ADB Vs. Life Settlement: What You Need to Know

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Life insurance is most effective when someone is financially stable and when passing is sudden or manageable. However, sometimes, this is not the case. Some may develop a terminal illness that requires a great deal of money to treat, money that they don’t have. The good news? If you need funds now to help you with treatment, there are ways to leverage your life insurance to access financial support. Two of your options are accelerated death benefits (ABD) and life settlements. But what are these, and what do you need to know in advance? Let’s compare and contrast these two options, so you have a better understanding of these solutions. If you’re looking to secure your future and the future of your loved ones, trust us here at Irvington Insurance in Indianapolis, IN to help you find proper life insurance coverage.

Comparing ABD and Life Settlement

An accelerated death benefit is a rider that you can get with your life insurance. Should you find yourself in need of funds when you have a terminal illness, you can take money out of your life insurance policy to pay for treatment. But what happens if you don’t get this? There is one way to navigate high costs, and that’s via a life settlement. Rather than tapping into a feature of your life insurance, a life settlement is when you sell your life insurance policy to a third party for less than the total death benefits. This is generally a last resort and should only be pursued if you absolutely need to do it.

Prepare for the Future with Irvington Insurance

Are you looking to ensure you and others are prepared for your passing in the future? Let us help you find the right life insurance policy. Compare quotes with the team here at Irvington Insurance in Indianapolis, IN, today!

Will My Home Insurance Cover My College Student’s Housing?

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College students often take valuable items with them when living at school, including clothing, jewelry, computers, and other electronics. Just like your family’s other assets, your student’s belongings need protection. Typically, your home insurance policy covers the assets of your children aged 26 or younger if you claim them as dependents. However, several limitations affect college students, so you should confirm your policy details with your agent annually. If you live in or near Indianapolis, IN, contact our Irvington Insurance team about your home or other insurance coverage.

Home Insurance Coverage Limits for College Students

Your home insurance covers your dependent children’s belongings against theft, fire, and other covered perils and handles their liability if they cause injury or damage others’ property. However, insurers often cover college students only while living in university-controlled housing. Policies generally do not cover those living in fraternity, sorority, or other off-campus housing.

Besides the university housing limitation, other issues to confirm include:

  • Most policies only cover full-time students
  • Coverage may stop at 24 or 25 years old with some policies
  • Jewelry and electronics have low claim limits unless you add a rider to your policy
  • Losses at college are considered "off-premises," commonly capped at 10% of your policy’s property limit
  • Claims related to your children are subject to your standard deductibles

These factors can significantly affect your college student’s coverage or the recoverable amount from a claim, so confirm the policy details and your situation with your agent. You can buy renters’ insurance for your student’s belongings if necessary.

Insuring with Irvington Insurance

Irvington Insurance, serving Indianapolis, IN, will work to develop an insurance plan that protects your family and its assets. Visit our office or call (377) 322-1000 today to start the review process.

Navigating Auto Insurance Options for Learner’s Permit Holders

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New drivers with a learner’s permit in Indianapolis, IN, must have auto insurance to drive. They can either obtain separate auto insurance or share an auto insurance policy with someone else. Irvington Insurance breaks down both options, categorizing them by age and specific circumstances.

Auto Insurance Options for Teen Drivers with a Learner’s Permit

Teen drivers with a learner’s permit are more likely to be added to their parent’s auto insurance because they are underage. This allows them to enjoy the same benefits as their parents and build an insurance history. Having a track record makes it easier for them to get separate auto insurance later. Bundling is also more affordable, even as rates increase. Individual auto insurance tends to cost more due to their lack of driving experience.

In rare cases, a teen driver with a learner’s permit may need a separate auto insurance policy. This could be because their parents don’t have auto insurance, they have a separate residence with a permanent address unrelated to school or college, or they own a vehicle, either as a gift or purchased.

Auto Insurance Options for Adult Drivers with a Learner’s Permit

Adult drivers with a learner’s permit can be added to the auto insurance policy of a parent, spouse, family member, or roommate. Bundling two people in one policy is usually cheaper than getting individual auto insurance. However, they might be better off getting separate auto insurance if there are policies that specifically cover learner’s permits.

An alternative to auto insurance is borrowing a vehicle from a licensed and insured driver. The driver’s insurance covers you as long as the driver is in the car each time you use it.

Permit holders in Indianapolis, IN, can benefit from the guidance of an experienced auto insurance agent to help them choose a policy. For detailed and personalized permits and auto insurance information, visit or call Irvington Insurance.

Hidden values in your life insurance policy

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Life insurance often offers more than what initially meets the eye. It provides a death benefit should the insured pass away while under the policy coverage. However, just beneath the surface, it often provides additional value. Here are some hidden benefits Indianapolis, IN residents can discover with life insurance from Irvington Insurance.

