How often should I update my insurance policies?
As your life changes, your insurance policies should, too. Whether you’re celebrating a new chapter in your life or navigating significant changes, staying on top of your insurance needs is crucial to ensure you’re adequately protected.
Major life events can dictate how often and when you should update your insurance policies, especially after significant life events like marriage, job changes, relocations, or expanding your family. Annual policy reviews provide an opportunity to evaluate your coverage in light of any changes in your life or assets. This helps ensure you’re neither underinsured nor overpaying for coverage you no longer need.
Getting Married
Marriage is a significant life event that often brings financial merging. After tying the knot, it’s advisable to review your insurance policies together. This includes health, auto, and home insurance. Combining policies or making adjustments can lead to potential savings and more comprehensive coverage.
Changing Jobs
Job changes can affect your insurance needs in various ways. You may need to adjust your health insurance coverage if your new employer offers different plans. Similarly, if your job involves a longer commute, it might impact your auto insurance rates. Always inform your insurance provider about changes in your employment status to ensure you’re adequately covered.
Moving States
Relocating to a new state can bring changes in insurance requirements and pricing. Auto insurance, in particular, varies significantly from state to state. It’s essential to update your policies to comply with your new state’s laws and potentially find better rates based on your new location.
Expanding Your Family
Welcoming a new family member through childbirth or adoption is a joyful occasion and a time to revisit your insurance coverage. Consider increasing your life insurance policy to provide financial security for your growing family. Updating your health insurance to include your child is also crucial for their well-being.
Home Renovations
If you’ve invested in home improvements or renovations, it’s essential to update your homeowner’s insurance to reflect the increased value of your property. This ensures that you’re adequately covered in case of damage or loss.
Retirement
As you approach retirement, your insurance needs may change. You might need less life insurance and could explore long-term care insurance to prepare for potential health-related expenses in your later years.
Regularly Reviewing Your Policies
While the life events mentioned above are good reasons for policy updates, it is wise to review your insurance coverage yearly. Additionally, reaching out to your insurance agent for a comprehensive policy review can help identify any gaps or better rates with higher coverage.
It’s important to remember that life is always changing and evolving, and so are our insurance needs. To ensure that we are fully prepared for whatever comes our way, we must regularly review and update our policies as significant life events occur. Our local agents are always happy to assist you in reviewing your policy and making any necessary updates to provide you with the best possible coverage. Our top priority is your peace of mind.
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Is Final Expense Insurance Right for Me?
Final expense insurance may be the right choice for seniors who want to cover their final expenses. Also referred to as burial insurance or funeral insurance, it is a type of life insurance policy designed to cover final disposition and funeral services after death.
Funeral and burial expenses have been rapidly rising for the past 30 years. Families have paid an average of $7,848 for funerals with burials in recent years, as stated on CNN. However, this figure does not include the costs of a headstone, a vault, or opening and closing of the ground, which can add thousands. Opting for cremation is nearly as costly, at an average of $6,971.
How Is Final Expense Insurance Different Than Traditional Life Insurance?
Burial insurance policies are typically offered in lower amounts than traditional life insurance. Other distinctions include the following:
- You do not need a medical exam. Anyone can qualify, regardless of health.
- It may be possible to purchase final expense insurance up to the age of 80.
- As coverage amounts are lower, monthly premiums are usually affordable.
- You often have the option to pay once a year or once a month.
- Premiums are fixed for the life of the policy.
- Some policies can earn dividends.
- Beneficiaries receive a cash payout that can be used to cover your final expenses.
Who Needs Final Expense Insurance?
Final expense insurance is offered in lower amounts for affordable premiums without a medical exam. This makes it an ideal choice for older, retired adults who no longer need life insurance for income replacement but want to cover the costs of their final expenses to spare family members the burden. This type of policy can remain in effect up to the age of 100 or beyond. It can provide peace of mind for individuals who want coverage their families can rely on.
How Much Does Final Expense Insurance Cost?
Rates for funeral insurance can vary, depending on your age and the death benefit. They start at an average of approximately $53 per month. The younger you are, the lower your premiums are likely to be. For example, a retired, 65-year-old woman in excellent health may be able to purchase $10,000 in final expense insurance for $56 per month, while a 55-year-old woman would pay approximately $40, and a 75-year-old woman would pay slightly more than $86 per month.
