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Life Insurance: What You Need to Know

Life Insurance: What You Need to Know

Prioritize making time to review your coverage so that you are properly insured. If you’ve never taken a life insurance policy, now is a good time to consider recent life changes, such as marriage or a child, which would make it important for you to have a life insurance policy.

To help get you stated, take a look at answers to these basic questions about life insurance.

Do I need Life Insurance?

The short answer is just about always, yes. Parents of a baby should even consider having life insurance for their child. If a heartbreaking and unforeseen circumstance should arise, a family shouldn’t have to shoulder the burden of funeral costs completely out-of-pocket. As you get older, your life insurance policy should increase to cover more than just funeral costs, but also make up for the loss of income your family will experience. The goal of your life insurance policy should be to leave your loved ones in a stable financial situation, so that their emotional loss isn’t compounded by a financial loss.

How much do I need?

There are many considerations for how much life insurance is right for your unique situation. Begin by using some of the free life insurance calculators that are designed to give you a good starting point and also make you aware of things you may be overlooking. The main consideration will be assessing the financial needs of your dependents. What standard of lifestyle do you want to maintain for them? Who will cover medical expenses and funeral costs? How much debt, such as student loans and mortgages might you leave behind? Your local life insurance agent can walk you through all of the details and options available to you.

Are there different types?

Yes, there are quite a few different types of life insurance policies, are structured to provide unique benefits depending upon your life situation. Term Life Insurance provides only a death benefit without any cash-value component and is the lesser expensive option. Permanent life Insurance offers as a cash-value account which offers a return-on-investment in the case you do not use your life insurance policy during its duration, thus making it the more expensive option. Additionally, Whole Life Insurance and Universal Life Insurance are two subdivisions of Permanent Life Insurance. There is also Variable Life Insurance. Navigating all of your policy options may see like it daunting task, but a knowledgeable insurance agent will help make things simple for you!

Why would I want to add a rider?

Riders can be added to your life insurance policy, for an additional fee, to help safeguard you and your family from a variety of unexpected and unpleasant situations. For example, an Accelerated Death Benefit rider (aka Living Benefits rider) pays the benefit early if you become terminally ill. An Accidental Death Benefit rider pays an extra benefit if you die as the result of an accident. A Long-term Care rider pays for long-term care expenses should you need in-home care. And a Waiver of Premium rider waives premium payments should you become totally disabled. There are many more riders and benefits you can discuss with your insurance agent who can advise you on whether they are something you should add to your policy.

What is the underwriting process?

The underwriting process is designed to fully assess your health and lifestyle. You should expect to complete paperwork, answer questions, and a medical examination is common. If you do not need a life insurance policy in the millions of dollars, you can likely find simplified life insurance which does not require such an intensive process. Keep in mind that these policies, though easier to obtain, tend to cost more in the long-run and are limited to a shorter amount of time.

Is it expensive?

Like anything, the cost of your life insurance will be relative to the amount of coverage wish to obtain and for the length of time you’ll be covered. Another big consideration is your age and overall health, as assessed by your interview and medical examination. Your insurance agent will be a key resource to help you find the right balance between cost and coverage to fit your needs.

The important takeaway is that even if you can only afford a small life insurance policy, should something ever happen to you, you will have the peace of mind knowing you have left your loved ones with a reduced financial burden.

Have additional questions? Please reach out so I can help you find answers!

9 Milestones That Can Impact Your Insurance

9 Milestones That Can Impact Your Insurance

Celebrating a birthday, adding to your family, making a new purchase or adopting a pet are all wonderful milestones in life. To keep these as positive additions, you’ll want to be sure to openly communicate with your insurance agent so you can alert him or her to any of these milestones. Why? Because even some of the most unexpected scenarios can impact your insurance policies. For all the things in life you hold dear, you don’t want to risk them being hurt or damaged without insurance to help make things right.

Take a look at 9 milestones that can impact your insurance and what you should do to keep your belongings and loved ones safe.

Your Birthday

Yes, your birthday matters when it comes to the cost of your insurance! For car insurance, drivers around 25 or younger will pay a higher premium as they are still considered “young drivers.” Usually your rate will go down a little at a time as you age into adulthood. There are some possible discounts that you can age into for car insurance, so be sure to ask! For life insurance, age most often works against you. The older you become, the more your premiums will rise. Make sure you always have your insurance agent factor in your current age into all of your policies.

Marriage or Divorce

Marriage is a great thing, and insurance is just one more way you’ll benefit from tying the knot. Commonly your car insurance will be significantly reduced with marriage. You will merge your previously two policies into just one, even if you’re still driving two cars. In divorce, the opposite is true. You’ll return back to single policies at a higher cost per car.

