Saturday, April 12, 2014

How Marriage Affects Life Insurance & Options Available

When the wedding bells ring and the cake’s been eaten, many newlyweds realize it’s time for less glamorous tasks that should be part of marriage, too -- such as updating their insurance policies.

It’s important to review your insurance options with your spouse to make sure you’re getting the best coverage at the right price. It’s also extremely important to make sure life insurance is on your list, in order keep your new family financially secure and in the event you’re not around to care for them.

Further, the younger you are when you apply for insurance, the lower the premiums. If your family plan includes children, it’s best to purchase a policy that will keep your family covered until they’re college graduates.

Some insurance experts describe life insurance as "renting a safety net," and "term" life insurance fits well within that category. With term life insurance, the owner pays a fixed premium, toward a concrete payoff over specific time, typically 5, 10 or 25 years. If the policyholder dies during this period, the insurance company pays the promised amount. Alternatively, when the policy reaches its deadline or expiration, the coverage ends and a new policy must be secured to continue coverage.

Generally, term life insurance is more cost effective for younger families, and is most often secured by people in their 20s, 30s and 40s.

A second variation of life insurance is referred to as "cash-value" life insurance. With cash-value insurance, the policyholder pays the premium for the rest of his or her life, unless they decide to cash it in and received the cash value as a lump sum. The cash value of the policy is different from the policies face amount, however: Face amount is the amount of money that will be paid at the death or policy maturity, while cash value is the amount available if the policyholder surrenders a policy before its maturity or his or her death.

Cash-value, or whole life insurance, is also known as permanent insurance because it's good for an indefinite period of time. Three types of cash value insurance include whole life, universal life, and variable life. Call us at Ryan Insurance & Financial to learn more about them.

Discussing your need for life insurance shouldn't be a scary proposition; if anything, it should bring you more peace of mind, especially at the start of your new marriage.

Just in time for spring: Give your RV and boat an insurance tune-up

Spring is here, and many Floridians are revving their RVs and buffing their boats. As part of your spring checklist, take a good look at your insurance policies. Don’t let a road trip or a day on the lake turn into a financial fiasco.

Whether you drive a motor home, motor coach or camper van, your recreational vehicle is a second home, a vacation in itself, and maybe even your future retirement home. Likewise, boats are prized – and pricy – possessions.

In Florida, you must carry at least $10,000 of personal injury protection and $10,000 of property damage liability on your RV. Surprisingly, Florida does not require insurance for recreational boats, but your lender and marina may have minimum liability limits.

For your protection and peace of mind, we recommend that you go above and beyond the minimum requirements.

At the very least, your RV and boat policies should include:
• Bodily injury liability
• Property damage liability
• Collision insurance
• Comprehensive coverage for non-accident damages including theft, vandalism, fire and acts of nature
• Personal injury protection (PIP)

You may also elect to purchase additional insurance to cover personal property, medical payments, fishing equipment, towing and roadside assistance.

We suggest that you insure your RV and boat year-round. Even when they’re not on the road or in the water, they can incur damage.

We can help you chart the right course for RV and boat insurance. Call us today at 386-738-2000 for a free insurance quote or review. We’ll sit down with you to discuss your needs, identify discounts, and develop a personalized insurance plan.