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7 Things To Think About When Shopping For Life Insurance

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life insurance

Try to imagine you’re dead. You can think up various scenarios like dying after saving a couple of kids from drowning or you died after going skydiving. Whatever the reason for your death, heroic or otherwise, you’re gone. Now that you’re dead, think about simple questions like: Are there bills that need to be paid? Is somebody going to suffer financially after your death? Is there somebody you want to leave a legacy? If you’ve answered yes to any of these questions then you need a life insurance policy. It is the most inexpensive way to pay for the above mentioned expenditures. How? Life insurance dollars can go to your beneficiaries at a low cost to you. For example, you pay $500 per year for $100,000 life insurance. You buy it 25 years before you buy. $500 x 25 years is only $12,500 but the policy pays your beneficiaries $100,000. This means you only spent 12.5 cents for every dollar of benefit money. Here are some things you need to know when looking for life insurance.

1. Buy Only if You Need It

Remember those questions above? Truth is all of us need life insurance to make our exit less strenuous on the ones we leave behind. Life insurance can make your death easier for family that need to arrange your funeral and organize your estate. With the right kind of policy you can you can build cash for your loved ones at a low cost to you.

2. Do You Have Enough?

How do you know that the insurance you purchased is enough to cover your bills and leave some money behind to loved ones? The best way to know if you have enough is to take stock of your financial responsibilities like debt and liabilities. You can gradually purchase life insurance as you go along so that you can cover any increase in your financial liabilities. Talk with a qualified life insurance broker to assess your risks so that you have enough to cover everything with some to leave behind to your loved ones.

3. End-of-Life Issues

Think of the end-of-life issues that need to be tackled. For example, do you have a will? If you are an entrepreneur, do you have succession plan and a strong leadership structure? Thinking about possible scenarios to what will happen when you’re gone will sharpen your focus to let you think of things that need to be done and give you a clear strategy on how to accomplish them.

4. Type of Life Insurance

Generally speaking, there are 2 types of life insurance: permanent and term. Term insurance is more affordable and promises to pay the beneficiary the premium when the insured dies within a specified term; 10, 20 or 30 years for example.

Permanent is for the “whole life”. It is referred to as “cash value” and is designed to help the policy exist in perpetuity. They are like bonds or CDs but backed by the insurance company. They tend to be more complex and expensive.

5. Where To Buy

You need to buy life insurance through a licensed broker that you trust. An insurance agent is the first step to buying an insurance policy. They can advise you on what type of insurance you need or the amount of coverage. You need to be able to trust the agent because he or she could represent different companies.

To get a feel of the process, ask questions and ask for a quote for a specific premium. You can also do research on the internet and ask companies for online quotes.

6. What Are Your Specific Needs?

Entrepreneurs need a little bit more than the salaried man. This is because their death could also affect their business or company. This is why they need life insurance policies that can also cover specific needs of their business. For example, there are policies that protect leaders through the Key Man Insurance. This is for the family of the individual, the company so that they can find somebody to replace him and it also gives the opportunity to the company to buy back any shares from the dependents of the deceased.

7. Options When Canceling

Know your options when canceling life insurance, even if you’re still shopping. If you have insurance that you no longer need or is not working for you, you need to know the options for canceling so that you don’t leave money or coverage on the table.

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Business

Business Insurance And Why You Need It

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Business insurance is a requirement that you should not ignore even if you are in a low-risk workplace. For certain business sectors such as healthcare industries, mechanical workshops or amusement parks, getting a liability insurance is essential. Finding the best insurance can be a challenging and complicated process, but it is better to get an insurance coverage. Disasters happen, and you need an authorized protection to save you from severe economic loss.

Why is business insurance necessary?

