Risk & Business Magazine General Insurance Services Spring 2020 | Page 30

LIFE INSURANCE
Life Events That
Affect Your
Insurance Needs
A
s we age and reach different
milestones in our lives, our
insurance needs change. In
order to ensure adequate
coverage, contact your
insurance advisor if you’re affected by any
of the following life events:
•
New Home Ownership—
Purchasing a new home is a big
investment—one that you will
want to protect. After purchasing
a home, ensure that you have
homeowners insurance to protect
against things like fire, weather
damage, theft, vandalism, and
accidental damage. This advice
also holds true if you are buying a
new condo or vacation home.
• Home Renovations—Once you
own a home, you may want to
make updates to create a better
living space. Be sure to report
major home improvements to your
insurance company to protect any
increased value to your home.
• Valuable Purchases—A standard
homeowners policy has limited
coverage for highly valuable items.
Supplement purchases and gifts
that exceed the policy’s limits with
30
BY: SCOTT TEMPLIN,
PERSONAL RISK ADVISOR,
GENERAL INSURANCE SERVICES
a floater—a separate policy that
provides additional insurance.
•
•
•
Marriage—When your marital
status changes, so do your
insurance needs. Marriage
typically leads to the combination
of households, vehicles, and other
property, so it is critical to update
your insurance policies accordingly.
What’s more, life insurance is vital
to married couples as it can ease
the financial burden in the event of
an untimely death of a partner. Ask
about discounts on car insurance
for married policyholders.
Children—Having or adopting
children is not only a huge life
change, but it’s also a major
financial commitment. As such, it’s
important to purchase the right
policy to secure your child’s future.
Add your child as a beneficiary
on any life insurance policies,
and make sure your coverage is
sufficient.
Teenage Drivers—Teen drivers
often carry the highest risk of auto
accidents. While you want your
teen driver to remain safe on the
road, costly accidents can happen
without warning. Consider adding
your teen driver to your auto policy,
as it is generally cheaper than
purchasing a separate policy.
• Retirement—When you retire, you
may change residences. If you have
more than one home, this is a good
time to let your insurance provider
know where you plan to spend your
time.
• Purchasing or Selling a Business—
If you’re an entrepreneur, there
will likely come a time when
you will either buy or sell your
business. During these times of
major change, the proper coverage
is crucial.
Insurance is critical for nearly every stage
of life. Seeking coverage should be an
active process, and individuals shouldn’t
assume their insurance needs remain
steady over time. If you would like to
discuss your insurance needs, feel free to
contact us. We’re happy to help. +
A graduate of Butler University in 2010,
Scott Templin moved to Northwest
Indiana when his wife had the
opportunity to return to the family farm
in Westville. In his free time, Scott loves
sports, cats, board games, and exploring
the world with his wife.