Do I need life insurance, if I am single?

As you plan your future, you might want to consider getting life insurance now — even if you’re single. This is because insurers base premiums on your age, along with other factors. As your age increases, so does your premium. Your status can change and you want to make sure you can get the coverage you need at an affordable price. Aside from this, you also need to make sure you provide for people who depend on you.

Single Parents

Life insurance enables you to take care of your dependents long after you’re gone. This is crucial particularly if you have young children. You’ll need to think about their ages and the period for which you they would be depend on income from you. You also need to consider their college education. You can provide for your children until they can fend for themselves.

Dependent Parents

People are living longer and you may have parents who depend on you for their care. You can make sure your parents can continue to live in the life style to which they’re accustomed. You also can make sure that their health insurance premiums are paid and current. You can set benefits aside to help supplement your parents’ social security income or just to make sure their needs are fulfilled

How Much Coverage Do You Need

The amount of coverage you need depends on your situation. You need to think about who depends on you for financial support. You also can add in anyone you’d like to make sure is okay when you’re gone. A formula you can use is to figure the annual amount you believe each of your dependents or beneficiaries needs. Multiply that amount by the number of years for which you’d like to provide coverage.

Planning for your dependent’s future is sometimes difficult because no one likes to think about his or her demise. Think instead about your loved ones and how much they depend on you. Speak with one of our insurance agents today so we can show you how to secure you and your dependents’ financial future.

Does my Marital Status Play Any Role in Deciding my Home Insurance Policy?

Buying a home insurance policy requires accurate information and management. When you get married, it may impact your policy because you may need to change the coverage that you have purchased to account for new risks and concerns that may arise. Furthermore, there is more property in the house that must be covered. While your marital status can impact that coverage that you need, it may or may not impact the policy that you select.

The Property

The primary factor that impacts your policy is not really your marital status, but the property that you have purchased. While your spouse should be listed under your policy, you may not need to purchase a joint policy in every situation. There may be times that it is easier to maintain the policy that you purchased before getting married or that you may not want your spouse carrying a joint policy for any reason.

Selecting a Plan

Ultimately, the decision to maintain separate coverage or purchase a joint policy is a personal choice. You may or may not need to make changes to your current homeowner’s plan after getting married.

Selecting a plan that is appropriate for your needs will require an acknowledgement that your spouse lives in the house, but it may not greatly impact your policy requirements. In some cases, your insurer may ask that you purchase additional protection if your spouse is bringing expensive items into the house.

Marriage does not automatically change your policy, but there may be alterations that you will want to make after getting married and buying a new policy. The key is recognizing your personal needs and focusing on your goals when selecting a policy. Contact us to speak to an agent for more details.