Should I Plan For Retirement

Things You Need to Know Before Buying Car,House, Health & Life Insurance online.

Insurance Buying Tips #1: Shop smart
When looking for insurance, your No. 1 priority should be to find adequate coverage. Price is important, but you’ll want to determine what kind of coverage you need first. Then you can fit that coverage into your budget and determine which carrier can provide you with the most comprehensive policy for your situation. You may be tempted to choose insurance with the lowest price tag, but if you don’t have enough coverage (or the right kind of coverage), you will see less financial benefit when it comes time to file a claim.
Insurance Buying Tips #2: Look for discounts
Once you evaluate your coverage needs, factor in your budget and find ways to save. Ask your insurance agent if there are any discounts on your coverage. Often, carriers offer discounts for things like paying your policy in full, staying auto accident-free or, if you’re in school, getting good grades. You also can save money by “bundling” multiple policies, such as purchasing a home and auto policy from the same carrier.
Insurance Buying Tips #3: Fill in the gaps
An average policy will cover the basics, but you may need to add extra coverage to meet your unique needs. For instance, you may have items like electronics or a nice piece of jewelry that would be financially difficult to replace, even with the assistance of your average renters or homeowners policy. You may want to add additional coverage for these items.

Back in the army days, there was always someone selling me life insurance or building my retirement plan. They are two things that I am sure that I need. When I first purchased the whole life insurance along with the term insurance, the only beneficiaries I had were my parents. It did not look like I would be getting married anytime soon.

I knew why everything was set up as an auto draft via my checking account. If they weren't, I probably would not pay. On an auto draft, I barely noticed the money coming out. It is odd that I would fight something that protects me ,like life insurance, so much. I get car insurance and homeowners insurance because it is mandatory. They are other ways to protect in case bad things should happen.

It would definitely stink to get into a car accident with no insurance. I would not be able to replace the car. I would not be able to pay for injuries or any damages either. That is the same boat with homeowners. It would not be pretty to have a house burn down and not be able to replace it.

Insurance Buying Tips #4: Purchase life insurance—you aren’t too young
Life insurance is essential, no matter how young or old you are. And for millennials, buying now may be a smart move because it’s cheaper to buy a life insurance policy when you’re young and healthy. This kind of insurance can help your family cover unexpected costs in your absence, including student loan debt or a mortgage, in addition to end-of-life costs. And if you have kids, a life insurance policy can also support their education or childcare expenses. Additionally, every millennial should consider long-term disability coverage, which helps you stay afloat financially if an accident happens and you become disabled and unable to work.
Insurance Buying Tips #5: Talk to an independent agent
An independent insurance agent is an essential resource when purchasing insurance—especially if this is your first time. An independent agent works with multiple different carriers, which is different from captive agents who can only sell insurance from the carrier they work for. Working with an independent agent can help make sure that you are getting the best coverage, for the best price. You’ll also benefit from independent agents’ insurance knowledge; they know how to talk you through your options and actually explain what each policy includes. An independent agent will make sure all of your assets are covered, help you find discounts or other ways to save, and be a valuable resource as your life changes and your insurance needs change, too.
Insurance Buying Tips #6: Only buy insurance to maintain your existing standard of living
You don’t need insurance for events that won’t severely strain your finances. Start with your basic needs (home, auto, business), then work your way to include other needs (cyber, liability). You can always obtain coverage later for something if you change your mind. You can minimize your risk and maximize your savings by buying insurance that won’t cause you to break the bank.

When it comes to life insurance, I did not know about the good things it provided when I was single. When you get insurance while young when you don't think you need it, it guarantees insurability. This just means that I basically have qualified for insurance for life. For most carriers, my qualification will carry in allowing me to convert my insurance later in life. I should have the same rating at 50 that I had at 22 when I convert the term to whole life. I may have to pay the premium for the age of 50. However, if I was diagnosed with cancer at 49, I would still be insurable at 50 since I already have a policy.

Yes, I thought whole life insurance was a pretty high premium at 22. I was paying $100 a month. Remember, this is a cocky 22-year old with no real responsibilities. With the education, it has a growing death benefit and it grows in cash value. It is the only place that I can take a loan from without having to show good credit. For some policies, I can overfund it to help it grow a little faster.

Most of this information, I didn't really pick up until I was 49 years old. Back then, the agents I had worried more about the sale than educating me. Proper education would have gotten them more referrals.

The whole life becomes one of the retirement buckets to choose from later along with my 401k and other investments. Get educated while you are young as a lot of things have changed over the years. Now, you can get death benefits while you are still living. The only information I can pass on is to go get more information before waiting until you get older to create retirement plan or when buying insurance.

Insurance Buying Tips #7: Ask your insurance provider what the policy doesn’t cover
Every insurance policy has perils that are not covered by your policy. These perils are referred to as “exclusions”, and every policy has them. Ask your insurance provider to explain the exclusions in your policy to avoid discovering what they are once you incur damages or a loss.
Insurance Buying Tips #8: Consider bundling several policies with one insurance carrier
here may be value in bundling several policies with one insurance carrier. If you’re looking to insure multiple vehicles or obtain multiple types of business coverage (e.g., liability, property, cyber), then you may want to consider obtaining coverages under one insurance provider who carries multiple products, and who may be able to offer you multi-policy discounts or loyalty programs.
Insurance Buying Tips #9: Review your insurance needs on a yearly basis
As your needs evolve, so will your insurance policy. Maybe you’ve acquired a new vehicle since obtaining auto insurance for your primary vehicle, or started operating your business out of your home, or experienced a cyber-attack during the year… Whatever the change(s), you’ll want to make sure you’re covered for any new risk exposures. Talk to your insurance provider to stay on top of your insurance needs.
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