Deciding how much life insurance coverage to take out can be complicated because your family’s needs will change over time. You may purchase a new or more expensive home. Marriage, children and the changing needs of you and your loved ones could require additional coverage. At Phil Klein Insurance Group, our professionals are available to help members of the Birmingham, MI community select a policy that meets your needs. We’ll work to answer questions and help you with a life insurance policy that ensures financial security.

How Much Life Insurance Is Adequate?

Some people follow the simple rule of multiplying their income times 10 and stick with that figure. Regarding uncomplicated approaches, it’s not without merit. If you earn $100,000, then $1 million in coverage seems reasonable on the surface. After all, your mortgage and expenses should be in line with annual income. That figure should allow a spouse to pay off a home and provide living expenses for several years. But what about children and college tuition?

The cost of caring for a child from birth to 18 years old can exceed $300,000. College tuition currently hovers at around $30,000 per year, and that does not include living expenses. Those two expenses alone will cut the $1 million life insurance coverage nearly in half. Factor in paying off a mortgage, the high cost of health coverage and unforeseen expenses and the Times 10 rules appears strangely inadequate.

To calculate adequate life insurance coverage for the people left behind, you’ll need to account for many things that are unique to you and your loved ones. It’s also imperative to reconcile today’s costs with future increases.

At Phil Klein Insurance Group, we are committed to serving the good people of Birmingham, MI. Our professionals are available to create a life insurance policy or update an existing one that provides your family with secure coverage. You’ll sleep better knowing that a comprehensive policy is in place.

Homeowners insurance can be tricky to calculate.  There are several questions to answer about what is covered and what should be covered.  The professionals at Phil Klein Insurance Group in West Bloomfield Hills, MI have put together a list with short explanations of what exactly is covered by homeowners insurance.

The structure of the Home – The structure of your home is insured should an insurance covered disaster strikes, such as a fire or storm.  The amount of coverage is the dependent on the total cost to rebuild the existing home.  To calculate this amount, it is important to not add the value of land or to assume the amount paid for the house is the amount the structure would cost to rebuild.  Depending on the bank, some banks require that the homeowner’s insurance at least covers the cost remaining on the home mortgage.

Personal Possessions – Typically, the amount of insurance that is dedicated to personal possessions within the home equals about 50% to 70% of the total amount dedicated to rebuilding the structure of the home.  It is important to regularly conduct an inventory of everything in the house and determine how much it would cost to replace each item.

Additional Living Expenses – This part of the homeowner’s insurance covers the cost of living if the home is inhabitable while repairs are being conducted.  A normal policy covers about 20% of the amount that is dedicated to the structure of the home.  If part of the home is rented, then this part of the homeowner’s insurance would cover lost income.

Liability – The liability portion of homeowners insurance covers the insurance holder against any lawsuits that may arise from damages that your property may cause to other people.  The minimum amount to be insured for is $100,000.  Typically, though, the recommended amount is between $300,000 and $500,000.

Michigan is notorious for its harsh winters characterized by snow-covered, icy roads. Learning how to drive safely under these conditions is a must to reduce the risk of accidents. Auto insurance coverage from Phil Klein Insurance Group in West Bloomfield, MI ensures you are well protected against accidents. The following winter driving tips can increase safety during winter travels.

Tires

Worn tires won’t give you the traction you need when driving on icy roads. If you’re going to drive extensively during winter in Michigan, consider investing in snow tires for optimum safety. Another alternative would be to replace worn tires with a good pair of all-season tires to keep you safer on the road.

Electronic Stability Control (ESC):

ESC can help reduce skidding when driving on slick roads. By keeping this system activated in your vehicle, you reduce the risk of an accident when driving on snowy roads.

At the same time, you can’t count on ESC to protect you from all eventualities. You still need to do your part to drive carefully during adverse weather to enhance safety. Be sure to reduce your speed and keep a safe distance between other drivers when driving in snowy weather. It’s also important to stay alert by eliminating texting or talking on the phone when driving.

Windshield Wipers and Brakes

Upgrade your windshield wipers as needed to maintain good visibility during snowy weather. Make sure your brakes are inspected periodically to ensure they’re working at top capacity. Good brakes are essential year-round, but even more so during the winter where slick roads make driving conditions even more dangerous.

A safe vehicle, careful driving habits, and comprehensive auto insurance coverage from Phil Klein Insurance Group will provide West Bloomfield, MI drivers with the protection they need on the road.