Welcome to a new series on our blog entitled..."Are You Covered?" Each section will cover a different circumstance where there may be some confusion about the coverage provided in different scenarios. In our first installment, we will cover the topic of loaning your car to friends and family, and if the unfortunate happens, who is covered? Read on and keep your eyes open for additional topics to come soon!
Every month we talk to many people in our agency about the importance of Life Insurance. Almost everyone has some need for Life Insurance. It is an important part of everyone’s Financial Plan, but it can be very confusing. There are many questions which need answered when looking into any type of Life Insurance, and we try to help people navigate the puzzling world of Life Insurance. Some of the basic questions that we hear are:
We recently came across an article that ran in the Boston Globe last month that was titled “The 7 stupidest things we do with money”. While the overall list of “unwise” things that we can do with our money is most certainly much longer, the list is undoubtedly a good place to start.
The list that the Boston Globe writer had in the article was:
While the Boston Globe article goes into detail about each of these items, the three things on this list that we come across most often in our insurance agency are; 1-Having no clue how much to spend, 4-Not Planning Ahead, and 7-Refusing to Ask for Help.
1. Having No Clue How Much to Spend
The most important part of purchasing a Life Insurance policy, as with anything financial, is to work within your budget. There are all sorts of equations, and questionnaires to help people see how much life insurance they need. Regardless of what number is generated, the person has to stay within their budget. A Life Insurance policy that someone purchases, but cannot afford, is of no use. To buy a policy and let it cancel because you cannot afford the payments does no good for your loved ones. Find the amount that is right within your budget and find a policy that works with that. Having some coverage in force is better than having a large policy that has been cancelled.
4. Not Planning Ahead, Way Ahead
We get calls in our agency every week from people who are retiring and are inquiring about Life Insurance. Most of the time, either health conditions or the higher premium, prohibit people from purchasing a Life Insurance policy in their 60’s. Many people think it is way too early to think about Life Insurance in their 20’s. But that is the time to look for a policy. The premiums are much cheaper at that age and most times they have not encountered any health conditions that made them ineligible. It is even beneficial to purchase policies for children. Both of my children have had health conditions at birth that has made it very difficult to purchase Life Insurance policies for them. While that may not be the case for everyone, it shows that planning far ahead is a needed part of financial planning and life insurance.
7. Refusing to Ask for Help
One thing that we can all agree on is that Life Insurance is confusing. There are different policies, various legal regulations, and a ton of paperwork to review. That is why we are here. We can help you navigate the different types of policies and what might fit your situation the best. While you have to make the ultimate decision to see what fits your budget and situation the best, we are here to make suggestions and answer questions to help you find a policy that meets the needs that you have.
Contact Baker Insurance today to speak to someone about your life insurance options.
This weekend we'll see some of the hottest days we have seen so far this year. Every year in the United States, more than 600 people are killed by extreme heat. These heat-related deaths and illnesses associated with heat are preventable.
Those most at risk are infants and children up to four years of age, people 65 years of age and older, people who are overweight, athletes, people who work outside, and people who are ill or on certain medications. Read on for some helpful tips to stay safe as the temperature climbs.
Another day, another social media challenge with some murky consequences. If you're one of the millions of people who recently downloaded FaceApp to show the world what you will look like when you're old and gray: You may have unintentionally given access to your likeness to malicious actors...to do whatever they want with that content...for life!
The Fourth of July is tomorrow, which means it's time to light the fuse and let freedom ring! However all the freedom ringing is best left to the professionals. In 2017, eight people died and over 12,000 were injured badly enough to require medical treatment after fireworks-related incidents. An estimated 1,200 of those were from small firecrackers and sparklers.
You've probably heard it said "What comes up must come down." The laws of physics apply to fireworks also. An average of 18,500 fires are caused by fireworks each year, according to the National Fire Protection Association, including 1,300 structure fires, 300 vehicle fires and nearly 17,000 other fires.
Fireworks are not something to take lightly, but if you do choose to create your own neighborhood spectacle, read through our tips to keep everyone and their belongings safe.