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College students are usually focused on getting to class, maintaining good grades and graduating on time. Student life insurance policies are an issue that they’re unlikely to contemplate

But there are some circumstances when a college student should weigh buying life insurance. It can provide an extra layer of financial protection for a surviving family. Consider the situations below.

STUDENT LOANS
Many college students pay at least part of their education with student loans. For federal student loans, the amount owed is canceled in the event the student dies before paying off the debt. That doesn’t happen with private student loans, which are more like traditional loans and still must be paid off. These types of loans also typically require a co-signer, who becomes liable for paying off the loan if the student dies.

In some cases, the loan’s repayment schedule is accelerated after a death or can even require immediate repayment in full. This may put the co-signer in a serious financial bind as they struggle to pay off the loan or damage their finances and credit rating in the process. A student life insurance policy will pay off the remainder of the loan in the event of a student’s death and protect the co-signer financially

COVERING DEPENDENTS
It may not be the norm, but it’s certainly not uncommon for an undergraduate to get married or have children while in school. There are also many cases of older, married students who have delayed the start of their education or are returning to college after time off.

Here, too, life insurance offers financial protection to a spouse and dependents by paying off student loans and other debts as well as funeral expenses if the student dies. Depending on the policy, it can also provide financial support for the student’s children.

PROTECTING PARENTS
Student loans aren’t the only way to pay for a college education. Parents of students can finance their child’s education through various methods, including home equity credit and 401(k) loans. If the student dies prematurely, these debts still need to be paid off, which can take a heavy financial toll on a family. A term life insurance policy on the total amount of their expected college debt will help cover these expenses.

College is expensive. To cover family members in the event of a student’s untimely death, a life insurance policy provides financial protection from unpaid loans and other debts. Give us a call at (760) 271-6651 to talk about life insurance options for every stage of life, including college.

Most people have heard of a 529 account, but there are other ways to save for your child’s education. What if your children decide not to go to school? What if they want to use that money for real estate, starting a new business or taking a trip overseas?

TAX ADVANTAGES
Life insurance offers certain tax advantages. In the event of your death, your family can choose to use the income tax-free death benefit to pay education costs. And with some types of life insurance, you can take loans against your policy without tax penalties.

ADDITIONAL FEATURES
Be sure to take into account these additional features when planning for your kids’ college funds, available with certain types of life insurance:

• Guaranteed cash value, so you know a certain amount of money is available
• Access to your money, so you can use it for tuition and other educational expenses
• Market participation, so your policy’s value has the potential to grow based on the performance of investments in your policy

TERM AND PERMANENT LIFE INSURANCE
If you simply need to pay for your child’s college expenses in the event of your unexpected death, consider term life insurance and you can choose the length of time you need coverage and the amount of death benefit you need.

With permanent life insurance, you may be able to take withdrawals or loans against your policy’s cash value, which can continue to grow tax-deferred. This may be an option if you’ve maximized your 529 plan, which also offers tax-deferred growth and tax-free withdrawals for higher education expenses. Talk with your agent about how you may be able to use permanent life insurance to help with college expenses.

If you have questions about how to best use your life insurance portfolio to provide for your children’s education please reach out to us at (760) 271-6651 or via email.

WHY DO I NEED LIFE INSURANCE?
Life insurance can offer you some reassurance that the people you love will be taken care of if a tragedy strikes. Payouts are tax-free, so that’s one less thing they will need to worry about.

WHAT ARE THE DIFFERENT TYPES OF LIFE INSURANCE?
Term life insurance covers you for a length of time, and is generally the most affordable type of life insurance. If something happens to you within the term (10, 15, 20, or 30 years), your beneficiaries will receive the payout benefit. There are other types of insurance for people seeking life-long coverage, but they tend to be more expensive than term life policies.

Permanent life insurance is a policy that covers you for your entire life, and usually builds “cash value” over time. There are three types of permanent life insurance policies:
Whole life insurance builds value based on a set schedule. You’ll know the exact cash value of your policy at each anniversary. (If you take a loan or make a withdrawal from your policy , the cash value and death benefit will decrease.)

