Month: September 2024

Can I Change Beneficiaries on My Life Insurance Pollicy?

Posted on by AgentInsure

Naming a beneficiary is one of the most critical parts of a life insurance policy. However, sometimes your life changes in Boise, ID. You may no longer want the original beneficiary to receive the proceeds, but can you change the designation? Fuhriman Insurance Agency can help you name or change beneficiaries on your life insurance policies.

Who Can Change a Beneficiary?

The person who took out the life insurance policy is the only person who can designate or change a beneficiary. Most companies only allow one beneficiary, but some policies allow you to list more than one. You should also be able to name a contingent beneficiary to receive the payout if the primary beneficiary has died or cannot receive the funds. You can change your beneficiary virtually without a fee or penalty.

Some situations require you to get approval before you change a beneficiary. For example, if you have your spouse listed as the beneficiary and want to change it to one of your children, you’ll need your spouse’s permission because Idaho is a community property state. You’ll also need permission if you have a designated power of attorney or an irrevocable beneficiary.

Keeping Your Beneficiary Designation Up to Date

Like trusts and wills, you should review your life insurance documents periodically to ensure the policy reflects your wishes. Certain life events, such as divorce, marriage or remarriage, having a child, or the death of a loved one, are times when you should review your policy. If you fail to keep your beneficiaries current, the wrong person could receive the funds.

If you’re interested in changing your life insurance policy beneficiaries, Fuhriman Insurance Agency, serving Boise, ID, can walk you through the process and ensure you have the proper designations. Contact us to schedule your consultation.

An Insurance Checklist for New Business Owners

Posted on by AgentInsure

Entrepreneurs in Boise, ID, have many different facets to consider when starting a new business. While insurance is one of them, it is sometimes not considered until something happens. Fuhriman Insurance Agency can help you avoid this pitfall by guiding you to the most appropriate policies to suit your needs.

Getting the Right Business Insurance

Finding the right business insurance isn’t easy, especially if you are a first-time owner. Without the right type, you may end up paying out of pocket for small claims. All businesses can benefit from business liability insurance to protect their operations from a wide range of risks. Most businesses need more than one type of insurance, with many risks covered under a business owner’s policy (BOP). Data breach protection has also become essential. Getting other types of insurance depends on how your business operates. These include:

  • Profession liability when providing advice
  • Commercial property when you own buildings
  • Worker’s compensation to cover employees
  • Commercial auto when employees drive company vehicles

Questions to Ask

Asking yourself specific questions can help you determine what business insurance policies you need to protect your company adequately. Consider the following:

  • Will I have employees?
  • Will anyone drive company vehicles?
  • Will the company store sensitive customer information?
  • Will I transport or sell items offsite?
  • Will I transport equipment or products?
  • Will I or my employees provide professional advice or services?
  • Will my operation have specialized equipment?

No matter how small, most businesses will need add-on policies beyond general insurance.

The best time to determine your insurance needs is before your company officially begins operations. The professionals at Fuhriman Insurance Agency, serving Boise, ID, will sit down with you to assess your needs. Contact our office today to get started on coverage.