When to Review and Update Your Life Insurance Policy

/in

Life changes—like marriage, children, or income shifts—are the perfect time to review and update your life insurance coverage.

Happy Family standing together

Life insurance can provide for your family members and loved ones in the event of the unthinkable. Many purchase life insurance when they start a family and keep their policy throughout adulthood. Periodically reviewing your life insurance policy can help ensure that your policy meets your needs and the needs of your beneficiaries.

How Much Coverage Do I Need?

There are different ways to calculate how much life insurance you need. Here are some examples of ways to calculate life insurance coverage:

  • Use an online calculator: Online calculators help you estimate adequate life insurance coverage. There are many types of life insurance calculators online. Your insurance agent can help you find a life insurance calculator to help you meet your goals.
  • Multiply your income by 10: Multiplying your income by 10 is a fast and straightforward way to calculate life insurance coverage, but it doesn’t consider coverage for stay-at-home parents or your existing savings.
  • Add debts plus income: Add your debts, including your mortgage, plus $100,000 for each child to attend college. Next, add ten times your annual income to the total. The resulting amount is a good starting point to determine how much life insurance you need.

As you’re determining your life insurance coverage, know your goals. For some people, the purpose of getting life insurance is to ensure their family can live comfortably, even if they lose a source of household income following a death.

Others want life insurance to provide for a significant expense, like their mortgage, so their family can live less expensively when they die. Knowing your goals can help you decide how much life insurance to get.

When Should I Review My Life Insurance Coverage?

Some people review their life insurance policy annually when they review their home insurance policy. Others wait for significant life events to initiate a review. Here are some examples of the times when to review your life insurance policy:

  • Significant life changes: Many people choose to review their life insurance policy when a baby is born, when they get married, after a divorce, or during a time of other significant life changes.
  • Changes in income: If your income has gone up or down, this may affect how much life insurance coverage is needed to maintain your household.
  • Financial changes: If financial changes affect how much life insurance you can afford, this may be when you should review your insurance coverage.

If you haven’t had a major life change or reason to update your life insurance policy in the last several years, review your policy every five years, regardless of your perceived need.

How to Review Your Life Insurance

Reviewing your life insurance policy doesn’t have to be a complex undertaking. Work with your insurance agent to ensure the process is fruitful and productive. Here are the steps to reviewing your life insurance:

  • Gather the policy documents. You may need to request the insurance policy documents from your insurance agent.
  • Know your financial obligations and assets. Create an updated list of your debts, future expenses, and income replacement needs. Create a separate list of assets. This information will help you calculate your life insurance needs.
  • Review the policy. Know how much your policy will pay in the event of your death and review your beneficiaries. Will the amount indicated on the policy cover your financial obligations? Will it meet your goals for your life insurance policy?
  • Explore the options. If your life insurance policy is no longer adequate, schedule a meeting with your insurance agent to explore your options and upgrade your policy as needed.
  • Make adjustments as needed. Adjust your policy as needed once you’ve worked with your insurance agent.

Preventing Foodborne Illness In Your Home

/in

Foodborne illnesses affect a significant number of Americans each year, with approximately 48 million people falling ill, according to the Centers for Disease Control and Prevention. These illnesses occur when we consume contaminated food or beverages. It is essential to understand how to prevent foodborne illnesses in our homes and adopt safe practices while grocery shopping.

When you’re at the grocery store, there are a few key points to keep in mind:

  • Always use plastic bags to separate raw meat, poultry, and seafood from other items in your shopping cart. This helps prevent the juices from these items from dripping onto other foods. If possible, place these items in a specific section of your cart, such as a bottom rack or front area.
  • Prior to purchasing, carefully inspect the packaging of canned goods. Avoid buying cans that are dented or bulging, as they may have lost their seal and could be contaminated. For other types of packaging, avoid products with torn edges, ice crystals, or signs of being opened.

When transporting your groceries home, it’s important to consider food safety

Be mindful of the time your groceries spend in your car. Experts recommend a two-hour window for transporting groceries between the store and your home. However, if the outdoor temperature is 90 degrees Fahrenheit or higher, this window shrinks to approximately one hour. It is preferable to store your groceries in an air-conditioned car rather than the trunk. For longer drives, bring a cooler to ensure the freshness of perishable items.

Once you’re at home, there are additional precautions to take:

  • Avoid leaving cooked food at room temperature for more than two hours. It’s best to refrigerate cooked and perishable foods promptly to prevent the growth of harmful bacteria.
  • Thoroughly wash your hands with soap for at least 20 seconds after handling raw meat. It is also advisable to sanitize kitchen surfaces before and after handling raw meat.
  • Use separate serving platters and kitchen utensils for raw and cooked food. Cross-contamination can occur if you place cooked meat on the same plate or use the same utensils that were in contact with raw meat.
  • Monitor the temperature of your refrigerator, ensuring it remains below 40°F. Bacteria can start to grow if the temperature rises above this threshold.

Understanding proper food handling practices is crucial for preventing foodborne illnesses. By following these guidelines, you can protect yourself, your loved ones, and friends from potential health risks. For more detailed information, you can visit the Centers for Disease Control and Prevention website.

If you have any questions regarding your insurance policies or any other concerns, feel free to reach out to us. We are here to assist you and provide the information you need to stay protected.

What You Need to Know About Teen Driver Insurance

/in

When to Add Your Teen Driver to Your Auto Insurance PolicyThe journey of your teenager learning to drive is an exciting milestone in their life. It represents newfound freedom and independence. However, along with the excitement comes a great deal of responsibility. It’s crucial to remind your teen that driving is a privilege, not a right, and that they must prioritize safety and remain focused while behind the wheel.

As a parent, it’s important to understand when to add your teen driver to your insurance policy. While the specific requirements may vary by state, in most cases, your auto insurance policy will cover your teen as a permitted driver until they obtain their driver’s license. However, once they receive their license, it’s essential to add them as a driver to your insurance policy, even if they don’t have their own vehicle.

Choosing not to add your teen driver to your policy not only violates the terms of your insurance agreement but can also result in a denied claim if they are involved in an accident. It’s important to proactively contact your insurance agent to discuss your options and determine the best time to add your teen driver to your policy.

Here are a few key considerations to keep in mind:

  • Good Student Discounts: Some insurance carriers offer discounts for students who maintain good grades. Encourage your teen to excel academically as it may lead to reduced insurance premiums.
  • Delivery Jobs: If your teen is employed in a job that involves delivery services, such as delivering pizzas or newspapers, it may require a special commercial policy. Discuss this with your insurance agent to ensure appropriate coverage.
  • Multi-Vehicle Discounts: Even if your rates increase due to adding your teen driver to your policy, having their own vehicle can potentially qualify you for a multi-vehicle discount, resulting in overall savings.
  • Higher Premiums for Separate Policies: Opting for a separate insurance policy for your teen driver will likely lead to higher premiums compared to adding them to your existing policy.

Ensuring the safety of your teen driver on the road is your top priority, and obtaining the right insurance coverage for your family is ours. If you have a teen driver in your household, we encourage you to reach out to our agency. We will be happy to discuss your specific situation and help you explore the insurance options that best suit your needs.