Life Insurance

 

How much is enough? The amount of life insurance does not have to be an arbitrary number that “sounds like it should be enough”!  We have industry accepted calculators that assist is designing coverage that is financially appropriate for your family or business.

 

Things to consider about life insurance…

 

Credit Life is used for covering large debts such as a home or a car and will pay the remaining debt off if death occurs. This coverage is simply term life insurance but is usually more expensive than buying a standard term life insurance policy. Also, upon death, the credit life beneficiary is the creditor not your family. The benefit is paid to the creditor and if there is any amount left over, the family will receive the remainder. With a standard term life policy your family will decide how to best appropriate the benefits of the policy.

 

  • Group Life Insurance.  A small amount of group life insurance is offered by many employers.  You can also buy more through the group policy, usually up to 6 or 7 times your annual salary. Group policies are also good for people who have health issues or are not insurable in the private market. Always take advantage of the portion paid for by your employer, but buying more through your employer and/or not having any other life policy outside of your group policy could be risky and expensive.

  • You do not own your group life policy, your employer does.  Your employer may cancel at any time or you could choose to change jobs or lose your job and be forced into qualifying for a policy. If those events occur and you have developed a health problem, your premiums may be unaffordable or even worse you may be uninsurable.

  • Due to the an employer offered life policy accepting all risks, buying extra coverage through the group policy will most likely be more expensive.  If you are in good health, it would be prudent to price life insurance outside or your group policy.

 

 

10 Strategies to Reduce Your Insurance Premiums and Better Protect Your Family in less than 10 days!

 

10. Yearly Review. Review your overall protection yearly. If your credit has improved, profession has changed, accidents and/or citations become 3 years old, claims made on a homeowners policy or rental policy become 3 years old you may be in for a reduced premium. If you have not done a review, you do not have to wait for your renewal.

 

9. Your Profession May Lower your Premiums. Check with your insurer to see if they have discounts for certain types of occupations know as Affinity Programs. These affinity programs can add additional savings not only for the person who qualifies but for all members of the household. Common affinity groups are police officers, fire fighters, teachers and sometimes engineers and scientists. Always be sure to discuss your profession with your agent .

 

8. Pay Less for Your Umbrella. Umbrella policies extend your coverage beyond your auto and home liability protection. Increasing the amount of liability coverage on your auto and home will drive the cost of your umbrella down for a net overall savings.

 

7. Combine Auto, Home and Life. Many Insurance companies offer discounts for having different types of insurance within their company. These discounts can add up to 10 – 20% of savings.

 

6. Renters’ Insurance for FREE? A basic renters’ policy, which many landlords require, can virtually pay for itself by combining it with your auto coverage. The discounts available for having an auto and renters policy with the same company can save enough on your auto insurance to sometimes pay for the renters’ policy.

 

5. Credit Life Insurance. It’s not your money! Credit life insures against the inability to pay a creditor incase of loss of life. Who is the beneficiary?...the creditor not you. Give your survivors the option to do with the proceeds as they see fit. more>>