How Whole Life and Term Life Insurance Are Different

Posted on June 28, 2024June 28, 2024 by admin

There are two primary types of life insurance: whole-life policies and term-life policies. Each type presents its unique advantages and potential pitfalls. Both are popular methods to safeguard a family’s financial security. Life insurance is a necessity, providing benefits to your dependents should anything happen to you. If you’re underinsured, don’t hesitate to contact us at Bacon Insurance Group in Richmond, VA.

Whole Life Policies

A whole-life insurance policy is usually the preferable choice for coverage that lasts a lifetime. Unlike term-life policies, whole-life policies do not have a set expiration. They provide coverage throughout your life, eliminating the need to renew or purchase another policy as you age. Furthermore, whole-life policies accumulate cash value over time, providing a monetary benefit you can borrow against should you encounter a financial bind.

Term Life Policies

Term-life policies operate differently, providing coverage for a specified period. Once the policy term is over, the coverage ceases, necessitating a new policy purchase to continue coverage. Term-life insurance does not include a cash value component, meaning there’s no cash accumulation for borrowing against. However, due to this aspect, premiums for term-life policies are generally lower compared to whole-life policies—a reason many choose term life insurance.

Get Life Insurance

Regardless of the type of life insurance you’re seeking, we can assist. Contact us at Bacon Insurance Group in Richmond, VA to get started.

Teen Drivers and Auto Insurance

Posted on May 31, 2024June 3, 2024 by admin

Raising kids is tough, but once they reach driving age, the level of worry and stress skyrockets. You want your kids safe while driving, but accidents do happen. It’s imperative that parents handle insurance and their teen drivers properly. Here at Bacon Insurance Group, serving Richmond, VA, and the surrounding areas, we want to make sure parents understand everything they need to know about teen drivers and insurance.

Do I Need to Add My Teen?

Yes, as soon as your teenager has a driver’s license, they need to be added to your policy. Most policies will also require that your teen be assigned to a particular car on the policy. It’s usually wise to only give your teen access to the least expensive vehicle you own. This will lower your insurance rates and pose less of a financial risk should there be an accident. If you fail to add your teen and there is an accident, you might face consequences from the police and the insurance company.

Will Rates Go Up?

If you add a teen driver to your policy, your rates will increase because teenagers are a much bigger risk factor for the insurance company. There are often ways to offset this. If your teen makes good grades, you should be able to get discounts for that. If your teen avoids accidents or tickets, that will also help to keep your rates reasonable.

Can My Teen Get Their Own Policy?

It’s often difficult for teenagers to get insurance while they are young. Adding your teen to your policy is most cost-effective.

If you’d like to learn more about teen drivers and auto insurance, please get in touch with us at Bacon Insurance Group, serving Richmond, VA, and the surrounding areas.

Four surprising benefits your company can enjoy with commercial insurance

Posted on April 30, 2024May 1, 2024 by admin

As a business owner, you might not know all the benefits your company can enjoy if you invest in commercial insurance. At Bacon Insurance Group, we’re here to provide insurance coverage to business owners in Richmond, VA.

Here are four surprising benefits your company can enjoy with commercial insurance.

Coverage for business interruption

Events like natural disasters that halt business activities can cause companies to go out of business.

With commercial insurance, businesses can enjoy business interruption coverage. This compensates companies for lost profits so that events that temporarily stop business activities don’t have such drastic consequences.

Reputation management

A good reputation is essential for continued business success. Unfortunately, negative publicity can damage a company’s reputation.

Commercial insurance can compensate a company for any financial losses it faces due to certain types of reputation damage. This type of coverage can also pay for the costs of publicity efforts needed to respond to negative publicity and save a company’s reputation.

Product liability coverage

Businesses that produce physical products can benefit from product liability coverage. This type of coverage pays for lawsuit costs when a company’s products cause injuries or other adverse events that harm other individuals or organizations.

Cyber liability

Cyber liability is an increasingly significant issue for businesses as time goes on. Companies need to store sensitive data online nowadays, and cyber liability coverage can cover any financial losses or lawsuit damages caused by data breaches.

We’re here to help if you need insurance coverage for your business in Richmond, VA. Call Bacon Insurance Group today for a policy quote.

Types of Coverage in Your Home Insurance Policy

Posted on March 29, 2024March 27, 2024 by admin

When you’re a homeowner, it’s essential that you have home insurance from the first day you own it. Coverage should start the day you buy the home, and you need to keep it for as long as you live there. If you don’t have home insurance, call us at Bacon Insurance Group in Richmond, VA.

Home Coverage

Part of the coverage you get from home insurance is to protect the house itself. This coverage is extremely important for covering the cost of repairs if they are needed because of a destructive event. When a destructive event happens to your home, the resulting repair bills can be extreme. It can easily cost tens of thousands of dollars to get repairs after the damage has been done. The policy can pay for this coverage.