Birth or Adoption

If you’re expecting a new bundle of joy, be sure to include your insurance agent on that birth announcement – or at least have a discussion with him or her as to how it could change the type and amount of insurance you have. You may wish to have a life insurance policy on your child. You may also wish to increase your own life insurance, now with an extra dependent. Finally, your car insurance and health insurance will likely change due to the new addition to your family. Be sure to bring this to the attention of your insurance agent so there are no surprises later!

Getting or Losing a License

Having a child get their learner’s permit or license is something that you should always tell your insurance agent.  Sometimes they are required to be listed on the policy at time of permit & sometimes at time of license. Be sure to check with your agent to find out which it is. On the flip side, loss of a license due to health or incidents, is also something that your agent would need to know so that you are properly covered.

New Pet

Believe it or not, even the addition of a furry friend could trigger a change in your insurance policies. By increasing the chance of a house guest being injured by a pet, or the pet destroying part of your home, your home owners’ policy may need to account for the additional risk. If you don’t update your policy to accurately reflect the addition of a pet, your existing policy may not cover any of the associated damages or costs.

New Job

A significant change in career could result in a change to your insurance policies. First, your life insurance policy could be impacted by the safety of your new job. If there is a greater risk of injury or death, you’ll want to be sure to update your insurance agent. Additionally, if your job requires a change in commute time or work location, your car insurance premium could go up or down.

New or Renovated Home

Purchasing a new home is an obvious reason to update your home owners insurance, but many people forget to update their policy when they complete renovation work. For example, finishing your basement will increase your livable square-footage and impact your policy. Also, enhancing your house with security features could lower your premium. Additionally, when moving to a new home and a new neighborhood, your car insurance could be impacted by the change in location. If you’re moving from an urban area into a suburban or rural area, your premium may be lower.

New Car

A new car will certainly impact your car insurance.  Without talking to your agent, it is difficult to know whether your rate will go up or down. Getting a car with enhanced safety features compared to your old car can result in a lower premium. On the chance you purchased a sports car or some other type of vehicle deemed to be less safe, your premium may be affected in the other direction. Any car with a loan requires collision & comprehensive coverage.  So if you purchase with a loan, make sure you are thinking about paying for these coverages as well. Alerting your insurance agent of your new purchase is unavoidable as your aren’t likely able to drive your new car without a policy for this specific vehicle.

Addition of a Boat, RV, Motorcycle, etc.

Some people may choose to purchase a recreational vehicle, boat or motorcycle. You should (and in many cases, must) insure these items. Upon purchase, you’ll want to have an immediate conversation with your insurance agent about obtaining proper insurance before you take these items out on the road or water.

Have you recently experienced one or more of these milestones in the last 12 months? It would be worth a discussion with your insurance agent to review your best options for coverage!

6 Ways to Make the Most of Your Business’s Slow Season

6 Ways to Make the Most of Your Business’s Slow Season

Along with the seasons of the year, many businesses experience the ebb and flow of busy and slow seasons. Sometimes this is dictated by the weather, school year, fiscal year, tax season or something else altogether. No matter the cause of the seasons of your business, each brings its own advantages. Here are a few tips for making the most of your business’s slow season. Take a look!

1. Re-engage Former Customers

Do you keep a record of former customers who no longer use your services? You should! Using your slow season to try and re-engage former customers is a smart marketing tactic that can have a big payoff. Think strategically about the best way to reach them and with what message. You could offer them a promotion for considering your services again. Or you can offer them something completely free, like a free audit for whatever service it is your provide. Re-engaging customers you’ve already worked with is a warm lead compared to cold calling someone completely new. Take advantage of this in your slow season!

2. Focus on Internal Planning

When business is slow, this is no reason to shut down and go into vacation mode. Rather, use your available time to focus inward on your business model, marketing strategy and other branding efforts. If you’re not fully utilizing social media, your slow season is a great time to implement a social media strategy for your business. Then, once your busy season hits again you have a plan in place to keep this running. Give your business the personalized attention it likely lacks when you’re busy.

3. Schedule Appointments You’ve Been Putting Off

Is there a vendor you’ve been meaning to meet with? What about your accountant or lawyer? During your busy season these types of meetings often take a back seat to serving your customers. Now in your slow season, get ahead of the game by knocking off all those meetings and research you’ve been meaning to do to streamline and grow your business. You’ll be better prepared than ever to take on your next busy season!