Cash Value

Permanent life insurance often includes a savings element, building equity over time.

Accidental Death Benefit

Many life insurance policies will pay a multiple of the death benefit if the insured’s death occurs by accidental means.

Waiver of Premium

Life insurance policies often include a waiver of premium benefit that covers premium payments should the owner become disabled. This can help keep a policy in force during a difficult time.

Guaranteed Insurability

Some life insurance policies include provisions allowing an insured to secure additional coverage regardless of health or physical conditions that may change.

Tax Advantages

Life insurance policy benefits are generally non-taxable. This means the benefits go directly to the beneficiary without going through probate or being subject to income taxes.

Now is the Time

Life insurance premiums are usually less expensive when you are younger and healthy. This makes now the best time to secure coverage.

Contact Irvington Insurance Today

There may be more to life insurance than you think. We encourage those in the Indianapolis, IN area to contact us at Irvington Insurance. We are here to answer your questions and get you started. The more you know, the more you may appreciate the benefits of life insurance. We are here to help.

What Is the Difference Between Home Insurance and Renter’s Insurance?

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Whether you’re a renter or a homeowner, getting the right kind of insurance for your needs is important. At Irvington Insurance, servicing Indianapolis, IN, we can help you understand the differences between these two types of insurance. If you’ve been a renter all your life but have never owned a home or owned homes but never rented, you’ll want to understand how these two policy types differ. Here’s what you need to know.

What is Home Insurance?

Home insurance is a type of insurance that pays to repair or replace your personal items in the event that they are damaged in a covered event. Home insurance can also pay to repair or replace your house after a covered event causes damage to your home’s structure. Covered events include fire, wind damage, lightning strikes, theft, and vandalism.

Home insurance is a requirement for most people who have a mortgage, but even people who don’t often choose to get it because it provides essential protection for the homeowner.

What Is Renter’s Insurance?

Renter’s insurance is a type of insurance that pays to repair or replace your personal belongings if a covered event occurs. The renter’s insurance does not pay to repair or replace the structure if damage occurs. Renter’s insurance is not usually a requirement for a renter, but many still choose to get renters insurance.

Why Is Insurance Important?

Most people can’t afford to replace everything they own when disaster strikes. Having insurance, whether it’s home insurance or renters insurance, can protect you from the kind of financial ruin that can occur after certain covered events. Insurance provides peace of mind.

Want to know more about renters and home insurance? Contact Irvington Insurance, servicing Indianapolis, IN. We can help.

Understanding Auto Insurance Coverage for Rental Cars

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Rental Car Insurance: Understanding Your Coverage

Planning a trip often involves renting a car, but understanding the insurance implications can be tricky. At Irvington Insurance in Indianapolis, IN, we’re here to make it simple and stress-free.

Assessing the Need for Extra Coverage

When renting a car, the rental company might push you to buy their insurance. But before you do, check your existing auto policy. Many policies include rental car coverage, which could save you money. Understanding what your policy covers is crucial to avoid unnecessary expenses.

Understanding Your Policy Coverage

Your auto insurance might already cover rental cars, but verifying the specifics is important. Typically, if you have collision and comprehensive coverage, it extends to rental vehicles. This means you might not need additional protection from the rental company. However, always confirm with your provider to ensure you’re adequately covered.

Exploring Credit Card Benefits

Another option to consider is your credit card. Many credit cards offer rental car insurance as a perk, but the coverage varies. It’s a good idea to call your credit card company to understand what’s included. This can serve as a backup or even replace the need for extra insurance.

Making Informed Decisions

Understanding your options helps you make informed decisions and avoid spending more than necessary. It’s all about knowing what’s available to you and using it to your advantage.

Need Help With Your Auto Insurance Coverage? Call Us Today In Indianapolis, IN.

If you’re unsure about your coverage, Irvington Insurance, providing auto insurance coverage to residents in and around the greater Indianapolis, IN area, is here to help. Our team can review your policy and ensure you have the proper protection before you hit the road. Contact us today to discuss your insurance needs and travel with confidence.

What is the value of getting a life insurance in Indianapolis?

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Life Insurance: A Crucial Asset in Indianapolis, IN

If you reside in the Indianapolis, IN area, obtaining insurance is of paramount importance. Among the types of insurance to consider seriously is life insurance. A life insurance plan offers numerous benefits, and understanding these can convince you of its necessity. Here’s why having life insurance is advisable in this area.

