Why do I need an umbrella policy

Before you can decide if you need an umbrella policy or if an umbrella policy is right for you, you need to understand what an umbrella policy is and what it does for you. Like an umbrella protects you from a stormy day, umbrella insurance protects your assets above and beyond what you homeowners, auto policies cover. On average, the basic umbrella policy begins at around a million dollars. Bye Financial Group LLC in Grand Ledge, MI has the information you need to understand what is needed. 

You may be thinking, “I have a small house” or “I have an old car” why would I want to have additional coverage beyond what my regular policy covers? Those are not the things that you are covering with an umbrella, it is not about replacing your home or car, it is about protecting you and your assets from the results of an accident either with your vehicle or on your premises. If you or a member of your household are the involved in an auto accident it can lead to litigation. If someone gets injured on your property, you can end up being sued.

When it comes to legal costs, it doesn’t take long for them to mount up whether or not you are found at fault or not. Judgments against you can take not only what you have now, but what you will have in the future. Bye Financial Group LLC in Grand Ledge, MI has knowledgeable agents who can walk you through all the ins and outs of an umbrella policy and how it can be a valuable coverage for you. Why not give them a call or stop by their office, you will be glad you did. You can also reach them on their website.

Coverage options to look for in your comprehensive auto insurance policy

Are you shopping for a new auto insurance policy, or are you looking to purchase your first vehicle? There are some coverage options to look for when choosing your comprehensive auto insurance policy that can help you in the event that you are involved in an accident or another mishap. The team at Bye Financial Group LLC is here to help the residents in the greater Grand Ledge, MI area finds the coverage that best suits their needs.

Check for these coverage options when choosing your comprehensive auto insurance policy. In addition to comprehensive, liability, and collision coverage, these other coverage options should be a part of your auto insurance policy coverage options:

  • Roadside assistance/towing – if your car breaks down while you are on the road, having coverage for roadside assistance and towing can make a stressful situation less of a headache
  • Uninsured driver coverage – unfortunately, there are many drivers in the Grand Ledge area who do not have the insurance coverage required by law. If you are involved in an accident with such an individual you may be held responsible for the damage that they cause. This coverage option should be a part of your comprehensive auto policy.
  • Full replacement in the event that your vehicle is totaled – your coverage levels may not be sufficient to replace your vehicle without this coverage option.

Now is the perfect time to make sure that your comprehensive auto policy has all of the coverage options that you need and want. Don’t put off a review any longer, call or stop by the offices of Bye Financial Group LLC today to learn more about the auto insurance options that are available to the residents in the greater Grand Ledge, MI area.

How To Keep Your Home In Good Standing With Your Home Insurance Provider: 3 tips,

Do you love your home insurance policy?

Perhaps you’re shopping around for a new policy that gives you the type of rate and coverage you desire. In can any case, if you’re hoping to maintain your Bye Financial Group LLC home insurance policy, here’s what you should do to keep your account in good standing.

1. Comply With Your Policy

If you’re not sure what your home coverage policy prohibits, it might be time for a quick read-through. You should never violate your policy, even if you claim that you did not know you were violating your terms, you might still face a nonrenewal by your insurance provider.

While all policies differ, here are some basic rules of thumb to follow in order to stay in compliance:

  • Don’t make additions to your home without informing your insurance provider.
  • Don’t own pets that might be prohibited by your policy.
  • Don’t own equipment or entertainment options that may be deemed risky by your home insurance provider.
  • Don’t attempt to cover a home business under a residential insurance policy.

If any of the above are discovered by your insurance provider, you may be fined, or you may face nonrenewal. Nonrenewal is when an insurance provider refuses to allow you to renew your policy in the coming year.

2. Maintain Your Home Well

Is your home in disrepair at all? If you maintain your home well, both on the inside and out, you have nothing to worry about.

If you choose not to maintain your lawn or make necessary repairs to your home, you may void your home coverage policy. Address any issues your home may have in order to ensure that your policy pays out in case of an emergency. If you cannot afford professional repairs, do your own handiwork.

3. Know when To File Claims

Do you see yourself filing multiple insurance claims on your home? Perhaps you feel that your home insurance company should know of every little detail, or that your policy should reimburse you for every repair.

However, the more claims you make, the more likely are you to deal with nonrenewal.

Home insurance claims should only be made under truly devastating circumstances. For instance, where a significant portion of the home was destroyed. For example, you should report a house fire.

Are You Looking For A New Home insurance policy in Grand Ledge, MI ? If so, contact Bye Financial Group LLc. We will gladly help you find the policy that works best for you.

Life Insurance Recommendations for 2019

At Bye Financial Group, LLC, we want you to be as protected as possible as you go into the New Year. Here are a few life insurance recommendations for 2019 to guide you. We serve Grand Ledge, MI and the surrounding areas. 