The best approach is to shop around and compare at least three insurance providers before making a decision. Purchase the policy from a reputable company that offers the best available rates and coverage. When deciding, one thing to consider is whether the policy has a waiting period. In some cases, you could pay premiums for as long as two years before your coverage goes into effect.
Final expense insurance may be the right choice for you if you no longer need income replacement protection but want to spare your family the burden of funeral and burial expenses. Our friendly agent can help you find the right final expense insurance policy for you.
9 Habits of a Strong Female Leader
National Business Women’s Week is celebrated during the third week in October every year. This gives us an opportunity to recognize and honor working women. For nearly a century, this celebration has helped promote leadership roles for women. Trading old habits for better ones can help women become more effective leaders in their organizations. Here are nine habits of strong female leaders.
Step Out of Your Comfort Zone
To be a strong leader, you must have courage. Rather than operating in your comfort zone, participating only in areas where results are predictable, eagerly welcome new ideas and the opportunity to learn. Welcome new challenges, even if there is a risk of failure.
Demonstrate Emotional Intelligence
Avoid reacting to troubling work situations with hurt, fear, anger, or difficulty managing emotions. Instead, monitor your own and others’ emotions. Use intelligence and empathy to lead, manage, and collaborate with your team, peers, and the organization’s leaders. Practice calmness to help you keep emotions in check when making decisions and effectively lead others.
Communicate Effectively
It is important to assert your leadership and influence with your voice. Speak up and speak out concisely. Repeat your message as often as necessary to make it stick. This particularly applies when your purpose is to establish a vision for the future or change or norm with your team. Practice persistence and do not give up, even against resistance.
Listen Actively
The best leaders have the (often rare) ability to listen. Be open to communication from your team. This can help you get the most from your employees and better understand any resistance or difficulties. If an employee comes to you with a complaint about another team member, direct them to HR so they can report the issues and monitor what occurs.
Develop a Leadership Presence
Instead of taking a backseat at the table, walk, talk, and look like a leader. Accept credit for your own accomplishments, and give credit where it is due to help engage and inspire your team. Delegate responsibility to associates and find ways to empower others. Develop a habit of confidence. Know you will succeed, and know that others believe it as well.
Set a Good Example
A good leader leads by example. Be intentional in everything you do. Start and end meetings on time. Request feedback routinely. When you lead, others are watching. Your reputation will reflect your actions.
Cultivate Good Relationships
Make it a practice to consistently develop relationships with leaders and influencers inside and outside of your organization. Cultivate these relationships by listening, learning, sharing, supporting, and contributing.
Be Adaptable
In addition to confidence, perseverance, and creativity, all leaders need adaptability. Demands are different in every job and work environment, and they will continue to evolve with the workforce, client needs, and technology. Leaders need the ability to weather changes and use them to their advantage.
Ignore Bad Advice
To move forward, you must stick to a sound plan based on knowledge of your company, industry, and clients. This may involve ignoring some advice, particularly from uninformed or inexperienced sources. Only listen to those who have experience in the area concerned.
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5 Tips to Keep Teens Safe Behind the Wheel
This week is National Teen Driver Safety Week (October 15 through 21, 2023). Due to various factors, teen drivers have a higher risk of being involved in a crash than older drivers. Parents play an important role in teen driving safety. The following are tips to help keep teenagers safe behind the wheel.
Schedule Driving Practice Sessions With Your Teenager
One of the main risk factors for teen drivers is inexperience. Teens may lack the judgment to allow safe gaps in traffic, turn safely, and travel at the right speeds for conditions. Teen drivers who continue to practice with their parents have a lower risk of being involved in a crash.
Lay Down Ground Rules and Expectations
Parents who sign for their minor children to receive driver’s licenses are legally liable for any damages their children may cause behind the wheel. Before your teenager is allowed to drive, it is important to discuss your rules and expectations. Some parents enter into written agreements with teens to ensure the rules are understood.
