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The Lakeview Blog

How To Get The Best Deal On Life insurance

Use An Agent To Shop For You – We will Shop and compare options for you. Let us review the options and terms so you make an educated decision. This will help you to get the best coverage at the lowest possible price.

Opt For Term Life Insurance – The quickest way to lower your life insurance premium is to opt for a Term Life Insurance policy instead of a whole-life policy. The idea is to keep insurance as what it is, and not turn it into an investment product. Thus, you can get yourself insured under a Term Life policy at a fraction of the cost of a whole-life scheme with typically the same coverage amount. However, do not forget that Term Life Insurance covers you only for a pre-defined period.

Keep Yourself Fit – Be a low risk proposition for your insurance provider by maintaining a healthy lifestyle and keeping yourself free from addictions such as smoking, drugs, and alcohol. A good health record will result in considerable reduction in your life insurance premiums.

Consult an Independent Insurance Agent – To reduce your life insurance premium, the easiest thing you can do is to consult a good Insurance agent. Since the agent will be a pro in the insurance marketplace, he/she would be able to get you to the most affordable deal in line with your coverage requirements. A good independent insurance agent will compare different market rates for you and will also negotiate the best rates on your behalf.

Start at a young age – Insure yourself at a young age. Life insurance premiums at a young age are only a fraction of what they will be when you are well into your middle-age. The premise is young and healthy people are the lowest risk segment. The low mortality risk is a great incentive for insurance companies to insure you at lower premiums

Established in 1976, Lakeview Insurance Agency serves individuals, families and businesses in Illinois, Wisconsin, Indiana and Michigan. Located in Chicago’s Lakeview neighborhood, our company is led by its founder Charles (Chuck) Stewart.

Is Life Insurance important For Your Children?

Chicago Life insurance

Whether or not a child needs life insurance coverage is a widely argued debate. If you examine the following information and feel that you are in a position that would benefit from life insurance being placed on your child, then this would be the best decision for you.

Many people argue that children do not need life insurance. Being as the mortality rate for children is much lower than that of adults, some people feel that such coverage is an unnecessary economic drain on a family. On top of that, insurance is given out to individuals who have something to lose in the event of the untimely death of the individual insured. Adults often provide for their family.

On the other side of the argument, some people feel that having a life insurance policy on a child is a good thing to put in place since it is never too soon to get life insurance coverage. Everyone dies, and these people will be prepared from a fiscal standpoint. As a person gets older, their life insurance premiums almost always increase over time.

Children can get some of the lowest insurance premiums offered by life insurance companies. In addition, many life insurance companies that offer coverage for children will keep the premiums the same, no matter how old the child eventually gets. There is definitely an advantage for individuals who have their insurance premiums set when they are three years old as opposed to fifty years old.

For the most part, a family’s financial situation will help them to determine which decision might be best for them. If a family has the extra money needed to pay for such a policy, it might be good for the child when it comes to the long-term experiences of their life. Specifically, it would be great for the child when it gets to the point that they would eventually need to file for life insurance coverage.

Established in 1976, Lakeview Insurance Agency serves individuals, families and businesses in Illinois, Wisconsin, Indiana and Michigan. Located in Chicago’s Lakeview neighborhood, our company is led by its founder Charles (Chuck) Stewart.

 

Chicago Disability Insurance Part One

Why You Need Disability insurance

If you and your loved ones depend on your salary for support, then you probably need long-term Denver disability income insurance. Think about it: if you were to become disabled, even for a few months, how would you and your family manage? Who would pay your bills? Disabling illness or injury is one of the leading causes of bankruptcy in the United States. Just like any other form of insurance, disability insurance promises compensation in the eventuality of an injury or handicap that prevents the policy owner from continuing his/her normal occupation

Most people do not realize that their chances of becoming disabled are greater than their chances of dying prematurely. Yet they are more likely to buy life insurance than disability insurance. For this reason, people in the insurance industry call disability “the forgotten risk.’ According to statistics from the Journal of the American Society of Chartered Life Underwriters, if you are age thirty to fifty-five, your chances of becoming disabled are two to three times greater than your chances of dying.