Financial Security and Protection for Your Loved Ones

One of the prime reasons for obtaining life insurance is to provide financial support and protection to those you hold dear. Life insurance lets you create a plan that caters to the financial needs of your dependents in case of your untimely demise during the policy term. This ensures their financial requirements continue to be met, giving you peace of mind.

An Investment Alternative

Life insurance can also serve as an investment option. A whole life insurance policy can be valuable to any long-term financial plan. With this form of insurance, a part of your payment accumulates in an account, growing over time. This sum can be liquidated or borrowed against in the future, making it a low-risk, beneficial investment.

Finding the Right Life Insurance Coverage

If you call Indianapolis, IN, home and are considering a life insurance plan, our team at Irvington Insurance is here to help. Our trained professionals understand the crucial nature of life insurance. They can answer all your queries and help you navigate the process of securing suitable life insurance coverage.

Steps To Take After a Residential Break-In

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If your home is broken into, it is essential to document the aftermath. You must also file an insurance claim at your earliest convenience. Learn how to handle this type of crime. The following information will prepare you for an unexpected crime resulting in damage or property loss.

The Setting

Keep yourself safe after a potential break-in. Do not enter the premises until you have secured the area. Take pictures of the aftermath. Record information about the items that were damaged or stolen during criminal activity.

When you file an insurance claim, you must submit an accurate report of what has occurred. Moving any items within the area where a crime occurred could affect your insurance claim.

The Reporting Process

Contact your insurance agency to report the incident that took place. You will be provided a list of steps to follow while your claim is processed.

An insurance adjuster may be assigned to inspect your home. During this process, the adjuster will determine the amount of damage that has occurred at your residence.

Paperwork and Additional Assistance

Keep track of your insurance paperwork while your insurance claim is pending. Store any records associated with your claim in a secure, dry area. If you need additional assistance while the claim is active, contact an agent who can help you. 

For More Guidance, Contact Irvington Insurance

Our Irvington Insurance agents are here to assist with all your home insurance needs. Feel free to contact an agent who serves the Indianapolis, IN, area for further assistance in filing your insurance claim.

What Is the 25/50/25 Requirement?

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Most states across the U.S. mandate drivers to have car insurance before lawfully hitting the road. However, these requirements vary from state to state, meaning the coverage you need in one state may differ in another. An example is the 25/50/25 requirement involving a handful of states, including Indiana. What does this mean for you if you’re a driver in Indianapolis, IN? Our team at Irvington Insurance is here to help you understand more about auto insurance coverage requirements and assist you in securing the amount of coverage you need.

Understanding the 25/50/25 Requirement

The 25/50/25 requirement is an abbreviation of the dollar amounts mandated for each type of minimum coverage in Indiana. Sequentially from left to right, this includes a minimum of $25,000 for bodily injury liability coverage per person, $50,000 for bodily liability injury coverage per accident, and another $25,000 of coverage for property damage liability. While adhering to the minimum amount is technically enough, it’s generally recommended for drivers to consider extending these minimums to enhance their peace of mind on the road. A more comprehensive policy with greater coverage will help you navigate any potential road issues with ease and confidence.

Start with Irvington Insurance for Minimum to Comprehensive Coverage

Understanding auto insurance can be challenging, and finding the right insurance policy can be likewise daunting. However, we at Irvington Insurance in Indianapolis, IN, are committed to ensuring you’re well-informed about auto insurance and have the resources to find suitable policies. Start comparing quotes with us today!

Will I Have to Have a Medical Checkup When I Get Life Insurance?

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Obtaining life insurance typically includes going for a checkup with a physician. The insurance firm bears the expense of this medical examination, which usually takes less than an hour to complete.

At Irvington Insurance in Indianapolis, IN, we assist our clients in procuring life insurance coverage. We also cater to individuals who wish to acquire life insurance but prefer to avoid a doctor’s appointment. Here, we provide essential information about life insurance coverage.

Is a Medical Checkup Necessary for Life Insurance?

A medical examination is typically (though not always) a requirement for acquiring life insurance. This checkup aims to enable the insurance company to assess the risk of granting you insurance accurately and to set the policy rate appropriately. This evaluation assists the insurance company in determining the amount of coverage you can purchase and its cost.

There are insurance policies that can be purchased without a doctor’s examination. However, such policies prevent the insurance company from assessing the risk involved in insuring you. This could lead them to assume a higher risk, which may result in a lower coverage amount at a higher cost.

What to Expect If You Do Not Want a Medical Checkup

If you desire to take life insurance but are not keen on undergoing a medical exam, you should be prepared to pay a higher premium. You might also have to answer several health-related questions without having to schedule a full medical examination.

If you are considering life insurance, contact Irvington Insurance in Indianapolis, IN. We offer life insurance policies to our clients and can help you choose the policy that best fits your needs.