Life Insurance

3 Types Of Insurance To Buy In 2023

3 Types Of Insurance To Buy In 2023

With 2023 just starting, now is a natural time for introspection, putting a bow on the old year and evaluating your goals for the future.

Consider using this time to review your finances and set long-term goals. It’s also wise to re-evaluate your financial protections, including insurance, to ensure your coverage suits your needs.
3 insurance types to have in 2023

Let’s dive into three popular insurance types to have in 2023 and how to optimize them.

LIFE INSURANCE
It’s essential to have sufficient life insurance to protect your family (or anyone that depends on you) from significant financial losses if you pass away.

Life insurance pays out a death benefit when you pass, which could benefit your beneficiaries in numerous ways. If you already have life insurance, now is an excellent time to review your policy options and coverage amounts to ensure your designations still address your needs.

“Ask a trusted advisor to review your insurance coverage because, depending on your policies, you may have decisions that you need to make,” advises Brian K Bruggeman, CFP, CTFA, director of financial planning at asset management bank Baker Boyer.

“For example, you may need to decide whether to renew or not, whether it’s worth it to pay an increasing premium, or even how the policy is owned depending on your overall financial plan.”

You can also benefit from revising the frequency of your payments. “Many life insurance carriers will offer a discount for paying annually,” says Herman (Tommy) Thompson, Jr., CFP, a financial planner at Innovative Financial Group. “This could lead to an 8% savings per year.”

If you’re in the market for life insurance – or want to adjust your existing policy – start by getting a free online price estimate now so you know exactly what to expect.

PET INSURANCE
Pet insurance may allow you to choose treatments for your ill or injured pet based on what your pet needs, not what your budget can afford. Veterinary bills can be costly, but most pet insurance policies can reimburse you for up to 80% of the vet bill minus your deductible.

Generally, pet insurance is affordable, ranging from $15 to $40 per month to insure your cat and $30 to $70 for a dog. That’s a reasonable price considering the peace of mind you’ll have, knowing a pricey vet bill won’t wipe out your finances.

If you currently own pet insurance, consider adjusting your coverage to meet your changing needs. For example, if your plan is too expensive for your budget, some providers like Lemonade offer a baseline package for as low as $10 per month. If you like your coverage plan, you can still potentially lower your payment by 10% or 15% by changing your deductible, annual benefit amount or reimbursement percentage.

Most pet insurance companies make it easy to manage your policy online and devise a coverage plan that’s perfect for your pet without breaking your budget.

You can request a free pet insurance quote now.

TRAVEL INSURANCE
You might consider getting travel insurance for many reasons, but the main benefit is to protect your wallet and give you financial relief if something impacts your trip. Depending on your policy, your policy may cover a wide array of travel situations, such as:
• If something happens that prevents you from taking a booked trip
• If something happens during your trip that costs you financially
• If your luggage is lost or damaged
• If you suffer an illness or injury that needs medical treatment

When purchasing travel insurance, time is of the essence. Buy travel insurance soon after booking your flight or lodging to make sure you’re protected against an event that delays your trip or causes you to cancel it altogether.

Also, remember that travel insurance isn’t only for international travelers, as is often claimed. Given the prices in the current travel environment, travel insurance can also be a valuable addition to your domestic trips, especially if you’ve already paid for flights, lodging and activities.
Reach out to us online or give us a call or text at (760) 271-6651 to get more information on Travel Insurance.

THE BOTTOM LINE
As you set financial goals for the future, don’t forget to review your insurance needs. Whether you need to purchase a new policy or adjust an existing one, recognize that your coverage needs to keep up with the changes in your life. When searching for insurance, we can help you shop and compare different insurers and policy options to ensure you have the coverage you need at an affordable price.

Content courtesy of © 2023 CBS Interactive Inc. All Rights Reserved.

Posted by admin in Life Insurance
Life Insurance Changes To Consider Now

Life Insurance Changes To Consider Now

As part of your financial planning, you may have decided to purchase a life insurance policy, such as to protect your family in case you pass away early in life. Or, perhaps you purchased a whole life insurance policy, thinking that could help your family while also having an investment component that you can benefit from during your lifetime.

But maybe it’s been a while since you first purchased your policy, and the initial coverage terms might not be the best fit for your current circumstances. That’s why it’s good to review your life insurance policy periodically. At the very least, you can re-familiarize yourself with your policy, and you also might find that you want to make changes to better suit your needs.

If you’re in the market for life insurance or want to adjust the coverage you already have, then start by getting a free online price estimate now so you know exactly what to expect.

Here are four life insurance changes to consider making:

CHANGE POLICY TYPE
If you have a whole life insurance policy, that doesn’t automatically mean you’re locked in for life. Instead, you might realize that you’re mainly looking for life insurance protection during your working years, for example, so perhaps switching to, say, a 20- or 30-year term life insurance policy makes more sense. Term policies often have lower premiums than whole-life ones, and perhaps you no longer need as much financial security once you’re retired, due to a healthy retirement portfolio.

Or, perhaps you want to change from a term to a whole life insurance policy, such as if you don’t want to have to re-apply and take a medical exam to obtain new coverage as you age. Some people also like the peace of mind that comes with having whole life coverage, along with the cash value these policies can build.

So, you might look into converting your term policy to a whole life one, which many providers allow. Or, you might cancel your current policy and take out a new one that’s a better fit, like a universal life insurance policy, which can be more flexible. Just check with your insurance provider for specifics on their cancellation policy (there may be you fees if you replace a policy).
Get a free price quote for a whole or term life insurance policy here now.

INCREASE COVERAGE
Sometimes you can change the coverage of your existing policy rather than taking out a new one. For example, you might want to increase life insurance coverage as you go through life milestones like starting a family, buying a house, or getting a big promotion.
Perhaps when you first bought your life insurance policy, you didn’t need as much financial protection because you had fewer people to take care of or fewer liabilities. But if you start earning more and take out a mortgage, for instance, you might want more coverage to replace that higher income for your family’s sake, as well as covering any remaining mortgage debt.

CHANGE PROVIDERS
Changing providers can help if your current insurance company doesn’t offer a policy that meets what you’re looking for. Or, you might find that shopping around helps you find a more cost-effective policy, whether that’s by paying lower premiums or getting more bang for your buck in terms of cost vs. coverage.

Here too, changing providers can come with some nuances, like paying surrender fees. So, you’ll want to look into the specifics with your current insurance provider and see how that compares to what could be your new one.

CHANGE BENEFICIARIES
When making life insurance changes, don’t forget to review who you’ve named as your beneficiaries. Perhaps you’ve gone through life changes, like a marriage, divorce, or the birth of children. You can have multiple beneficiaries, so maybe at your current stage in life, you want to move from having, say, one beneficiary to two who would split the proceeds 50/50.

Taking care of this issue is important if you want your life insurance benefits to be distributed according to your wishes. Otherwise, your heirs could face difficulties like getting into legal battles around life insurance claims.

THE BOTTOM LINE
Looking into these types of details can help ensure that your life insurance policy continues to best serve you. Don’t feel like you’re trapped based on your initial purchase. These types of life insurance changes can help you find a policy with the right terms for your situation.

© 2022 CBS Interactive Inc. All Rights Reserved.

Posted by admin in Life Insurance