5 Reasons You May Need Life Insurance

1. Your parents co-signed your student loan

You wanted to go to college, but you didn't have the money and your parents didn't either. After all, who has $30,000+ laying around to spend on tuition, room, board, books and fun? You took out a private student loan, and your parents co-signed. They may have to foot the bill if you die prematurely. {some financial institutions may forgive the loan, but don't count on it, buy life insurance to protect your parents}

2. You are married

You are living the American Dream. You graduated college, found your dream job and got married. You are living with the one you love and life keeps getting better. When you get married, mine and yours is now ours, including financial obligations. If you were to die tomorrow, would your spouse be able to pay off debts {car loans, student loans, mortgage, etc} with his/her income? If there are no debts, would your spouse be able to live on one income? Buying life insurance enables your spouse to maintain their standard of living and not stress about making the next rent or mortgage payment and shows your love for him/her.

3. You have children

Enough said. You have a lot of responsibility raising kids. If you or your spouse dies, who will take care of the kids? Who will pay for their basic needs? Will they be able to go to college? Buy life insurance to ensure your children are cared for.

4. You stay home with kids

Some people don't realize the value of a stay-at-home parent. It's a luxury. A stay-at-home parent is a teacher, a chef, a janitor, a chauffeur, an events coordinator, an assistant, a facilities manager, a psychologist. A stay-at-home parent wears so many hats. If you or your spouse stays at home. How much would it cost to replace them? It wouldn't be easy.

Here's a fun infograph depicting how much a stay-at-home mom is worth, found here. 

5. You own a business

Do you have a plan in place when you die? Who will take over your business? Can your partner(s) buy out your portion of the business? Can your employee hire someone to fill your role as CEO? You can purchase life insurance to benefit your partners {they can buy you out} or your employees {they can hire someone to run the company}. If you started a business, it's important to plan how it continues, especially if you pass away prematurely.

Those are 5 reasons to buy life insurance, however it's not limited to those. There are many other reasons to buy life insurance. The important thing is to plan & purchase. That will save your loved ones from stress in a challenging time. Our agency offers life insurance; we represent 20+ companies. If you want a quote, email me: sara@riskadvice.com. It only takes a few minutes, but it could save you or your spouse a lifetime of headaches.

Happy Fall!

Third quarter has ended and the fourth quarter of the year is upon us.
The onset & preparation of Fall, Halloween, Thanksgiving, Christmas is upon us and the New Year is around the corner.

Do you have any fun fall traditions? Pumpkin picking, apple picking, holiday parties, corn maze tours, visiting the city of Salem, Thanksgiving day run to burn the calories, Sunday afternoon football parties, Christmas concerts, the list could go on?

Many families spend the fall enjoying the cooler weather, the beauty of the fall foliage, and enjoying the warm days before the winter arrives. Families may also spend afternoons raking leaves, pulling out the Christmas lights and decorating their front porch for the season.

In preparation for the fall season, now is the time for an insurance check-up .
Here are a few thoughts:

1) When was the last time you reviewed your homeowner insurance policy?
If it's been over a year, it's a good idea to pull out your policy and review it. Better yet, call your local agent and ask for a policy review. Do you need your golf clubs scheduled on the policy? What do you have for liability coverage? Did you update your electrical or build an addition?

2) While you're reviewing your homeowner insurance, pull out your auto policy. Review it too.
Are you getting a low mileage discount (if you drive less than 10,000 miles per year, you may be eligible for a low mileage discount)? Are you getting a discount for having a car alarm? What is your liability? How much property damage do you have? {our recommendation is at least $100K, but you can pay an additional $5-$20/year for $250K of property damage coverage} Would you need a rental car if you were in an accident? If not, remove the coverage and save yourself $60 annually. Is your insurance payment set up on EFT? If not, doing so could save you $60/year. Is your home & auto policy with the same company? If it is, you are probably eligible for a discount.

Go ahead and review your insurance, and if you want an honest opinion, please contact me at sara@riskadvice.com. I'm happy to share my insurance knowledge.

And for those who visit the orchards. Here's a picture I snapped at Russell Orchards in Ipswich, MA.

Happy Fall

Great Enterprise from a Small Opportunity

On our facebook page today we posted the quote: "Small opportunities are often the beginning of great enterprises." This was said by Demosthenes, an excellent Greek public speaker (384 BC-322 BC). He made a living as a lawyer, but he also wrote a few books and became increasingly involved in politics.

As you read the quote, think about the USA. Many people from all over the world, come to America. They come for religious freedom, they come for equal rights, they come to live and achieve the "American dream". As a result of the American dream, many people who came to the United States with next to nothing to their name, started small and wound up big.

In the late 19th century and early 20th century, many Swedes immigrated to the United States in search of inexpensive farmland, high paying factory jobs and the desire to get away from the state church of Sweden. One such person in search of opportunity was John W Nordstrom. He came to the United States from Sweden at the age of 16 in the late 1800s. He stepped onto US soil with $5 to his name and worked his way across the United States until he ended up with $13,000. At that point, he was ready to start a business. He and his friend Carl opened a shoe store called Wallin & Nordstrom. The store is known today as Nordstrom and is a top fashion retailer. They have been on the "100 Best Companies to Work For" list for quite a few years and they are currently on the Fortune 500 list. They are a publicly traded company under ticker symbol JWN (after the founder) and the Nordstrom family still has 20% ownership in the company.

Get a small opportunity, it may be the beginning of a great enterprise.

#MondayMotivation

Can Raising Your Insurance Deductible Save You Money?

If you drive a car in Massachusetts, you are required to have insurance on your car. If you own a home and have a mortgage, you are required to have insurance on your home. To many people, insurance is a "necessary evil", if you ask me, it is a necessity we should be thankful for. Many people around the world do not have the option to purchase insurance or cannot afford to purchase insurance, to protect their valuables. If their house burns down, they have to rebuild, without money from an insurance company.
This is starting to change with the implementation of microinsurance. In fact, a friend of mine started a wonderful company that offers insurance to people in developing countries, but more on that another day.
Back to saving you money.
Do you know you have a deductible? Do you know what a deductible is?
Taken directly from the dictionary: 

de·duct·i·ble

diˈdəktəbəl/

(in an insurance policy) a specified amount of money that the insured must pay before an insurance company will pay a claim.

Taken directly from the dictionary: 
Did you know if you submit a claim (request for payment) to an insurance company, and you are approved for said claim, they will send you a check minus the deductible?

Get your homeowner, renter or auto policy right now. I'll wait.

You have it? Ok. Look on the "Coverage Selections Page". What is your deductible? Many people have a $500 deductible. Some people have a $250 deductible on their renter policy and they may have a $1,000 deductible on their homeowner policy.

Would you put in a claim for $750 or for $7,500? Most people would say they would rather pay $750 out of pocket and put in a claim for $7,500.

If you have a $500 deductible, call your insurance agent and ask them how much you can save by increasing your deductible to $1,000 or $2,500. You may save $100-$200/year which is $10/month - $20/month. It's worth a shot.