Monday, February 23, 2015

Show your spouse you love her: Life insurance for married couples

Ah, marriage. It's the time of life when we not only marry our love, but also join in holy matrimony our belongings, checking accounts and chores lists.

It's also the time to think seriously about covering ourselves with life insurance for our spouse's possible future benefit.

When's the last time you reviewed your insurance options with your spouse, to make sure you’re getting the best coverage at the right price?

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

What are the primary two live insurance options? We're glad you asked. First, there's "term" life insurance. 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 called "cash-value" life insurance. With cash-value life insurance, the policyholder pays the premium for the rest of his or her life, unless they decide to cash it in and receive 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 at 386-738-2000.

Just as we love our spouses by sharing our lives, we show our love by giving them additional financial security by purchasing life insurance. It's must-have coverage for a show-love marriage.

Friday, January 16, 2015

Schedule a Care Review of Your Home and Auto Policies for Better Financial Health

When’s the last time you scheduled a review of your insurance policies with one of our customer service representatives? For the time it would take to shuffle a load of laundry, you can have the peace of mind that your policies are fully up-to-date and ready for anything that comes your way in 2015.

What does a care review include? Let’s touch on a few items we review to make sure your home and auto insurance policies are up to speed with your life.

Homeowners policies – We’ll review your personal belongings list and ensure they’re covered under your policy, and check your liability coverage for the proper amount. In the event of a disaster or theft, items not inventoried will be difficult to compensate for. If you’ve made any changes to your home – such as remodeling or additions – the review process will make sure your policy includes them.

Feel like your rate may need to be adjusted? Updating your policy can save you money, even if it means increasing your deductible. You may even catch new offers and lower rates if your policy is updated in a timely fashion.

Also, now is a good time for home inspections, too. Having a home inspection conducted now might reduce your rates in the near future.

Automobile policies – When we perform a care review of your auto policy we look for several things that may alter the amount of your investment. Have you added a vehicle or do you plan to do so soon? When you insure more than one vehicle, you typically pay a lower rate.

If you and/or the other drivers in your home are “good drivers” – that is, haven't had an accident in the past three to five years – your policy may be affected by good driver discounts. Or, does your current vehicle have safety equipment your previous vehicle didn’t? Discounts are available for cars with air bags, anti-lock brake systems, anti-theft systems and daytime running lights.

Good student discounts are big money savers, too. If your child didn't qualify last time around you can add it now!

Call us today at 386-738-2000 or email Sean at sean@seanryaninsurance.com to discuss how your policy can be customized to account for all the discounts available to you.