Name: L M Insurance & Financial Services, LLC
Address: The Bronx, NY
Telephone: 347-263-9403

How Old is Too Old to Get a Life Insurance Policy?

Posted on August 29, 2025August 26, 2025 by admin

Life insurance policies typically don’t have a fixed age limit, and it’s not uncommon for someone older than 85 to obtain coverage. The type of policy and its duration are key factors. At L M Insurance & Financial Services LLC, serving Bronx, NY, we’ve helped individuals of all ages secure life insurance policies. Here’s a closer look at how it works.

Types of Life Insurance Policies for Older Individuals

As a general rule, insurers issue policies such as end-of-life coverage and whole life insurance for individuals up to 90 years old. Those older than 90 may also be eligible for these policies, though availability can vary. It’s less common for insurers to issue term life policies for individuals aged 55 and older. While there are no strict age limits for life insurance, nearly anyone can find a policy that suits their needs.

Getting the Right Policy for Your Needs

Life insurance comes in various types, each offering specific benefits. Some policies may not be available to individuals of certain ages, while others are more accessible. The kind of policy you choose depends on your goals. You may want to ensure your heirs are financially secure or cover your final expenses. Understanding your priorities will help you select the proper coverage.

Contact Us Today to Learn More About Life Insurance Options

At L M Insurance & Financial Services LLC, serving Bronx, NY, we’re here to discuss life insurance options for every stage of life. Our team can help you understand your needs, navigate the application process, and determine the coverage you’re eligible for. Call us today to learn more about securing a policy that meets your requirements.

The Difference Between Occurrence and Claims-Made Policies

Posted on July 31, 2025July 22, 2025 by admin

If you’re shopping for commercial insurance, you’ve likely come across the terms “occurrence” and “claims-made” policies. While they may sound similar, they function very differently in terms of how and when coverage applies. At L M Insurance & Financial Services LLC in Bronx, NY, we often help business owners understand which type of policy best fits their needs—and why it matters.

What Is an Occurrence Policy?

An occurrence policy provides coverage for claims arising from incidents that happen during the policy period, regardless of when the claim is filed. This means that if an event occurs while your policy is active—even if the claim is made years later—you’re still covered. Occurrence policies provide long-term peace of mind, making them ideal for industries where claims may arise long after the fact.

What About Claims-Made Policies?

Claims-made policies, on the other hand, only provide coverage if both the incident occurs and the claim is filed while the policy is active. If your policy ends and you don’t have tail coverage or a renewal, you could be left unprotected—even for incidents that happened during your coverage period. While claims-made policies are often more affordable upfront, they require careful management to avoid gaps in protection.

Choosing the Right Policy for Your Business

The best policy type depends on your business, industry, and risk tolerance. Some professions benefit more from the lasting protection of an occurrence policy. In contrast, others may find that claims-made policies are a cost-effective solution, provided the proper safeguards are in place.

If you’re unsure which policy is right for your business, L M Insurance & Financial Services LLC in Bronx, NY is here to help. Contact us today to ensure your business is covered—both now and in the future.

How Home Insurance Addresses Water Damage and Mold: What’s Covered and What’s Not

Posted on June 30, 2025June 18, 2025 by admin

Water damage and mold are two of the most frustrating issues homeowners can face. They often appear suddenly, and the cleanup can be costly and time-consuming. At L M Insurance & Financial Services LLC in Bronx, NY, we understand how important it is to know what your home insurance covers—and where it may fall short.

Covered: Sudden and Accidental Water Damage

Most standard home insurance policies cover water damage that occurs unexpectedly. For example, if a pipe bursts in the middle of the night or your dishwasher suddenly leaks and damages your kitchen floor, your policy likely has you covered. The key is that the damage must be sudden and accidental, not something that has been happening gradually over time.

If mold develops as a direct result of a covered water event and you act quickly, your insurer may also assist with mold remediation. However, every policy is different, so it’s important to review the fine print.

Not Covered: Gradual Damage and Flooding

Home insurance generally does not cover water damage caused by neglect. For instance, if you’ve had a small leak under your sink for months and never addressed it, the resulting mold or rot likely won’t be covered. Similarly, flooding from external sources—such as heavy rain or rising rivers—is not covered under standard home insurance. Flooding requires a separate flood insurance policy.

Prevention and Policy Awareness Matter

Addressing minor problems before they escalate can make all the difference. Routine maintenance and understanding your policy limits are key to avoiding unpleasant surprises.

If you’re unsure what your current plan includes or want to explore better protection, connect with L M Insurance & Financial Services LLC in Bronx, NY. We’ll help you stay protected—rain or shine.

Should I Carry Collision on an Older Car?

Posted on May 30, 2025May 27, 2025 by admin

As your vehicle ages, it’s essential to reassess whether maintaining collision coverage is worthwhile. Collision insurance covers repair or replacement costs if your car is damaged in an accident. However, as your vehicle depreciates, the premiums can sometimes equal the car’s actual value. This makes the coverage less appealing. The decision to keep or drop collision coverage depends on individual factors that you and your insurance agent at L M Insurance & Financial Services LLC in Bronx, NY, should consider.