4. Look for New Revenue Streams

Your slow season is a time to get creative. Sure, you stay busy most of the year serving your customers in one way. But what other skills and services can you provide in your slow season to bring in new revenue? Think about a landscaping company whose business substantially declines in the winter months. They would be smart to repurpose their tools and labor to hang outdoor holiday décor for their clients. Now they have a whole new revenue stream utilizing the same tools and labor they already had on hand. Brainstorm how your business might do something similar.

5. Make New Hires

Your slow season is the prime time to ramp up your staff. While this may seem counterintuitive since you currently have less work to do than in your busy season, your slow season is a great time to onboard a new team member. You can give them a lot more of your time and attention to make sure they are fully trained and prepared to handle the influx of business when your busy season hits.

6. Do Something for You!

Finally and most importantly use at least a little bit of your downtime in your slow season to do something relaxing. After all, you’ve earned it! Take a family vacation or take a personal retreat where you can refocus on your business goals and strategies. With this mindset, you won’t look at your slow season as a time to worry, but rather as a time to be grateful for the ebb and flow of your business.

How does your business maximize its slow season versus busy season? Share your ideas by leaving a comment below!

Tips to Help Women Gain Financial Independence

Tips to Help Women Gain Financial Independence

No matter your financial or personal situation, it’s important to play an active role in managing your finances. Specifically to women, maintaining control over your finances, understanding your budget and monitoring your credit score are essential for financial freedom.

In many cases, a spouse or significant other make take on the role of managing the family’s finances exclusively. While this may initially be a burden off your shoulders, if can lead to far greater problems down the road. You finances should be treated as a partnership so that you both have a voice in your budget and financial goals, and so that you are not left feeling financially dependent upon someone else.

In an effort to empower women through financial independence, here are key tips for taking control of your finances:

Gain a good understanding of your current financial situation 

The first and most important step to gaining financial independence is to have a full understanding of your current financial situation. What is your personal and total family income? What debt do you have? What are your spending habits? Review your most recent bank statements and start to map out your financial footprint.

Learn financial fundamentals

Now that you understand your current financial situation, start to tackle any issues you’ve found by learning financial fundamentals and best practices. Start by searching for online resources that will help you understand how to improve your credit score, how to pay down credit card debt and how to avoid bank service charges to your account. Knowledge is power!

Create a (realistic) budget 

Next, apply this knowledge to your personal and your total family budget. This cannot exceed your income if you truly want to gain financial independence. Look for ways in which you can cut back on spending or earn additional income, if needed. Most importantly, track your spending, compare this to your bank statements and stick to the budget you’ve created.

Have a debt management plan

If you realize you have debt, put a plan in place to pay down the debt with each month. Even if you can only pay a little each month, it’s better than nothing at all. Talk with the credit card companies who are happy to assist you in establishing a payment plan. If you have existing debt, be extra careful to not add to this debt further with current spending habits.

Set long-term financial goals

What are your biggest financial challenges right now? Or what are some items on your “wish list” that you want to work toward? Set long-term financial goals for yourself that will help you to visualize the reward for sticking to your budget each month.

Seek help

If you want to gain financial independence but have hit challenges or need advice, there are many resources available to you! Local businesses and organizations often offer free or low-cost financial planning seminars or consultations that will help you get started in the right direction. Begin by checking with your local insurance agent, bank or financial planner.

Tips to Keep Your Family Safe This Fourth of July

Tips to Keep Your Family Safe This Fourth of July!

The Fourth of July holiday is a summertime staple that is meant to be filled with fun memories. Yet, there are many possible dangers that could cause injury, illness or worse, if you don’t take precautions. In an effort to help you make this Fourth of July safe and enjoyable for all, take a look at a few key ways you can minimize the risk of something spoiling your holiday.

Set ground rules

Foremost, establish ground rules with both children and adults. For children, make sure they know what they can and cannot do. For example, young children may not touch or play with fireworks. For adults, set ground rules for who is responsible for monitoring the children and guarding them from hazards like a hot grill or fire pit. When there is a large group of people, it’s easy to assume someone else is handling these responsibilities and that’s when accidents happen. Avoid such a scenario by setting ground rules for the day.

Identify and address potential dangers in advance

While setting your ground rules, also identify and address potential dangers. Make it an activity for your whole family! Ask children what they think could be a danger and explain what they should do to stay safe. Are they allowed near fireworks? Can they play by the fire pit? What should they do if someone gets hurt? Awareness is the first step in protecting your family against holiday hazards.

