The amount of life insurance you need will depend on several different factors. In most cases, the amount of life insurance you need should be able to pay your bills for at least a year or more. If you have a large family, you will need to purchase a policy that will provide enough money to pay the family’s bills. 

If you who have a mortgage, car payment and other types of loans, you may need to increase the amount of your life insurance policy to make sure you have enough to pay them off if you pass away before the loans are taken care off. Some loans will have a survivor clause built in that guarantees that the loan will be paid off if something happens to one of the borrowers. It is important to know whether or not your loans have these types of benefits so you can prepare accordingly.

If you are alone and have no dependents, the amount of life insurance you choose to buy should be sufficient to pay off any debts that you may have as well as cover your final expenses. Whatever is left over will be distributed throughout your estate according to your specifications. You can choose whatever amount you want if you plan on passing the additional benefits on to your heirs.

The agents of Stonewall Grace Insurance serve the residents of Buena Vista, Virginia. The agents are extremely knowledgeable about life insurance and how much a person needs depending on the size of their family and their financial obligations. If your circumstances have changed, you may need to have your need for life insurance re-evaluated so that you are sufficiently prepared.

Did you know that there is an affordable way to make sure that your belongings are covered and that you are protected from unexpected damages and/or injuries?  There is.  It is a little thing called renter’s insurance and it is incredibly affordable.

So what does it cover?  Well, different carriers will offer different types of coverage, but in general it would cover things like your belongings, your apartment and guests in case of mishaps or accidents and most of the time even the expenses for a hotel should your apartment become uninhabitable due to damages.  Again, these things will vary.

Yes, your landlord already has insurance but the thing is, his insurance will more than likely only cover the property itself and not what you have inside of the property.  However, renter’s insurance will cover most everything from your wardrobe and furniture to your electronics and even more.  Some carriers will even reimburse you for what they would cost to purchase now too, as opposed to what they cost when you paid for them.

If someone gets hurt in your apartment, they will be able to get the care they need.  If you cause any damage to the apartment, it can also be covered.  The damage might be able to be repaired by you paying your deductible and your renter’s insurance policy taking care of the rest. 

If you aren’t able to stay in your apartment while damage is being repaired, you may even be able to be reimbursed for the cost of the hotel.

If you are in the Buena Vista, VA area and have questions about renter’s insurance and what type of coverage is offered in your area, call or come by Stonewall Grace Insurance.  There are friendly and knowledgeable agents ready to answer all of your questions and get you covered.

Taxes, nor insurance, is universal across all fifty states. Laws vary on both which often confuses people. However, there are universal tax facts that apply to life insurance that the insured should both know. Stonewall Grace Insurance is up to par with both the state and federal laws. Educating clients before they purchase life insurance is essential. Most life insurance holders only know that their premiums are not tax deductible but the relationship between tax and insurance knowledge stops there.

Surrendering the Policy

By surrendering  a life insurance policy to the insurance company or for whatever reason the policy lapses, any profit obtained is taxable at regular income tax rates.  

Taxes on Loan Against Policy

The insured can borrow against  a life insurance policy.  In this loan against the policy, the money received is generally not taxable as long as it is within non-taxable limits.

When the Beneficiary is a Charity or Church

If a church or charity is the beneficiary of a life insurance policy, they are generally still tax exempt from the proceeds. However, the charity or church must be recognized by the state as well as the federal government to be free of taxation.

Exception to Rule Number One

There is an exception to the insured’s premium being tax deductible. If the policy was gifted to a trust, charity, or church, the premiums paid by the insured are tax deductible being they will be receiving the proceeds upon the policy holder’s death.

These are only a few tax facts a life insurance policyholder should know and each one answered are only answered in a way that IRS jargon does not confuse. By contacting Stonewall Grace Insurance, not only will life be insured, tax crisis is avoided.

 

 

These days, more and more people are discovering the great outdoors with the help of All-Terrain Vehicles (ATVs).  While these recreational vehicles can be an exciting way to explore those backcountry trails, they can be tricky for new riders.  Following these easy tips will help keep your ATV riding safe and enjoyable.

Keep Things Simple. 

