost of removing the wreckage can be substantial. It’s crucial to understand you are responsible for removing your boat and cleaning up any wreckage. A wreckage removal policy ensures you won’t pay for this out of pocket.

Fuel spill clean-up coverage can cover the costs of cleaning up any fuel spills caused by your boat.

Agreed Value Coverage

Boats, much like cars, typically depreciate over time. However, if you choose an agreed value policy, you’re covered for the full initial value of your boat.

Boat Insurance at Hausmann Insurance & Financial Services

If you need boat insurance in Charlotte or Waxhaw, NC, contact us at Hausmann Insurance & Financial Services. Our agents will understand your needs and assist you in choosing the best coverage.

Some Things New Condo Owners Should Know

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Congratulations on becoming a condo owner! It’s a big step, and hopefully, you will enjoy many happy years in your new community. With it comes certain requirements and possible queries and doubts. One thing is for sure: it’s paramount to ensure that you are fully protected with condo insurance. If you’re searching for a trustworthy insurance agency that serves Charlotte and Waxhaw, NC, Hausmann Insurance & Financial Services is at your service.

Things to Know About Condos

First, make it a priority to read through the community rules diligently. Certain regulations might surprise you if you have never lived in a condo before. These might include maintaining the grass to a specific length, adhering to certain decor restrictions, or ensuring that your driveway is well-maintained.

Understanding the amount of annual or monthly fees is also crucial. Ensure you budget appropriately to cover Homeowners Association (HOA) payments. Knowledge of whom to contact during emergencies is also essential.

A common mistake often made by new condo owners is the assumption that they don’t need insurance. They might believe that the insurance policy of the condo’s management organization covers their private property and the condo itself. However, speaking with the condo management team is crucial to understand what is and isn’t covered. You might find that the coverage for personal property is not as comprehensive as you need.

The good news is that you can secure a condo insurance policy. Coverage varies from plan to plan, but you may be able to find policies that protect against burglaries, home fires, storm damage, and more. If you want to discuss your options with an insurance agent serving Charlotte and Waxhaw, NC, feel free to reach out to Hausmann Insurance & Financial Services as soon as possible.

Coverage for Final Medical Expenses with Life Insurance

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Life insurance helps with financial security for loved ones and ensures coverage for final medical expenses around Charlotte and Waxhaw, NC. Understanding the role of life insurance in covering medical costs at the end of life is essential for effective planning and peace of mind.

Financial Assistance for Medical Bills

Medical expenses can accumulate rapidly during a terminal illness or at the end of life. Life insurance offers a solution by providing much-needed financial assistance. The death benefit from a life insurance policy can cover various medical bills, including hospital stays, treatments, medications, and hospice care.

Providing Comfort and Dignity

Having life insurance to cover final medical expenses offers comfort for individuals and family members during a challenging time. The assurance that medical bills will be paid removes the stress and strain. It gives families time together without the burden of financial worries. 

Ensuring Peace of Mind

Life insurance provides peace of mind by ensuring that one’s medical expenses will be covered without burdening family members or depleting savings. By securing adequate life insurance coverage, individuals can rest assured that their final medical bills will be settled, enabling them to focus on their well-being and the emotional needs of their loved ones.

Planning for the Future

Incorporating coverage for final medical expenses into life insurance planning is crucial for comprehensive financial planning. By considering the potential costs of medical care at the end of life and securing sufficient life insurance coverage, the final wishes of those passing are honored with dignity alongside their family.  

Let Hausmann Insurance & Financial Services Give You Information

Hausmann Insurance & Financial Services is here to assist you with all your life insurance queries. We cover the Charlotte and Waxhaw, NC region. Reach out to us today.

What Type of Medical Bills are Covered by Renter’s Insurance?

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Understanding Medical Coverage under Renter’s Insurance

While renter’s insurance is not entirely compulsory for residents of Charlotte and Waxhaw, NC, it is often required by numerous landlords. It provides a slew of benefits, including coverage of certain medical expenses.

Medical Bills and Renter’s Insurance

Generally, any medical expenses arising due to an injury on the rental property are insured under your renter’s insurance policy. For instance, if a guest slips in your kitchen and twists their ankle, your renter’s insurance policy will take care of their medical bills. Similarly, if a courier trips on your front steps, the insurance policy can cover hospitalization charges, medication costs, and even certain mental health services.

Exclusions in Renter’s Insurance

On the contrary, all dog bites are not covered under the renter’s insurance. Ensure to scrutinize the policy for the list of dog breeds covered. It won’t be covered if your dog breed doesn’t figure in this list. Injuries attributable to pest infestations also don’t fall under the purview of a renter’s insurance policy. Furthermore, self-inflicted injuries and incidents outside the rental property are never covered.

Insurance Advice You Can Trust

Before renting a home in Charlotte or Waxhaw, NC, discuss with your prospective landlord about the type of coverage you’ll need for your renter’s insurance policy. Hausmann Insurance & Financial Services, with years of service to North Carolina residents, can provide further insights into renter’s insurance coverage preferences. We’re eager to assist you in choosing coverage that caters to your needs without stretching your budget.

The Importance of Auto Insurance in Disaster Preparedness

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Auto insurance is critical for disaster preparedness in North Carolina. It ensures that individuals and communities are adequately protected against the financial impacts of natural disasters, accidents, and emergencies in places like Charlotte and Waxhaw, NC. 

Financial Protection Against Vehicle Damage

When a natural disaster happens, like a flood, hurricane, or wildfire, motor vehicles are vulnerable to damage from flooding, falling debris, or other environmental hazards. Auto insurance policies provide essential coverage for repairs or replacements of vehicles damaged or destroyed by such events, alleviating the financial burden on vehicle owners and enabling them to recover quickly. 

Liability Coverage for Accidents and Injuries

Disasters and emergencies can increase the risk of accidents and injuries on the road, as adverse weather conditions, road hazards, and increased traffic congestion pose challenges to drivers. Auto insurance includes liability coverage, which protects drivers from legal liabilities from accidents, property damage, or injuries for which they can be held responsible. 

Coverage for Emergency Expenses

Auto insurance policies may include provisions for emergency expenses, such as towing, roadside assistance, and rental car reimbursement, in a disaster or emergency. By covering emergency expenses, auto insurance facilitates timely help and support for drivers in need, enhancing their ability to navigate emergencies safely and efficiently.

Facilitating Evacuation and Rescue Operations

During large-scale disasters, such as hurricanes, wildfires, or floods, timely evacuation of affected areas is crucial to saving lives and reducing casualties. Auto insurance enables drivers to respond swiftly to evacuation orders by protecting vehicles against damage and providing coverage for emergency expenses, helping minimize disasters’ impact on vulnerable populations.

How Hausmann Insurance & Financial Services Can Help You

At Hausmann Insurance & Financial Services, we can help answer questions concerning auto insurance. We serve the Charlotte and Waxhaw, NC, area. Call us today.

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