I’m going to start this session with something that’s important to me.  Keeping me and my family protected.  Keeping you and your family protected, that’s where you come in.

Full disclosure, my husband owns an insurance agency.  You are not obligated to be a customer of my husbands, or his Company at all, this is purely for your information.  That being said, he’s really nice and won’t turn you away if you insist.

I want to educate, because about 6 months ago, even though we had insurance on our cars and home and life, I knew nothing about it.  Every time the subject was brought up, my eyes would glaze over and all those English words that I knew separately, made no sense to me in the order that they appeared.

Things have changed.  I now am beginning to understand the need for it and what it actually means.  Every state and province (Hi to my family in Canada) will have things that are different about some of their laws and rules.  These are just my basic understanding of insurance, please speak with a trusted professional for more information.

Auto insurance; The State of Arizona requires it.  They have a minimum coverage allowed.  I imagine a lot of people have the minimum.  I also know that some people don’t even have any.  Here, the minimums are $15K/$30K.  That means that if you are responsible for an accident, the maximum that your insurance company will pay for the medical bills for one person is $15K.  And the maximum for all involved is $30K.  Have you been to a doctor lately?  If your passengers or people in another car are injured with a paper cut, you should be good.  You won’t have to worry about it.  But what happens if they are seriously injured?  Do you know who pays for that?  You.  And you can’t declare bankruptcy out of owing that.  What happens to you and your family then?  It’s not a good outcome.

My husband recommends a minimum of $100K/$300. We have $500K/$500. Plus a million dollar umbrella policy.  Why? Because he wants to protect us and the stuff we’ve worked for.  If there was an accident involving many people and the bills went over our $500K, we have the million dollar umbrella there to back it up.

I know, I know, you never plan to have an accident that you’re responsible for.  I get it.  It’s boring to talk about.  It’s depressing to think about.  But that’s part of being a real grown-up.  So, I will learn more about this.  I will teach my loved ones about this so that I can sleep at night, knowing that I’ve done all I can.

Life insurance.  You don’t plan to die, I know.  I don’t like to think about that possibility either.  But it’s not a possibility. It’s reality.  What happens if the major breadwinner dies and does not have life insurance?  Their company isn’t going to keep paying their salary because you’re such a nice person or you’re really cute.  Do you think they’re just going to pay all your bills for you?  No!  You need to have a plan in place to keep a roof over your head and food in your belly.  Life insurance is the way to do that.  It’s true there are many different kinds and none of them are interesting.  It’s also true that there are some products with that name that aren’t good.  But we’re educating ourselves about what the good ones are.  Of course there are many schools of thought of this, and everything else in the world, but here’s what I learned…

There is term life insurance, there is whole life insurance and there is something called universal something.

Term Life Insurance is when you pay an insurance company a premium, whether monthly, quarterly or annually and if you die, your beneficiary gets the amount that you set up.  This is for a specific term.  This is usually relatively inexpensive.

Whole Life Insurance is a type of permanent life insurance.  It combines level premiums with guaranteed death benefits.  Also, they have cash value that builds up over time that you can borrow against.

Universal Life Insurance is a variation of permanent insurance that offers many advantages.  As long as premiums are paid up, it is lifelong.  It offers flexible Premiums, frequency of payments, adjustable benefits, as well as cash value accumulation.  Again, speak to a professional for more specifics.

The bottom line is, if you don’t have insurance, you and your family are not protected.

Get protected!

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