Deciphering Coverage Cost

The cost of collision insurance for an older car may remain relatively constant, especially in areas with high traffic, high accident rates, or elevated repair costs, such as New York. These factors influence the decision to retain collision coverage.

Appraising Repair and Replacement Value

As vehicles rack up mileage, their market value decreases. If the cost to repair damage, plus the deductible, approaches or exceeds the car’s trade-in or resale value, the car might be considered a total loss.

Evaluating Financial Risk

Aside from the statistical probabilities of accidents, drivers must also consider their financial resilience. A collision can result in unexpected expenses, including towing, rental vehicles, and bodywork. If funds are limited, maintaining collision coverage can prevent sudden financial stress. Conversely, those with emergency savings may choose to self-insure minor incidents.

In many cases, collision coverage for older vehicles represents an expense that may outweigh its benefits, particularly when repair costs exceed the vehicle’s value. However, individual circumstances, such as budget constraints, risk tolerance, and local driving conditions, play a significant role in determining the choice. By comparing insurance costs against potential out-of-pocket repair expenses, drivers can make an informed decision that balances protection with affordability. This ensures their choice aligns with both financial goals and a sense of security. Reach out to L M Insurance & Financial Services LLC in Bronx, NY, to learn more.

How to Choose the Right Life Insurance Policy

Posted on April 30, 2025April 22, 2025 by admin

Life insurance provides a safety net for your family in Bronx, NY, but deciding what type of policy to get can be confusing, especially for first-time buyers. Life insurance policies fall into two major categories: term and cash value. However, within this latter category are several subtypes that you may want to consider. L M Insurance & Financial Services LLC can guide you on which policy best fits your needs.

Can I Afford the Premiums?

When evaluating life insurance policies, you must ask yourself if you can afford the monthly premiums. The higher the payout, the larger the premiums. Term life insurance is the least expensive policy type, but it has no cash value if you outlive the policy term. You specify the length of time you want the policy to be in effect, typically one, five, 10, 15, 20, 25, or 30 years. Some policies allow you to renew them at the end of the term.

What are Cash Value Policies?

Cash value policies, also known as permanent life insurance, are a valuable investment in your future. The premiums you pay allow the value of your benefits to grow over time, while also offering lifelong coverage. The main types of cash value policies are:

Whole life
Universal life
Variable universal life
Indexed universal life
Final expense life

The differences between these policies vary in their flexibility, investment options, cash value growth, and premiums. Whole life offers a guaranteed growth rate at a fixed premium, while universal life policies generally have investment options and variable rates.

Determining your financial goals and affordability can help determine the right policy for your needs. Learn which policy type may be right for you by contacting L M Insurance & Financial Services LLC, serving Bronx, NY.

Commercial Insurance: A Great Selling Point for Your Company

Posted on March 28, 2025March 25, 2025 by admin

If you’re a business owner, you likely already understand the sense of security and protection that commercial insurance provides. Regardless of whether you’re a small business, a larger company, a startup, or celebrating another decade of business, commercial insurance solutions are a crucial aspect of supporting your company. That’s why so many business owners from the Bronx, NY area rely on the professional and proven team at L M Insurance & Financial Services LLC for all their commercial insurance needs.

Commercial Insurance: A Valuable Asset for Your Company

What some business owners may not realize or fully leverage is the value commercial insurance can add to their business. When consumers see that a company is insured, it adds a layer of comfort and promotes trust. When affiliates know your business is insured, it strengthens relationships and fosters more comfortable partnerships.

Indeed, commercial insurance is a safety net for many companies, but it can also provide so much more. That’s why it’s a good idea to work with experienced and professional agents who can help you protect your business and maximize the benefits of your commercial insurance.

Commercial Insurance Solutions for Business Owners in the Bronx, NY

If you own a business in or around the Bronx and have questions or would like to learn more about commercial insurance solutions for your business, we can help. Contact us to schedule an appointment today at L M Insurance & Financial Services LLC and get the benefits and protection that commercial insurance offers and that your company deserves.

How does remodeling affect my home insurance?

Posted on February 28, 2025February 23, 2025 by admin

Completing a remodeling project often comes after a period of planning and saving and results in a home you have made your own. However, remodeling increases your risks, so every remodeler should handle it by speaking with their insurance agent. If you live in or near The Bronx, NY, let L M Insurance & Financial Services LLC help you obtain insurance coverage that protects your family and home.

Update Your Insurance Before Remodeling

Home insurance policies typically offer basic protection for homes during the remodeling process. However, the likelihood of accidents in your home increases during remodeling, so it is important to supplement your policy before starting any work. Some home insurance policies require that you notify the agent before starting; failing to do so can impact your coverage. The start of the remodeling process is also a time to consider adding an umbrella insurance policy to provide extra protection against certain hazards and injury risks.

