American Family Insurance’s agent Katrina Magby, agency owner Mernice Oliver, and business owner and branding expert Melissa Dawn Johnson recently participated on a panel led by Essence magazine’s personal finance and careers editor Tanisha A. Sykes, discussing the topics how to pursue the American dream through planning your financial future and customizing your insurance needs.
Following the informative session, which took place at the posh W Atlanta Buckhead, attendees were treated to a private screening of the all-star action-comedy Tower Heist. It featured Eddie Murphy, Ben Stiller and Matthew Broderick as larcenists who attempt to pull off a major heist to recover their friends’ life savings loss in a Ponzi scheme. Although hilariously funny and comical, this movie selection provided an apt illustration on the importance of protecting your assets.
Here are highlights from the panel discussion. –yvette caslin
Insurance products…
“We [American Family Insurance] offer a multl-line of products to protect your American dream … protect those things that are important: home, auto, life insurance and your business insurance. If you’re an entrepreneur or thinking about being one, it’s important for you to figure out who’s your trusted advisor to help you build your insurance portfolio and how important. Homeowner’s insurance is an all-peril products that protects your home in the event of a disaster – fire or tornado.” –Mernice Oliver, agency owner, American Family Insurance
The differences between auto collision and comprehensive insurance coverage … term, whole and universal life insurance…
“Collision insurance covers you when you hit another vehicle and comprehensive insurance covers you when you’re in an accident solo, and run into a deer or a tree falls on your car. You need a commercial policy if you use your automobile for your business. … Whole life is a permanent policy and can be likened to purchasing a house and having a mortgage. Term is like renting and Universal is like an adjustable rate mortgage because it fluctuates.”–Katrina Magby, insurance agent, American Family Insurance
Best advice on how to protect your home and home business…
“Three months after I started my business, which was in my home at the time, I was at a concert and received a call that my alarm had gone off and it immediately caused me to think what if someone had stolen my products and intellectual property. I knew I had to have business [commercial] insurance. –Melissa Dawn Johnson, author and owner of Velvet Suite Marketing
Calculation to determine how much insurance you really need…
“I use an acronym – L.I.F.E. L is for loans. What do you owe – in terms of your outstanding loans (mortgage, credit and auto). I is for income. What income are you looking to replace? F is for final expense. What are you trying to prepare for in terms of a funeral or final health care expenses you may have. E is for education. How much education are you seeking to provide for your children or siblings. Will they attend Georgia Tech? You compare your needs to what you can afford.” –Mernice Oliver, agency owner, American Family Insurance
