Jeff Solem Insurance Agency Newsletter Spring 2022 Issue
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Avoid these 5 common life insurance mistakes
Life insurance errors can cost the policy owner money and time if they are not careful.
Below are six common life insurance mistakes policyholders can avoid.
- The Policy Has No Named Contingent Beneficiaries
It is important to name a contingent beneficiary beyond a primary. In the case your primary beneficiary’s death occurs before yours and you have no contingent beneficiary named, your estate becomes the beneficiary by default. It’s also safe to name a third beneficiary in the rare case that both primary and contingent beneficiaries die unexpectedly.
- The Insured’s Estate Has Been Named Beneficiary
Life insurance policy holders must list the beneficiary. If no beneficiary is listed most life insurance policies will default the beneficiary to the estate. Having the insured’s policy list their estate as the beneficiary can cause a delay in the inheritor’s access to death benefits and the estate may be subjected to lawyer fees. Delays can last a year or more due to the money going through a probating process.
- Naming a Minor or Impaired Person as a Beneficiary
Naming a minor or an impaired child can be a problem if both parents die before the child is legally an adult. If this happens a court will appoint a guardian over the benefits until the child is of legal age thus, costing both time and money.
- Using Unclear Beneficiary Language
Unclear beneficiary language can cost intended beneficiaries loss of benefits. For example, if you are expecting grandchildren but you label the beneficiary as “Grandchild”, your death benefits will only go to the first-born grandchild and no additional grandchildren will receive benefits.
- Policies That Have Not Been Reviewed After a Life Event
It is important to review and update your life insurance policy after life events such as an adoption, birth of a child or divorce. There have been cases that during a divorce, people have forgotten to update the beneficiaries from their ex-spouse to their current spouse, which results in the ex-spouse receiving the death benefits.
Source: Cornelius, N., & *, N. (2021, October 12). Six things to avoid when buying life insurance. Quotacy. Retrieved March 14, 2022, from https://www.quotacy.com/six-things-to-avoid-when-buying-life-insurance/
Things to Keep in Mind
While spring cleaning don’t forget to include these maintenance activities to prevent costly homeowners insurance claims. Listed below are six maintenance activities.
- Clean up yard material:
When winter is over, inspect any trees around your home for rot or damage. If you see any, hire landscapers to come take it out. If you leave it, something as simple as a gust of wind could be enough to knock it onto your property or a neighbor’s property or vehicle(s).
- Clean gutters and roof:
Make sure to clean out gutters and check your roof for damage that may have occurred with winter weather. Prevention is always cheaper than repairing.
- Clean the dryer lint hose:
Check and clean the dryer hose once a year, as some lint can get past the lint trap. Having a clogged hose not only costs you money by having to run a load of laundry more than once, it is also one of the leading causes of house fires.
- Check kitchen and bathroom caulk:
Inspect caulking and seams around the windows, doors, sinks, and bathtubs to look for cracks where moisture can enter and cause damage. Replace old and dried out caulking.
- Change the batteries on all detectors:
Change batteries in both smoke and carbon monoxide detectors and check to make sure they are in working order. In addition, conduct monthly checks to ensure that detectors are functioning properly.
- Repair driveway and sidewalks:
Check outdoor areas for any broken, uneven or cracked surfaces. Fix as necessary to prevent accidents on your property. Repair any walkway cracks which can create a potential tripping hazard.
Source: Spring Cleaning Tips & Tricks that could help prevent home insurance claims. Grange Insurance Associates. (n.d.). Retrieved March 9, 2022, from https://www.grange.com/blog/spring-cleaning-tips-tricks-that-could-help-prevent-home-insurance-claims
Spring Omelet Roll
Farm fresh eggs are a spring staple. Try this spring omelet roll the next time you get eggs from your local farmers market. The great thing about this recipe is you can use any fillings you want!
4 oz. of softened cream cheese
3/4 cup of 2% milk
2 tbsp all-purpose flour
¼ tsp salt
12 large eggs
2 tbsp Dijon Mustard
2 cups shredded cheddar cheese
2 cups finely chopped fully cooked ham
½ cup thinly sliced green onion
¼ cup canned mushrooms (cook them if using fresh)
Line the bottom and sides of a greased 15x10x1-in. baking pan with parchment; grease the paper and set aside. In a small bowl, mix cream cheese and milk until smooth. Add flour and salt; mix until combined. In a large bowl, whisk eggs until blended. Add cream cheese mixture; mix well. Pour into the prepared pan. Bake at 375° for 30-35 minutes, or until eggs are puffed and set. Remove from the oven and immediately spread with mustard and sprinkle with 1 cup cheese, ham, onions, and mushrooms. Roll up from a short side, peeling parchment away while rolling. Sprinkle top of roll with the remaining cheese; bake until cheese is melted about 3-4 minutes.
Frequently Asked Insurance Questions
What is comprehensive auto insurance?
Comprehensive coverage on your auto insurance covers things such as theft, fire, vandalism, or hitting an animal. This coverage is set as a deductible in your policy.
Am I Covered If Someone Is Injured in My Home?
Yes, this coverage is called personal liability and is added with any home or renters insurance policy. Personal liability protects you if you’re legally responsible for damage to someone’s property, or if you accidentally injure someone whether you’re at home or away from it.
Will I need a special insurance for my motorcycle?
Your motorcycle will not be covered under a normal personal auto insurance policy. You will need to purchase a motorcycle insurance policy which will cover your motorcycle. Like auto insurance, motorcycle insurance covers bodily injury, property damage, uninsured motorist coverage, personal injury protection, comprehensive, and collision coverage.
Have a good insurance question that we can add to our next newsletter? Send us your questions to email@example.com!
Protect Yourself when Performing Driving Services
Did you know you need a special endorsement added to your auto insurance policy if you drive for Lyft, Uber, Uber Eats, Grubhub, or other driving/delivery services? If you’re using your own car to deliver food, you’re usually not covered under your personal auto insurance policy. In some cases, you need to have a special business use endorsement on your car insurance policy. That’s because using your car to make deliveries is considered a business use, not personal use. Additionally, when driving others around through Lyft, is also classified as business use and usually needs an endorsement on your current auto policy. If you are driving for one of these services, give our office a call to see if you have proper coverage.
Did You Know?
Did you know that we are licensed in six states? If you have any friends or family in Oregon, Washington, California, Arizona, Idaho, or Colorado, have them give us a call for a free quote! We specialize in auto, RV, classic cars, motorcycles, boats/personal watercrafts, home, renters, business, church, life, short-term rentals, vacation homes, and more! Being an independent agent, we work with multiple insurance companies to make sure you are getting the best coverage at the best price.
Hear from one of our Local Partners!
Ryan Myers Life Insurance Agent
Want to learn about the new coverage options for life insurance? Speak with our life insurance expert to learn more. You can contact Ryan today at (503)349-0439 or by email at firstname.lastname@example.org
Gene Moore from Remax Equity Group
Gene Moore has been in the real estate business for over 20 years; he knows how to find the right home for buyers and he can also help you sell your home! You can contact Gene today by phone at (503)-880-4363 or by email at email@example.com
Lonn Kilstrom from Cornerstone First Mortgage
Are you in need of a new home loan, refinance, or home equity line of credit? Lonn is your guy! Oh, by the way if you’re 62 years or older, Lonn has expertise on reverse mortgages. With over 30 years of experience, Lonn knows all the ins and outs of all types of mortgages. You can contact Lonn today at (503) 849-3478 or by email at firstname.lastname@example.org
Phone: (503) 659-1811
PO BOX 68449, Milwaukie, OR 97268
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