Time for an Insurance Check-up ? When is the last time you did a check-up?

October 7, 2013 at 1:51 pm Leave a comment

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When was the last time you reviewed your insurance coverage? Just as getting an annual medical check-up is a sensible way to maintain your health, reviewing your insurance policies annually can provide peace of mind and may save you money. As you review your policies, here are some questions to keep in mind: 

 

 

 

Life Insurance

  • We’ve just had a baby. Should I increase my life insurance coverage? Purchasing more life insurance can help cover the costs of your child growing up, if something unexpected should happen to you.
  • Does my recent marriage affect my life insurance? If you have recently gotten married, you might want to increase your life insurance coverage or change the beneficiaries on your policy. Having more life insurance could make your family’s future even more secure.
  • How does my new job/layoff affect my coverage? If you recently got a better paying job and are planning to expand your lifestyle (a new home, a bigger car, etc.), then getting more life insurance might be a good idea. If your life insurance policy was tied to your old job, you might want to consider starting a new policy that suits your current needs.
  • How much life insurance do I currently need? To find out how much life insurance you might need, use this handy life insurance calculator.

Mortgage Insurance

THE ADVANTAGES WITH LIFE INSURANCE COMPANIES:

  • You can name a beneficiary
  • Transferable protection when you move or change institutions.
  • Guaranteed and fixed premiums.
  • Premiums established according to each client rather than a group.
  • Disability Insurance Option: [ Pays your monthly mortgage payment for 2 years if you have an accident or illness. ]
  • Critical Illness Insurance Option:[ pays the whole mortgage if you have a stroke, cancer, heart disease, 20 illness in all. ]

THE DISADVANTAGES OF DEALING WITH BANKS OR CREDIT UNIONS:

  • You can’t name a beneficiary, the bank is the Lender.
  • You can’t transfer your mortgage insurance protection when you move or change institutions.
  • Premiums are not Guaranteed; if interest rates go up, your insurance will as well.
  • Premiums established according to group of borrowers not the client.

Disability Insurance

Some advantages to private disability insurance

  1.   Benefits you receive if you become disabled will be tax-free, as long as you paid the insurance premiums with after-tax money.
  2.   The policy will not be tied to your current job. This leaves you free to experience a mid-life crisis, heading off to the Himalayas with disability insurance in tow. More seriously, if you have entrepreneurial ambitions, it might be a good idea to lock in an individual policy while you can. Once you become self-employed, affordable disability insurance will be very difficult to find.
  3.   If you are a highly skilled, highly paid specialist — like a brain surgeon, a power forward for the Knicks, or a wedding DJ — you may want disability insurance that locks in this exceptional income level. This more-expensive class of policies is called own-occupation coverage. Any-occupation coverage is the more-common — and less-expensive — group insurance option. Any-occupation policies require you to take lower-paying jobs in your field, if available, with no insurance payments to make up for any lost income.

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Who Needs Life Insurance? Alert ! Mortgage Insurance, Good, Bad, and Ugly Must read for Homeowners

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