If you are thirty-five years old, you have a 50:50 chance of experiencing a disability lasting last three months or longer before you retire. One in seven workers will become disabled for more than five years before he or she reaches age 65.

Many people mistakenly believe that the government or Worker’s Compensation will pay them an income if they become disabled. Actually, more than 80% of the people who apply for Social Security disability benefits are rejected. Social Security does not pay benefits for partial or short-term disability. Your disability has to either last a year or be expected to last a year before you can collect Social Security. Worker’s Compensation pays only if you were injured on the job and benefits are often limited to a few years.

At Lakeview Insurance Agency, we pride ourselves on our great customer service. We are an independent, individually owned insurance business that treats our clients like family. We understand that claims, changes, emergencies and accidents happen – and we’re dedicated to helping you deal with them. Our agents and customer-service representatives are ready, willing and very able to help you. Any questions or problems? Please call us at (773) 871-8000 or drop us a note.

Is It Raining Lawsuits in 2018?

A Chicago Business Insurance Update

We live in a society where there are more lawyers than doctors. It seems that the typical response when someone has been damaged is to hire a lawyer and threaten a lawsuit. Most businesses can’t afford to be in court to defend every action. That is why commercial insurance is so important to your business. Our agency can offer a review of your business insurance coverage and educate you on your risks and how best to protect you. These four risks are at the top of our list and should be on your as well.

Cyber Liability– Cyber liability is the risk posed by conducting business over the Internet, over other networks or using electronic storage technology. It covers third party losses from hackers, theft, and loss of information including sensitive client or individual personal information.

Directors & Officers Liability– Covers costs, damages, and defense protection to directors and officers of a company resulting from lawsuits and judgments arising out of poor management decisions, employee dismissals, shareholder grievances, and other such acts committed in good faith.

Employment Liability– Employment Liability provides protection for an employer against claims made by employees, former employees, or potential employees. It can cover discrimination (age, sex, race, disability, etc.), wrongful termination of employment, sexual harassment, and other employment-related allegations.

Professional Liability– Insurance that is designed to cover third party claims, damages and claims arising out of providing professional advice.  Many firms create legal obligations arising out of a professional’s errors, negligent acts, or omissions during the course of providing services to clients.

Putting a little effort into your business insurance renewal can reap rewards in the form of better coverage and lower premiums. Established in 1976, Lakeview Insurance Agency serves individuals, families and businesses in Illinois, Wisconsin, Indiana and Michigan. Located in Chicago’s Lakeview neighborhood, our company is led by its founder Charles (Chuck) Stewart.

An independent insurance agency, we represent more than thirty top insurance carriers.

 

Why Review Your Chicago Business Insurance?

A Chicago Business Insurance Renewal

Your business insurance is an important part of your risk management program. It is important to have the right insurance coverage, competitive pricing and the right insurer. We have found at least five factors that are important to manage when renewing your business insurance program.

Business Insurance

A business insurance program can include commercial property, auto, commercial liability, employment liability, workers’ compensation, professional liability and excess liability.

Insurance Renewal Tips

Provide complete information about your operation. Paint a picture that describes what you do and how well you do it. You have to sell the underwriter on what is different about your operation and how the insurance company needs to insure your risk, because you are above average.

Use an independent agent. We are best equipped to provide you with the best combination of coverage, price and service.

Combine your property, auto and liability with one insurer if possible. You will receive package discounts.

Have a well-managed safety program.

Putting a little effort into your business insurance renewal can reap rewards in the form of better coverage and lower premiums. Established in 1976, Lakeview Insurance Agency serves individuals, families and businesses in Illinois, Wisconsin, Indiana and Michigan. Located in Chicago’s Lakeview neighborhood, our company is led by its founder Charles (Chuck) Stewart.

An independent insurance agency, we represent more than thirty top insurance carriers.

 

How Property Insurance Can Repair A Damaged Building?

