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.
Umbrella Policy
Still feeling unprotected in some way? An umbrella insurance policy
could be exactly what you are looking for to feel comfortably covered.
Umbrella insurance provides extra liability coverage to protect against
major claims and lawsuits. This additional coverage kicks in once your
other policy coverage is exhausted. In addition, coverage for claims such as false arrest,
libel, and slander or for rental units is included in this type of policy. Umbrella insurance
goes above and beyond in providing coverage for injuries, damage to property, and certain
lawsuits. Policies are typically available in million-dollar increments, giving you an idea of
whether you’d fit into the category of individuals who would benefit from having this type
of coverage. Individuals often decline umbrella policies because they don’t feel that they
need that level of insurance, but keep in mind how costs can add up with any accident,
including lawyer fees, medical bills, and damages, among other costs.
Benefits of a Local Agent vs. Online
Quotes
You are probably ready to do some research into
policies with all this talk about insurance. You have two
options: finding a local agent or getting quotes online.
Shopping online can allow for quick and convenient access to rates through a variety of
different insurance providers, but the waters are murky when figuring out which plans are
right for you and your family. Local agents are, first-off, local. They are familiar with the
community and what policies would be best for your locale. Want to make sure you are
getting the best deal? There are also in \[