If you start a business and employ some people, you need to have business insurance. It is a legal requirement. The insurance coverage varies from one country to another. Almost all countries have made it compulsory for the companies to get a liability insurance. You may think that your business is small and has less risk. You can also think that you can afford the losses your companies might face. The business experts always advise getting a proper insurance for every kind of business. There can be natural disasters like floods or earthquakes. Fire accidents and thefts are not the only risks. Your business can incur massive losses due to disruption of work. There can be cash crunch, skilled labor crisis, road work, police barricades and criminal acts too. You should consider all the aspects before buying an insurance coverage for your company.

General Liability Insurance

Almost all trades have some liabilities. So, a general liability insurance is essential. Before you hire some employees for your business, get a liability insurance first. Your company becomes the ‘employer.’ It becomes a legal need if you wish to make your business a limited company. If any of your staff falls ill or faces any fatal accident during working hours, your company becomes liable. You need to discuss with your insurance broker about the amount of liability insurance cover your business needs. If there is any death because of their work in your company, you need to arrange appropriate compensation. So, you should avoid any expense trimming while buying insurance for the company.

Professional Liability Insurance

It is also known as errors & omissions (E&O) insurance. This is not a one-size-fits-all insurance. Each industry has different concerns while running the business. So, you need customized coverage for your business. The professional liability insurance protects the business from the claims that the company was negligent in performing their services accurately. When you buy the E&O insurance, make sure you appoint an attorney for your company who can defend the lawsuits filed against the company.

Property Insurance

Property Insurance is a must when you run a business. Be it your own building or leased property, you need coverage. This insurance covers your business inventory, equipment, signage, and furniture from any losses due to fire, storm or burglary. Home based businesses still do not get much coverage from property insurance. You need to ask your insurer for extra coverage.

Product insurance

Apart from the above-mentioned insurance policies, you should get an additional product insurance to cover your manufacturing business. It covers any loss due to manufacturing, distributing and retailing hitches.

Buying insurance for your business is complex. You need a trustworthy insurer. Every business needs a unique package based on the requirements of the company. You should always review your insurance policies and keep them in active status.

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Influencers

Augmented Reality With Microsoft HoloLens And Project Tango

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If you’ve been reading Owner’s Magazine lately, you’ve probably read my article about virtual reality. There I detailed information about the latest VR headsets to make a proper buying decision. However, I intentionally left out augmented reality. Augmented reality, or AR, is different from VR in which VR fully immerses the user inside of another world, AR (also known as mixed reality) superimposes virtual objects onto the real world. Holograms are an example of augmented reality. Popular AR games such as Pokémon Go are also examples of AR where your smartphone camera superimposes the virtual Pokémon on a live video feed making it seem as if the Pokémon were standing in the real world. The technology behind AR is nothing new. Even in today’s world of smartphones, many augmented reality apps were released on iPhone and Android devices back in 2008 and 2009. However, with the seemingly popularity of VR, more attention is also being given to AR solutions. Two of the biggest players in this space are Microsoft and Google.

Microsoft HoloLens

Hololens

One of the more interesting AR devices comes from Microsoft. The HoloLens is a head mounted device that allows the user to view “holograms” through the lenses (hence the term “HoloLens”). The HoloLens features a bevy of sensors such as an accelerometer, gyroscope, magnetometer, four IR sensors for mapping the environment, a depth camera, ambient light sensors, 2.4-megapixel front camera, and microphone array. Along with an Intel CPU, Microsoft developed a custom chip called the “Holographic Processing Unit” or HPU. The HPU processes the sensor data as well as hand gestures and voice recognition. The HoloLens runs full Windows 10 and can run Universal Windows Programs. Regarding the hand gestures, there are two main gestures: bloom and tap. Bloom is simply balling your fist up palm facing up, and opening the fingers up like a flower (hence “bloom”). The bloom gesture activates the shell which allows you to access other programs. This is akin to pressing the Windows key on a PC or the Xbox button on the Xbox One. The second gesture is the tap. You aren’t literally tapping the air but it’s more like holding your index finger up then touching your thumb. This is used to select objects and windows. Windows can even be dragged around and pinned to walls or tables. Microsoft isn’t technically marketing this towards consumers yet. This is primarily for developers to create applications although anyone can buy the development kit for a wallet busting $3000.

