How To Open Your Own Insurance Agency – Paying for your insurance every month (when you don’t need it) can be a real burden. You might even feel like you’re not paying for anything – but don’t be fooled into believing that. Insurance may not be as flashy as your debt snowballing, but it’s just as important when it comes to the defensive side of your game plan.
Think of insurance as a life jacket. It hurts when you don’t need it, but it does when you do
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You’ll appreciate having it there if you need it. It’s all about risk transfer. Without insurance, you may only need a car accident, illness, or emergency to have a wad of cash on hand.
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But how do you know which coverages are worthwhile and which aren’t? We will cover you.
Not sure what the difference between all of these is? Don’t worry – we explain everything you need to know about each coverage.
If you signed up for only one type of insurance after reading this article, choose term life insurance. Of course, many people know that life insurance is important, but somehow, they still don’t make it a priority. Get this: The Insurance Information Institute says only 54 percent of Americans have life insurance.
Think about it: If you die unexpectedly, without your income, how will your spouse cover your monthly expenses? The last thing you want a grieving spouse to worry about is how they’ll keep food on the table and pay the mortgage while you’re gone. But if you have term life insurance that makes 10 to 12 times your annual income, your family won’t have to worry about making ends meet, losing their home, or changing their college plans to take care of them while you’re away.
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Don’t put these off any longer. Discuss term life insurance with an independent insurance agent today. as soon as possible. at the moment. It doesn’t cost much, but the sense of security it gives you is priceless. (P.S. If you’re buying life insurance, don’t forget to buy term life insurance. Total life insurance is a gimmick in the long run.
If you think you don’t need life insurance just because you’re young and single, think again. If you’re heavily in debt and have no savings in your name, consider a short-term life insurance policy. For a healthy 30-year-old, it’s fairly easy to find a cheap policy that will at least pay off debt and pay for a funeral. Contact Zander Insurance, one of our RamseyTrusted providers, for an immediate term life insurance quote.
If you have no family, no debt, and enough cash to pay for your funeral, you
Give up life insurance. No harm, no foul. But remember: the younger you are, the cheaper term life insurance is. You will never be younger than you are today. say it all
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It’s something you think you might use in the future, and it’s cheaper to buy now than 15 years from now.
Driving around without insurance – not only because it’s illegal, but because it can be expensive to get into a Fender Bender. According to the Insurance Information Institute, the average car damage per claim is about $1,057.
Imagine if you had to pay that much out of pocket! The good news is, you have a variety of options when it comes to car insurance, so there’s no reason to skip them. Here are some different types of car insurance:
Trying to figure out your auto insurance needs can be tricky, so make it easy – talk to an insurance agent to help you get the right coverage for your car.
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It’s a good idea to get homeowners or renters insurance that covers you. If you already have a homeowners policy, make sure it includes this fancy thing called extended home insurance. This type of coverage adds an extra layer of protection beyond your policy limits.
Here’s the thing about extended home insurance: The insurance company will replace or remodel your property, even if it costs more than your policy covers. But there is a limit to how much you can get paid out – usually 20-25% of your sum insured, unless you opt for higher coverage. Remember, the higher your home is worth, the greater the need for extended home insurance.
When it comes to home insurance, it’s best to check with your agent to check what and what your policy covers
Remember, as a renter, you can’t get out of the way when it comes to insurance either. Without Renters Insurance, it is up to you to replace your items if they are lost in a fire, flood, theft or other disaster. Additionally, many landlords and condominiums require that you also have tenants insurance. A good independent insurance agent can walk you through the steps that cover the basics of homeowners and renters insurance.
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Pro tip: If you have a well-stocked emergency fund, you can save money by opting for a higher deductible and lowering your premiums.
Another super important type of insurance you can’t live without? health insurance coverage. According to a study by academic researchers, about 67 percent of people who file for bankruptcy do so because they are deep in medical debt.
Here’s the hard truth: If you don’t have health insurance, you’re set for financial disaster. only
The high cost of health insurance is no excuse for being uninsured—even if you don’t see your doctor regularly. To keep your health insurance costs down, you can purchase health insurance with a high deductible. Sure, you pay more up front for your health care, but you pay a lower monthly premium.
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Plus, a health care plan with a high deductible qualifies you to open a health savings account (HSA) — a tax-advantaged savings account used to pay for medical expenses.
We are big fans of HSAs. Here are some other benefits an HSA can give you:
Some companies now offer high-deductible health plans with HSA accounts, alongside traditional health insurance plans. Review your options to see if a high deductible plan could end up saving you money. An independent insurance agent can help you review high-deductible health plan options that you can use with your HSA.
Disability insurance protects you against loss of income if you are unable to work for an extended period of time due to illness or accident. Don’t you think permanent disability will affect you and your ability to work? Consider again that the Social Security Administration says that more than a quarter of today’s 20-year-olds will be disabled by age 67.
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Too high to forego long-term disability coverage. If you’re in your prime earning years, permanent disability could end your dreams of owning your own home or even paying your kids’ college tuition.
Bottom line? Make sure you are covered. Many companies now offer long-term disability insurance for their employees, so start here.
As you review your options, you’ll also find that short-term disability insurance can fill in the earnings gap for three to six months if an illness or injury causes you to be out of work. this is your insurance
Skip—because your well-funded emergency fund should cover this. Learn about other insurance you may have
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Long term care insurance covers a wide range of services such as: B. Home care and home help with basic personal tasks (bathing, personal hygiene and eating). Often, long-term care means that a person with a chronic illness or disability needs ongoing help. If that sounds expensive, it is. Long-term care costs are also usually not covered by health insurance.
So, who really needs long-term care? To protect your retirement savings from being depleted by long-term care, buy this coverage when you turn 60. Keep in mind that you may not need long-term care at that point, and many factors, such as your health and family medical history, will determine when you get long-term care insurance — and how much you’ll pay for it.
That’s why it’s important to discuss long-term care that’s right for your situation with a RamseyTrusted professional, such as an approved local provider. Even if you’re not at that stage in your life, your parents probably are. So bite the bullet and take the time to talk to them about their long-term care options.
Identity theft is no joke—even if you take care to protect your personal information. In fact, the 2021 Identity Fraud Study by Javelin Strategy and Research states that identity threats will cost $56 billion in 2020.
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Data breaches are often in the news, and retail stores are constantly under attack by hackers who have breached their payment systems.
Think about it: With just a few key pieces of information about you, criminals can defraud you of your money by taking out a mortgage in your name, opening a line of credit, or filing false tax returns.
You’ll have to deal with this yourself, so make sure your insurance covers identity theft services to clean up the mess for you.
Anumbrella policy adds an extra layer of protection
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