SEVEN POLICES YOU MUST HAVE:
1. LIFE INSURANCE
If you die with no life insurance, your family will most likely be stuck in a dire situation and have to make drastic changes, while they are in the process of grieving. You should have AT LEAST 10 times your yearly income set aside in a term life policy. This will relieve your loved ones of any financial stress that follows your passing, and allow them to focus on healing.
This is something that shifts more often than you think. Every time you get a raise, have a child, buy a house or have some other significant life event happen, you need to make sure that you have enough insurance to cover it. Don’t take this lightly; one-third of adults in the United States carry no life insurance, and more than half a million in the prime of their lives die prematurely each year. We want to make sure you don’t fall into that large category. If you don’t have any life insurance, we want to explain the options available to you. If you already have a life insurance policy, we can absolutely review what you have to make sure it will provide the accurate coverage you need!
Click here to have us review your life insurance options.
68 million Americans have no life insurance at all. That’s the equivalent of every man, woman, and child in the green-colored states.
2. DISABILITY INCOME
If you die, your life insurance will take care of your family. But if you are permanently or totally disabled, you will be unable to produce an income and we all know expenses and bills don’t stop just because you can’t pay them. In that case, you need long-term disability insurance that will provide about 70% of your income for an extended time period, usually until death or age 65.
You can usually get it the cheapest through your workplace. And you need to. About 49 Americans become disabled every minute, and three in ten in the workforce today will become disabled before they retire. With the average monthly benefit from Social Security disability being $1,004 a month, you can’t afford to not have this type of insurance.
Click here for us to review your disability income options.
3. HEALTH INSURANCE
Never go without health insurance—that’s just asking for trouble! Check out the various options that are available to determine which health plan fits best for you and your family.
Click here to for us to review your health insurance options.
4. LONG TERM CARE
This isn’t necessary until you hit ages 55- 60. After that it becomes vital. A nursing home can cost about $50,000 a year PER PERSON. If you and your spouse go into an assisted living facility with $300,000 in life savings, you’ll have it used up so fast you won’t believe it.
If you are approaching 60, start looking at long-term care insurance. Don’t buy it before too early before then (it’s not necessary enough at that point) or after (it can get too expensive). A best ages are from 55-60 where prices are still affordable.
Click here for us to review your long-term care options.
5. IDENTITY THEFT PROTECTION
With identity theft on the rise, it’s a smart move to protect yourself with the right insurance. Make sure your insurance includes restoration services that assign a qualified counselor to clean up the mess. We can often add this for $1-2 a month with our home and auto packages. When you opt-in to have me look at your home and auto options, I will be happy to add this into your policies to get you covered!
6. HOMEOWNERS/RENTERS INSURANCE
You should never own or rent property without having yourself covered in the case of a fire, flood, burglary or some other disaster. Renter’s insurance is relatively cheap to get, so make sure to have some.
When buying homeowner’s insurance, get one that has guaranteed replacement costs. If something happens to your home and you have a policywithout guaranteed replacement costs, you will only be covered for the value of your home at the time you took out the policy. That’s bad news if your house has increased in value. Make sure to have your full emergency fund in place so you can take the lower premium and higher deductible on it.
Click here to have us review your homeowners or renters options.
7. AUTO INSURANCE
Never drive around uninsured! The key to auto insurance is to make sure you are signed up for adequate liability coverage. If you drive an older vehicle, crunch the numbers to see if it makes sense to drop your collision.
Click here for us to review your car insurance options.
Our TEAM can help you with any of these plans.