Monday, November 21, 2011

Reasons a Life Insurance Review Makes Sense

I often talk with Clients about their life insurance program.  Some people have life insurance for estate planning, others for business continuation and still others for survivorship planning.  In all cases I strongly believe that having a life insurance review process in place for all policies that are over five years old is important.
Some of the reasons for this review process are:
  • Insurance companies have good and bad runs.  You don’t want to be with a company who is having a bad run.
  • The interest rate assumptions you used when you bought your insurance may have changed.  If interest rates have dropped you might be in danger of having your insurance lapse or having a large future price increase.
  • The insurance companies might have come out with a newer product that better fits your needs.  Insurance companies are constantly developing new ways of funding insurance.  Sometimes these new ideas make a lot of sense.
  • The cost of insurance you’re paying for has decreased.  If you have an old policy, there is a good chance that you could reduce the amount that you pay for your life insurance.
  • Your life insurance needs have changed.  Your personal situation might have changed and the policies that you’ve had in place can be changed to fit your new circumstance better.
We find that people often buy an insurance policy and then ignore it.  I believe that it’s important that when you buy a policy, you not only pay attention to it, but have it reviewed every five to seven years.  Within that time frame, too many things can change.  Not having an insurance review can potentially cause a great deal of pain if your policies are not managed well.
I’m always interested in your comments.  Because we are a regulated site, we can’t have a comment box.  So, please give us a call or send me an email.  I’m interested in what you’re thinking about your life insurance program.

Credit: Josh Patrick - for informational purpose only.

Choices for Student Auto Insurance Coverage

For students, it may be necessary sometimes to make decisions on coverage based on what can save them the most money. But even with this being the case, it is still important to seek out student car insurance quotes that offer real value and not just a cheap price. This is especially true for student motorists who drive cars they are still paying for.
  • Full coverage auto insurance policies are required by virtually all lien holders, so it is imperative to obtain collision and comprehensive if you owe money on your car.
  • Full coverage plans protect the insurer’s interest in a vehicle in the event it is stolen, damaged, or destroyed.
  • The good news is that collision and comprehensive, as well as liability coverage, also protect the policyholder. It is well worth investing in a quality full coverage plan just for the simple protection it gives you, even without considering lenders’ demands.
Of course, putting together a policy that includes collision and comprehensive insurance will drive up student car insurance quotes. The more protection included on a plan, the more expensive it is going to be. This makes it even more important to think about your car insurance coverage and compare plans from different insurers.

Credits: - for informational purpose only