Making Sure You're Properly Covered

Making Sure You're Properly Covered

July 17, 2019

Millennials have youth on their side and may not devote much attention to their insurance needs. Nevertheless, those needs are real, so it makes sense to consider insurance coverage that befits your personal circumstances without overspending.

Purchasing insurance can seem like a hassle, especially for people who have never done it. Buying insurance doesn’t have to be difficult or expensive, and it might even cost less than you think. Considering everything you need to protect—your life, health, personal belonging, car—it pays to shop smart by reviewing the insurance you have and keeping it up to date.

Evaluate your health insurance. Your youth does not mean you can forego health insurance. But it might mean you can forego low deductible policies. In this type of policy, you have a large deductible, which is the money you spend out of pocket for medical costs before your insurance kicks in. While this will keep your premiums low, you run the risk of paying out the full deductible amount should you need expensive medical care.

If you rent your home, consider renter’s insurance. Countless millennials have postponed home ownership to live in a rental unit. Renter’s insurance is appropriate for tenants because it protects belongings and appliances. These policies may also accept riders (at additional costs) to cover against the liability claims of others. One shouldn’t assume that a landlord’s insurance covers the rental unit’s contents. Naturally, people living in a flood plain benefit from flood insurance sold by the federal government.

Life insurance protects your loved ones, and you. A less expensive type of insurance is term life. If you are young and healthy, a term policy might provide appropriate coverage and low premiums. A cash-value policy, such as whole life, universal life, or a variable annuity, provides not only a death benefit but also tax-advantaged savings that can build up for many years. Buying one at an early age can save many thousands of dollars in premiums over a lifetime.

Details make all the difference. Insurance policies give you many options, and it truly pays to understand them. Life insurance policies offer many riders (at an additional cost) for various features, such as inflation protection, higher coverage for accidental deaths, coverage of longterm- care costs, and many more. The more you know, the easier it will be to obtain the appropriate coverage for your situation.

Insurance should keep up with your needs. Life is always evolving. It’s a good idea to annually review your insurance portfolio and ensure it’s meeting your current needs. Contact me today and together we can create a plan that allows you to invest in your financial and physical wellbeing.

The cost and availability of Life Insurance depend on many factors such as age, health, and amount of insurance purchased. In addition to premiums, there are contract limitations, fees, exclusions, reductions of benefits, and charges associated with policy. And if a policy is surrendered prematurely, there may be surrender charges and income tax implications.

Riders are additional guarantee options that are available to an annuity or life insurance contract holder. While some riders are part of an existing contract, many others may carry additional fees, charges and restrictions, and the policy holder should review their contract carefully before purchasing.

Any guarantees are based on the claims paying ability of the issuing insurance company.

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