 According to reports about the Tax Cuts and Jobs Act (TCJA), many changes were made to federal tax law, and four, in particular, that will affect life insurance.

  • First is the increase in the lifetime gift tax exclusion, which means increased exclusion rates for large lifetime gifts, at least for the next several years before the act expires. It will affect existing life insurance policies because they will no longer be exposed to estate tax during the next eight years, but remember this change is temporary.
  • Second, there is a reduction in the corporate tax rate maximum, which increased the benefit of purchasing permanent insurance in some cases but generally does not affect a typical life insurance purchaser. 
  • Third, there are different regulations for life settlements which also will not affect your basic life insurance policy. 
  • Finally, there are some changes in regulations for life insurance company finances which include a change to the time period required for capitalization and amortization of policy acquisition. It has increased from 10 years to 15 years. This may end up affecting the pricing of life insurance for the clients, depending on a few factors.

These changes have a great impact on people with vast estates, corporate life insurance purchasers, and a smaller impact on people purchasing personal life insurance, although you may find a change in prices and some tax benefits to your family. Due to these changes in the TCJA it is recommended that you keep any policy you have, and upgrading or purchasing a policy now will also be beneficial to your family over the next 8 years of the change.  

If you have any questions or are ready to purchase life insurance, contact us at Bye Financial Group, LLC. We proudly serve the people of Grand Ledge, MI. 

 

What Are The Types Of Auto Insurance Available?

Bye Financial Group, LLC in Grand Ledge, MI wants you to know that almost all states require a person to purchase auto insurance per state laws. Choosing the best option that suits your needs can be a confusing task, especially if you are new to driving. States will not even allow you to register your car to obtain license plates if you do not have proof of auto insurance.  

A typical auto insurance policy, other than the minimum coverage a state may require, would include most of these types of coverage:

  • Liability –  covers bodily injury and personal property which pays for bodily injury, medical expenses, and property damage. 
  • Collision – pays for the costs to your car if your car is hit by an object or vehicle. 
  • Comprehensive – damages to your vehicle caused by Mother Nature or vandalism
  • Personal Injury Protection (PIP) – pay for medical and rehabilitation expenses, work loss, funeral costs, and replacement services.
  • Uninsured/Underinsured Motorist Coverage – provides for liability and property damage coverage for you if the damages are caused by an uninsured or underinsured motorist.

Michigan is a no-fault auto insurance state which requires the following minimum coverage independent as to who is at fault:

  • $10,000 per accident for property damage for an accident that occurs in another state.
  • $40,000 per accident in which kills or hurts several persons
  • $20,000 per person hurt or killed in an accident

In a no-fault state, the types of policies must conform to the no-fault rules in that fault is not determined. For instance, if your car is damaged or if there is a personal injury you must provide any collision and PIP coverage to protect yourself and cannot look to the other driver to pay, even if that driver was at-fault.

The agents of Bye Financial Group, LLC in Grand Ledge, MI are experts in auto insurance.  Please call for more information and to learn how to get a quote! 

 

How Can Commercial Insurance Help Injured Employees?

Injured employees pose a serious risk for both the employee and the employer. For those employers that have dealt with employee injury on site or in the workplace, a commercial policy may be the best way to insure that you are safe and that your employees are safe as well. For those that live in the Grand Ledge, MI area, the agents that work at Bye Financial Group, LLC can help you to find the policy that protects you and your workers.

Workers Compensation

One of the most significant issues that an employer can deal with is the injury of an employee. Without some insurance coverage, there is no way that you can help the employee without using your own money to pay for the medical bills and the time off work. A commercial policy can help those that have injured employees in a few different ways. It can first and foremost help to pay the medical bills of the injured person and can help pay for time off work as well. If the employee decides to sue the store or workplace, it can also help pay to settle the issue and help to pay for any legal fees that are associated with resolving the case.

It can also help to protect your business. Rather than the employee being able to sue the business itself, they will be able to get compensation from the insurance policy so that you can then continue working and can prevent the shut down of the business while the issue with the employee is handled. For those that live in the area of Grand Ledge, MI, the agents at Bye Financial Group, LLC can help you find the perfect insurance policy so that you can be sure both you and your employees are protected.

Should You Get Home Insurance Even if You Aren’t Required to?

A common question that many new homeowners in Grand Ledge, MI have is if they should get home insurance even if it is not a requirement by the lender for a mortgage. It is not a requirement by the state which is what causes this issue. However, home insurance is a great thing to have according to Bye Financial Group, LLC. These are just a few reasons why you should always have it in place, even if you are not required to. 

