Save for Retirement Using Life Insurance

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At Freeland Insurance, we constantly remain on the lookout for insurance products that can help you better plan for your future. We can offer our Oklahoma City, OK customers an exciting option – a whole life insurance policy with a cash value savings account.

Whole Life Insurance with a Cash Value Savings Account

Some whole life policies offer a cash value account that lets you save money while paying the premiums on your life policy. The cash value account typically uses an index on the stock market to determine its annual earnings.

These policies provide the same life insurance protection as other options. Your named beneficiary or beneficiaries receive a death benefit when you die. The difference this type of policy offer comes from its utility while you’re alive.

How It Works

When you pay your premium monthly or quarterly, a percentage of the premium goes into a savings account. Some of these accounts offer a flat rate of interest earned. Others tie to a stock market index, such as the S & P, and earn at the same rate as it.

Some of the options tied to an index offer protection from loss, so you can’t lose the money you deposited into the account. You may not earn on it during a particular year, or it may only pay a flat rate, but you won’t lose the money you paid in even if the stock market does terribly.

Advantages of Cash Value Life Insurance

You can access the savings in multiple ways. These nifty policies let you borrow against them, so you can fund college for your child, buy a house, or renovate a home. You can also use this policy as collateral for a standard loan.

The cash value of the policy grows while you live. You can use it while continuing to pay premiums to keep your whole life coverage to protect the financial future of your family. Plan your family’s financial future by contacting Freeland Insurance in Oklahoma City, OK, for more information on this valuable life insurance option.

What Are Some Common Mistakes Businesses Make When Buying Commercial Insurance?

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When it comes to buying commercial insurance, there are a lot of things to consider. Unfortunately, many businesses make common mistakes that cost them a lot of money. This blog post will discuss some of the most common mistakes made when buying commercial insurance and how to avoid them!

1. Not Shopping Around

One of the most common mistakes businesses make when buying commercial insurance is not shopping around. They may get a quote from one company and accept it without considering other options.

However, it’s essential to get quotes from multiple Oklahoma City companies to compare rates and coverage. This way, you can ensure you’re getting the best possible deal on your commercial insurance.

2. Not Reading the Fine Print

Another common mistake businesses make is not reading the fine print of their insurance policy. It’s important to understand what your policy covers and doesn’t cover so that you know what to expect in the event of a claim. You could be in for a nasty surprise if you don’t read the fine print.

3. Buying the Wrong Coverage

Another mistake businesses make involves buying the wrong coverage. There are many types of commercial insurance provided by professional companies such as Freeland Insurance, and it can be confusing to know which one you need.

However, it’s important to take the time to understand your business’s risks and needs to purchase the proper coverage. Otherwise, you could end up paying for coverage you don’t need, or worse, not having the coverage you need when you need it.

4. Not Reviewing Your Policy Regularly

Lastly, another mistake businesses make is not reviewing their policy regularly. Things change, and your business’s insurance needs may change as well. It’s important to review your policy regularly to ensure it still meets your needs. If it doesn’t, you can make changes or purchase additional coverage.

Conclusion

These are just a few common mistakes businesses make when buying commercial insurance. If you can avoid these mistakes, you’ll be well on your way to getting the coverage you need at a price you can afford.

If you have questions about commercial insurance or need help finding the right policy for your business, contact Freeland Insurance in Oklahoma City, OK. We’re here to help you get the coverage you need at a price you can afford.

What new homeowners need to know about home insurance coverage

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Buying your first home can be terrifying. It is a significant investment, and you may have no idea of all the things homeownership entails. Including, of course, how to choose the right home insurance and what you are paying for. In Oklahoma City, OK, Freeland Insurance is here to help you every step, from picking your first policy to filing your first claim. 

Dogs are a liability.

You love your dog, but dogs are a liability. Depending on the breed, they may even be excluded from your coverage. Be sure to mention any dog you may have when getting your home insurance. 

Home insurance has exclusions.

