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What can nullify a life insurance policy

You purchase life insurance to give your loved ones financial security if you are no longer here to provide support. You expect that policy to be in effect if your loved ones should ever need it. In most cases, it will offer the needed protection, but some things can nullify a life insurance policy, and the company will refuse to pay the death benefit. At Rob Hill Insurance Group in Atlanta, GA, we make sure that our customers understand life insurance and the things that can nullify their policy. 

You die during the contestability period.

If you die within one or two years of taking out an insurance policy, the insurance company has the right to investigate the statements you made on your insurance application. You can be quite sure they will take advantage of that right. It can take them quite a while to pay if they do pay. In the state of Georgia, the contestability period is two years. 

You failed to reveal relevant information.

If there is an error on your application, it can result in your policy being nullified. This has to be something relevant, not just a wrong address or an incorrect date. If you know that you have been treated for a disease that might keep you from getting the policy or being charged more and don’t disclose it, this is enough to give the insurance company a reason to refuse to pay. Lying on an insurance application is not acceptable. 

Failure to pay

The most common reason that insurance policies are nullified is that the premiums are not paid.  Most policies have a grace period, but after that, you could lose your policy. 

Life insurance is a vital coverage most people need. Don’t take any chances with your loved one’s security. Call Rob Hill Insurance Group in Atlanta, GA with any questions about your life insurance coverage.   

Which winter damage should you focus on adding to your home insurance?

Ready for the winter? What about the hazards that come with the season? Many people across Atlanta, GA, tend to ignore the simple actions and steps that could help save thousands of dollars, including lives in the event of a winter accident. At Rob Hill Insurance Group, we advise against relying on home insurance alone but take steps to prevent winter accidents in your home. So, what dangers should you focus on?

Fire damage

Fire damage can happen anytime, whether it is winter or summer. However, fire hazards have been reported to be more common during winter months, when there is a lot of heating. Space heaters, fireplaces, poor wiring, and even HVAC systems can lead to fire accidents in a home.

Roof damage from wind

Some roofs are better at handling snow than others. The type of roof you have on your house determines whether it will hold the amount of snow that will accumulate during the season or not. If you suspect that your roof may not hold much, arrange for a roofing replacement as early as possible. Don’t climb up the roof to remove ice; this can be dangerous. Instead, rake the ice when standing on an even ground.

Water damage

While home insurance covers damages caused by heavy snow, it is quite essential to keep snow away from home as much as possible. Remember, when the snow melts, the water will run to your home.

Frozen pipes

Make sure your pipes do not hold any ice. Insulate the interior pipes thoroughly to prevent potential damages. Frozen water pipes can burst due to water pressure build-up that results from the ice blockage.

Aside from slipping on ice, power breakdowns, and burglaries, it would help if you also worried about flooding as a result of over melting snow. Home insurance doesn’t cover flood damage. So, make sure you buy separate flood insurance.

For more information on preparing for winter, contact Rob Hill Insurance Group in Atlanta, GA, and we will be happy to answer any questions you may have.

Do Georgia Drivers Have To Carry Uninsured Motorist Auto Insurance?

In some states, you are required not only to carry basic liability insurance but uninsured motorist insurance, as well. This is not so in Georgia, however. And thankfully, we rank on the lower side of average as far as uninsured motorist rates go, at just 12%.

However, that number is about to spike.

Many insurance companies are offering deferred payment options to help people get through the financial crunch. This is an excellent idea in theory, but when those deferred payments start to stack up, many drivers will find that they can’t afford to pay several months of premiums all at once, and drop their insurance coverage but keep driving.

This means that while the risk of being in an accident with an uninsured motorist is relatively slim right now, it won’t be for much longer.

Insurance is all about covering yourself against likely hazards. While Georgia has enjoyed a relatively low uninsured motorist rate so far, that won’t be the case for too much longer. This is happening all across the country, of course. Where the national average has generally been around 15% uninsured, the number could jump by half or even double. There’s no telling precisely how high that number will spike, but we’re not going to stay at 12% for very much longer.