A Chicago Commercial Property Update

Most business owners who own a building worry about what might happen if their build is damaged by a fire or some other loss. Your business relays on the experience of the agent to design a commercial property policy that will respond to a claim. For most businesses it is important to understand some of the issues around your property coverage and how it applies to a loss.

Replacement cost insurance alone may not rebuild your building back to its original state. Why? Because more than likely there are new building codes that will affect the construction of your new building. Replacement cost insurance is designed to rebuild or replace your building as it was just prior to the loss. It will not cover the extra costs to make the building better if required under updated building codes. For example, it would not cover the cost of adding a sprinkler system, if the new building code required one.

The ordinances and requirements can originate from many sources, local, state or federal.  A common example of a federal construction code is the American with Disabilities Act (ADA), requiring building owners to build with the proper additions to aid disabled people. However, most of the emphasis is on local codes as the local jurisdictions are charged with enforcing the building codes.

There are three parts to most building ordinance coverage:

Coverage for Loss to the Undamaged Portion of a Building– This coverage responds when a covered loss triggers the application of an ordinance or law, but only a portion of the building is damaged. If the undamaged portion of the building is rendered as unusable or condemned by an ordinance, then it would have to be torn down. Thus a total loss of the building would be incurred.

Cost of Demolition– This coverage pays the cost to demolish the undamaged portion of the partially damaged building. (The property coverage responds to demolition and debris removal of the damaged portion of the building).

Coverage for the Increased Costs of Construction– This coverage includes the recovery of costs related to making the building compliant with current building codes. Examples might be updated windows, ADA compliance, greater fire resistive roofing materials and earthquake retrofitting.

Keep all these in mind when reviewing your business insurance policy. We will be happy to review your business insurance policy.

At Lakeview Insurance Agency, we pride ourselves on our great customer service. We are an independent, individually owned insurance business that treats our clients like family. We understand that claims, changes, emergencies and accidents happen – and we’re dedicated to helping you deal with them. Our agents and customer-service representatives are ready, willing and very able to help you. Any questions or problems? Please call us at (773) 871-8000 or drop us a note:

 

Short Term & Long Term Disability

Most people insure their material possessions—their homes and cars, for example. But many of these same people don’t insure what is probably their most valuable asset — their ability to work and earn income. Disability insurance is designed to replace your income should you become unable to work at your current job. Disability insurance is important because it can ease the financial burden on a household when someone has a serious illness or injury. There are two basic kinds of disability insurance:

Short-term disability insurance covers a percentage of your lost salary should injury or illness knocks you out of work for more than a few days. Payments generally kick in when you have exhausted any available sick leave. Duration of benefits varies by policy, but six months is typical.

Long-term disability insurance is a more typical insurance product in that it protects you from catastrophic illness or injury, including tragic twists of fate that permanently end your ability to earn a paycheck.  These policies usually pick up where short-term disability policies leave off. Some last only five or 10 years, but you want one that covers you until age 65.

Health insurance is only half the story. If health insurance pays your doctors and hospital, who will pay you when you become ill or injured? Income protection insurance does just that. Your best asset is your ability to earn a living. Call us today to see how affordable it is to protect it.

At Lakeview Insurance Agency, we pride ourselves on our great customer service. We are an independent, individually owned insurance business that treats our clients like family. We understand that claims, changes, emergencies and accidents happen – and we’re dedicated to helping you deal with them. Our agents and customer-service representatives are ready, willing and very able to help you. Any questions or problems? Please call us at (773) 871-8000 or drop us a note:

 

Things You May Not Know About Life Insurance

Life insurance can be a great benefit as it provides them with many benefits. These benefits are not just when the individual passes away. There are what we call living benefits. In many cases, these can be very compelling reasons for you to consider life insurance.

1. Show Me The Money
Some permanent life insurance policies include a cash value, meaning there’s financial potential that can be applied towards college tuition or even supplemental income for retirement.