After completing the project, your home may have increased square footage, the latest appliances, and fixtures, or other improvements that enhance your home’s value, so you should update your policy to reflect those changes.

In addition, specific home additions, such as pools and hot tubs, bring additional risks that must be identified on your policy. Conversely, updating the plumbing, HVAC, and electrical systems can reduce your risks and premiums.

Regardless of the changes, talk with your agent so your home has the right coverage before, during, and after remodeling.

Working with L M Insurance & Financial Services LLC

Homes are often our most significant investments and should be protected. Let our L M Insurance & Financial Services LLC team, serving the Bronx, NY, area, assist with your insurance needs. Call (347) 263-9403 to discuss your options.

Involved in an Accident? Do You Have to Use the Auto Body Shop Recommended By Your Insurance Company?

Posted on January 27, 2025January 24, 2025 by admin

Being involved in a car accident can be stressful, and dealing with repairs often adds to the complexity. Many insurance companies recommend specific auto body shops for repairs, but are you obligated to use the one they suggest? At L M Insurance & Financial Services LLC in Bronx, NY, we want to ensure you understand your rights regarding auto body repairs.

Do You Have to Use the Recommended Shop?

The simple answer is no—you are not obligated to use the auto body shop recommended by your insurance company. While insurers often have a network of preferred shops, you have the right to choose where your vehicle is repaired. However, there are factors to consider before making that decision.

Why Do Insurance Companies Recommend Certain Shops?

Insurance companies often form partnerships with specific repair shops, allowing them to negotiate lower rates and streamline the claims process. These shops, known as Direct Repair Programs (DRPs), are typically vetted by the insurer for quality and reliability. Opting for one of these shops can expedite the process, as they often work directly with your insurer to complete the repairs.

What If You Choose a Different Shop?

If you decide to use a shop outside your insurer’s network, you can still get your car repaired, but you might face a few additional steps. Also, the insurer might not guarantee the workmanship if the shop isn’t part of their network.

At L M Insurance & Financial Services LLC in Bronx, NY, we’re here to answer your auto insurance questions and ensure you’re fully informed. Contact us today to learn more about your coverage and repair options!

How Life Insurance Helps Protect Families with Special Needs or Dependents

Posted on December 23, 2024December 21, 2024 by admin

Caring for a loved one with special needs or dependents comes with unique challenges and responsibilities. As a parent or guardian, you’ve likely already thought about how to ensure their future is secure, especially in the event you’re no longer around to provide care. At L M Insurance & Financial Services LLC in Bronx, NY, we understand the importance of creating a safety net for your family, and life insurance can play a critical role in that process.

Ensuring Financial Stability for the Future

Raising and supporting someone with special needs often involves ongoing expenses, from medical care and therapies to specialized education and housing. These costs can add up quickly. Life insurance helps provide a financial cushion that can cover these expenses, ensuring your loved one has the resources they need even after you’re gone. The right policy can help cover immediate needs, such as funeral costs, while also offering long-term financial protection for your dependent’s care and well-being.

Planning for Special Needs Trusts

Life insurance is also valuable for families looking to fund a special needs trust. These trusts are specifically designed to provide financial support while protecting your dependent’s eligibility for government benefits like Medicaid or Supplemental Security Income (SSI). Using a life insurance policy to fund the trust, you can ensure your loved one continues receiving the care and support they need without jeopardizing their access to critical programs.

Don’t leave your family’s future to chance. Contact L M Insurance & Financial Services LLC in Bronx, NY, today to learn how life insurance can help protect your loved ones and provide peace of mind for years to come. Your family deserves nothing less.

Your Small Business Insurance Checklist

Posted on November 25, 2024November 22, 2024 by admin

Preparing an insurance checklist will help you determine whether you currently have enough insurance coverage. A checklist can also assist first-time business owners with deciding how much coverage to attain.

The Reasons Behind Using A Checklist

Using a checklist will help you stay focused when you inspect your place of business. As you refer to the checklist, you will be reminded of the areas that you should focus on.

As long as you address all the key items listed on the checklist, you won’t overlook anything important that could affect the amount of commercial insurance coverage that is needed to protect your place of business.

Your Custom Checklist

Consider the assets within your business that you want to add to your insurance policy. Think about the risks that could affect how you operate your business.

Natural disasters, acts of vandalism, or theft could threaten your business operations. Add each situation that you are concerned about to your insurance checklist.

A Scheduled Inspection

Schedule an insurance inspection. This inspection could be overseen by a licensed insurance inspector or conducted informally.

During the inspection, note your discoveries. For example, if you observe inadequate drainage, write this down.

Once your inspection is over, focus on the areas of concern. The results can help you choose specific types of commercial coverage to protect your business.

Contact An Agent Who Serves Bronx, NY

After you have assessed your insurance checklist, you may be ready to compare insurance products. Contact one of our agents at L M Insurance & Financial Services LLC. An agent will set up a time to speak to you one-on-one about business insurance products.

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