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The Impact of Policy Lapses on Life Insurance Claims

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Life insurance provides crucial financial protection for beneficiaries around Olathe, KS, but maintaining the policy is essential. A lapse in coverage has dire consequences for all parties involved.

What Is a Policy Lapse?

A policy lapse occurs when a life insurance policyholder doesn’t pay the monthly premiums within the grace period. This will result in the policy’s termination. The grace period typically lasts 30 to 31 days after the premium due date. Once the policy lapses, the insurer is no longer obligated to provide coverage, and beneficiaries may not receive the death benefit.

Consequences for Beneficiaries

Beneficiaries are generally not entitled to the death benefit if a policyholder dies after the policy has lapsed. This leads to unfortunate financial hardship for families who are now responsible for covering funeral costs and other expenses, from mortgage to household bills.

Reinstatement Options

Most life insurance policies offer a reinstatement period during which the policyholder can restore coverage by paying past-due premiums, often with interest, and providing proof of insurability. This period typically lasts three to five years after the lapse. Reinstating the policy can help regain coverage but may come with additional costs and requirements. It is crucial to act promptly to avoid a permanent loss of coverage.

Preventing Policy Lapses

Policyholders should set up automatic payments or reminders to ensure premiums are paid on time. Regularly reviewing the policy and updating payment methods can also help maintain continuous coverage. Keeping the communication line open with the insurance provider is critical to avoid policy lapses.

AHI Group Helps Guide You

AHI Group will help guide you and show you how life insurance can save you money in the long run. Our team covers the Olathe, KS region. Contact us today.

Can You Be Sued After an Auto Accident in Kansas?

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One of the most common questions we get at AHI Group serving Olathe, KS is how Kansas is a no-fault state, but you can still be sued after an auto accident.

Each driver’s auto policy provides coverage for their medical bills and other expenses, regardless of who caused the accident. But the other party can file a personal injury claim against you after an auto accident in Kansas if:

  • They have medical bills of $2,000 or more.
  • They have a serious injury, such as a broken bone, permanent disfigurement, permanent disability, loss of a body part, loss of body function, or death.

The individual suing you has to submit evidence that proves two things:

  • Their injuries were caused by your breaking a traffic rule or failing to act reasonably and
  • Your actions resulted in your being at least 51 percent at fault.

Kansas has a modified comparative negligence rule for personal injury lawsuits. For instance, if you are sued and found 75 percent at fault for the other party’s injuries, you may have to pay 75 percent of their claim. But if the other party is more at fault than you are, they are not awarded any damages.

Your auto coverage helps you pay personal injury claims. It may also help you pay your attorney bills. Your insurance company may advise you to defend against a suit, or it may settle the suit for you. But as long as you have enough coverage, your policy will pay the other party’s claim.

Here’s one thing to keep in mind:

The state-mandated minimum of $25,000 for property damage and $50,000 for bodily injury is not enough to settle potential claims for a severe crash for which you are at fault. Speak with your agent at AHI Group serving Olathe, KS, about how much liability coverage you need for your car.

Fencing Off Your Commercial Property

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If you own a business and the land it is situated on, you should consider fencing it off right away. There are many benefits to having a fence around a commercial property in the Olathe, KS area, and they are listed below. 

Maintain Privacy

One of the best things about a fence is the privacy it offers your business. This is ideal for businesses that need to protect their work while maintaining the privacy of their clients. Large, solid fences are great for privacy concerns. 

Improve Security

It’s much easier to manage who comes onto a property with a fence. If you have your property enclosed and only allow certain entrances to the building, you’ll find that you can reduce the amount of vandalism and break-ins that could happen on your property. You’ll want strong fences that can keep people out and make them hard to climb. 

Develop An Identity

Some businesses are very close to others, and it may not be easy for potential customers to identify your business. With a fence outlining the property’s perimeter, you can quickly develop an identity as your business and not get lost among the others in the area. This can also give you some seclusion in the area, which customers may seek. 

Improve The Look

One of the best benefits of having a fence is how it looks and how it improves the overall look of your business. An attractive business will attract customers, and having a fence lets you keep any materials on the property secured and out of sight. 

If you want a commercial insurance quote, contact our AHI Group team today. 

New House? You Need a Quality Home Insurance Policy

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When you move into your new Olathe, KS house, there are many things to consider. Will your furniture fit? Do you want to repaint the bathroom? There are always questions and considerations. One of the items at the top of your to-do list should be working with an agent at AHI Group to get the right home insurance policy. You also want to have quality coverage that meets your needs and the peace of mind that goes with it. The right agent can help make all that so much easier.

Home coverage is designed to protect you and your belongings in the event of a claim. It can also help you get your home repaired after a disaster and make replacing your personal items easier and less stressful. If you’re buying through a lender, they’ll generally require you to have a policy in place before you can close on the house you’re buying, so they know they’re also being protected.

