Your Insurance Questions Answered

It’s the beginning of a new year, and we’re sure that, for many of you, there are lots of exciting things ahead. Marriage, adding a new child (or experiencing an empty nest for the first time), or making a big move to a new job are all great opportunities that can come along with a fresh set of 12 months. What’s something all of these things have in common though? Insurance. Insurance is a topic that brings up a variety of questions, and can seem overwhelming if you are left to do your own research and attempt to navigate the plethora of information available online. While the “big box” companies that dominate online media and television are large-scale, they often don’t give you the answers you need, and definitely lack the personal touch that a local insurance agency can offer their clients. One way we serve our clients here in the Winter Haven area is by being on hand to answer their questions and address their concerns throughout their life journey, from getting married and starting a family, to planning for retirement and the desire to age with dignity. Perhaps you’re currently seeking answers to insurance questions, and we’d love to help! That’s why we’re providing some basic answers to common questions in this post. Don’t see your question here? We’re happy to discuss it with you and find out how we can help!

I’m getting married this year…what kind of coverage will my spouse and I need?

The answer to this question can vary depending upon what your life circumstances will be following your wedding, but in short, you need to consider:
Coverage for vehicles and making sure policy paperwork reflects any name changes, additional drivers/owners of the vehicle, etc.
A homeowners policy, or renters insurance, based on your living arrangements.
Insurance coverage for major purchases, such as that new engagement ring and wedding band.
Put together a life insurance policy and find out how to fit it into your monthly budget.
Find out if any of your existing policies can be bundled to save you money now that you are a joint household!

Do I need to have insurance policies for my children if they are healthy?

YES! Too often, the tragedy of losing a child suddenly leaves parents with enormous amounts of grief which are then compounded by struggling to pull together funds for final expenses, any medical bills, etc. Insuring your children is a huge part of financially planning for your family. The size of the policy depends, of course, on the health of your child, what the average rate of final expenses are in your area, etc. Your insurance advisor will be able to assist you in tailoring a plan to fit your needs.

Do I need disability insurance while I’m young?

Again, YES. It’s easy to look at these policies as “optional” and “extras,” but once the need is there, it’s too late to get the coverage you need. Planning ahead offers peace of mind and protection. Disability coverage is often misunderstood as its name implies that it’s for those who are physically disabled, unhealthy, and/or not working, but this population represents only a small fraction of those people who benefit from disability coverage. Essentially, disability insurance provides assistance with costs associated with the loss of physical ability rendering one unable to work. This includes help with medical costs and help with recovery (therapies, rehabilitation, etc.) and temporary assistance with lost income in some circumstances.

If my new job doesn’t provide vision and/or dental coverage, it will be really expensive, right?

Not necessarily. While these types of policies have a reputation for being costly, you can find rates that are affordable for you, especially if you are able to bundle policies, qualify for discounts, etc. Your insurance advisor is your biggest advocate in this situation, as they can shop rates that would be unavailable to you as the general consumer. This allows them to compare and contrast various policies, what they cover, how much they cost, and if they can be bundled with any of your existing coverage. They can build a plan for you and your family that fits your needs and your budget.

Does my insurance need to be factored into my will?

In many cases, yes. Whoever the beneficiary is on your insurance policy will receive the funds paid out from the coverage, but if you desire for the funds to be distributed among several members of your family, send to charity, etc. you will need to have this laid out in detail in your will to ensure that your final wishes are met. Your lawyer (or whoever is assisting in writing your will and drafting legal paperwork) can help you determine which policies should be included in your will, and how to go about wording it properly.

We hope this Q&A session has helped clarify some common questions and concerns about modern day insurance coverage and how it applies to you in 2020 and beyond. For residents in and around the Winter Haven area, feel free to call Carroll Marshall Insurance or stop by our downtown office and we’d be happy to discuss your questions further, and help you build an insurance portfolio that will offer your family peace of mind and protection over many years to come.