Home insurance covers many things and offers lots of protection, but there are exclusions which are things your policy won’t cover. Some of the things that are excluded include:

  • Owner neglect
  • Earth movement
  • Floods
  • Sewer backup
  • Nuclear accident
  • War
  • Mold
  • Dangerous dogs
  • Termites

You can choose how to cover your contents

When it comes to covering your content, you have options. You can choose to cover your personal property for its value today, which allows for depreciation, or you can cover the cost of replacing it today. It is less expensive to go with today’s value. 

Some types of content coverage have limits.

When looking at your policy, you may notice that things like jewelry, art, and antiques have limits. They are usually relatively low, so if you want them to be protected, you should have an appraisal and get a rider to increase the limit on that category. If you have expensive items, you need additional coverage. 

Contact Freeland Insurance in Oklahoma City, OK to get the choices only an independent insurance agency can offer. We offer free no-obligation quotes. 

4 Areas Covered by Auto Insurance

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You probably have car insurance in Oklahoma City, OK because you know it’s necessary. But do you know that your car insurance protects you beyond compliance with the law? If you purchase car insurance from Freeland Insurance, it covers you in the areas below:

  • Liability coverage: This is a big one. While you might be careful on the road, accidents can happen. Unfortunately, if you are at fault for an accident, you may be accused of bodily injury and property damage. Since liability claims can be costly, you must consider sufficient liability coverage in your auto insurance policy.
  • Asset protection: You have worked so hard to purchase your vehicle. It would be a shame to watch your hard-earned investment go down the drain. Thankfully, if you have car insurance, it can compensate you when you lose your car to damage or theft. While car insurance doesn’t prevent perils, it ensures you don’t start from scratch when the unthinkable happens.
  • Medical payments (MedPay) coverage: With the rising healthcare costs in America, you can’t afford to go on with life without sufficient health coverage. MedPay coverage pays for the medical expenses when you and your passengers sustain auto injuries. Better yet, this coverage may cover partial loss of wages if the injury keeps you away from your income source.
  • Emergency assistance coverage: Sometimes, your vehicle can break down when you least expect it. An electrical or mechanical breakdown can occur when you are miles away from your residence. However, a dead battery, puncture, or running out of gas shouldn’t leave you stranded on the highway when you have roadside assistance coverage. All you need to do is call your insurer for help.

Want to invest in car insurance in Oklahoma City, OK? Please get in touch with Freeland Insurance for a quote.

What Does Financial Services Insurance Cover?

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What Does Financial Services Insurance Cover?

Like most industries, the financial service sector is rapidly growing, leading to the emergence of new risks. Without a valid insurance policy, the risk of things going south is high in this competitive, highly-regulated sector. At Freeland Insurance in Oklahoma City, OK, we offer financial services insurance, and here is how this coverage protects your institution.

  • Cyber liability protection: Given the amount of personal data that financial institutions store, one cyberattack will likely cause untold financial consequences. While you may have installed risk mitigation measures, hackers may still be one step ahead of you, and data breaches can occur. Luckily, you can run to your insurance coverage to help you cushion yourself from the financial consequences of a cyberattack.
  • Professional liability: If a stakeholder sues you for negligence, missed deadlines, or incomplete work, you can run to your financial services insurance for protection.
  • General liability: Like any other business, financial institutions aren’t safe from liability claims. Luckily, financial services insurance can always bail you out when facing property damage, bodily injury, and advertising injury claims.
  • Property coverage: Your business must have invested in multiple assets to deliver seamless financial services. In light of this, you must invest in insurance coverage that protects your assets when the worst happens.
  • Worker’s comp insurance: This insurance protects your employees against illnesses and work-related injuries. This means that you don’t have to enter your pocket to cover medical costs for your injured or sick employees.
  • D&O coverage: This insurance protects individuals when they are sued because of serving as an officer or director of a financial institution.