Project Tango

project tango

Project Tango is the augmented reality platform developed by Google. While the Microsoft HoloLens is an actual headset, Tango goes a more practical route and utilizes a smartphone or tablet form factor for AR. The devices provide the hardware necessities such as various sensors and RGB-IR camera for depth sensing. The Tango software uses the hardware to enable motion tracking and visual recognition of the environment. The IR camera allows Tango to map the environment including distance, sizes, and depth. That information is then stored for future applications to use. This has many practical uses such as navigating through stores, mapping, and visualizing data. For example, you could use Tango to see exactly how a piece of furniture would look in your home before buying it. Google partnered with Lenovo to release the Phab 2 Pro, the first commercially available smartphone with Tango built in. At CES 2017, ASUS announced that it will also be releasing a Tango enabled phone along with Daydream VR.

Which Is The Future? VR vs AR?

There has been some debate over which platform is more viable for the future. Virtual reality completely immerses the user in a new world. These kinds of experiences are better suited to content consumption and entertainment. All three of the major VR platforms (HTC Vive, Oculus Rift, PlayStation VR) all focus on games as their primary use case although some of them do allow you to watch movies in your own personal theater. At Facebook’s Oculus Connect event back in October, Mark Zuckerburg unveiled a vision for new ways to use VR for social interactions. He used the Oculus Rift to interact with virtual representations of himself and two other colleagues in a totally virtual space. Imagine being able to debate politics and religion with your friends in real time in a virtual world…actually…that may not go so well. However, being able to interact with another person in virtual reality would dramatically change and revolutionize how we connect with our friends and family. The primary drawback with VR is the total disconnect from the real world. VR often involves putting on a somewhat bulky headset and tuning out the world around you. The advantage of AR is that it allows you to interact with virtual objects while still being cognizant of the real world around you. AR also allows more practical, everyday uses. Imagine having a digital map displayed on your windshield on your car that helps you navigate and alerts you to any hazards or speed limits. Imagine virtually placing a couch in your actual living room before buying the couch. Construction workers and architects could use AR to precisely build structures while seeing a virtual representation of the building. Google’s Translate app can already translate text into another language in real time. So which one is the future? I think one of two things will happen. Either AR will eventually become dominant and heavily used in everyday life or there will be a mixture of AR and VR depending on the medium. VR will likely dominate the entertainment space with movies and gaming while AR is what most people will interact with daily. Project Tango will further accelerate the adoption of AR into Android phones. Apple is rumored to working with Carl Zeiss for their own augmented reality solution. History has shown us that once Apple implements a feature, the market generally follows suit. Regardless of what happens, the dream of the Star Trek HoloDeck is slowly coming to fruition.

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Business

Why Amazon HQ2 Should Choose Miami

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HQ2

The unexpected city to be on Amazon’s top 20 short-list is Miami,Florida. Information about the proposal for Amazon has yet to be released. South Florida is currently keeping it a secret, but from the looks of the region, Florida holds the best benefits. Florida has no state income tax, which can save Amazon a lot of money. The founder of Amazon holds personal ties with the city as well. CEO of Amazon Jeff Bezos spent some time in the Miami area. He spent his childhood there and was valedictorian of his class at Palmetto High in 1982. Bezos now has the opportunity to return to dominate the corporate scene of the region. Florida may be the perfect choice for Amazon HQ2.

The massive tech company seeks a city with a high population in order to attract employees. Miami holds a population of 453,579 people and is growing. The location is perfect in size and the site holds special features. The area will cover the southern-region for Amazon, but is still remotely close to the East Coast. South Florida is also a pipeline for Amazon to connect with Latin America. This represents a positive, diverse company. The southern location also emphasizes the importance of weather forecast. South Florida embodies the perfect temperature for businesses. There won’t be any delay due to snow or low temperature, so traveling and delivery will hardly get affected.