Establish when the car can be used, who will pay for gas and insurance, and what the ground rules are. Make it clear to your teen driver that none of the following are allowed:
- Using cell phones while driving
- Taking on extra passengers
- Speeding
- Alcohol or drug use
- Driving or riding without a seatbelt
Take Steps to Deter Speeding
Speeding is a major safety issue among teen drivers. In 2021, it was a factor in 32% of passenger vehicle drivers 15 to 18 years old involved in fatal crashes, as reported by the National Highway Traffic Safety Administration (NHTSA). Studies have shown that speeding increases over time as teen drivers gain confidence. Get involved, monitor your teenager closely, and set a good example by never speeding yourself. Wait to get your teenager his or her own vehicle. According to a study by the Governors Highway Safety Association (GHSA), teens are more likely to speed in their own vehicle than in the family car.
Help Prevent Drowsy Driving
With school, extracurricular activities, part-time jobs, and socializing with friends, teens tend to compromise on their sleep. This can lead to drowsy driving, which affects a driver’s alertness, attention, reaction time, judgment, and decision-making capabilities. To reduce the risk of a drowsy driving accident, establish and enforce a regular bedtime, limit the use of electronic devices, and limit nighttime driving.
Set a Good Example
Parents who engage in unsafe driving behavior, such as texting or talking on cell phones while driving, set a bad example for teen drivers. Studies have shown that teens whose parents impose restrictions and set good examples typically engage in less risky driving and are involved in fewer accidents.
When your teenager starts driving, it is essential to have the right auto insurance coverage to protect you from liability. Our knowledgeable agent can help you add a teen driver to your policy and get the coverage you need at the lowest possible cost.
Explainer: What is Long-Term Care Insurance?
It’s not something you want to think about, but most of us will need long-term care at some point in our lives. In fact, according to the U.S. Department of Health and Human Services (HHS), once a person reaches age 65, they have almost a 70% chance of needing some type of long-term care services […]
How to Plan for the Future You Want
October is Financial Planning Month. This is a time when we are reminded to prepare budgets and keep spending in check during the holiday season. Our approach to financial planning can depend on our phase of life. Still, the earlier we begin planning and saving for the future, the easier it will be to make our targets.
Steps to Improve Your Financial Situation
Take the following steps to help improve your financial outlook:
- Create a budget: List your basic expenses (mortgage or rent, utilities, car payment, auto insurance, groceries, etc.). Review your expenditures from the past several months and reduce them wherever possible for the future. For example, limit meals out and drive-through coffees.
- Start saving: Set aside a certain amount for savings each month. Consider setting up an automatic transfer from your checking account to a savings account. If your employer offers a 401k with matching funds, contribute the maximum allowable amount.
- Pay your bills on time: Late fees and penalties can add to your total expenses and hurt your credit. One way to ensure you pay on time is to set up automatic bill payments online.
- Sell items you no longer use: If items you never use are taking up space and collecting dust, sell them. One option is to advertise on Craigslist, eBay, or a similar marketplace. If you cannot sell them, donate them and get a receipt so you can take the deduction on your tax return.
What Role Does Life Insurance Play in Financial Planning?
A permanent life insurance policy can be a valuable financial planning tool. Financial planning involves meeting life goals through proper management of finances. The process includes elements of wealth creation and planning for emergencies and milestones in life. Life insurance can be a fundamental part of a sound financial plan. It may come into play in any of the following areas:
- Paying off a mortgage: A mortgage is one of the largest monthly expenses for most families. Life insurance can provide your family with a lump sum to pay off mortgage debt, eliminating financial stress and the risk of loan default and foreclosure should something happen to you.
- Paying for higher education: The average cost of a four-year college education for a student living on campus at a public, in-state college is $108,364, according to the Education Data Initiative. At a private, nonprofit university, the average cost is $223,360. You can factor the costs of higher education into the death benefit of your life insurance policy.
- Covering funeral and burial expenses: Funeral and burial costs have risen fast for the past three decades. A life insurance policy can provide your family with a lump sum of cash to cover your final expenses.
- Generating tax-deferred growth: A permanent life insurance policy can grow cash value, which you can draw on as needed without paying taxes.
Life insurance can play an important role in financial planning. Consult with our knowledgeable agent to find out how a policy can benefit you.