Possessions Coverage

Your belongings are in your home, and when damage happens to the home, it may also mean damage to your possessions. Home insurance includes coverage for all of your possessions in the home. When you add up what it costs to replace everything, you soon see why this coverage is essential for every homeowner.

Liability Coverage

You’re liable for what happens in your home, including any accidents. If someone becomes injured in your home, you’d owe for all of their expenses related to the accident. This can be an enormous amount, even if the injury isn’t that bad. Medical bills can surprise you, but your home insurance’s liability coverage will prepare you for them.

Get Your Home Insurance Today

Call us at Bacon Insurance Group in Richmond, VA to get started with your home insurance policy.

Five Surprising Things You Should Know About Life Insurance

Posted on February 28, 2024February 23, 2024 by admin

Here at Bacon Insurance Group in Richmond, VA, there are a few little-known benefits of life insurance that we’ll reveal here.

1. Taxes Don’t Need to Be Paid on the Benefit Amount

The IRS generally doesn’t require beneficiaries to report these benefits as part of their gross income. However, in some situations, it can be considered taxable. Ask your agent or tax consultant about your circumstances.

2. Some Polices Allow for Cash Withdrawals

Whole and universal life insurance allows for withdrawals to be made to borrow against the policy. Some also allow one to get a loan against them, which can come in handy to cover unexpected costs. Keep in mind that both options will reduce your death benefits unless the funds are repaid.

3. Medical Exams Aren’t Always Required to Buy Life Insurance

Many individuals believe that their health issues will prevent them from obtaining a life insurance policy. Several companies require no medical exams whatsoever for guaranteed and simplified issue insurance. Group life insurance through an employer may also not require health exams.

4. You May Already Have Life Insurance and Not Know It

Many employers offer their staff a baseline life insurance policy as an incentive. It may be bundled along with dental, medical, and vision plans. However, it may not be enough, making a supplemental policy necessary.

5. They Come With a Premium Wave-Off Option

You have to make payments on premiums over the tenure of the policy. However, if the policyholder becomes permanently disabled, a rider goes into effect, which sometimes allows premiums to be waived. Contact your provider to see if you qualify for this benefit.

If you want to protect your family’s financial situation after your passing, contact Bacon Insurance Group Richmond, VA, for a custom quote today.

Luxury Car Insurance: What You Need To Know

Posted on January 22, 2024January 29, 2024 by admin

Bacon Insurance Group specializes in crafting insurance solutions that match the elegance and value of your luxury vehicle in Richmond, VA. Owning a luxury car is not just a lifestyle choice: It’s a commitment to excellence and a reflection of your personal taste. Let us guide you in protecting your prestigious investment with the most focused insurance coverage available.

Tailored Coverage for Your Prized Possession

Understanding that luxury cars stand apart in terms of performance, craftsmanship, and value, we offer tailored insurance policies. At Bacon Insurance Group, we recognize the nuances of luxury vehicles and provide coverage that addresses their specific needs, ensuring your peace of mind on every journey.

Valuing Your Investment

Your luxury vehicle is an investment deserving of protection that appreciates its worth. Our policies are designed to cover not just physical damage but also the inherent value of your vehicle, taking into account its unique features and potential future valuation.

Exceptional Service for Exceptional Vehicles

We pride ourselves on offering personalized service that matches the exclusivity of your vehicle. Each policy is crafted with your specific needs in mind, ensuring a bespoke insurance experience.

Comprehensive Protection

We understand that your luxury car requires more than standard coverage. Our comprehensive insurance plans are designed to protect against all risks, providing extensive coverage that includes everything from collision to theft and beyond.

Expert Guidance

Our team’s expertise in luxury car insurance in Richmond, VA positions us to offer you appropriate advice and coverage. We stay abreast of the latest legal requirements, ensuring your policy remains effective.

Are you ready to secure your luxury car with unparalleled insurance coverage? Contact Bacon Insurance Group today. Let us protect your luxury car with the diligence it deserves here.

4 Ways Commercial Insurance Makes Your Business Better

Posted on December 20, 2023January 2, 2024 by admin

Commercial insurance makes your business better because it provides both protection and peace of mind for you, your employees, and your customers in Richmond, VA. It helps cover the costs of legal liability, property damage, workers’ compensation, data breaches, and other risks that come with running a business.

With commercial insurance from Bacon Insurance Group in your corner, you can reduce or avoid the financial impact of unexpected events. This allows you to focus on the core operational needs and goals of your business.

