It's distressing to plan for the possibility of a child dying, and the odds of a child dying are statistically low. Yet ensuring their life can provide peace of mind about having to struggle with the financial fallout from their death.

Insuring your kids at an early age can ensure they're covered against events that could complicate getting a policy later — such as developing a serious medical condition or taking up a high-risk profession or hobby, such as skydiving.

And if you want to increase the death benefit on a child’s policy, many insurance companies offer insurance riders that allow you to buy additional coverage without the need for a medical exam.

Whole life insurance for children
If you're considering life insurance as an investment in your child's future, however, a stand-alone whole life insurance policy can offer several benefits.

The cash value savings component on a whole life policy, for example, could help your children pay for college and other expenses as they grow up. And parents might enjoy the flexibility of these funds over, say, holding money in a 529 plan, which can only be used for educational expenses.
Cash value, the investment component of permanent life insurance, has more time to grow with a policy that’s bought for a child. In a pinch, you can even borrow against the value or use it to help pay the policy’s premiums.

The policy’s cash value may not be your primary reason for purchasing life insurance, but it’s an excellent additional benefit.

Child life insurance rider
A children's whole life insurance policy can help pay for funeral costs, but there may be a better option if these expenses are your primary motivator for purchasing children’s life insurance.

Adding a rider to your term life insurance policy that covers funeral costs might be less expensive than getting a whole life policy for your child — in part because permanent insurance typically costs much more than term coverage for the same benefit amount.

Regardless of whether you choose an add-on or a separate policy, plan for the life insurance payout to cover not only funeral expenses but also the possible financial setbacks that could accompany grieving for your child. Those costs can include having to take extended time off work without pay and paying for grief counseling.

Ready to start a policy for your children? Give USA Mutual Insurance a call at 718-285-6500 or visit our website at www.usamutualins.com

People find it difficult to pay the premiums of the insurance, at the time of recession, when there is a threat of losing their job and income. But having life insurance during the recession is important to render a financial safety net for the family, who can stay afloat in the event of premature death of the breadwinner of the family. The death benefit from the life insurance can be used to pay for the expenses such as,

• Mortgage or rent payments of the family. 
• Everyday life expenses
• To pay for end of life costs such as a funeral or medical bills
• To care for the aging or ill parents
• To pay for the education of the children and their school tuition.
• Pays for outstanding debt, such as loans and credit cards.

But during times of economic uncertainty, life insurance companies do not raise their premiums. Instead, they reduce the premiums and render other subsidies for their policyholders.  They prepare for short-term volatility and withstand the unprofitable period.

The premium rates of term insurance policies will not be much affected. But the insurers can escalate the premiums of whole life plans as they last a lifetime, increasing the risk of the insurer by issuing them.

Reasons Why Life Insurance Is Essential During a Recession
The economic recession and downturn will affect all people to some extent and the worst extent, people end up losing their jobs. The recession also forces people to cut back on their spending habits and it could be hard for them to pay for their insurance premiums as well. But in any case, having a life insurance policy is a must and its merits cannot be overseen even when we had to face an economic recession.

Also, after the insurance policy has been issued, the insurer cannot change the rate of the premium, even during a recession. Some insurance companies also render a premium relief program, through which they offer flexible payment plans for the insured, and extend the grace time of paying the premiums. But it is important to choose an insurance company that has credible financial strength so that they have the cash reserves to meet their financial obligations. 
Thus there is no problem in continuing with the life insurance during the recession period, as the sum insured will offer a tremendous financial backup for the nominees and the ailing family can get some relief with the sum assured. People need not doubt that the insurers will not be able to pay the sum assured when they face economical downtown. The companies will have sufficient backup to deal with their financial obligations. 

In Summary
Life insurance is mandatory for financial planning, irrespective of the economic conditions of the world. It becomes all the more important when one has dependents. Buying a new policy during a recession is also not a bad idea, provided the cost and the financial stability of the company are within reasonable limits. 

