Things that can void a life insurance policy

A life insurance policy is something that you buy to provide for your loved ones in the event that you are no longer with them. It is an important part of financial planning and you are counting on it to be there when you are not. However, there are some things that you can do that will void your life insurance policy. In Frederick, MD, Wellspring Insurance Network Inc. has the insurance experts to help to make sure that when you need it, your life insurance policy is there for your loved ones. 

Fraud

When it comes to life insurance policies, answer all the questions truthfully when you apply. You may not want to reveal some private information about your past or present but if you lie to the company who is issuing the policy about anything you run the risk of making your policy null and void.  If you have a dangerous hobby admit it upfront. 

Medical

You most likely will be asked medical questions when you apply for life insurance. If you have ever smoked don’t lie about it or if you were or are a heavy smoker don’t misrepresent the facts.  If the truth is found out your policy can be void. You may think that no one will ever find out but depending on how you die, an in-depth medical record search may be undertaken and if the facts don’t match what your application says, the claim will be denied. 

Suicide

Read the small print on any life insurance policy that you are considering. Suicide does not void all policies but it is best to know what the provisions of your policy are. 

Life insurance is something that you want to be able to count on to care for those who count on you. Wellspring Insurance Network Inc. in Frederick, MD has a great team who are happy to help you to choose the right life insurance policy and to avoid making the kinds of mistakes that can void your policy. 

  

Everything you need to know about commercial insurance in Maryland

Owning a business in the Frederick, MD area is an excellent opportunity for an entrepreneur. It is essential to protect the business against risks with a comprehensive commercial insurance policy. The agents at Wellspring Insurance Network Inc. are ready to help design a custom commercial insurance package that is right for your business. 

The first policy a business needs to consider for a small business commercial package is a general liability policy. A general liability policy will protect you if a third party sues you as a result of an injury such as a slip and fall on the business premises. 

You will also want to consider protecting your business with a property damage policy that will protect your facilities and office equipment in the case of events such as a fire or water damage. 

Often you can combine the general liability and property policy into one policy called a Business Owners Policy. A BOP will also include coverage for business interruption. Business interruption will help cover business expenses if your operation is interrupted temporarily as a result of an event such as a storm. 

Depending on the nature of your business, you may want to consider a professional liability policy. Also known as an E&O Policy, professional liability protects against claims by customers who accuse you of failure to provide a service as promised. E&O is incredibly essential for businesses that involve architecture or engineering services. 

If your business has staff, you will need to consider workers’ compensation insurance. Workers Compensation will help pay for expenses related to employees who are injured or a result of their job. Workers Compensation will also assist with legal fees in the event an employee sue you over the injury, 

If you are interested in putting together a commercial business insurance package, reach out to an agent at the Wellspring Insurance Network Inc.today, We proudly serve the Frederick, MD area.