Never leave young children around fireworks unattended

Children, especially young ones, don’t realize the danger of fireworks. Foremost, keep any fireworks packed away from a child’s reach. Next, be smart when assuming your child is ready to take part in fireworks. In a Newsweek report, it was found that 36% of firework injuries occurred to the arms and hands and sparklers were to blame 40% of the time. You may think a young child can handle holding a sparkler, but they can easily touch themselves with it, drop it or attempt to eat it. Stay cautious!

Find alternatives to fireworks

To avoid the danger of fireworks altogether, forgo them at your Fourth of July celebration. Replace them with festive glow sticks for young children! Children will still get a kick out of running around with their glowing red, white and blue colors and hardly miss the pizazz of a real firework. Best of all, this substantially reduces your risk of injury.

Be mindful of the sun and heat

Outside of fire and fireworks, there are still some other dangers that can be found during Fourth of July celebrations. In July, the sun is hot and you spend a majority of time outside. People often forget to apply sunscreen and drink enough water, leading to damaging sunburn and dehydration. Frequently check in with your family members to make sure you’re reapplying sunscreen and drinking a glass of water every hour. This will help to keep everyone cool, comfortable and safe.

Celebrate responsibly!

Finally, be responsible when celebrating with adult beverages. As the adult, you need to be alert for the safety of your children and yourself. Too much alcohol can cause poor judgement or delayed reaction. When mixed with fireworks, swimming pools and driving, this can be a very dangerous combination. Celebrate responsibly for the sake of everyone you love!

How do you and your family plan to celebrate the Fourth of July holiday? We wish you a fun and safe day!

Fun Things to Do in Central PA this Summer

Fun Things to Do in Central PA This Summer

Throughout Central Pennsylvania – Harrisburg, Lancaster, York – there are countless types of entertainment and activities to suit the whole family. Whether you are looking for something educational or something adventurous, this is an area filled with a robust history and beautiful scenery. Here’s a look at just some of the many excursions you can choose to place on your calendar this summer!

Educational

Pennsylvania State Capitol – If you’ve never taken a full tour of Pennsylvania’s Capitol, this is a must-do for the summer, especially on a rainy day when you’re looking for an inside activity. The history of this building is astounding, plus the summer months are quiet at the Capitol, allowing you to see much more than you would on a busy session day. Did we mention it’s free?

Whitaker Center – Also located in downtown Harrisburg, the Whitaker Center is great for those who are young, and young at heart. You can touch, climb, play and explore for hours. Be sure to plan time to catch a viewing on their IMAX screen, too.

Museums

We could write an entire article just on the museums located in Central PA, so instead we’ll point out a few. The State Museum offers floors upon floors of information on Pennsylvania’s beautiful history. The Hershey Story answers all your questions about how the Hershey brand came to be. And the U.S. Army Heritage Center enthralls kids and adults alike with its military history.

Adventurous

Hershey Park – People come from far and wide to visit Hershey Park. Be sure to take advantage of this attraction right in your back yard! A family pass is a smart idea so you can go multiple times throughout the summer, some days hitting the rollercoasters, other days spent at the waterpark and still other days visiting the zoo.

Dutch Wonderland – Head to Lancaster for a day and visit another awesome theme park right here in Central PA. Dutch Wonderland has rides and entertainment for all ages. Voted one of the Top 5 Best Kid’s Park in the World by Amusement Today magazine, Dutch Wonderland creates a truly magical experience.

And just a little bit outside Central PA are two more parks worth exploring: Dorney Park and Knoebels!

Outdoors

Lake Tobias – Did you know there are lions, alligators and tigers in Halifax? Don’t worry, they are safely contained and cared for at Lake Tobias Wildlife Park. Their signature Safari Tours make this a fun and wild adventure unlike anything you’ve likely experienced before.

Fort Hunter – Pack a picnic lunch and your hiking boots, and spend the day exploring the sprawling property of Fort Hunter. Throughout the summer, there are also nature-themed events, crafts and classes you can take advantage of to learn more about the ecosystem here in Central PA.

Pride of the Susquehanna – Take advantage of one of Central PA’s finest attractions, the Susquehanna River, and view it by boat this summer. The Pride of the Susquehanna offers a full array of events, whether it be for a special date night or a fun cruise with the whole family. There’s nothing quite as relaxing as being on the water.

City Island – Drive, walk, bike or boat over to City Island and enjoy a game of mini golf before heading inside the baseball stadium for an All-American summer evening with the family. Located literally on an island in the Susquehanna River, City Island is a gem just off the coast of downtown Harrisburg.

Do you plan to try some of these activities this summer? Be sure to share your experiences and which ones you liked best!

LOCAL AGENT

David Downey
Insurance Agency Owner
11 N US Hwy 15, Ste 7
Dillsburg, PA, 17019
717-432-1361
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