​Source: https://www.insurancedekho.com/

Does a stay-at-home parent need life insurance? The answer is yes.
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Why? Because, should the unthinkable happen to the stay-at-home parent, the other parent – the primary or sole breadwinner of your household – would have to continue working to support the family and also pay other expenses, such as childcare, to replace your at-home contributions to the family.
The work contribution of a stay-at-home parent should never be discounted when determining life insurance coverage. It’s also not a question of “if” a stay-at-home parent should have as much, or more, or less, life insurance coverage as a working parent. Instead, determine the need for life insurance for a stay-at-home parent based on his or her contributions to your household.

Putting a Value on the Contributions of a Stay-at-Home Parent The payroll solutions company Salary.com, in its 14th annual Mom Salary Survey, attempted to calculate the hypothetical salary of a stay-at-home mom. Survey results found, on average, that stay-at-home moms juggle 96.5 hours of work each week and would make an annual salary of $118,905 if employed. This of course was a lighthearted rather than scientific way to value the contributions that stay-at-home parents provide.
Among the tasks that stay-at home parents address:

• Childcare
• Cooking
• Cleaning the home
• Running errands / grocery shopping
• Doing laundry
• Serving as family chauffeur

To determine how much insurance coverage a stay-at-home parent in your home might need, simply ask: If something were to happen to the stay-at-home parent, how much would it cost the bread-winning parent to hire someone to take over the work load?

​Source: https://www.gerberlife.com/

Despite the devastation the pandemic has caused over the past year, perhaps there is a silver lining to be found in COVID-19’s dark clouds. Mortality and financial wellness have been brought into sharp focus, resulting in more people seeking life insurance coverage to protect their families.


Thirty-one percent of Americans now say they are more likely to buy life insurance,* up from just 11% in 2011. However, a common misconception around life insurance affordability persists — the majority of people overestimate the cost of life insurance by as much as three times the actual cost. This misconception, combined with a tendency to prioritize other financial needs, leaves too many families vulnerable to financial hardship if a loved one unexpectedly passes away.

Of the two main types of life insurance — term and permanent* — term insurance can be an attractive option to many due to its affordability. With the help of term insurance, families can afford to make sure they will be able to maintain their lifestyle and keep their dreams within reach even if a family wage earner dies.

Greater accessibility and speed make buying term insurance easier today* than it was in the past. Many companies have expanded their suite of online tools and resources to offer an accelerated application process, faster underwriting, and more efficient application processing.

Term insurance can also be a central pillar of a long-term financial plan. It can lock in your insurability — the ability to qualify for insurance — at the same time it locks in affordable death benefit protection for a set period of time.

A closer look at locking in future insurability with a term life insurance policy reveals three significant benefits.

Protection through health changes. As people age, they are more likely to develop health problems that could make life insurance more expensive or even disqualifying. Many term life policies have a conversion feature, which allows a policyholder to convert their term policy to a permanent policy before it expires without going through another medical exam, regardless of health changes. This ability to lock in insurability is advantageous given the many health changes you might experience throughout your life.

Protection through job changes. Ten percent of workers lost employer-provided life insurance coverage as a result of the pandemic. Even those with employer-provided group coverage often overlook the employee-paid, Optional Term Life plans during open enrollment, leaving them with inadequate protection. While it’s ideal to have a combination of coverage individually and through your employer, term insurance offers higher levels of coverage and more stability during employment disruptions.

Protection against debt and final expenses. Americans are currently carrying approximately $14.35 trillion in mortgage and non-mortgage debt. Life insurance can help your loved ones pay off debts while maintaining their lifestyle and forging ahead in pursuit of their hopes and dreams.

Want to know more about Term Life Insurance or ready to get started? Give USA Mutual Insurance a call at 718-285-6500 to speak with a Life Insurance Professional. 

As a small-business owner or partner, you may wonder what would happen to your business should anything happen to you. How would your family cope with the loss of income? What about your employees and their families? What happens when a business has debts that are backed by assets like the family home?

You’ve probably planned for some of these questions, but before you take that leap of faith, take a look at these common myths and consider a reality check.

