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Copper’s Corner – April 2024

Posted on by caro

Hello,

We hope you all had a great weekend and a Happy Easter!

Today is one of those special times when the first of the month is also the first of the week and I thought we could all use a little extra motivation!

Just as Audrey Hepburn said, nothing is impossible! So keep that in mind when you’re setting your goals for this month! 

~Copper

McGovern Agency ~ For all your Insurance Needs!
(586) 464-2400 – Inquiry@themcgovernagency.com 

What Life Insurance Do I Need For Mortgage? (Clinton Twp, MI)

Posted on by abraham

Many families and especially those who have just moved into new homes, for example, have questions about how to set up life insurance protection for their mortgage. Now, in the event that tragedy strikes the major breadwinner of a household, a life insurance policy can actually be used to pay off the mortgage and allow the family to keep, keep the home. Now, this type of policy is relatively straightforward and it can be easily purchased from just about any life insurance carrier. Now, the policy can also be part of the closing agreement on a new house, which usually means that premiums for the policy will be added to the monthly mortgage payment. Now, something that I want you to also take note of is a mortgage policy can be engineered to provide a monthly benefit to the surviving family in addition to paying off the house and this provides an extra financial cushion which I think is just a huge, huge plus. So before making any final decisions, be sure to talk to your insurance agent to determine what kind of policy properly protects your family.

We’d be happy to review your insurance coverage options with you! Give us a call at (586) 464-2400 or visit https://themcgovernagency.com.

Colt’s Commentary – March 2024

Posted on by caro

Hey there,

Spring is finally here which means, for some of you humans out there, it is time for spring cleaning. 

Many people choose to do some spring cleaning, in fact, a survey published by the American Cleaning Institute ACI showed that 80% of Americans Spring Clean every year. This is more than a 10% increase from 2021! 

All this talk about spring cleaning got me thinking about insurance and I am here to share some Springtime Insurance Considerations:

  • Spring cleaning is a great opportunity to take inventory of your belongings. Documenting valuable items is important and could be very useful in the unfortunate event of theft, fire, or other catastrophes.
  • Spring Break travel may take you out of the country. Review your health insurance to see if you are covered. We offer travel insurance that is reasonably priced that offers coverage outside the US.
  • Spring is a good time to check your house for maintenance tasks.  Clean out those gutters; caulk around your windows and doors; trim trees that are hanging close to your house or garage or that are in danger of falling in a storm.
  • If you didn’t change your smoke detector batteries when the time changed, make sure you do that now.
  • Review your policies. It’s a good idea to review your insurance (all kinds) once a year, if not sooner.  If you haven’t done so, Spring is a good time.  Read the explanation of benefits and declarations pages. Make sure your personal information is correct. Are the drivers and vehicles on your auto insurance policy correct? Has your home been updated?  Do you have a new mortgage company, or have paid off your mortgage? Did your driving habits change?  Make sure your coverage is up-to-date and protects you and your assets against potential risks.

Now, let’s hope we get some Spring weather! 

 

-Colt 

https://nypost.com/2023/11/17/lifestyle/average-person-spends-this-much-time-per-year-cleaning-home-poll/ 


McGovern Agency ~ For all your Insurance Needs!
(586) 464-2400 – Inquiry@themcgovernagency.com 

Colt’s Commentary February 2024 – Leap Day Birthday

Posted on by caro

Hey there and Happy Valentine’s Day!

Did you know that 2024 is a leap year? That only happens once every 4 years! What
about the people who are born on February 29? They only have a birthday every 4
years!

What is your legal birthday if you were born on February 29? Well, you were born the
60th day of the year, so in years when there is no February 29, your birthday would be
March 1.

You might ask “how does that work in 2025 when I turn 65? My date of birth was
2/29/1960 and 2025 is not a Leap Year. When do I get Medicare?”

Usually, your effective date for Medicare Part A and Part B is the first day of the month
in which you turn 65. (there are other circumstances to have an earlier or later effective
date)

You might think that means your Medicare Part A and Part B would be effective March
1, 2025 since that is the first day of the month in which you turn 65 because 2025 is not
a Leap Year, and March 1 is the 60th day of the year.

False! When someone’s birthday is the first day of the month, their Medicare effective
date is the first day of the previous month. This means your Medicare Part A and Part B
would be effective February 1, 2025.

As you get closer to turning 65 or preparing to retire, make sure to consult with a
licensed insurance agent who is certified to work with Medicare products, so they can
answer your questions and help you find the plan(s) that best suit your needs. I think I
might know a couple of ladies that can help (Maureen & Shannon).

-Colt
www.medicare.gov
McGovern Agency ~ For all your Insurance Needs!
(586) 464-2400 – Inquiry@themcgovernagency.com

Can Homeowners Insurance Be Transferred To A New Owner? (Clinton Twp, MI)

Posted on by abraham

Hi, this is Maureen. Stay tuned for another insurance tidbit. Home buyers often ask if a home insurance policy can simply be transferred from one person to another. Therefore allowing a new homeowner to begin making the payments when the old owner moves out. The short answer here is no, a home insurance policy cannot be transferred from one person to another. Each policy is unique and coverage rates really depend on a broad number of factors that change from person to person. Now, this isn’t necessarily a bad thing. Uh Let me go ahead and give you a quick example here. If the original homeowner is a college student and the new homeowner is a retiree, the rates will almost certainly be less expensive for the new homeowner right now. More importantly, every homeowner has a different set of coverage priorities, which means the specific coverages and amounts can vary significantly from one homeowner to another. And so before making a final choice on your coverage, be sure to speak with an insurance professional that can help you understand all of the rates and all of the options associated with your homeowners policy.

We’d be happy to review your insurance coverage options with you! Give us a call at (586) 464-2400 or visit https://themcgovernagency.com.