INDUSTRY INSIGHT
E
AUTO INSURANCE
xpecting a baby is one of the most joyous experiences in
life. As you prepare your nursery, don’t forget to talk to your
insurance agent to make sure your coverage reflects the
change in your growing family. Below are a few pointers.
Health insurance
Before your baby is even born, review your coverage, and make
sure you understand how your plan covers your new family member,
as well as the mother’s needs during pregnancy. Think about prenatal
vitamins, prenatal screenings and neo-natal tests, delivery of your
baby, and pediatric care for your newborn.
Notify your insurance carrier. Generally, health insurance carriers
ask that a newborn be added to a policy within 30 days of birth.
The birth of a baby is considered a life event, and you are allowed
to enroll the baby at birth instead of waiting for open enrollment to
begin.
If your family has multiple benefit options, compare health
insurance choices to see which provides the best match for the needs
of your family.
Look at copays and coverages for both children and parents.
Depending upon your specific plan, you may have access to health
savings accounts or flexible spending accounts, which can provide
valuable tax advantages.
Life insurance
As you plan for your revised life insurance needs, you must take
the expenses of a new child into consideration, including housing,
daycare costs, medical needs, and education. Both spouses should be
covered, even if one is a stay-at-home parent, and remember to keep
your policy current. It is advisable to name a trustee to handle the
policy benefits if your child or children are under 18 years old.
It is also essential that you understand the types of life insurance
available, and that you consider the plusses and minuses of whole life
insurance as opposed to term life insurance or universal life insurance:
Whole life insurance - These policies build cash value and also
pay a death benefit that has a more expensive cost. One option is to
purchase a term life insurance with a conversion option to switch to a
whole life policy for a fee when ready.
Term life insurance - These policies offer death benefit protection
for a specific time, and term life premiums get larger as you age.
Therefore, it is less expensive in younger years than whole life
insurance, which covers you for your entire life and usually has stable
premiums.
Universal life insurance - These policies include features of both
term life insurance and whole life insurance. Typically, your premium
Cusumano Insurance, a local family-owned business, has been serving the Pittsburgh area
since 1958. The agency represents several insurance companies offering various options
for your personal and business insurance needs. Its experienced staff are creative problem
solvers who help find the suitable insurance companies, products and discounts to meet
your specific needs. Give them a call today for a free insurance review.
This Industry Insight was provided by:
Joann
Cusumano
Sciulli, AAI
Agency
Principal
Rosann
Cusumano
Elinsky, AAI,
LUTCF
Agency Principal
SPONSORED CONTENT
payments cover the actual cost of the insurance, and the balance
of the premium payment is invested to cover the increasing cost of
insurance as you age.
Universal life insurance tends to be more complicated than term or
whole life, so work with us to understand the finer points.
Auto and homeowner’s insurance
Some families like to buy bigger vehicles such as SUVs or mini-vans
upon the birth of a child, but this can affect premiums significantly.
Check insurance rates before upgrading vehicles.
If you plan on carpooling with other parents, you may wish to
increase your liability insurance in case of a car accident that affects
other children.
If you build an addition onto your home, make sure to notify
your homeowner’s insurer of major changes to prevent being
underinsured.
Many parents overlook the changing insurance needs that arise
from the installation of backyard items for kids, such as a jungle
gym, swimming pool, or trampoline. You might consider adding an
umbrella policy, which will protect you if a person is injured while on
your property.
Also, don’t forget to document all of the new baby-related items in
your home inventory. Keeping your home inventory up-to-date will
protect from perils such as fire, theft, or windstorm.
Call now for your FREE quote!
Cusumano Insurance Agency, Inc.
178 Clairton Blvd
Pittsburgh, PA 15236-3802
412-655-4432
www.cusumanoinsurance.com
Cusumano Insurance Agency, Inc. • 178 Clairton Blvd • Pleasant Hills, PA 15236
WEST JEFFERSON HILLS
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FALL 2019
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