Types of Life Insurance Policies

Are you a resident of Peoria, AZ? Do you ever wonder about the differences between life insurance policies? Schaller & Thomas Family Insurance can answer your questions. Life insurance policies come in two different types: term-life and permanent.

Term Life Insurance

Term life insurance only pays a benefit if death happens when the policy is still in place. The term can be anywhere between one and 30 years. This type of insurance will either be a level term or a decreasing term. A level term means that the benefit stays the same throughout your entire policy. A decreasing term has a benefit amount that will get smaller over time, which usually happens annually.

Whole Life and Permanent Insurance

In a whole-life or permanent insurance plan, there is no term for the policy. This type of insurance plan can be split into four different types.

Traditional whole life is the first kind. It is much like a level term life insurance plan in that the benefit amount will stay the same throughout the policy. This type of insurance includes a death benefit and has an account for savings.

The next type is called universal whole life. It is a little bit more flexible than the traditional kind of life insurance. It is a smart choice because your benefit amount will actually earn interest over time.

Variable life is the third kind. It includes a death benefit and also has a savings account that you can invest in bonds, mutual funds, and stocks.

The fourth and final type of whole life insurance is called variable-universal. It combines the interest-gaining death benefit of the universal whole life plan and the investment account of the variable plan.

Contact Schaller & Thomas Family Insurance today if you have any more questions regarding life insurance in Peoria, AZ.

Commercial Insurance Facts for Small Businesses

Running a small business is hard. It takes long hours, consistency, and strength. You may be tough, but your business could still suffer through no fault of your own, which is why you need commercial insurance coverage. The independent agents located in Peoria, AZ at Schaller & Thomas Family Insurance can help you organize an insurance plan for your business.

Insurance You Will Need

  • General Liability Insurance – provides coverage against your business if a consumer or client is injured on the premises. You may also be covered if there is property damage, liable, or slander lawsuits against you.
  • Commercial Auto Insurance – is necessary for any company that engages in delivery services. Even if you only own one truck, the cost of an accident can be an enormous burden.

Other Insurance Coverage to Consider

  • Property Damage – that happens to your property at your place of business. Many liability insurance plans only cover damage to someone else’s property, not yours. Your personal business property could include office furniture, computers, registers, machinery, and other important office equipment.
  • Worker’s Compensation – is required in Arizona if you have employees. Worker’s compensation provides employees with medical treatment and lost wages if they were injured while at work regardless of how the injury occurred.
  • Professional Liability – those individuals and businesses that provide services can be liable for damages if the service they provide injures their customers. Such providers can include surgeons, lawyers, and contractors.
  • Business Interruption – if you are prevented from running your business due to a legitimate claim, business interruption coverage can help pay rent, employee wages, and utilities.

Schaller & Thomas Family Insurance in Peoria, AZ is an independent insurance agency, which can provide an assortment of insurance carriers with a variety of plan options for your business needs. Call or stop by to make sure your business is completely protected.