As a real estate agent working in New York, it is usually a good idea to have the appropriate business coverage to meet your needs and keep your company as safe as possible. The key to determining how much insurance you need in Albany or the surrounding areas of Saratoga Springs or Schenectady depends on whether you own the agency or you are working as an agent for another company.

Working for a Company

If you work for an agency, then you will not need as much insurance protection as the owner of an agency. The reason is simple: you have a lower amount of liability than the owner.

Although working for a company means that your policy is limited, you should consider some basic commercial insurance coverage to keep your personal assets as safe as possible. A real estate agent is still responsible for personal actions because the method of managing each agent is based on commissions.

Working Individually

If you own the company or you are working independently, then you may need to take out a larger amount of commercial insurance to protect your business from financial losses. Your level of responsibility and liability increases with the number of risks you may face. Depending on your particular situation and how you run your business, the amount of protection that you need will vary. In most cases, you will want to have a basic coverage plan or additional protection to keep your business from facing financial challenges if a client is injured on the property.

Protecting your reputation and your business requires the right type of policy to keep your company running. To learn more about keeping your business or assets safe, contact us to talk to an independent agent.

When you got divorced from a former spouse, you may assume that the individual is no longer eligible for a survivor benefit on your retirement insurance plan. The problem is that the situation ultimately determines whether that is a true fact or not.

Length of Marriage

The length of the marriage plays a significant role in whether your ex-husband or wife is eligible for survivor benefit on your retirement insurance plan. If you were married for at least 10 years, then he or she may qualify for the benefit in Albany, New York. If you were only married for a year or two, then he or she may not qualify.

The length of the marriage plays a significant role in the determination of benefits because a long-term marriage will usually allow that individual to obtain certain benefits, even if you remarry in the future.

Marriage of the Other Party

If your ex-spouse remarried, then he or she may not qualify for a survivor benefit. A remarriage will tie his or her finances to the new spouse, which allows you to remove the individual from your plan. To qualify for survivor benefits, he or she cannot be currently married at the time it is possible to make withdrawals.

The same is not necessarily true if you are remarried. He or she may still be eligible for a survivor benefit if you were married long enough according to the specific details of your policy and if he or she is still single when it is possible to make withdrawals.

A divorce does not necessarily mean that your coverage does not apply to your ex-spouse. The circumstances surrounding the situation in Saratoga Springs, Schenectady or similar areas within New York will determine the possibilities. To learn more about benefits your ex-spouse may obtain, contact us to speak to an independent agent.

Life insurance rates are calculated with advanced mathematical formulas that take into account a wealth of information. The insurance companies in Albany, New York draw upon statistics from national databases and use their own local experience to determine rates. They must take into account the mortality (or morbidity) rate, assets and liabilities, market trends and coverage, as well as other factors when performing risk analysis.

Mortality Rate

The mortality rate, or morbidity rate, is actually only a small portion of the overall picture that life insurance companies must consider. They use statistics to determine how long an individual will live, on average. This part of the formula must take into account personal health, occupational hazards, life expectancy in Albany and more.

Assets and Liabilities

Life insurance companies also must consider their own assets and liabilities before issuing a policy. For, companies that are positioned conservatively might be willing to take on more risk, but companies that have many liabilities and few assets might have to curtail the policies they offer. Insurance companies must keep a specific ratio of these, by law.

Market Trends

The premiums life insurance companies do not just sit under a giant mattress. After paying administrative costs and paying out claims, insurance companies invest these premiums. Therefore, insurance companies must be able to forecast market trends and predict how their investments will fare.

Coverage

Finally, the coverage of a policy directly affects its premium. Insurance companies take on additional risk when you select higher levels of coverage… The premiums must cover this additional risk.

If you would like more information about life insurance, contact us. As an independent agent, we are able to shop around and find the best policy for you.