3 Things to Consider when Choosing a Life Insurance Policy

When it comes to selecting the proper life insurance plan to fit your needs and the needs of your family, the options and various plan features may seem a bit overwhelming. Though it might all be confusing at first glance, some research and the helpful expertise of an insurance agent can help you determine which life insurance policy will suit you best.

1. How much coverage do I need?

When considering how much coverage you would need from a life insurance policy, think through your personal situation inregards to how many people rely on you and the income you generate. How many dependents do you have? What percentage of your family’s income is brought in by your work? In the event of your death, would your family be able to continue paying its mortgage and other bills, and to send your kids away to college? Consider your role in financially supporting your loved ones.

 

You also must consider any debts you may have and the lifestyle your family possesses. You want to ensure that if you were to be gone, they would be able to pay off any remaining debts and maintain the lifestyle that they are accustomed to if possible.

2. What type of plan should I get?

The three main types of life insurance offered are explained in more detail here, but be assured that with them you are presented with the options you need.

 

  • Term insurance (after having bought life insurance for a particular term) will simply grant your beneficiary the sum of your policy in the event of your death.
  • Whole life insurance is purchased to cover (you guessed it) your whole life rather than just a specific period of time.
  • Universal life insurance allows you to choose how much you would like to contribute to your policy in addition to its minimum premium. Then, in the event of the policyholder’s death, this extra cash will either be added to the value of the policy or have the beneficiary receive most or all of it along with the value of the policy.

3. How much can I pay in life insurance costs?

Let your goal in choosing a life insurance policy be to hit the sweet spot of balancing what you are able to afford with what would maximize the policy’s return. Purchasing life insurance on a term basis will be the least expensive and can serve its purpose in greatly benefiting your family if something were to happen to you. A universal life insurance plan on the other hand will end up costing you more, but would also pay more if it were to be used by your family in the case of your death.

 

With the way life insurance plans are set up, it is likely that should you pay what you can afford for your plan’s premium, your family will be appropriately covered if the need were to arise.

Talk with an expert, think through your family’s lifestyle and needs, and consider all your options when making life insurance decisions. Doing so will help you to pick the plan that will be best for you and those depending on you. We have offices in Harrisburg, Marion, and Eldorado for your convenience.

 

How to Avoid a Rear-End Collision

Rear end collisions are the most frequent type of collision. Because of property damage and medical expenses, they can be quite expensive. Who is liable for a rear-end collision? Typically, the driver that rear-ended the vehicle is to blame for a rear end collision.

What can you do to avoid being rear-ended or rear-ending another vehicle?

  1. Inspect your vehicle to ensure all lights are working. Broken taillight, break lights, or blinker lights could cause a rear-end collision because the driver of the vehicle behind you may not know your intentions until it’s too late. Rear lights give the driver behind you time to react to your next move.
  1. Do not text or any other activity that is distracting to the driver. That includes looking at passengers while driving. If you drop something, like a drink, do not reach over to find and pick up the drink. Use your blinker and slowly drive your vehicle to the shoulder of the road before picking any object up.
  1. Be aware of your surroundings. First, check the visibility conditions before you start your vehicle. During dense fog leave extra room, so that you have time to react to the driver ahead of you. Rain and snow can be very hazardous. Those road conditions can leave drivers somewhat helpless at times. You may be aware that the vehicle in front of you is stopping, but your vehicle may slide into them anyway. Give yourself extra room during slippery conditions.
  1. Be cautious of your surroundings. While driving down a busy street, leave extra space between you and the vehicle in front of you. If a person or animal runs in front of their vehicle they may not have very much warning time either. While driving near schools, parks, veterinary offices, and dog parks be aware of children or animals that could run in front of you or the driver ahead of you.
  1. Know your medications. Many medications, both over the counter and prescriptions, cause drowsiness. Drowsiness can impair reaction time.
  1. Drive the appropriate speed. The speed limit is set based off of road conditions and risks. Neighborhoods and curvy roads will have a lower speed limit, while highways will have a much higher limit.
  1. Avoid tailgaters or tailgating other vehicles. If you notice a vehicle that is following too closely, pull to the shoulder and allow them to pass. If they are too close, they may not have enough time to react to your vehicle turning or slowing to a stop sign. To avoid tailgating another vehicle try the 3 second rule. This rule of thumb will give you enough space to react to the vehicle
  1. Larger vehicle, larger following distance. If you can’t see in front or around the larger vehicle leave extra space between both vehicles. This will allow increased reaction time.
  1. Many vehicles that stop frequently will have a sign or lights giving you notice that they will stop many times. Look for these vehicles and adjust your speed and distance accordingly
  1. Have a safe exit route. Sometimes the only way for you to avoid rear-ending another vehicle is to pull to the shoulder. There may not always be a safe place to go to, but many times there will be a shoulder to drive to.

Rear-end collisions are one of the most frequent collisions and can usually be avoided. Knowing a rear end collision lawyer Vancouver can come in handy if the worst were to happen. Being aware of your situation and using the appropriate speed and distance can help you avoid this. Not only will these tips help you from rear-ending another vehicle, but these can help you from being rear-ended. In the event that this happens, having vehicle insurance is important and can save you thousands of dollars, not to mention a ticket for not being insured.