Insurance Policies Not To Consider In 2017

no-1532844_6402017 is going to be a year of change. We have a new President, we have a new healthcare system and we may recommend that you not buy certain kinds of insurance. We will be the first to say that certain insurance may not always be best for your needs. We believe each client is unique and therefore requires unique insurance solutions.

Here are some examples of insurance products you most likely do not need to buy.

  • Universal life – Typically term life insurance is going to be a better fit for you. Term life costs less, and you can take the premium difference and invest it yourself.
  • Extended warranty plans – These are never a good idea. The warranty premiums are mostly commissions paid to the salesperson. Some credit card companies offer this protection if you make the purchase with their cards.
  • Pet Insurance – Pet insurance usually is very limited in coverage and very costly.
  • Collision insurance on older vehicles – If your vehicle has little or no value, it is better to pocket the premium and place it into a fund for future losses.
  • Insurance on outstanding credit card balances – This type of insurance can be costly, and there are a lot of loopholes to go through before any benefit is paid.
  • Mini Storage Insurance – As long as you have homeowner’s or renters insurance you don’t need to buy special insurance. Most policies have automatic coverage for property away from your primary premises. Call us for details and limitations.
  • Mortgage life insurance – This protects the bank, not you. If you were to die, the payout goes to the bank, not your family. You are better off buying term life insurance.
  • Flight Insurance – This is completely unnecessary, as airline accidents are rare and your life insurance policy should already provide the coverage in the event of a catastrophe.

Insurance is designed for the accidents and unexpected events in life that are too costly to pay on your own. Call us for more information.

Can Life Events Impact Your Insurance?

Most of us buy insurance in this order; auto insurance, renters’ insurance, home insurance, and then life insurance.  However, many of us do not think about how the events in our lives may affect our need for different kinds of insurance.  As your life changes, the need to protect your life, investment, and family also changes.

Here are some major life events that will affect your need for personal insurance

College –– If you have a child heading off to college, you may need to update your auto and home insurance.  If your child has a car, the rates may be less in the city of the college.  You will need to notify your insurer regarding the new location.  In addition, if your child is renting, you may need to provide renters’ insurance to the property owner.

Retirement – If you had commuted regularly to your job, your mileage has likely plummeted in retirement.  If so, you should report it to your auto insurer to significantly lower the cost of your auto insurance premiums.  In addition, you will need to consider other insurance options.

Marriage or Divorce –– Changes in marital status, or even just moving in together, means the combining of households, cars, and other property, so you’ll want to update your insurance policies accordingly.  Are you both protected? Are coverage limits adequate?

Having a baby –– When your family grows, you may want to consider life insurance to protect your loved ones.  Life insurance can provide the financial security for many years, and give you peace of mind.

Moving –– Whenever you move, you will need to update your auto and home insurance.  New addresses may actually lead to lower costs.

Home Renovations – If you have made major improvements to your home, such as adding a new room, enclosing a porch, or expanding a kitchen or bathroom, report those changes to your insurance company.

Apple Insurance Specialists is an Austin-based independent insurance agency offering a wide range of cost effective solutions to individuals, families and businesses.

The Shocking News….Most People Do Not Have Enough Life Insurance

Why Consider Georgetown, TX  Life Insurance

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According to the latest information, most people in  Georgetown, TX  do not have enough life insurance. Only 6 out of 10 people have even considered life insurance, and many who do have life insurance don’t think they have enough. 70% of households with children say they are just barley meeting needs. But what would happen to those families if income was lost due to the death of a spouse?

Over 80% of people over-estimate the cost of life insurance. In reality, life insurance is very affordable and provides your family with financial peace of mind upon your passing.

Benefits of Georgetown, TX Life Insurance

Payment on Debt – If you have any outstanding debt (like a mortgage) at the time of your death, it does not go away. Your estate will still be responsible to settle all accounts.

Continuation of Income – Life insurance can provide the funds to replace your income upon your passing. Family income will certainly diminish, and there’s a very good chance that your family will experience a lower standard of living.

Unpaid Medical Expenses – It is highly likely that you will have medical expenses prior to your death; some of which may not be covered by health insurance. Adequate life insurance proceeds ensure that these final expenses are well taken care of.

Funeral Expenses – Most people don’t plan, or fund, their funeral expenses; again life insurance is there to help.

If a business owner has family members who depend on the income from a business, which might not continue if he or she were suddenly gone, the proceeds from company-owned life insurance could help replace the lost income and help protect the family’s quality of life while they adjust and move on.

Source: LIMRA’s Life Insurance Barometer Study 2013