New Parents’ Guide to Insurance

As new parents, you’re probably overwhelmed by the amount of planning and the number of decisions you must make in order to ensure the comfort and safety of your newest addition. It's important that you not overlook how insurance fits in to your new role as a mommy or daddy.

Life Insurance
When you become a parent, you may want to consider creating a trust to be the beneficiary of your life insurance policy. By naming a trust, you can ensure that your death benefit proceeds don't get added to your estate or, after your death, your spouse's estate for tax purposes. In addition, you can make sure that a portion of your benefit is allocated toward your minor child at the time he or she reaches the age of majority or whenever you specify within your trust. Additionally, a trust allows you a certain amount of control over the use of your death benefits so that you can direct them to help make financial life easier on your spouse and children immediately after you pass away and later on in life.

Buying life insurance for your child gives them a financial head start when they become adults because by buying a child an insurance policy, you lock in low rates and can start creating cash values that they can take loans against later, such as when they go to college.

Disability Insurance
Your children rely on you to support them. A disability insurance policy ensures that you can continue supporting them even in the face of a disabling injury. Disability insurance gives you much more control over the receipt of benefits than Social Security and can also help you rely less on savings during the waiting period for benefits to begin.

Home or Renters Insurance
Giving children a safe place to live is one of the most basic responsibilities of a parent. With home or renters insurance, you can ensure that your children have a safe place to live even after an insurable incident makes your home unlivable as long as you have loss of use benefits. In addition, both types of insurance will help you replace your family’s lost possessions. Finally, a home insurance policy will help you get necessary repairs to make your home livable once more.

Auto Insurance
Not only is Houston auto insurance required by your state, but it also offers one of the best ways to keep your family safe. Auto insurance can help pay for liabilities you incur, removing the need to access your savings to satisfy injured parties. In addition, the medical payments can help your family afford the best care after they've been injured. It's important to note that state insurance limits may not be representative of the actual protection you need.

If you have questions about the kinds of insurance policies you should have as a new parent or you want to make changes to your insurance portfolio, give us a call at Reliable Insurance Managers.

Insurance for College Graduates

Whether you're graduating from high school or college, this can be one of the most exciting times in your life. But don't allow your enthusiasm for freedom and the future to interrupt your good sense and the process of purchasing the right insurance policies for all of your risks.

Renters Insurance Whether you are moving into a dorm or an apartment, you need specific protections for property such as your computers, clothes, and furniture as well as protection against potential liabilities. If someone should be injured while visiting your apartment you could be found liable for their injuries and the subsequent medical expenses, damages, and lost wages. A renter’s insurance policy will pay for many of these expenses while also protecting you from the loss of your property after an insurable incident.

Health Insurance You may be permitted to remain on your parent’s group health insurance policy if you are going to school full-time or are under the age of 26. But don't take for granted that your parent’s policy can still cover you or is even the best option. Instead, talk to an insurance agent to ensure that you are properly covered and to find out if there are any less expensive alternatives available.

Auto Insurance If you've been on your parent’s auto insurance policy, graduating from high school or college may mark the time when you should look into your own auto insurance coverage. Auto insurance rates can vary based on many factors including the amount of driving you do and the location where you park your car. Talk to your insurance agent to discover the best options for your auto insurance coverage.

Life Insurance Locking in life insurance rates when you're young and healthy is extremely important. Insurance premiums will only rise as you age, so taking out a first or supplemental policy when you graduate is a good idea. If you take out a whole life policy you may then be able to tap into cash values for tax-free loans in a few years while also guaranteeing your family some benefits for final expenses should you pass away.

We are here to help you get your insurance on track for your new post-graduation life. When you're ready to get started with a Houston Auto Insurance Quote, give us a call at (713) 227-7283.