IN Brentwood-Baldwin-Whitehall Spring 2016

provide a minimum of $100,000 in personal liability coverage to cover damages, but this number can be increased. Certain exclusions apply to liability coverage depending on your insurer’s policy. It is important to familiarize yourself with the policy to know what is included. Automobile Insurance One type of insurance required by law is automobile insurance. Auto insurance covers accidents, theft, vandalism, or other damage caused to your car. It typically covers liability if you were to cause a car accident, collision, comprehensive (if you hit a deer, for example), medical expenses for you and passengers involved in an accident, roadside assistance, and rental reimbursement. When applying for coverage, insurance companies evaluate risk to create rates, considering factors like age, gender, location, vehicle type, marital status, accident history, driving record, annual mileage, and credit score. When looking to improve your rates, first address the risks that an insurance company evaluates when determining premiums. Wh ile factors such as age and location cannot easily be changed, look into driving a car with a good safety rating, taking a safe driving course, or investigating alternative methods to get around, such as public transportation, to lower the number of miles you put on your car each year. Life Insurance Unlike buying a homeowners or auto insurance policy, there is no “right” time to buy life insurance. Life is unpredictable and tragedy can strike at any time. It is best to be prepared by being proactive. Many companies offer life insurance plan options when you are hired, making this an optimal time to sign up. If you are single without children, you may want to hold off on putting a large amount of money toward life insurance. Otherwise, there are many variables to consider when deciding on a life insurance policy that is right for you. Life insurance falls into two levels, term or whole life. Term life provides coverage for a specific period of time, such as one year, 10 years, or up to 30 years. If you are under the age of 80, you are eligible for term life. If you die during the term, your elected beneficiaries will get a payout. If you die after the term expires, there is no payout available. Term is often the least expensive way to purchase a substantial amount of coverage for beneficiaries. The greatest difference between term and whole life is that whole life covers an individual for an entire lifetime. Whole life typically has fixed periodic premiums based on the assumption that the person will retain the policy throughout his/her entire life, with a death benefit that remains level. Bundling We often purchase auto, home, and life insurance at different points in our lives, finding insurance providers piece by piece until we are fully covered. Many of us often do not reevaluate our policies and rates, when doing so could ultimately save us money. Bundling allows for all insurances to be purchased through the same company, providing discounts on premiums and the added convenience of paying one single bill to one provider. To ensure you are getting the best rates on bundled insurance, be sure to shop around and compare packages. Some insurers may offer discounts, but with lower coverage. Be sure you are receiving all of the coverage you think is necessary to cover your auto, home, and life policies. 46 724.942.0940 TO ADVERTISE | Brentwood-Baldwin-Whitehall

IN Brentwood-Baldwin-Whitehall Spring 2016 | Page 48