• If I die, my spouse can run the business.
  Reality check: In many cases, the spouse neither wants to nor is capable of running the company. Small businesses are often dependent on the marketing, technical or managerial skill of the owner. Take that away and the business may fail.
• A competitor will buy the business.
  Reality check: Possibly, but this may not happen to the advantage of the surviving family. The competition may be either looking to take customers away from the business, purchase equipment and inventory cheaply or buy the business at a low price.
• My death or my partner’s death will not financially impact the business.
  Reality check: Each owner of a small business usually makes a very specific and important contribution to the business or has a special skill that is hard to replace.
• A key employee can run the business.
  Reality check: Maybe so, but if the employee is truly running the business, he or she may require a salary commensurate with the added demands of the job. The funds needed to keep everything going may be more than the business can bear.

Here’s where life insurance comes in. Three important ways that life insurance can protect your small business include:

1. Key person insurance. This is a life insurance policy purchased by the business on the life of a key employee and payable to the business. When a key person dies, insurance can help make up for lost sales or earnings and cover the cost of finding and training a replacement.
2. A buy-sell agreement funded with life insurance. This allows remaining business owners to buy the company interests of a deceased owner at a previously agreed-upon price, which helps guarantee that surviving family members will be fairly and promptly compensated for their share of the business.
3. Individual life insurance. A policy that you own individually can provide your family with additional money to pay off personal debts, cover ongoing living expenses and fund future needs such as college or retirement.

Give the team at USA Mutual Insurance a call at 718-285-6500 to schedule an appointment with a Life Insurance Professional to help guide you through the best policy options to help protect you and your business.

​Source: Lifehappens.org 

What type of insurance do I need to run my business? This is one of the most common questions that new businesses ask themselves when they are looking for ways to protect their company. There are many different types of coverages, so it can be difficult to know where to start. Here is a list of some basic coverages every business should consider:

• Property Insurance
• Liability Insurance
• Business Owner's Policy (BOP)
• Directors and Officers Coverage
• Errors and Omissions Coverage
• Cyber Liability

Property Insurance
Property insurance protects your business property. This can include the building you are in, equipment and machinery that is used to run your business, as well as any inventory or supplies you have on hand. If anything was ever destroyed due to fire or other natural disasters, you would be reimbursed for the cost of replacing what was destroyed.
Liability Insurance
Liability insurance protects your business in case someone gets injured on your premises or claims that they were injured due to something used in your business. This can include a customer slipping and falling, being burned by a hot oven, etc. It also includes product liability coverage in case a customer claims that they were injured due to using your product. You would be reimbursed for the cost of medical care and any lost wages, as well as legal fees in some cases when you are sued.
Business Owner's Policy (BOP)
A Business Owner's Policy (BOP) is designed specifically for small businesses with one owner or two co-owners who are actively involved in the business. A BOP is a combination of all types of coverage, including liability and property insurance as well as umbrella and workers compensation coverages which are not included with basic commercial policies. This type of policy is often more economical than buying separate plans for each type of insurance that you need to protect your company.
Directors and Officers Coverage
Directors and Officers are the people who are in charge of your business. If they have any claims made against them due to their position, you could be held personally responsible for the costs if it is determined that you were negligent in appointing these individuals or not providing adequate training or supervision. Directors and Officer Liability coverage protects your company from legal fees and judgments that could result from lawsuits filed against these individuals.
Errors and Omissions Coverage
If your company writes contracts, there is a chance that you will be sued if you cannot complete what was promised under the contract. Legal costs and judgments resulting from claims made by customers or clients can quickly add up to financial disaster for any business that does not have Errors and Omissions coverage in place. Misrepresentation and failure to disclose information are two common causes of errors or omissions in contracts, so you should consider adding this type of coverage for your business if it does not already have such a policy in place.
Cyber Liability
If your company stores customer data electronically (such as credit card numbers), then there is a chance that someone could hack into your server and steal all of that information. If this happens, you could be held responsible for the security measures you took as well as any costs associated with notifying each customer that their personal data has been compromised. This type of policy can reimburse those customers who have had to pay additional fees due to fraudulent charges on their credit cards or bank accounts.

USA Mutual Insurance can help you get started with any of the above insurance policies. To get started, visit our website at www.usamutualins.com or give us a call at 718-285-6500

An umbrella policy is a type of liability insurance that can be used to cover damages in excess of what you're currently insured for. It provides protection against catastrophic losses and lawsuits, and may also provide coverage for your car or boat.

