Insurance

What Are the Benefits of a Decreasing Life Insurance Policy?

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One of the questions that we at George Ryan Jr. Insurance Group Inc, serving the greater Bourbonnais, IL, is frequently asked is how much life insurance should I carry. This is a complex questions and is based on a person’s income, debt, and their future income needs. For many people, the amount of life insurance that they need goes down as they age. As such, a decreasing life insurance policy may be ideal. This type of policy has a payout that gets smaller each year you are alive. Learning the benefits to this type of policy may help you decide if it is right for you.

It Reduces Your Carrying Costs

The biggest benefit to a decreasing life insurance policy is that it helps to reduce your carrying costs. It can be expensive to carry a high amount of insurance the older you get. With a decreasing policy, your policy amount decreases, helping to keep your payments affordable.

You Don’t Have to Worry About Decreasing Your Policy

If you do not have a decreasing life insurance policy, you have to go to your insurance company and start a new policy if your current policy is too high or starts to cost too much money. This can be time consuming and something you may not have time for. With a decreasng life insurance policy, the policy automatically decreases based on your age, meaning you do not have to worry about changing it yourself.

If you are looking to determine how much life insurance you need and either adjust your life insurance policy accordingly or take out a new one, let George Ryan Jr. Insurance Group Inc, serving the greater Bourbonnais, IL area, help. We can help you determine what your life insurance needs are and then put together the right policy for you.

Are there businesses that don’t require commercial insurance in IL?

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Not every entrepreneur needs to invest in commercial insurance, but that really has less to do with your industry or with the laws regulating insurance in Bourbonnais, IL than with the scale of your business. If you run a photography studio at home, for instance, and your equipment is all covered on your home insurance policy, then you might not need to give George Ryan Jr. Insurance Group Inc a call just yet. You need to make sure that you have some basic liability in place, of course, if you’re going to have clients come into your home, but commercial insurance isn’t really intended for most home businesses.

As you begin to expand your business, commercial insurance may become more and more of a necessity. If you decide to invest in a van so that you can drive to events to get some photos for your clients, if you’re hiring an assistant and bulking up your camera equipment arsenal, if you’re renting an office or a studio where you conduct your business, then commercial insurance may become absolutely necessary.

Essentially what it comes down to is whether or not you have something worth insuring that isn’t covered by your home or auto policy, that’s when you need to give George Ryan Jr. Insurance Group Inc a call about getting your Bourbonnais, IL business insured under a commercial policy. Put it another way: If you’re fretting over the money it’s going to cost to insure your business, then you probably don’t have to worry about it just yet. By the time you need coverage, you’ll probably be making more than enough to cover it without any issues.

Bourbonnais IL insurance options

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Located just south of Chicago, Bourbonnais, IL is a small suburban town that doesn’t have a lot of people and may not seem like a place where you need a lot of insurance while living there. However, as insurance is supposed to protect against unpredictability, there are a number of reasons you do. Below are some examples of what types of insurance you need in Bourbonnais, IL, preferably through a local broker like George Ryan Jr. Insurance Group Inc who knows the local clientele better then most.

AUTO INSURANCE

People need cars in Bourbonnais to get around and if you are going to be driving you will need some form of auto insurance, with collision at the bare minimum. This will protect you against a lot of financial heartache if you have an accident and it’s your fault, but you still may end up paying out pocket if you don’t have a larger policy. Ideally, you should have an auto insurance policy that protects against collision so you can fix your own vehicle, has broad coverage for medical so any injuries can be covered and also protects you against a lawsuit that might arise in the event the accident is your fault as well.

HOME AND BUSINESS INSURANCE

There are always reasons to have insurance to protect your home or business, from fire to accidents inside the structure that cause large amounts of damage. But there is also the threat of storms and tornadoes in a place like Bourbonnais, which could wipe your house out in a few minutes. Because of this constant concern, having this on your policy is a must, or else you could be literally wiped out in the rare chance a storm should hit. Talk to your broker about what is right for you and your home or business.

Bourbonnais IL Residents: Protect Your Livelihood with Home Insurance

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The people at George Ryan Jr. Insurance Group Inc. know how important it is to protect the livelihood of you and the people in your life. And while that is usually the number one priority for most homeowners out there, sometimes this priority can crash with another ideal: earning and saving enough money so that you can treat your family to the life that they deserve. And while this is a perfectly good goal to have as a provider, it is very often that homeowners – in Bourbonnais, IL and otherwise – allow their desire to earn and save money to conflict with making the most safe and sensible decision in their lives.

It is not as though it’s not understandable WHY people skip out on home insurance. Things are not certain, much less secure, so inevitably you try to look for ways that you can cut corners on your spending – regardless of how reasonable it is exactly what you are cutting. It may seem like a good idea early on, but when you wind up needing it and not having it, you will definitely be kicking yourself over having skimped on it when you need to pay out of pocket in order to cover the costs of an incident regarding your home.

If you want to keep your livelihood in harmony and under control, getting a hold of a trusted insurance provider is a big step to take in achieving that. If you are in the Bourbonnais, IL area and are in need of a comprehensive home insurance plan, contact George Ryan Jr. Insurance Group Inc. online today. We will help you get all of your ducks in a row, and will work with you to figure out the exact right home insurance plan for you.