If you’re a first-time rider, don’t buy the most souped-up ATV on the market, even if it is the flashiest.  A simpler machine will be easier to control and won’t overpower you.  In general, try to look for ATVs with an automatic transmission and a 200-400cc engine.

Safety First

There are few things less fun than an ATV ride that ends with a trip to the emergency room.  At minimum, always make sure you wear a proper motorcycle helmet, goggles, over-the-ankle boots, gloves, long pants, and long sleeves.  You might also invest in shin pads, a chest protector, and knee, elbow, and wrist guards for additional protection.

Practice

Many states require new ATV owners to complete a safety course if they’re under a certain age.  But you don’t have to be a kid to benefit from these classes.  As you get started riding an ATV, you’ll also want to stick to simple, flat terrain until you get the hang of riding.  As you gain experience, you can graduate to more challenging trails and routes.

Insurance and Paperwork

Many states require ATVs to be titled like cars; additionally, you often must have a permit and pay fees to ride on public trails.  Even if your state does not require ATV insurance, you may want to have it on hand for liability purposes, as homeowner’s insurance may not cover liability if you ride off your property.  Also, insurance can cover you in the event your ATV is ever stolen.  Make sure you register and insure your ATV appropriately, and look into season passes through the U.S. Forest Service.

At Stonewall Grace Insurance, we are committed to helping you stay safe when you’re out on the trails.  Call today to learn more about insurance coverage for your ATV, RV, or any other recreational vehicles you might own.  Our agents look forward to helping you.

At the beginning of the year, many people make resolutions that they struggle to keep. One resolution that will have a lasting effect and be easy to keep is giving back to your community. Giving back to your community creates a sense of joy that’s hard to mimic. And, it’s contagious. When others see you giving back, they will be motivated to do the same. The following are ways you can start giving back to your community.

Collect Supplies for Victims of Disasters

Whether you know a family who has experienced a fire or a flood, you can help them. You can organize a drive within your local area and give them the supplies they lost during their ordeal. With supplies and other resources, many families can get back on their feet in a few months; however, in the absence of your help, it may take longer.

Cook for Homebound Individuals

There are many seniors who are homebound due to illness or lack of resources. These individuals may not have the food they need to eat a home-cooked meal each day. If you only donate to a few homes, you will find that you can lighten the burden of so many who do not have access to assistance.

Repair Clothing for the Homeless

When a person is homeless, one of the last things they may be concerned with is what they have to wear. However, their clothing is critical to their survival. You can mend and donate old clothing and give it to homeless people so that they are warm during the cold months.

At Stonewall Grace Insurance, we believe that giving back to your community will ultimately help you. We encourage you to make a difference by volunteering or donating money to charities within your community.

While you are giving back, you should put your safety first. Make sure you have adequate auto insurance by comparing the coverage you have to the coverage on our website. If you have any questions about the coverage we offer, we will gladly answers your questions over the phone or in person.

One of the main protections included in renters insurance policies is coverage for your personal belongings, which may include your kitchen table, laptop computer, and wedding dress (each policy has its own limits, conditions and exclusions). This is not the only protection that renters insurance affords, however. In addition to protecting your possessions from common perils, renters insurance can also protect you. Here are some of the ways a renters insurance may provide you with valuable protection.

Coverage That Protect You

If you compare several renters insurance policies, you’ll find that the additional coverage options they include varies widely. Some will have many supplemental coverage, while others may only have a few — if any. The following are a few of the more common additional coverage:

• medical payments coverage, which is intended to help pay for medical expenses that arise from an injury a guest sustains while visiting you
• additional living expenses expenses, which provides financial assistance if a covered peril makes your home uninhabitable
• liability coverage, which affords protection if you’re found liable for a covered incident
• property damage to others coverage, which may pay for damage you cause to another’s physical property

In a renters insurance policy that has these coverage options, each of them will be governed by specific terms and conditions found in the policy. These details may vary from policy to policy. Therefore, it’s important to review exactly what these coverage options provides you when selecting a policy.

Agents That Help You

For additional help understanding the different coverage included in renters insurance policies, contact us at Stonewall Grace Insurance. We’ve assisted many tenants who live in Buena Vista, VA, and our independent insurance agents would be glad to help you. You can reach us through our website or by calling us.