How Life Insurance Can Help Protect Your Family’s Future
Take a quick assessment of what happens to your paycheck after it hits your bank account. For many, most of it goes toward mortgages, rent or car loans. Other expenses add up quickly, too: saving for college tuition, paying for your children’s activities and contributing to monthly bills.
After accounting for the things you’re responsible for, you might feel motivated to ensure you have a plan in place should anything ever happen to you.
This is where life insurance can help. A life insurance policy puts your family first so that the financial burden is lessened if challenging circumstances arise.
End-of-life planning is difficult, but it can be one of the most important decisions you ever make. Suffering a loss is never easy and can be made more difficult with financial considerations.
Your family may be responsible for some or all of the debts you’re carrying if you were to pass away. The money a life insurance policy pays can be used in many ways to help lessen the impact felt during a difficult time.
The cost of coverage can be overestimated by as much as $1,000 annually, according to a study in April 2022.
Don’t Forget About Specialty Insurance
You’re probably already thinking about all the fun you’ll have this summer with motorcycles, personal watercraft, RVs and more. That means it’s a good time to think about insurance.
Most people know they need dedicated coverage for their motorcycles, campers and RVs. But there’s a common misconception that existing homeowners policies will automatically cover personal watercraft, boats and other water toys. But you actually need specialty coverage.
It’s not just your property you want to protect. It’s you. If you’ll be cruising by boat or by motorcycle, for example, you may want additional liability insurance. This will give you security and peace of mind so you can focus on having fun.
You might be worried that additional insurance, particularly for specialty vehicles, may be expensive. AAA recommends speaking with a trusted insurance agent who will work with you to find the right coverage to fit your budget and needs. When you meet with your agent, ask about insurance bundling – it’s an easy way to save money.