4 Changes That Affect Life Insurance

If you’re like most, your world can change very quickly. Growing up can lead to major life events, and you’ll want to have the right Life Insurance to match. Whether you already have coverage or are thinking about getting it, check out these four life changes that could impact how much Life Insurance is needed. 

Marriage/Divorce

Getting married is exciting, but it can also prompt changes to a Life Insurance policy. For example, you may decide to designate your spouse as the beneficiary. Having Life Insurance in place is a way to economically protect each other’s future. Additionally, going through a divorce can be a difficult time and can also prompt changes. You might consider changing the beneficiary on the policy or designating the policy to cover child support payments.

Children

As a family grows, there are many changes that could affect a Life Insurance policy. Consider adjusting the policy to pay for daycare, save for college or other child care expenses. Updating or obtaining Life Insurance when having children could ensure your family has the resources to maintain a home, costs of child care, schooling and more. Additionally, if your child is now an adult and financially independent, a reduction in coverage may be possible.

Mortgage 

Paying off a mortgage can lead to a decrease in living costs and thus may reduce the amount of Life Insurance needed. Alternatively, a higher mortgage on a new home could mean an increase in the Life Insurance policy is needed. Adjusting this coverage can ensure your family has financial help to maintain mortgage payments should you no longer be able to provide your source of income due to death.

New Job/Promotion

A new job or promotion could mean an increase in salary. If the higher earnings help you afford an upgraded lifestyle, you may want to reevaluate Life Insurance coverage to ensure your family can afford the lifestyle they’ve become accustomed to. If you were depending on a policy through a former employer, you may be able to keep that plan or replace it with one from a new workplace.

If you have Life Insurance or are thinking about obtaining it, contact an OKFB agent to talk through options. Our Life Insurance calculator can be a great tool to help understand the amount of coverage that is right for you! Remember, Life Insurance is about ensuring your loved ones are financially secure.

The Basics: Farm & Ranch Insurance

A farm or ranch isn’t like a typical nine-to-five business, which is why we offer many options to ensure your needs are covered. Farm & ranch lines of coverage are detailed and flexible, so you can get covered for certain things like a farm fire, leasing property, constructing a new farm and more. To begin, here are four lines of coverage that you may want to learn more about!

Our farm & ranch line covers items from farm buildings and structures to employer’s liability and animal collision. The policy can also cover things like farm personal property, dwelling, and personal liability. There are multiple coverage options and features available under this policy that are customizable to fit your needs. 

Farm Implement

While the Farm & Ranch policy covers machinery, equipment, supplies and other property owned materials, the farm implement policy covers loss or physical damage to farm implements. Farm implements can include combines, hay balers, cotton pickers, plows, seed drills, etc. Additionally, we offer liability coverage, which helps in the case of a liability claim or lawsuit. 

Farm Auto

Your vehicles are essential to life on the farm. Our Farm Auto policy covers vehicles like a pickup truck, farm truck tractor, trailer and more. If it’s used for farming or ranching, then it can be covered under this policy. Just like when driving a car for personal use, driving accidents can also happen on the job. Our Farm Auto Insurance is flexible, so it can be adjusted to cover your exact needs. Coverage options can include:

  • Comprehensive coverage
  • Collision coverage 
  • Liability 

Crop

No matter what crops you grow, we’re here to help ensure your operations are protected from the elements. Crop Insurance covers crops in the case of unpredictable events, like a heavy hailstorm or tornado. Like Farm & Ranch coverage, our Crop Insurance policy has multiple options and features. Crop Insurance is flexible and detailed, covering options like livestock risk protection, nursery, and annual forage.

Check out our farm and ranch FAQ’s to learn more about our insurance coverage options. Ensure your farm or ranch has the protection it needs by contacting an agent.