Homes often grow and change alongside the people living in them. If you’ve added expensive furnishings or made substantial upgrades, it’s important to re-evaluate your homeowners insurance and make sure your policy reflects those changes. Here are four instances when it may be beneficial to review and adjust your coverage.
Remodeling or Renovation Work Home improvement projects typically increase the value of your home, which usually calls for more coverage. But that doesn’t necessarily mean your insurance rates will automatically increase. In fact, some projects, like adding a new roof, may help you save on your monthly home insurance premiums. Just be sure to notify your provider before any work begins.
Adding a Pool or an Outdoor Trampoline Because these fun home features come with increased risk of injury, they’re labeled an attractive nuisance. Upping your liability insurance can help keep you protected if there’s ever an accident on your property and a subsequent lawsuit.
Acquiring New Valuables Whether you inherit them or purchase them, expensive goods such as jewelry, art, rugs and antiques should be added to your policy. Increasing your coverage is the only way to safeguard them in the event of damage or theft.
Starting a Home Business Many home-based business owners don’t realize they have little, if any, coverage from a homeowners or renters insurance policy. Since a new home business likely means purchasing new technology and expensive equipment, you may need to get additional protection.
You worked hard for your home. Secure your belongings by updating your coverage to match your circumstances.
An important question you need to ask yourself is how will my family manage if something happens to me! No one really wants to think about Life Insurance, but if someone depends on you financially, it’s a topic you can’t avoid.
“Life Insurance isn’t for the people who die
It’s for the people who live.”
What will your family do if the primary wage earner passes away or gets sick? What assets are you willing to give up to make ends meet? These are questions that many people don’t think about until it is too late.
Life Insurance Can Help
A Life Insurance Policy pays cash to your family after you die, allowing loved ones to remain financially secure. In the event of a tragedy, life insurance proceeds can..
- Funeral Costs
- Uncovered Medical Expenses
- Mortgage, Car loans, Credit Card Debt
Getting Life Insurance doesn’t have to be hard (or boring). The importance of life insurance is helping them get the coverage they need.
There are many types of life insurance but for all of them, the bottom line is the same, they pay your family after you die, allowing loved ones to remain financially secure.
And, many people haven’t bought life insurance or more of it because they’re unsure of how much or what type to buy.
How much Life Insurance do I need?
The most important part of buying life insurance is determining how much you need. Since everyone’s financial circumstances and goals are different, there is no rule of thumb to tell you how much to buy.
Doing The Math
To start, estimate what your family members would need after you’ve gone to meet immediate (i.e. funeral), ongoing (i.e. rent or mortgage, other everyday bills), and future financial obligations (i.e. college and retirement).
Add up the resources your surviving family members could draw upon to support themselves (i.e. savings, spouse’s pension, etc.). The difference between the two is the amount you would need in life insurance.
You Can Afford Life Insurance!
$250,000 In Life Insurance Will Cost
Age: Male: Female:
35 Years Old $10.72 $10.26
45 Years Old $18.09 $15.54
5 Years Old $40.24 $29.89
*These rates are based on a 10 year term, preferred rating, and are subject to underwriting.
I can help you understand the differences between Life Insurance and what is the right coverage for you. Please contact me to find out more at 708.444.0050 or firstname.lastname@example.org.
Open Enrollment started November 1st and will last until January 31st, and only affects those that are required to purchase their own insurance.
Here is what you can expect…
- If you need a policy with a 1/1/17 effective date, you must enroll by December 15th. This includes anyone with a plan with Aetna/Coventry, Harken Health, United Healthcare, and Land of Lincoln.
- The remaining carriers offering plans are Blue Cross Blue Shield, Health Alliance, Ambetter, and Cigna. Carriers and plan options vary by county.
- If you are happy with your plan it will automatically renew. I will warn that rates have increased and it may be worth it to review your options. Please Note: Subsidies (assistance provided by the government) have also increased in an attempt to offset the premium difference.
- Blue Cross has announced that doctors in the NorthShore University Health System NorthShore Medical Group and Northwestern Medicine are accepting the Blue Cross Blue Precision HMO plan. Call 847.570.4202 to find out if your Northshore doctor accepts the Blue Precision HMO and 312.926.8400 to find out if your Northwestern doctor accepts the Blue Precision HMO.
- Group insurance is competitive again. This may be an option to consider for small employers. The larger PPO network is still available for group insurance.
- Out of Pocket Maximums have increased from $6850 to $7150 (the out of pocket max varies per plan. The maximum allowed on ANY plan is $7150).
- Blue Cross Blue Shield has introduced a new plan with a smaller network to help offset the increase to premiums.
- As a reminder, assistance is provided by the government to those who qualify. The assistance is based on household size (number of people reported on your tax return) and the household’s adjusted gross income for 2017. Your adjusted gross income is located on line 37 of your 1040. If you are self-employed, this is the number AFTER your write-offs.
Please contact me at 708.444.0050 or email@example.com to schedule a time to review your plan options.