As you grow and change, so does your need for insurance coverage. There are many major events and stages in a person’s life, and there’s different insurance for most of them. 35 year old you is much different than 16 year old you, and your insurance policies should reflect this.
Renting a Apartment/Condo/Home – You’re out of high school or college and living on your own—or more likely, with a roommate. Whether you’re renting an apartment, condo or full home, even though you don’t own it, most of your possessions are located there. Renters insurance protects all of these possessions for normally only a few hundred dollars a year. Computers, TV’s, smart phones, cameras and electronic equipment and furniture are covered by a renter’s insurance policy, which can protect you from circumstances out of your control.
Marriage – When you get married, everything changes, and your insurance should too. If you didn’t already have a life insurance policy, you’ll want to consider one now. Knowing you and your spouse’s individual financial situation and lifestyle is critical, and you’ll want to choose the right amount of life insurance AND the right type of life insurance that is the best fit for you. You’ll want to be sure your family is taken care of in the event of an emergency.
Having a Child – Having a child further reinforces your need for life insurance. You and your partner (if you have one) should each be insured in order to protect the other person and your child(ren). You want to be sure your partner will be able to cover childcare and education if you can’t be there.
Home Ownership – A new home, means a new homeowners policy. Homeowners insurance provides you with financial protection in the event of a disaster or accident involving your home. Homeowners coverage includes not only damage to your property, but also your liability—that is, legal responsibility—for any injuries and property damage to others caused by you or members of your family (including your household pets).
In addition to homeowners insurance, when buying a home, you’ll also want to revisit your life insurance. Life insurance is typically bought, or updated with enough protection to cover the cost of your mortgage. This way, if something unexpected were to happen, your family and loved ones would be able to handle that debt. Be aware of the status of your mortgage while setting up your life insurance policy. This is on top of the homeowners insurance you’ll need after buying the house. Your homeowners policy is going to be based on your situation, the size and location of your house, and how many residents there are. Be sure to talk to your agent and make sure you’re completely covered.
Retirement Planning – There are steps you can take with your insurance to help along your retirement. A permanent, or whole, life insurance policy has a cash value that you can withdraw or borrow against. This makes them very useful during a retirement, as you can access the cash value you’ve been paying into all those years. But a word of caution, your whole life policy’s death benefit and cash value will decrease incrementally based on any loans and the interest against it, so use it wisely. You can also gain some nice tax advantages by having life insurance through your retirement, so talk to your agent to see if you qualify.
Your insurance needs are going to change over the course of your life. Many of these changes may just be an increase or decrease to your existing coverage, or sometimes it’s a brand new policy. Staying on top of your changing needs will make sure that you and your family are always protected, now and in the future. Contact an agent from RogersGray below to ask any questions, or update your policies!
Manager | Personal Insurance
Frank Berry is the Vice President and Personal Insurance Sales Manager at RogersGray. Frank has been in the insurance industry for 41 years, working within agencies, carriers, wholesalers, and direct writers. His specialty is coastal Homeowners insurance, having spent many years living on Cape and working to build a Regional carrier that grew from inception to $300M in 9 years. Frank is a driving force in leading the RG sales team to protect the lives of our clients, as well as their properties. You can connect with Frank on LinkedIn or by email.