While it’s possible to shop for insurance on your own, the best option is to work with an agent who can give you quotes from multiple insurers. That makes it much more convenient to compare coverage and options so you can decide which policy is best for your needs. Even if the coverage is the same, the value of the policy can be different depending on which company you choose. Our agents will answer your questions and discuss your options so you can get the right coverage.

Contact us today at AHI Group if you’re buying a new house in the Olathe, KS area. We’re here to make sure you’re happy with your policy and that it gives you the protection you need to enjoy your new home.

Why Life Insurance Should be a Must for Most

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Sadly, some people will die young. While many folks would rather not think about something as morbid as death, the simple fact is that you and your family must prepare for every contingency. If you or a loved one passes away, it will not only be an emotional burden but often a financial one as well. Fortunately, the right life insurance plans can mitigate risks. If you are considering life insurance plans, get in touch with AHI Group. We serve Olathe, KS and other communities and would be happy to explain various life insurance options to you.

The Financial Security Life Insurance Provides

Unfortunately, when someone passes away, a family will often lose many valuable resources. While the first consideration after death should be emotional and should focus on grieving, the simple fact is that death can leave a family in a dire financial situation. This will make it hard for the family to plan a funeral and to grieve.

That said, life insurance policies may provide financial assistance in the event of a death. To be clear, you’ll need to read the fine print of any insurance policy you’re considering, or you should work with an insurance agent. What is covered can vary from plan to plan. An insurance pro can help you select the right plan for your given situation.

The payout provided by insurance can greatly reduce stress for the surviving family members. The funds could be used to help pay for a funeral, cover mortgage payments, and fund child care. This will greatly reduce the stress for surviving family members, which in turn will help them focus on grieving and supporting loved ones.

Think you need to take out a life insurance plan?

Contact the AHI Group, which serves Olathe, KS and other communities.

Should I cancel my auto insurance if I no longer have a vehicle?

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Various circumstances could leave you without a vehicle.  Your car may have been totaled, and you don’t have the funds to purchase another immediately.  Maybe your vehicle has broken down or been repossessed, or you sold it.  No matter the circumstances behind your not having a car, you don’t have to cancel your auto insurance altogether.

When we think of an auto policy, we think of a car that we want to cover and protect.  However, in Kansas, you can purchase a non-owner insurance policy to protect you financially if you’re involved in an auto accident. 

How a non-owner policy works

A non-owner policy covers you when driving a borrowed or rented vehicle.  Suppose you are liable for causing an accident.  In that case, a non-owner policy covers your legal liability for auto accident-related property damage and injuries to the other parties involved.  A non-owner insurance policy is typically cheaper than most regular auto insurance policies.  If you don’t own a vehicle but want to protect yourself financially, you can work closely with our agents at AHI Group in Olathe, KS to discuss the appropriate non-owner insurance coverage that meets your needs. 

Coverages for non-owner insurance policies

Non-owner insurance policies in Kansas must cover the state’s minimum coverage that applies to a traditional car insurance policy.  Those coverages include up to $25,000 for bodily injury per person and $50,000 per accident.  They also cover up to $25,000 per accident for property damage. 

How to get a non-owner auto insurance policy

If you have found yourself without a vehicle and have to borrow a friend’s car, drive a rental, or operate a vehicle as part of a ride-sharing program, contact our agents at AHI Group in Olathe, KS to discuss a non-owner policy.  We can get you covered and protected financially with a personalized insurance policy. 

What are the most common misconceptions about commercial insurance?

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As a business owner, you probably have a lot on your plate. You need to run your business to make sure it is successful and also make sure that it is protected. One of the best ways to protect your business is to have commercial insurance, but there are many myths surrounding it.

Let’s take a look at some of these myths and debunk them:

Myth 1: Commercial Insurance Covers All The Losses

A common belief is that commercial insurance covers any type of loss. However, this is not true. Just like any other type of insurance, business coverage has a number of exclusions. There is no commercial policy that would cover everything. Every policy is different, and it is crucial to understand that. 

Myth 2: Small Businesses Do Not Need Commercial Insurance

The truth is that all businesses can benefit from commercial insurance regardless of their size. Therefore, if you think that your company is too small for business insurance, you are wrong. 

Myth 3: Your Home Insurance Will Protect Your Home-based Business

Do you think that your home insurance will also protect your home-based company? Well, this is untrue. Unfortunately, your home insurance covers your home and personal belongings only. Therefore, if you run a business from home and want to make sure that it is protected, you need to get commercial insurance. 

Looking For Insurance in Olathe, KS?

Are you a business owner running your business in Olathe, KS or any other town in the state of Kansas? Do you want to make sure that your company is well protected in the event of loss? Then, consider reaching out to AHI Group and getting business insurance. At AHI Group, we specialize in all types of insurance, including commercial insurance as well. Reach out to us today. 