Universal life insurance earns a fixed interest rate on the cash value of the policy. While the interest rate may change over time, it will never dip below a guaranteed minimum rate.

Variable universal life insurance lets you invest your cash value in the stock market, so your policy value goes up or down based on the performance of your investments. The investment subaccount options in VUL policies are not offered for sale to the general public.

Accidental death Insurance is a policy offers you guaranteed coverage**, a minimum of $100,000 in financial protection for your loved ones if you die in an accident, and returns ALL of your premium payments in year 20 if you do not.

HOW DO I DECIDE ON THE COVERAGE AMOUNT?
Think about the amount of coverage you need and the lifestyle you want for your loved ones add up the balance of your mortgage, your credit card debt, and the amount you want to leave your beneficiary (for things like paying for college or paying off loans), then subtract your current savings.
Is the life insurance policy I get through work enough?

Keep in mind that employer policies generally don’t move with you if you change jobs, and go up in price as you age. Many people are surprised to learn that the life insurance included as part of their benefits package is only one or two times their salary. For most people, this amount does not cover their needs.

For help finding the right life insurance policies for you and your family, call us at (760) 271-6651 or get a personalized life insurance quote online.

** Accidental Death policy does not pay if the insured dies of natural causes, including, but not limited to cancer, heart failure, etc or suicide. 
Content: Nationwide Insurance

If you are wondering if things are costing more than they did last year, you are not imagining it! Along with the woes of the economy, insurance companies are also having to make adjustments in what business they are accepting and how they can recover some major losses. There are many carriers changing the way they do business in California.

Why is full coverage auto insurance so much more than I remember? During the first year of the pandemic, most insurance companies offered a 15% reduction in auto insurance because drivers were staying home and driving less. Unfortunately, many allowed their coverage to lapse all together, leaving the insurance carriers without as much collected premium to cover losses. Now that many are back on the road, accidents are on the rise, carriers are short staffed and customer satisfaction is spiraling. Many well known carriers are asking for 6 months premiums to be paid up front instead of monthly installments and some are asking for larger premium commitments up front than ever before.

Did your home owners premium increase? It probably did! For homeowners, the replacement cost of your home definitely increased in the past year, and that will drive your premium up. Building costs, supply chain issues and labor shortages mean that if there is a significant loss in your home, it will cost the insurance company more than last year to make you whole, and they are passing that on to you! Check your statement for replacement cost or dwelling value and compare it to previous years.

If you have questions about your coverage or want to see if there is better pricing available don’t hesitate to reach out, we’re here to help!

California is facing another dry year and the state is bracing for an intense wildfire season.

Over 73% of California remains in Extreme Drought, with over 37 million Californians in a drought area. As dry conditions continue to persist, it’s not a matter of if but when a wildfire will be heading your way.

Tips for staying prepared during fire season:

CREATE DEFENSIBLE SPACE AROUND YOUR HOME
Defensible space is the required space between your home and the wildland area that helps to create a buffer to slow the spread of wildfires to a structure. It also protects your home from inciting due to direct flames or radiant heat.

MORE TIPS TO MAKE YOUR HOME AND PROPERTY SAFER DURING WILDFIRE SEASON:
• Remove dead vegetation from plants and lower branches from tall trees.
• Keep the gutters, roof and outdoor spaces free of debris like leaves and twigs.
• Clear out window screens and attic vents.
• Move firewood at least 30 feet from the house.
• Use roofing materials with a Class A fire rating (the highest).
• Install metal angle flashing at the edge of the roof.
• Box-in eaves that have an open construction (i.e., where rafter tails are visible).
• Install metal flashing where wood decking meets the siding (if the siding is combustible).
• Replace single-pane windows with multi-pane, tempered glass windows with screens.

PUT TOGETHER AN EMERGENCY KIT
Have your emergency kit ready and make sure to include:
• Important documents or possessions
• Medications
• N95 masks
• A first aid kit
• Water and food to take with you
• Tools including a flashlight, batteries, manual can opener, portable chargers for your phone/devices
• Don’t forget to prep for your pets as well with extra water, food, bowls.

Be sure to sign up for local warning system notifications. You can do that by visiting the County’s Ready San Diego page here.

