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Insurance Arizona
The reasons people buy life insurance varies. It is because of these variances that makes knowing how much life insurance to buy very confusing.
Below are several factors to consider before you sit down with a life insurance agent.
Assuming you are an average person with an average household income, typically a person's life insurance need is greater when they are younger and starting their family. It is during this time that a person gets married, has children, and purchases a home and vehicles, begins planning for college and retirement, in addition to being dependent on their annual income.
A good rule of thumb when buying life insurance at this time is to take into consideration how much money it would take to maintain your family's current way of life should you be taken out of the picture. How much is your mortgage? How much debt do you have? How much money do you want to contribute to your children's education? How much income will your surviving spouse need to maintain the life he or she is accustomed to and for how long? 5 years worth of income? 10 years? Do you care for an elderly person or a special needs person whose medical costs need to be considered?
The death benefit proceeds from your life insurance at this time should pay off all debts, including mortgage and cars. Should allow $20,000 to $50,000 per child to cover education costs, and should provide your spouse with a minimum 5 years worth of your salary that can be invested conservatively to help your family maintain their current way of life without your surviving spouse needing to get a 2nd or 3rd job to keep your children in their home.
As we get older and the children have finished college, perhaps you have been investing in a retirement plan or getting closer to retirement yourself. Perhaps you have paid off your mortgage or maybe, like most people do, sold your home and have down-sized to a smaller home with a lesser mortgage? It is a good time to reevaluate your original life insurance plan.
The death benefit proceeds from your life insurance at this time should still pay off all debts, including mortgage and vehicles and still replace a minimum of 5 years worth of income that can be added to your existing retirement plan to ensure your surviving spouse continues their standard of living for the rest of their life.
Once we retire, our life insurance needs greatly reduce. Most people at this stage are no longer paying a mortgage or car payment; there is no longer an income to replace. However, you will want to make sure that you have a life insurance policy that will cover any medical expenses and final expenses. Since life insurance proceeds go to the surviving spouse tax free it is often used to cover any taxes that will need to be paid as a result of all assets going from two people to one.
Home Insurance Arizona
Regardless of what season it is: Winter, summer, fall or spring; each comes with its potential for damaging storms. If you are one of the lucky homeowners in Arizona who have not sustained any damage to your home then take advantage of this time to learn from others mistakes. Review you home insurance plan now to know what your plan covers and what it does not before you have to make a claim.
How often should you review your home insurance plan?
Most experts would agree that a home owner should review their insurance policy on an annual basis. The market fluctuates constantly, in addition to new insurance laws being approved, and sometimes these changes are not very clear to the average person.
Especially if you have made any renovations to your Arizona home, made large furnishing purchases, have had changes to your household such as a marriage, a divorce or a child being born, even an increase or decrease in salary, these are all factors that should be discussed with your insurance broker as they could impact the quality and cost of your home insurance policy. You may find some of these changes even help lower your monthly premium and save you quite a bit of money.
Are you satisfied with your current home insurance company?
Not all home insurance companies are the same. If you current insurance carrier has raised your rates, given you poor service or has not handled past claims quickly and professionally, then it may be time to find another home insurance provider.
Insurance companies are all competing for your business, and many will offer discounts and incentives for switching to them.
What to look for in a new home insurance carrier?
Premium costs
Everyone is looking to cut costs where they can; however, compromising quality insurance coverage to save a few dollars is never advisable. So, be careful not to choose a home insurance plan in Arizona based on price alone, as there are things you can do to save a little money and not lose important coverage. Switching your monthly premiums to one annual premium can save you quite a bit as the company will not be passing their monthly administrative costs on to you.
Financial stability and ratings
There are many insurance carriers in Arizona who do not advertise on TV or billboards that can offer exceptional home insurance coverage for a fair price; however it isn't always easy to tell which company is strong and which is not. Third-party services such as A.M. Best post financial ratings online for you to review. You will also want to research how long a particular insurance company has been able to write business in your state without gaps. (as gaps in policy writing ability usually means the company backed out during times of major disaster and were banned from doing business in the state)
Claims Handling and Customer Service
Just as important as cost and financial stability, is an insurance company's response time when it comes to handling its policy holders' claims. An easy way to find out is by simply asking your neighbors and friends how they have been treated by their home insurance providers. Did the insurance company drag out the claim paying process or was their response quick and helpful. You can also find many resources online that will help you with this information. Consumer websites and your State Insurance Department can be a great resource as well.
Home Insurance Arizona
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