4 Changes That Affect Life Insurance September 1, 2020 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 policy to match. Whether you already have coverage or are thinking about getting it, check out these four life changes that could impact how much coverage is needed. Marriage/Divorce Getting married is exciting, but it can also prompt changes to a your 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 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. 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.
What to do when you lose a loved one December 6, 2019 The loss of a loved one can be hard to bear. Even more so when you think about all the steps that follow for planning a funeral and getting financial and insurance affairs in order. When you’re ready, check out this checklist of items that may require action. Obtain a death certificate Obtaining a death certificate is a critical first step. It will allow you to complete many of the following steps. The funeral home you’re working with can get certified copies on your behalf. You can also contact your state office that specializes in vital records. Update policies If the deceased had life insurance, you’ll need to contact the insurance company and present a death certificate in order to enact the benefits. You’ll also want to let the company know to either remove their name from existing policies or get rid of the policies entirely. This step may require updating your own policies, if the loved one was listed under them. Notify the right people Certain institutions need to be aware of the passing, especially government agencies and credit agencies. Check with the social security administration to ensure they are aware of your loved one’s passing. You should also notify any other agencies that provided a benefit to your loved one, like Medicare, Veterans Affairs, etc. To help prevent identity theft, contact the major credit agencies including Experian, Equifax and TransUnion. You’ll need to present the death certificate to these institutions. Lastly, the Department of Motor Vehicles can cancel their license and voter registration, and the post office can help determine where to forward their mail. Prepare your own accounts There is no greater wake-up call than the loss of a loved one. This life event may make you think about your own family, and the benefits or burdens that will come to them upon your end of life. You can help ensure they are financially prepared by adding or adjusting your own life insurance policy. No matter your age or health condition, it is always a good idea to have life insurance. It is also important to have some form of written will, as a way to ensure your loved ones receive your assets. Having someone to support you through this process will make it much easier. For insurance and financial advice, contact your trusted agent to help get you through this difficult season of life.
Celebrate Insurance Awareness Day: Learn About Life Insurance June 3, 2019 No person’s life is the exact same as someone else’s, so why should your coverage be? You can and should have a life insurance policy tailored to your unique needs. To celebrate National Insurance Awareness Day this year, we are sharing information about the different types of policies and which may fit your lifestyle best. Life insurance can serve as a safety net for you and your loved ones. It may bring you peace of mind knowing your family’s financial future is protected if anything were to happen to you. It could help your family continue to pay for things, like the mortgage. We offer three categories of policies: term, whole life and universal. Term Life Insurance One of the most affordable options, this policy protect your family or business for a set amount of time or for a set “term.” Coverage ends when the term ends or until you choose to convert to a different policy. These are recommended for those just starting out, whether raising a family or building a business. You can read more on the different types of term policies we offer here. Whole Life Insurance This coverage, named for its length of protection, provides permanent coverage for your entire life. This policy will give your family protection upon your death and access to the accumulated cash value while you’re alive. Our Whole Life policy can give you and your family lifetime protection. Universal Life Insurance Life can take some unexpected turns, so having flexibility is invaluable. Universal policies allow this flexibility when things may not go as planned. It is a form of Whole Life that provides lifetime coverage, while also allowing you to adjust things in your policy along the way, like premium payments and death benefits. Our Universal Policy is a great way to make sure you can adjust your policy when life throws you a curveball. Try Our Calculator Our life insurance calculator can help you understand the amount of coverage that is right for you! Learn more about the right coverage for your unique needs by contacting an OKFB agent near you.
Don’t Get Fooled By Top Insurance Myths and Misconceptions March 29, 2019 When it comes to shopping around for insurance, it can be overwhelming to sort through the sea of information. This is true for new policy owners or even when it’s time for an annual review of your current policy. Furthermore, popular insurance myths and misconceptions can leave you even more confused. Check out some of the top myths we hear, and the facts that bust them. Myth: Life insurance is not necessary until I’m older. Fact: Life insurance can be a valuable investment at every life stage. Whole and universal life policies not only provide a death benefit, they also allow you to use accumulated cash value. This would be perfect for personal plans like saving for a home or retirement, meaning investing younger can yield benefits for later in life. Myth: All the belongings in my house are covered by my homeowners policy. Fact: There are different types of homes and each home varies in the features it has and the homeowners policy it needs! Limitations may apply to specific items, especially those that are high in value. Plus, items you may consider part of your home may be considered separate within your policy, such as a detached property. Learn more about home insurance. Myth: Earthquake and flood insurance come standard with homeowner insurance. Fact: Standard homeowners insurance policies don’t typically cover damage caused by a flood or earthquake. Policy additions for natural disasters, like floods and earthquakes, can often be added to a policy. But if the coverage is not obtained before the event occurs your property will not be protected. Learn more about our coverage options. Myth: Color is a major factor in the cost of my auto insurance. Fact: Contrary to popular belief, having a red vehicle does not automatically mean your auto insurance will cost more. However, there are several other factors to keep in mind when car shopping. Things that could affect the price you pay to insure your car can include: car make, body type, age of your vehicle and the car’s sticker price. Visit our auto insurance page for more info. If there are other insurance myths and misconceptions that leave you scratching your head, contact your local OKFB. We’re here to help!