One of the best ways to set your business apart is investing in financial services insurance coverage. This way, you will have taken care of your risks to concentrate on the most critical aspects of your business. To get financial services insurance in Oklahoma City, OK, please contact Freeland Insurance.

When Do Small Businesses Need Commercial Umbrella Insurance?

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Small businesses are the backbone of the American economy. According to The U.S. Small Business Administration, there are 31.7 million small businesses in America, and they account for 47% of all jobs in the country.

These businesses face a wide range of risks every day. Many small business owners are surprised to find out that their carriers’ general commercial liability insurance does not cover all of these risks. This often results in a total loss for the company, especially if a large liability claim catches it off guard. Here we will talk about the most common types of risks that small businesses face and how they can be financially protected.

Commercial umbrella insurance is a policy that acts as an extension to your existing commercial liability policies. In addition to covering damages, lawsuits, and legal costs from general negligence claims as part of your existing carrier’s policy limits, it can provide additional liability protection beyond your existing limits. This can help prevent a financial crisis in the event of a catastrophic loss.

Let’s take a look at an example of a situation where small businesses need commercial umbrella insurance.

In the event of a large liability claim, your commercial insurance policy will likely not cover all of the costs associated with the settlement. This is most often the case for small business owners who have a hard limit on how much they are insured. For example, if you have a $1 million commercial liability policy, but you end up with a $2 million settlement resulting from a large lawsuit, your carrier will only pay out the first $1 million. Your umbrella insurance policy would pick up an additional 1 million dollars subject to the limits of your policy.

Commercial umbrella insurance is an essential product for small businesses. It can provide additional liability protection and help you avoid a financial crisis in the event of a large claim in Oklahoma City, OK. Call Freeland Insurance to learn more today.

How do you know if you have to buy flood insurance?

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When you purchase a new home, at least new to you, you may or may not need to purchase flood insurance in addition to your homeowner’s insurance. Many people in Oklahoma City, OK as us at Freeland Insurance, “How do you know when you must buy flood insurance?”

Typically, this need gets brought up by your bank. Few individuals purchase homes outright, so when you obtain a mortgage, your bank provides you with a list of fees and purchase requirements. If the Federal Emergency Management Agency (FEMA) designated your home as lying within a flood zone, you will find out in your mortgage documents.

If you must purchase flood insurance, you can also find this information in your home sale and closing documents. When a home is situated within a map zone that requires flood insurance, the home seller must reveal this information in the listing or sale documents. It is one of the items the law requires the home seller to reveal during the sale process. This makes it very important for you to read all documents related to the home purchase before signing them.

You can also ask the home seller or the real estate agent outright. The law requires them to answer you directly and admit if the property does require flood insurance.

Don’t worry. Flood insurance does not cost that much. The laws are written the way they are to protect consumers from purchasing without full knowledge of what they are buying. They also have to tell you things like if a death occurred in the home or a fire.

You need to know in advance that the home requires flood insurance because, like home insurance, you have to own the policy before the bank will let you take possession of, i.e. move into, the house. Since the bank really owns the home until you pay the mortgage, they require you to assume the risk of the unpaid mortgage by buying insurance. This reduces their risk of loaning you the money to buy your new home.

Contact Freeland Insurance serving Oklahoma City, OK to obtain your flood insurance today. Let us help you find the right National Flood Insurance Program (NFIP) policy for you.

What You Can Do When You Age Out of Your Parents’ Health Care Coverage

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Health insurance is designed to help you cover various medical expenses, including preventative care and sickness. As of right now, children can stay on their parent’s policy until the age of 26. If you’re almost 26 years old, you do have health insurance options. Freeland Insurance, serving Oklahoma City, OK, shares some of these options.

Employer Insurance Plan

If you are currently employed with a company that offers employee health benefits, you should reach out to your supervisor or Human Resources department to find out how you can sign up. As a general rule, there will be several options available, and your premiums will be taken directly out of your regular paycheck.

