IN Canon-Mac Spring 2016 | Page 38

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 \[