RV Modifications and Coverage

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In the world of vehicle insurance, coverage policies typically assume that a policyholder’s vehicle is a standard issue design and construction from the manufacturer. This tends to make generating insurance polices far easier since manufacturing information can be preloaded into an insurer’s calculations for risk, and the only variable is then the risk and behavior of the driver. However, when a vehicle is modified, that changes the nature of the risk formula and introduces new variables not previously calculated. As a result, an insurer needs to use a policy that acknowledge the changes from original equipment manufacturing design to what the vehicle is now. RVs are no exception to this situation.

It is the responsibility of the RV owner to make sure the insurer is aware that the given RV has been modified and how. Otherwise, the insurer could very well deny a claim for damage outright when the changes are found after the fact during an accident review. Notice is not a bad thing; it gives the insurer a chance to look at the modification and determine what, if anything, changes in the coverage mix. In many cases, very little change occurs at all because most modifications tend to be cosmetic and don’t affect the operating road performance of the RV. However, the review also ensures such changes are captured and specified in the insurance policy drafted so there’s no mistake as to what is covered when it’s time to file a claim.

For RV owners in Illinois and the Bourbonnais, IL region, George Ryan Jr. Insurance Group Inc has been working for years with RV owners of all types. They’ve seen and handled both default manufactured RVs and custom jobs. Their staff can easily answer most questions regarding how modifications are covered as well as how a coverage policy will work. Give them a call to find out more information.

How Can A Broker Help In Finding The Right Commercial Insurance?

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When you have a business in Bourbonnais, IL, you want to make sure that you have the right commercial insurance policy. This includes making sure that there is sufficient coverage and that you are paying an affordable premium. Instead of doing everything on your own, you can work with a broker.

Finding the Right Coverage

The last thing you want to do is have an issue and find that you don’t have coverage for it. This would require you to spend the money out of your business account – something that you probably don’t want to do. Coverage can vary from business to business. For example, you may have a fleet of vehicles, a significant amount of business inventory, and much more.

An insurance broker is going to help you find the coverage that you need. Explanations will be given so that you can understand more about the coverage and why you would potentially need it.

Finding the Right Premium

You are likely trying to contribute as much to the bottom line as possible. This means that you need to take into consideration how much you pay on insurance premiums. There is no reason to spend any more than what is absolutely necessary. An insurance broker can get quotes from multiple insurance companies that write policies in Illinois. This is going to save you a lot of time. The broker can then help you to make comparisons so that you can explore the cost of the policy versus the amount of coverage.

You will be able to rely on experience and knowledge of the industry by working with a broker so that you can be confident that the right policy is written for your business.

Find out more by contacting one of our insurance brokers at the George Ryan Jr. Insurance Group Inc today.

 

How Is Motorcycle Insurance Different From Auto Insurance?

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If you are in the market for motorcycle insurance for the first time, you may wonder what the difference is between standard auto insurance and motorcycle insurance. While there are some general coverage options to protect your vehicle, as a rider of motorcycles you receive other coverage based on the greater exposure to outside elements. At George Ryan Jr. Insurance Group Inc, we want to make sure you are properly protected whenever riding your motorcycle around Bourbonnais, IL or anywhere else you might desire. 

Guest Passenger Liability Insurance

When looking at motorcycle insurance, you will find a bodily liability insurance coverage offering. As injuries are more likely to occur while riding a motorcycle, this is an important form of motorcycle insurance. However, one option that is available for motorcycles and really isn’t an option for auto insurance is the guest passenger liability insurance. This protects passengers who may ride with you, including sitting behind you on a two-person bike or in a side car. 

Lower Cost

Motorcycle insurance costs less than regular auto insurance. It really doesn’t matter on the overall value of your bike (unless it is a complete custom job, built from the ground up) as maintenance on a motorcycle is less. Your rate of causing accidents is lower than an auto driver, which reduces the cost and replacing a motorcycle is typically less expensive than what it costs for a vehicle. Plus, the add-on options, such as roadside assistance is going to be less because it is easier to tow a motorcycle into town for repairs than a vehicle (a regular 4×4 truck can assist so fewer specialty vehicles are needed). All of this points to a few different insurance coverage options and an overall lower price tag. 

How to Decide If You Need Flood Insurance in Bourbonnais

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If you have a standard home insurance policy, then you may already know it won’t cover floods. Living in Illinois though, you can’t ignore the risk of floods and the damage they can do to your home. Before you decide it’s not for you, consider these points before opting out of coverage. 

Floods Can Happen Anywhere 

Even in dry area, floods can be a danger to homeowners everywhere. With the weather patterns such as they are, it’s definitely not going to get any easier to predict which way the figurative tide is going either. In high-risk areas, the lender will go so far as to require the insurance based on their liability. That’s often necessary, since close to half of Americans believe their home will be covered if it sustains flood damage. 

 Protecting What’s Yours 

Your home doesn’t just come together the moment you move in. It’s sometimes decades worth of accumulation of memories and love. Even a small amount of water damage can destroy what you have in practically no time at all. While some objects will never be replaceable, flood insurance takes some of the stress off you during a difficult time. It’s the different between starting to put everything back together again, and feeling like you’ve lost everything to one bad storm. 

Finding the Right Policy 

Do you want to cover your home structure or your structure plus your belongings? Do you want to have some type of coverage on the land as well? Rates will depend on the value and use of your property, and your specific questions are best answered by a good insurance company. George Ryan Jr. Insurance Group Inc serves Bourbonnais, IL, and can be just what you need to pick out a customized policy that works for you. Call today for a quote!