The important of life insurance has always been understated. Some Americans feel that the life insurance that they get with their employer (if they are even that lucky) is plenty. Most Americans don’t even know how much life insurance they have or how much they need. Neglect for careful life insurance planning in most cases will lead to a disaster. Life insurance does not have to cost a fortune and can reap benefits for you weather you live a full life or die unexpectedly.
The following are ways in which you can determine how much you need from a practical standpoint. Of course you should always consult your insurance professional before making any decisions. To learn more about the various types of life insurance try reading BankRate.com’s Guide To Life Insurance.
• What is your/your family’s health history? – This is the most under-considered question when planning for life insurance. The younger you are and the healthier you are the easier life insurance is to obtain. Purchasing life insurance at a young age is also good because it is relatively inexpensive. If you have any illness that is consistent in your family it is imperative to purchase whole life or universal life insurance as young as possible. Simply put you can not get life insurance when you are sick and then it is too late. Some people even purchase policies on their children for this reason.
• What are your current liabilities? – Take a piece of paper and list all of your liabilities. This could include a mortgage, car payments, personal debt, etc. When you die your debt doesn’t so you want to make sure you have enough to cover your current debt so that it does not land in the lap of someone else.
• What are your future liabilities? – Take another piece of paper and list all of liabilities you are likely to include in the next 20 years. Do you have children? They cost quite a bit of money, especially if you are considering paying for some or all of college tuition. Other future liabilities could be deferred debt such as student loans, future medical bills, future income needs, etc.
New York Auto Insurance: Are Prices Climbing?
It’s no secret that New York auto insurance premiums are at an all time high. Amid a surge in drunk driving (DUI) incidents nationwide as well as a rise in claims due to an increasing number of natural disasters, insurance companies are left with no choice, but to raise rates. This has left a lot of driver wondering how they are going to fork up the required money for monthly liability. We here at Point and Click Insurance have complied a few money saving tips that can have you saving some money on your New York Auto Insurance.
General Liability Minimums
Don’t get caught in New York without auto insurance or you could be in some serious trouble. New York law states that any car registered in NY must have liability coverage from a carrier licensed to do business in the state. The current minimum coverage in New York state is set at $25,000 for injury, $50,000 for death, and $10,000 for property damaged caused by any single accident.
If you don’t have acceptable coverage then you will face the loss of license as well as some rather hefty fines. See the New York Department of Motor Vehicles for more information of the specifics. However, as long as you own your car outright, you may be eligible to insure for the minimum possible saving you money on over insured assets. You will want to speak with your insurance professional.
Riders, Safe Driving Discounts, and Accident Forgiveness
Some insurance companies have become famous for adding one policy rider after another covering things like roadside assistance, rental car expenses, and other items. It is important that you review your policy and know exactly what you are paying for. When asked most people had no idea if their insurance company covered a rental car, or road side assistance, but make no mistake, they were paying for it.
One rider that has become popular is the accident forgiveness rider. This rider costs a significant amount of money, but will allow you to get into one accident per period (usually 3-5years) without the insurance company raising rates. The catch is that the accident has to be under a certain value in damages which of course is slanted in the insurance company’s favor. Lastly, out of pure logic, why would you buy insurance gambling on the fact that you are going to need it? It doesn’t make sense. If you are that convinced you are going to get into an accident, spend the money on driving school and you won’t get hurt.
Bucket Car = Bucket Price
Having a nice car may fair well for your ego, however it won’t do well by your wallet. Nice cars tend to command nice insurance premiums, because of the expense to repair or replace. If you are considering a new car, look to a late model. Your wallet will thank you.