Some other benefits of this type of policy include:

It helps you attract and keep qualified employees: Nowadays, employees are looking for more than just a paycheck when they’re deciding where to lend their expertise. They’re also looking for an opportunity to get good benefits. It doesn’t hurt that they know they’re covered if something happens at work.
It enhances your credibility and reputation in the market: Having commercial insurance in place shows your clients that you’re serious about managing risks. It also conveys the message that you’ll protect your customers if any mishaps occur.
It protects you and other members of management. When you own or run a business, someone’s going to sue you. It’s inevitable. Commercial insurance will protect management from costly lawsuits.
It protects your business from natural disasters: No matter what state you live in, you’re going to experience some type of natural disaster. When or if disaster strikes, commercial insurance will provide financial protection if damage happens to any of your business possessions and other assets.

Consult With Us

If you’re a business owner in Richmond, VA, you need commercial insurance from Bacon Insurance Group. Our agents are ready, willing, and able to answer your questions about the different policies available to you. Contact us today to learn more.

Three Ways Home Insurance Protects You Financially

Posted on November 17, 2023November 30, 2023 by admin

Owning a home is a big responsibility. It’s important to be able to protect yourself and your home from a number of possible risks. To do this, you need a home insurance policy. It will protect you in a number of ways against high costs after something happens to or in your home. To get your policy, call us at Bacon Insurance Group in Richmond, VA to get started.

It Protects Your Home

There are many damaging events that can happen to a home. These may end up costing thousands for the necessary repairs. Your home insurance policy will cover many risks that can damage your home. If you didn’t have this insurance, you could face unaffordable repair bills or even the destruction of your home. Home insurance can pay for the repairs of covered events and even pay for it to be rebuilt if it’s destroyed.

It Can Replace Your Belongings

Just like coverage for the home itself, these policies also cover your belongings inside your home. When a damaging event happens, it’s often not just the home that gets damaged. When your items are ruined, your home policy can pay for those belongings to be replaced. This can be a huge savings when the unexpected happens and you have to replace expensive items. It’s never a good idea to go without this coverage.

It Covers Your Liability

Another huge expense can be the medical bills of someone who is injured in your home. Home insurance comes with liability coverage that will pay those bills after an accident with injuries. This is important financial protection just in case someone on your property is hurt.

Don’t Be Without Home Insurance

You need to have your home covered from the day you bought it until the day you sell it. To get your policy, call Bacon Insurance Group in Richmond, VA.

What’s the Difference Between a Death Benefit and Inheritance?

Posted on October 20, 2023November 1, 2023 by admin

Many people want to leave a financial legacy as they pass away. Our team of qualified insurance professionals at Bacon Insurance Group in Richmond, VA can help you find a life insurance policy that provides a death benefit that can make a major impact on the beneficiary’s life after your passing.

Whether you know you want to hold a life insurance policy or you’re on the fence about it, you should do your research to have a solid understanding of the difference between a life insurance death benefit and other forms of provision for your loved ones after you’ve passed.

What’s the Difference Between a Death Benefit and Inheritance?

When a loved one passes away and leaves their family members or friends with some kind of financial provision, it can relieve some of the burden for the family that comes with losing a family member. Even if you don’t have any family left or anyone whom you would like to receive an inheritance or death benefit, you might find that it can help you to have a semblance of peace as you face the transition from life to death to leave a legacy of a death benefit with your favorite charity or organization.

While an inheritance involves bequeathed assets that are laid out in a will or other official document related to estate planning, a death benefit can only be paid out if the person holding it has a life insurance policy.

Consult With Us

In short, a death benefit is paid out from a life insurance policy. Conversely, an inheritance is designated to the recipient in a will. An agent at our office could give you a better idea of more nuanced distinctions.

For more information, call Bacon Insurance Group in Richmond, VA today.

Are You Underinsured?

Posted on September 22, 2023October 3, 2023 by admin

If you own a vehicle you use to commute, you need to meet the legally required insurance for your state. However, meeting the legal requirement may not be enough to protect you from risks on and off the road. If you would like to learn about auto insurance protection, you can trust the professionals at Bacon Insurance Group to provide the residents of Richmond, VA with top-quality insurance products and services.

Auto Insurance Coverage

If you have a vehicle that’s financed, the finance company will require you to have full coverage auto insurance to protect you from losses. Depending on the value of your vehicle, you may need to increase from basic full coverage to fully protect your investment. There are a few different levels of insurance available with add-ons that prove highly beneficial.

The best way to choose the right level of coverage is to work with a professional insurance agent. They can assess your needs and provide you with recommendations for insurance coverage that meets your needs and doesn’t leave gaps. They can also assist you with the submission of your information to help get coverage right away. If there are changes to the policy or a claim, they can also help you.

Find Out More Today

Proper auto insurance protection is essential for every driver on the road. If you would like to learn more about the right auto insurance policy for your needs, you can count on Bacon Insurance Group to provide assistance and information about policy options. We take pride in offering the residents in and about the Richmond, VA area security and peace of mind that reliable insurance can offer.