If you own an expensive home or vacation property, it's worth looking into this inexpensive form of protection before the next storm hits!

Who Should Get An Umbrella Policy?
Anyone who wants protection against the unexpected could benefit from umbrella insurance. Umbrella policies are usually offered in increments of $100,000 to cover potential costs like attorney fees and damage caused by car accidents or other injuries.

The umbrella policy is often a great idea for:

• Anyone with assets to protect, such as an expensive home or car.
• Individuals who need protection against lawsuits and claims that may exceed the coverage provided by their current insurance policies.
• Families with children since umbrella policies can cover additional damages caused by people under your care (such as medical expenses).
• Don't wait until you've had a major claim before you get this type of protection! 

Why Do I Need An Umbrella Policy?

An umbrella policy is a great way to provide additional coverage for your assets, such as your home and car. You can also use it to protect yourself from lawsuits that might arise due to incidents on public property or in the case of false claims against you. These policies typically start at $300-$500 per year and can be purchased alongside auto insurance with most providers.

You may even qualify for discounts if you have other types of insurance - ask about umbrella insurance savings today!

In addition, some umbrella policies offer protection while traveling overseas--be sure yours does before heading out of town! For more information about our Umbrella Policy coverage, visit our website at www.usamutualins.com

Group Health Benefits are a type of medical coverage that is offered by an employer to its employees. The idea behind this type of benefit is that it costs less for the employer than individual insurance, and in some cases may be more comprehensive than what the employee could get on their own.
There are both pros and cons when it comes to group health benefits, and the group that they are available to may vary. For example, if you're a full-time employee at a company, then group health benefits would cover all of your medical expenses related to your job such as any co-payments or deductibles for office visits.
On the other hand, if you work part-time but still wish to Group Health Benefits is a type of medical coverage that is offered by an employer to its employees. The idea behind this type of benefit is that it costs less for the employer than individual insurance, and in some cases may be more comprehensive than what the employee could get on their own.
Additionally, group health benefits may provide coverage for dependents such as a spouse and children. It's important to note that group health benefits are only available through an employer; you would not be able to get group health benefits from anywhere else or anytime other than your employment with this company.
How Can I Get Group Health Benefits?
Group health benefits are typically offered to employees who work full-time, but it is possible for part-time workers to qualify too.
Some group plans require that you meet certain requirements such as working a minimum amount of hours or being in the group plan for a specific length of time before becoming eligible for group health benefits. However, group health benefits are not available to everyone who works for this company, so you will need to check with your employer if group health benefits are something they offer.
If group health benefits aren't offered by your job, then there is a chance that insurance coverage may be obtainable through the Affordable Care Act Marketplace or Medicaid in some states. To find out more about group health benefits, speak to your employer or check with the Human Resource department at your company. If your company would like to purchase Group Health Benefits, you can contact one USA Mutual Insurance's Insurance Professionals by clicking here to get setup with Group Health Benefits.

There are many benefits to having Life Insurance.
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One is that the Life Insurance policy owner doesn't have to worry about their loved ones financially if they were no longer around.

Another benefit is that Life Insurance policies offer tax advantages, which can be beneficial not only for you but your family as well.

Life insurance also helps protect your estate against expenses and debts when one dies unexpectedly by covering funeral costs or debt repayment plans along with other fees charged after death such as credit card bills or loans taken out during life time; this will help make sure all of these payments are satisfied without over burdening your beneficiaries who may already be experiencing grief knowing someone close to them has passed away.

Lastly Life Insurance can provide financial support through its payout which can be used to help pay for medical bills, education expenses or living costs. Life Insurance is an important part of financial planning and it's benefits should not be overlooked.

Additional Benefits
Life insurance policies offer tax advantages, which can be beneficial not only for you but your family as well. 

Life Insurance coverage is a must-have for every Life. There are many types of Life Insurance policies on the market, term Life or Whole Life insurance which both provides different benefits and options depending on your personal financial situation and needs.
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You can find out more about what type of Life Insurance best suits you by speaking with one of our Insurance professionals today.