If you’re ready to get the protection that you need in Atlanta, GA, get in touch with us at Rob Hill Insurance Group. Whether you want to call, email, or stop by Rob Hill insurance Group, we can set you up with a policy that protects you out on the highways and streets of Atlanta, GA.

Whole Life vs. Term Life

Understanding the two main types of life insurance can help you make the right decision for yourself and your beneficiaries. Keep reading to learn about term versus whole life insurance. Remember to discuss any questions on your individual coverage with your agent from Rob Hill Insurance Group in Atlanta, GA.

About Term Life Insurance

Term life insurance lasts for a specified period, during which you pay premiums. If you die within that timeframe, your beneficiaries get the death benefit. It’s simple and easy to understand.

Term life policies end after a set number of years, giving you time to build wealth and for your dependents to grow up and finish college. The assumption is that you won’t need such a big safety net later in life. On the downside, term life has limited coverage. If you still need coverage past your 60s, you may need to purchase a new policy. 

In general, term life is less expensive than whole life insurance. 

What Is Whole Life Insurance?

Whole life is also called permanent life insurance. If you keep paying the premiums, it remains in effect indefinitely. So, you won’t lose your safety net as you age. There are more components to consider with whole life insurance. For example, your policy has a cash value, giving it an investment component.

Part of your monthly premium goes to a savings account. The tax-free account grows in value. How much money gets put aside depends on your individual policy. Work with your insurance agent to determine the policy that best meets your goals.

Here’s what you can do with this cash value:

  • Pay for your life insurance
  • Use it as a retirement fund
  • Borrow money against it

Combining your insurance and investment forces you to save money. If you aren’t good with money management, this could help you build a nest egg for future needs. Some whole life policies pay dividends as well.

If you have a complicated financial situation, this money could pay the estate tax, freeing up the estate for your beneficiaries. 

Compared to term life, whole life insurance has much higher premiums.

Contact Us Today

If you’re looking for life insurance in Atlanta, GA or around the state, contact Rob Hill Insurance Group today. We can set up an appointment to discuss whole and term life insurance as well as your other insurance needs. 

Home Insurance Coverage Options for Georgia Residents

As a resident of Atlanta, GA, there are a variety of insurance options available, including home insurance. Use these coverage options to help you decide which type of home insurance coverage best suits your needs.

Types of Home Insurance Coverage Options Available

The different types of home insurance available to you are:

  • Dwelling
  • Personal property
  • Other structures
  • Liability
  • Guest medical protection
  • Additional living expenses protection

Dwelling

Dwelling insurance is coverage protects the structure of your house, including the roof and walls.

Personal Property

Personal property coverage is insurance that protects the items in your home, such as your personal belongings. Other personal belongings can include furniture and similar items, even if these items become damaged or stolen.

Other Structures

Protection for other structures includes insurance for physical structures, such as buildings that are not attached to your home, such as a garage.

Liability Protection

Liability coverage protects you when a person sues you due to sustaining an injury on your property. This coverage also protects you if you damage someone ‘s property.

Guest Medical Protection

Guest medical protection is coverage that takes care of medical expenses if someone is injured on your property.

Additional Living Expenses Protection

Additional living expenses protection is coverage that protects you if your home becomes uninhabitable in the aftermath of losing your home.

Optional Coverage Options

There are different coverage options available, but these insurance options may not offer enough coverage for many of the things that make your home different from other homes. You may want to consider adding insurance coverage that protects your musical instruments, lawn, garden, and other items that make your home unique.

Here at Rob Hill Insurance Group, we provide Atlanta, GA residents with a variety of insurance options, including home, auto, life, commercial, renters, and motorcycle insurance. Contact us today to learn more about our different insurance solutions. Rob Hill Insurance Group is here to help.