  • It is your most significant investment – For most people, their home is the biggest investment they will ever make. They likely cost a lot of money that you had to work hard to get and invest in the home. The last thing you want is to lose it overnight and have nothing to show for all of the hard work and money you put into it. 
  • If it is lost, so is all of your investment – On the same note, if your home is lost because of an incident like a fire, all of your investment is, and you have nothing backing it up to rebuild. You will have to start back over at square one, and that could be devastating. 

With your home likely being your most significant investment, it is almost insanity to not have it covered by insurance. The last thing you want is to lose your home and everything you have put into it with no way of getting it back financially. If you are ready to get a home insurance policy, be sure to reach out to us here at Bye Financial Group, LLC, serving Grand Ledge, MI. We can help you find the right policy for your budget and your needs. 

Why is Health Insurance Required?

Health insurance is something that has been required in the United States for a few years now. Knowing why health insurance is required is just one way that you can understand the need for health insurance. For those that live in the Grand Ledge, MI area, the agents with Bye Financial Group, LLC can help you to find the health insurance that works best for you.

Health insurance is something that is required in the hopes that it will help to reduce the overall costs of health coverage and health care across the board. The idea is that if everyone has health coverage, the cost of health coverage for all will decrease as the hospitals and doctor’s offices will be able to rely on the health insurance to cover their costs rather than having to incorporate them into the overall cost of procedures for everyone. Having health insurance helps to cut the cost greatly and can help you to cut your own costs so that you are not having to pay out of pocket for all your healthcare needs.

Though it is required to have health insurance, it is also a very important thing to have in case of emergencies. It is important to have health insurance so that if something were to happen, you would not be put into financial strain by trying to cover the costs of the bills. Health insurance is something that can help cut the cost of your healthcare dramatically and offers many advantages including annual check-ups, pharmaceutical coverage, and much more.

For those that live in the Grand Ledge, MI area, the agents of Bye Financial Group, LLC can help you to find the coverage you need so that you can be healthy, happy, and in compliance with federal law. Reach out to our offices to learn more.

Is It Time To Upgrade My Life Insurance Policy?

Do you remember when you last reviewed your life insurance policy? If not, you are probably long overdue for a checkup. If you or your family members have experienced significant life changes since purchasing your life insurance policy, it may need to be updated to reflect those changes. If there have been no major life changes, you still may have experienced a shift in your financial goals that need to be addressed. To ensure that your life insurance policy meets your family’s security and financial needs, it’s a good idea to contact your Bye Financial Group, LLC agent to review your policy yearly to make the necessary adjustments.  

When Should I Update My Life Insurance Policy? 

There are many compelling reasons you might want to consider adjusting your current life insurance. Here are just some of the more important life changes that call for a re-assessment of your coverage.  

  • You have recently gotten married or divorced 
  • You have a new baby or other dependents 
  • You are planning to retire 
  • You have purchased a new Michigan home 
  • You have experienced a change in salary or employment 
  • Your children have moved out of the home 
  • You started or sold a Michigan business 
  • Someone in your household needs higher education funding 
  • You have received an inheritance 
  • Your spouse or child has died 

If any of the above life changes apply to your personal circumstances, it is time to look over your life insurance policy and make needed upgrades. Every person and family has different needs and circumstances, so every life insurance policy should be tailored to those unique situations. Making sure your policy meets your family’s security and financial goals will give you peace of mind and reassurance that everything is in perfect order. If you haven’t reviewed your life insurance policy recently, it’s time to meet with your Bye Financial Group, LLC agent and evaluate your changing needs.  

What can happen if I drive without insurance?

At Bye Financial Group, LLC, we understand how important your independence is, and how important it is for most people in Grand Ledge, MI to be able to drive. Being able to provide insurance is an important part of driving in Michigan, and there are serious legal consequences if you do not follow the law. When it comes to driving, the consequences may get worse as you go on, with the penalties getting worse as you accumulate offenses.

If you are found to be driving without insurance, you can be charged with a misdemeanor, which is punishable by up to one year in jail. You may also have your driving privileges suspended, and you could be ordered to pay fines. The court can also order a combination of all of these punishments, which seems impossible to people who have gotten caught up in the cycle as they find it difficult to get back on track. 

Even drivers who have insurance but fail to carry proof that they have insurance coverage may get a license suspension, even if they provide proof at a later time that they were covered. You can also be sued for all resulting damages if you drive a vehicle and are involved in an accident, and you can even be held liable if you lend your vehicle to someone who is uninsured and that person is involved in an accident. 

Driving with insurance is a big deal in Michigan, and you want a policy that works for your circumstances. If you are in Lansing or Grand Ledge, MI and want to make sure you are protected by the auto insurance that suits you best, call Bye Financial Group, LLC today for a free quote. If you are in a hurry, try our online rating tool to get quotes on auto and home insurance.