2. Allows You To Pay Less In Taxes
Proceeds are generally income tax-free to beneficiaries. And when properly structured, are not considered part of your estate and therefore safeguarded against estate taxes. Plus, there’s room for tax-deferred growth, tax-favored loans, and tax-friendly withdrawals

3. The Price is RightMost people overestimate the total cost to be almost twice what it really is. Term life insurance rate are coming down; in fact, they have never been more cost-effective.

4. More Valuable Than You Think
Imagine a family of four living off a single 60k annual income. If that income was to suddenly disappear at the age of 40, it accumulates to a total loss of 1.2 million over only 20 years. That’s well over the amount the average person could save on their own.

5. It’s Portable
Most life insurance products can follow you from job to job. This allows you to adjust limits and other terms as you need to.

6. Receive A Guaranteed Income In Retirement
While you are alive, you can also get an annuity from permanent life insurance instead of later providing a death benefit to relatives and others.

Established in 1976, Lakeview Insurance Agency serves individuals, families and businesses in Illinois, Wisconsin, Indiana and Michigan. Located in Chicago’s Lakeview neighborhood, our company is led by its founder Charles (Chuck) Stewart.

General Liability For Your Chicago Business

 

Chicago Business Insurance

We understand every business is unique. You serve your customer first and foremost. Just because you are a small business does not mean you are exempt from litigation. Small businesses need General Liability Insurance to protect your organization from unforeseen events.

General Liability Insurance should be the foundation of your insurance program. General Liability Insurance provides the following coverage:

Bodily Injury– Bodily Injury to a third party.

Property Damage– Damage to a third parties property (equipment building etc.).

Personal Injury– Injury to the mind or emotions, as opposed to an injury to property.

Advertising Liability– Damages arising out of advertising, libel, slander and invasion of privacy.

Products & Completed Operations– Liability arising out of the Nonprofits products or business operations and services conducted, excluding Professional services.

Premises-Covers liability arising out of injury to third parties while on your premises.

Medical Payments- A general liability coverage that reimburses others, without regard to the insured’s liability for bodily injury while on your premises.

General Liability Insurance is designed to cover defense costs as well as judgments. It is an important part of your insurance program that we recommend for your organization. If you own a restaurant, retail or grocery store, dry cleaning shop or other small venture, it’s important to protect your business and your customers. The agents at Lakeview Insurance can help you find the protection you need – no matter how large or small your business is.

How Much Life Insurance Do You Really Need?

We understand that a conversation about life insurance is not always an easy one, but should be part of your long-term planning. There are many good reasons to consider purchasing life insurance. Life insurance gives your loved ones the resources to pay off debt, continue living the same standard of living and provides added financial security.  Also remember, the tax-free proceeds from life insurance will provide your loved ones with a tangible expression of your concern and thoughtfulness.

After you have decided to purchase life insurance, it brings us to the most significant question, that is how much life insurance do it need? That question depends on many factors.

  1. How much will be required to meet my family’s financial obligations?
  2. How much debt do you have other than your mortgage?
  3. What are the future income needs of my family?

Once you know this, we can provide you with limit and pricing options. Here is an example for you to consider.

After Tax Monthly Income    $5,000

Mortgage/rent                          $1,200

Expenses                                    $3,000

Savings                                      $   800

Under this example, it takes around $5,000 of after-tax income to sustain your family. If you are gone, we might expect your family to need that same amount of after-tax income still. You would need an investment amount of $500,000 to see an average return of 10% or $50,000 annually. We understand that investment returns change over time, but this is a reasonable approach.

We recommend term life insurance which is very cost effective.  The price is based on how much coverage you need, current age, and length of time you would like the coverage. You pay as you go and can drop the policy at any time. Usually, term insurance is purchased in 5, 10, or 15-year terms, but again you don’t have to renew. It is cost effective to purchase a longer policy term, as it locks in the premium.

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Office Contacts
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Lakeview Insurance Agency of Illinois, Ltd.
3438 N. Southport Ave.
Chicago, IL 60657 map

After-Hours Emergency Claims
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