Amazon is currently looking to adopt 500,000 square feet of space but will then move on to consume a total of 8 million square feet after 2027. South Florida had offered at least eight sites that is located in downtown Miami. Other locations include government buildings, so in total there are five in Miami-Dad, two in Broward, and another in Palm Beach. Florida had planned out this move drastically and is offering various options to fit the taste of Amazon.

HQ2

The University of Miami and Florida International University are within the region, along with other colleges. The region attracts a younger scene, which is beneficial to companies seeking employment. Miami also provides the Miami International Airport and Fort Lauderdale Hollywood International Airport to Amazon for transportation.

“There are a lot of cities that are showing off for Amazon … We took a different approach. We put out a challenge,” Commissioner Russell said. The message of the video, he said: Miami isn’t for everybody and if you are not welcoming of diversity, don’t come. “We believe that will resonate with Amazon because they do embrace a lot of the values that we have in Miami and they will recognize how this is really a jumping off point not only for South America but for Europe and the world.”

Small businesses and agencies within Columbus are able share their professional insight to Amazon now. This is why Amazon HQ2 Should Choose Miami:

How will Amazon HQ2 affect the economy of the city?

“Beyond the short-term construction and long-term full-time job direct economic benefits, delivering such a high-visibility endorsement of South Florida as the diverse, international and “enterprise-ready” region that is has become, would create the momentum needed for long-term prosperity. South Florida is about so much more than beaches and cruises and bringing HQ2 would reinforce that message for decades”. -Aaron Lee of The iluma Agency.

HQ2

Image From David Balyeat

Amazon is searching for talent in software development and related fields. What is your city’s tech scene like?

“South Florida has seen a vast expansion of tech startups, incubator programs and higher education development. In fact, the 2017 Kauffman Index of Startup Activity recognized South Florida as the leading region for startup activity, ahead of Austin. As the President of the South Florida Chapter of the Entrepreneur’s Organization, I can also attest to our region’s thriving tech and entrepreneurship scene first hand. Our chapter is among the top 10 largest worldwide and continues to grow with mature, scaling businesses as well. Considering that Amazon is much more than just an online store, we also offer one of the few direct backbones to the global internet, right here in Miami. Finally, it’s no accident that several “unicorn” tech startups are based here already, including MagicLeap”. -Aaron Lee of The iluma Agency.

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How will the community welcome Amazon HQ2?

“Not with a parade, but with an unforgettable beach party. Seriously though, there is a unified and aligned vision across three counties and more than 9 million residents who are ready to embrace and support Amazon. We are also a perfect region for Amazon to test new innovations and reach a global audience, not just a domestic one. Our businesses, residents, organizations and local governments have spent years investing in ourselves to prepare for such an opportunity”. -Aaron Lee of The iluma Agency.

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Do you support the major’s proposal? Why, or why not?

“Absolutely. As a business owner and South Florida resident for nearly 4 decades, I have the shared opinion that our area has more of a branding problem for enterprise business, versus a lack of opportunity and infrastructure. We have been ready for Amazon HQ2 since before it was an idea”. -Aaron Lee of The iluma Agency.

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Image From Translating Cuba

Besides financial incentives, what does your city offer?

“South Florida offers a diverse metropolitan culture that combines international influences with a rich history of hard working, but equally fun loving people. We thrive on our diversity and it’s a community that celebrates living. From the arts, sports, entertainment and of course the fabulous weather and beaches, there’s no other part of America like it”. -Aaron Lee of The iluma Agency.

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What is in your city that isn’t found anywhere else?

“I’d have to say that the rich diversity of our people has helped build a community that reflects the global world we live in today. It’s a region that also reflects the nature of Amazon’s vision and scale as well. We are a city of the world, built by people who have come together from all around it, sharing their culture and experiences to create something truly unique”. -Aaron Lee of The iluma Agency.

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If you are an agency from South Florida, and wish to contribute, please fill out this form here: https://ownersmagazine.com/need-talk-marketing-pr-agencies-amazon/

*Sponsored by Penji

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