What is a Loss of Use Policy in Home Insurance?

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When purchasing home insurance, it’s important to look at the various policies that are available to you. At AHI Group, our team likes to design specific policies that will fully insure the people of Olathe, KS. One type of coverage to consider is loss of use, an insurance policy that pays for additional living expenses. 

What Situations Require Loss of Use Insurance?

Additional living expenses, also known as ALE, are usually incurred from unexpected life events. If a fire or a storm damages your home, then you might have to move into a temporary residence as your home gets rebuilt. Whether it’s a hotel room or a rented RV, temporary living can be surprisingly expensive – potentially creating new costs for your living situation. For example, if you don’t have a fridge in your temporary home, you might resort to buying restaurant food or quick meals from a convenience store. There could be additional costs from new clothing, health supplies, and beauty products – items that are sometimes lost from property damage.

What Does Loss of Use Cover?

In a home insurance policy, a loss of use policy will cover hotel stays, vehicle fuel, and other necessary expenses while you’re living outside your home. This policy is especially useful if you’re living in a hotel room that is more expensive per month than your actual residence. 

Getting Loss of Use in Olathe, KS

If you’re interested in including loss of use in your home insurance plan, then please contact one of our agents in Kansas. You can call the AHI Group to learn more. We offer other types of coverage, so feel free to ask about those policies as well. 

Does my RV insurance in Olathe KS cover every driver in my household?

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Whether or not you need to insure your RV depends on whether your RV is a motorized vehicle or if it is something towed along by something else, such as a pop-up camper or travel trailer. If you do have a motorized RV in Olathe, KS, you do need to make sure you have the proper insurance to protect your assets. At  AHI Group, we can help you make sure you have the coverage you need.

Legal Requirements

If your RV is self-propelled, you need to have coverage much like regular automobile coverage. 

  • Liability insurance will pay other people’s property damage and medical bills if you are found to be at fault in an accident. The state has minimums, but you can speak to your agent about whether you are comfortable with minimal coverage.
  • Personal injury protection (PIP) pays medical bills for you and your family after an accident, no matter who is at fault.
  • Uninsured motorist protection helps you if you are in a collision with an uninsured motorist.

Who Is Insured to Drive?

When you fill out your insurance application in Olathe, KS, you will be asked to list your household members. During that time, you will list all the people who will be driving the RV. An RV is a serious piece of equipment, and it is important that you are honest about who will be behind the wheel. 

RV insurance usually follows the vehicle, not the driver. That means that the claim will probably be paid, but you need to add anyone who will be a regular driver. If anything changes while you have the policy, you should contact your insurance company right away. If you have any questions about RV coverage, please feel free to call AHI Group today.

Riders You Can Add to Your Life Insurance

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At AHI Group, we offer the residents of Olathe, KS life insurance that helps them provide for their families in the event of their death. Life insurance policies, like other types of insurance, offer riders or add-ons that let you customize the policy to your needs. Life insurance riders allow you to add additional utility to your policy. Some add to the premium, while others do not. Let’s explore the most common riders and what each does.

Life Insurance Add-Ons

Accidental Death Rider

The accidental death rider pays an additional amount to your beneficiary if you die in an accident. Some of these riders pay twice the face value of the policy, hence the name double indemnity policy.

Guaranteed Insurability Rider

Adding a guaranteed insurability rider lets you add coverage at a later date without a follow-up medical exam. This can come in handy as you age and have children since as your family grows, so should your amount of insurance. If you develop an illness that would otherwise preclude coverage, with this rider, it won’t keep you from adding to your policy.

Waiver of Premium Rider

A waiver of premium ensures that if you sustain a disabling injury or illness, you won’t have to keep paying premiums for your life insurance to remain active. The rider pays the premiums for you.

Long-Term Care (LTC) Rider

You have two choices when it comes to LTC – a rider on your life insurance or a standalone policy. The rider adds LTC coverage to your life insurance that accesses part of your death benefit as funds to pay for care in a residential facility.

Family Income Benefit Rider

This life insurance rider provides monthly income for your family when you die. Typically a rider added to the life insurance of the sole income earner in a household, this add-on protects your family’s ability to maintain their way of life and high living standards.

Accelerated Death Benefit Rider

An accelerated death benefit lets you access your death benefit while you live if you receive a diagnosis of a terminal illness. This rider can protect other family finances and fund your medical costs to fight the disease.

Child Term Rider

A child term rider adds term life coverage for your minor child to an existing parental life insurance policy. It pays a death benefit if your child dies during the term covered.

Protect Your Family with Life Insurance

Contact AHI Group serving Olathe, KS to ensure that you provide for your family in death. Let us help you provide your family with peace of mind.

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