COBRA

COBRA coverage allows you to petition the employer or health insurer of your parent’s health insurance policy to stay on their current plan for as many as 36 months following the day you turn 26 years old. You will need to fill out an election form and submit it to the necessary party. 

Catastrophic Insurance

These types of health insurance plans are designed to offer protection against some of the worst situations. This health insurance plan is permitted for individuals under 30 years of age and anyone who is facing undue financial hardship. 

Usually, preventative care is covered, as well as expenses greater than the deductible, which ensures you don’t go into financial distress. However, when it comes to emergency care, you will be responsible for paying for these services out of your own pocket until the deductible has been reached.

Medicaid

Oklahoma is one of the states that offer Medicaid expansion. This expansion makes it easier for more people in the state to qualify for insurance coverage, especially if you are on a low or limited income. As long as your income is a certain amount below federal poverty, you may be eligible for Medicaid health insurance. 

With any of the aforementioned options, there may be certain stipulations to meet that vary from state to state, so you should speak to a professional insurance agent with Freeland Insurance, serving Oklahoma City, OK residents.

What Is the Difference Between Short-Term and Long-Term Disability Insurance?

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No one knows for sure what life has in store for them. But one 2018 report said that 90 percent of long-term disabilities result from illness rather than accidents. After thinking about that fact, you might want to talk to the insurance experts at Freeland Insurance in Oklahoma City, OK. We sell short-term and long-term disability insurance.

How Long Are Disability Policies In Effect?

Short-term disability policies pay a percentage of your base salary and your medical bills as stated in the policy. Depending on your policy, the waiting period could be from days to weeks before your policy kicks in.

The benefit period for these policies varies according to the policy you choose. However, a short-term policy usually caps the term to receive benefits at a few years at most. That period for a long-term disability policy, of course, is longer. The more years your stated policy has, the more expensive your coverage is. 

What Influences the Cost of Disability Insurance?

Other factors that influence the cost of short-term and long-term disability insurance are your salary, occupation, health, age, gender and location. For your policy to go into effect, you have to be totally disabled. Generally, this means that you are unable to do the duties of the job you had before you fell ill or were injured and that you need the care of a physician.

Who Needs Disability Insurance?

People who benefit by having disability insurance are:

  • Self-employed
  • Sole providers for their family
  • Parents of minor children
  • Workers in hazardous occupations

Contact the Freeland Insurance Agency in Oklahoma City, OK to discuss your short-term and long-term disability insurance.

When Should You Buy Umbrella Insurance Coverage?

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Many people are interested in umbrella insurance and whether they need it or not. If you have many assets or rent properties, it can be a good move to have this extra coverage in case you are sued. While umbrella insurance is effective for certain situations, anyone can benefit from this type of insurance in general. As a kind of personal liability, umbrella insurance covers claims where your standard homeowners and auto insurance stop. This can be very useful to keep you protected during unforeseen events.

The agents at Freeland Insurance located in Oklahoma City, OK can help you understand the ins and outs of umbrella insurance. We will make sure you get adequate coverage to keep you and your assets protected. 

Knowing When You Need Umbrella Insurance

There are several circumstances when having umbrella insurance will save you financially in big ways. If you are a public figure, host many social gatherings, have teenagers, or need extra coverage beyond your homeowner’s insurance, you may want to consider umbrella insurance. Your homeowners may provide adequate coverage in most cases, but an umbrella insurance policy can save you financially when it is needed most. Your family members may cause damages to others and umbrella insurance can help. You can be sued for situations that arise from your property involving your teenagers and an insurance policy umbrella can protect you. Some common instances where umbrella insurance is useful to include:

  • Libel, slander, and false imprisonment
  • Coverage beyond homeowners and auto insurance
  • Legal expenses

Professional Insurance Agents in Oklahoma

Contact us at Freeland Insurance of Oklahoma City, OK to discuss your umbrella insurance options. Our agents work with well known companies to find quality insurance products at competitive pricing. We look forward to helping with all of your insurance needs.