BOP stands for Business Owners Policy and is often appropriate for small to medium-sized businesses, usually covering property, casualty, liability, and business interruption coverage. A business is likely to pay less expensive premiums with a package deal instead of having separate policies.

FAQs Archive - Jeff Johnson Insurance Agency

Q: Do you have to take a medical exam?

Most life insurance policies require you to take a medical exam to verify your health condition, but there are some options available that do not require an exam. If an exam is required, the exams can usually be completed at your home or place of work by a qualified medical professional like a nurse.

Q: What happens at the end of a term life insurance policy?

When you reach the end of your term life insurance policy, you have the option to either let it expire or continue the policy on a year-to-year basis until a certain age. It’s important to note that the premiums will be significantly more expensive after the term ends. If you want a term life policy initially, but may want a permanent policy at some point, you should make sure your term policy includes a conversion option.

Q: Why should I buy life insurance?

There are many reasons to buy life insurance, and while the need doesn’t exist for everyone, many individuals and families decide it’s well worth the cost. Here are some common reasons why you may want to get life insurance: Replace lost income: Many families depend on dual incomes to afford their standard of living. To protect that standard of living, many families choose to insure all or a portion of their future income stream through life insurance. Pay final expenses: Funeral, probate, uncovered medical expenses, and estate administration costs can add up significantly. Pay off debt: Many people utilize life insurance to ensure that debt burden doesn’t get transferred to loved ones should they die prematurely. Debts can include student debt, mortgage debt, credit card debt, and any type of personal debt. Leave a legacy: Some people want to make a positive impact on the world and choose life insurance as a means to accomplish this. Charitable organizations can often be named as the beneficiary on life insurance policies, so upon death, the life insurance proceeds are donated.

Q: Am I responsible if someone is injured in my unit?

You may be held liable for injuries to visitors that occur in your unit, through the medical payments coverage on your policy. Your policy also helps provide financial protection for covered liability claims and lawsuits brought against you for bodily injury or damage to their property that was caused by you, your children, or pets.