When is it time to update my insurance coverage?
Insurance is about protecting what’s important to you, both personal and business, against the unexpected. Anytime you have significant events or changes in your life, it's time to think about reviewing and updating your coverage. Here are some examples with which Bob Morgan Insurance will be happy to assist by evaluating your insurance and finanical needs:
Personal Insurance Considerations for Individuals or Family
- A change in marital status
- A new baby
-
New drivers in your household
- Kids going away to college
- A new job or starting a home business or need a home-office for an SMB
- Changes in your income and financial situation
- Changes in health, including disability
- Paying off a car loan
- Purchasing a home
- Moving to a new apartment
- Home improvements
- Approaching retirement
- Purchasing jewelry, antiques or vintage valuabes, computer equipment, luxury clothing or other expensive items
Do I need a life insurance policy? Why?
Almost everyone can benefit from life insurance. It is the best way to provide financial assistance to your survivors. Life insurance serves several purposes.
- It can provide mortgage protection.
- It serves as replacement for income lost by a family wage earner.
- It can help pay for services provided to family members.
How much life insurance do I need?
Since the goal generally is to provide for loved ones over a period of time, a common rule is that each provider in the household should have at least ten times their annual salary or annual contribution value. Any outstanding mortgage balance or other large debts should also be considered in your calculation; however, this amount should be in addition to the amount purchased to provide income protection.
How often should I review my life insurance needs?
As your life changes, your needs do, too. A common recommendation is that you should review life insurance protection at least every five years or sooner if a major life event such as marriage, divorce, a new child, home purchase, new job, starting a business or retirement, to name a few situations.
Why have I been hearing so much about long-term care insurance?
People are discovering that long-term care insurance can help pay for extended care without completely exhausting personal finances. As the general population gets older, long-term care (including nursing home and in-home care) has become a costly necessity for many families. Without longer term care coverage, families may eventually find their homes, savings and other assets in jeopardy while struggling to pay the costs of living -- necessities or otherwise. By planning ahead and considering options to help pay for such extended care, these situations can be more manageable.