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Know the Facts About Life Insurance

Shopping for life insurance coverage can be overwhelming. Many people do not understand what all is involved when it comes to life insurance. Our agents at Elite Insurance Solutions want our clients to know the facts about life insurance, so we would like to answer some of the most frequently asked questions on this topic.

Do I need life insurance?

If you have dependents, you need a life insurance policy to help your family and your business if you were to pass away. However, not everyone needs life insurance. According to Bank Rate, this group includes people with grown children who live independently and single elderly people.


How much life insurance do I need?

Typically, the amount of your life insurance policy should be equal to seven to ten times your annual salary, but there is a possibility that you could need more or not need that much. The agents at Elite Insurance Solutions can help you figure out the amount of coverage you need.

What is term life insurance?

To ensure you have the best protection while your children are young, term life insurance provides coverage ranging from five to 30 years. With budget-friendly annual premiums, these policies are ideal for many families. Having coverage to last until your youngest child completes college can give you peace of mind. Some term life insurance policies can even be converted to permanent insurance if desired.

What is permanent life insurance?

Also known as whole or universal, permanent life insurance policies never expire so the policies eventually do pay out. Additionally, a savings or an investment component is typically included and can appreciate in value over time. The downside of this type of life insurance is the annual premiums can be quite costly.

Do I need to add disability coverage to my life insurance policy?

To be sure you have some income in case of an illness or injury from preventing you from working, disability coverage can be added to your policy if you are not satisfied with the disability benefit at your job. Not every employer offers disability coverage, and many of those that do only cover half of your salary. Our agents can help you decide if you need to add a disability rider to your life insurance policy.

Have more questions about life insurance? Contact Elite Insurance Solutions to find out more about the facts on these policies.

By Randy Hulett on July 27th, 2015 | Tagged with: Tags: , , , , | Leave a Comment

Types of Business Insurance

Your business is one of the most important investments in your life, and you want to be sure it is fully protected with the best insurance policy available for your company. Our agents at Elite Insurance Solutions are experts at finding the right coverage to keep your business interests safe. We know the choices and options of business insurance policies can be overwhelming, so we would like to tell you about the different types of coverages to consider. The following information from the U.S. Small Business Administration can help you decide which types are best for you and your business.


To protect your business in the event of an accident, an injury, or a claim of negligence, a general liability business insurance policy will cover any payments as the result of bodily injury, property damage, medical expenses, libel, or slander. This type of coverage also covers the costs of defending lawsuits and settlement bonds or judgments needed in an appeal.



If your business manufactures, wholesales, distributes, or retails a product, you may be found responsible for its safety. A product liability business insurance policy protects you financially if you ever deal with a defective product that causes bodily harm or injury. Elite Insurance Solutions can help you find the right coverage to fit the products you sell or manufacture.


Also known as errors and omissions insurance, a professional liability insurance policy will protect your business from malpractice, errors, and negligence in provision of services you provide to customers. The state of Tennessee requires certain professions, like doctors, to carry this type of insurance.


Covering lost and damaged property, including loss of income, buildings, computers, and business documents, a commercial property insurance policy is used in the event of fire, smoke, storms, civil disobedience, and vandalism. You can choose between an at-risk policy, which covers a wide range of incidences, and a peril-specific policy, that only covers certain risks, such as fire, flood, and crime. Elite Insurance Solutions can assist you with choosing the best commercial property insurance policy for your particular situation.


If you operate your business from your home, you cannot rely on your homeowner’s insurance policy to cover any business losses you could suffer. Our agents can look into adding special riders to your home insurance policy to cover your business as well as see if you need additional policies to cover other risks.

To be completely protected in your own business, contact Elite Insurance Solutions to talk to one of our agents about covering this significant investment.