MORE TIPS TO MAKE YOUR HOME AND PROPERTY SAFER DURING WILDFIRE SEASON
• Remove dead vegetation from plants and lower branches from tall trees.
• Keep the gutters, roof and outdoor spaces free of debris like leaves and twigs.
• Clear out window screens and attic vents.
• Move firewood at least 30 feet from the house.
• Use roofing materials with a Class A fire rating (the highest).
• Install metal angle flashing at the edge of the roof.
• Box-in eaves that have an open construction (i.e., where rafter tails are visible).
• Install metal flashing where wood decking meets the siding (if the siding is combustible).
• Replace single-pane windows with multi-pane, tempered glass windows with screens.

From concerts to carnivals there are plenty of family-friendly places to close out the long weekend with a fireworks in North County. Check out our top picks…

City of Vista
Independence Day Celebration at 1200 Vale Terrace Drive
Brengle Terrace ParK
Free
9 pm

Escondido July 4th Fireworks at Grape Day Park
321 N Broadway
Free
9 pm

Lakehouse Hotel San Marcos
1105 La Bonita Dr
Free
10 am Carnival
9 pm Fireworks

Legoland Red White and Boom
1 Legoland Drive
Cost of admission
9 pm

Oceanside fireworks at SoCal Soccer Complex at El Corazon
3302 Senior Center Dr
Free
9 pm

Poway Fourth of July fireworks at Poway High School Stadium
15500 Espola Road
Free
9 pm

San Diego County Fair at Del Mar Fairgrounds
2260 Jimmy Durante Blvd
Cost of admission

If you’re ready to break free of staying at home we’ve got you covered with 5 great road trips to some of Southern California’s best outdoor playgrounds. There’s a little something for everyone here from wine tasting to rock climbing and hot springs to snow shoeing, and best of all these are all less than 4 hours from San Diego.

SANTA YNEZ VALLEY

TOP THINGS TO DO:
Each of the towns in the Santa Ynez Valley has something fun and unique to offer. Solvang is known for its Danish architecture, giant windmills and incredible baked goods. If you’re a wine lover check out Los Olivos for tasting rooms, cute boutiques and galleries or embrace your inner cowboy (or cowgirl) in Wild West themed Santa Ynez. Once you get into the countryside you can explore local vineyards, hiking and biking trails or get go boating on Lake Cachuma.

DRIVING TIME
About 3 hours and 45 minutes

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IDYLLWILD

TOP THINGS TO DO:
Idyllwild is the gateway to Mount San Jacinto State Park. Outdoor activities are popular here so bring your mountain bikes and discover scenic rides for bikers of all skill levels. You can also go bouldering or rock climbing and there are dozens of hiking trails of varying lengths and skill levels. Also be sure to check out the town of Idyllwild for great food, boutiques and galleries.

DRIVING TIME
About 2 hours

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BIG BEAR LAKE

TOP THINGS TO DO:
Visit in the warm weather months to enjoy fishing, hiking, and mountain biking or rent a boat and get out onto the water. In the winter, enjoy some of the best downhill skiing and snowboarding in the state. You can also enjoy tubing or go snowshoe hikeing to enjoy the winter wonderland scenery

DRIVING TIME:
About 3 hours

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PALM SPRINGS

TOP THINGS TO DO:
Palm Springs is known for its fabulous resorts, spas, and golf courses. It is the ultimate relaxation destination, with lots of outdoor activities, but lots of art, museums, shopping, and dining as well. Be sure to check out the Palm Springs Aerial Tramway for panoramic views from Mt. San Jacinto and take a soak at Desert Hot Springs.

DRIVING TIME:
About 2 hours

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JOSHUA TREE NATIONAL PARK

TOP THINGS TO DO:
Bouldering and hiking are the most popular activities in Joshua Tree. There are hikes for every skill level, from short and scenic nature trails to harder hikes that take you to mountain peaks. While experienced climbers can have a blast scaling the vertical rock faces in the park, amateurs can have fun scrambling up large boulders. Check out the scenery from Keys View at sunset, and once night falls you’ll find a number of quiet spots for stargazing.

DRIVING TIME:
About 2 hours and 30 minutes

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