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Young
Families and Insurance
At Utter Morris, we understand the hectic pace and
chaotic lives young families are faced with these days.
So, we want to make it as easy as possible for you to
get just the information you need to make convenient yet
informed decisions about all your insurance needs. We
also understand that this is a time when your expenses
seem to be never-ending and that every penny has to be
spent wisely.
At this stage of your life, your needs likely include
auto and
home
insurance, and as your family grows, you are starting to
think about protecting your most important possessions,
your children.
For your convenience, try our
On-Line Quotes or contact us for a no obligation
review of all of your insurance needs.
Young families have their own
specific needs for insurance that matches their
lifestyles from the time they meet, start a family and
as their family grows up. Here’s a primer on how
young families can expect their insurance needs to
change over the years. As an Utter Morris client we
understand your situation, and have the ability to get
to know you through personal interaction to ensure that
we can provide the coverages you require, often at times
when you will have a lot of other things going on in
your life.
Getting
together:
Get your insurance
affairs together too! If you are moving in
together, your insurance doesn’t automatically cover
both of you, so make sure to add your partner to your
policy to have their belongings covered. Combining
policies may make a lot of sense (and save dollars) –
there are multi-policy, and multi-vehicle discounts
available. In addition to the financial benefits,
combining policies can help to avoid costly duplications
or worse, gaps in coverage that could leave you
unprotected.
Getting Engaged:
Warning! That ring you just bought
might not be completely covered by your insurance! Most
policies have dollar limits on jewellery and furs,
usually a maximum of no more than a few thousand dollars
total for ALL your watches rings, bracelets bangles and
bobbles so you might need to extend your policy to
include a rider for the ring. The Rider usually costs as
little as 2% of the value of the ring but provides “ALL
Risk” coverage should it get lost or stolen.
Getting Married:
With
the cost of weddings these days it’s not a bad idea to
look into wedding insurance. Extra protection in case
the wedding gets called off due to illness or injury and
many more unforeseen events. Current liquor liability
laws mean the stags, showers or receptions can cause a
potential exposure if you are serving alcohol. Utter
Morris can provide liability coverage specific to these
events, so you can relax and enjoy.
This might now be the time to think
about
life
insurance. What would your spouse do without you or
your income? Would they be able to survive? Would they
be able to live in the manner and style that you would
like them to be able to? Would they be able to pay for
the funeral? With life insurance, the younger you
are when you buy
it the less expensive it is – you may want to take
advantage of this to lock into some inexpensive coverage
that can provide protection the rest of your life.
Changing Jobs:
When you change jobs the use of your
vehicles and possibly your home changes. Good time to
check in with Utter Morris to verify that you are
properly covered. Business related belongings may not
be covered or there may be limitations. An office in
the home may need coverage though a home business
endorsement. Changing jobs can also lead to changes in
benefits - you may need to purchase life, disability or
health insurance.
Children:
Now is definitely the time to protect
your family against the loss of your income should
anything happen to you. If you haven’t done it
already, talk to us about life, disability and critical
illness insurance NOW!.
Moving on up:
So along came the kids and now you
need to move to a larger space! Talk to Utter
Morris first about what your anticipated costs will be so
that you can
budget your costs. Changes in territory, value & fire
protection could have an impact on your rates. We can
let you know where you can save money, like installing a
burglar alarm. See our
“Moving” section for all that Utter Morris can do when
you move, including mortgage life insurance. There are
many advantages to having your mortgage life insurance independent from your
financial institution.
Paying it all off:
A side note to always advise your
insurance broker when car loans, leases, mortgages or
other loans are paid off. The financial institution does
not always advise us and it’s not a pleasant surprise
when a claim cheque is made payable you and ABC Bank and
the Bank won’t sign off its interest until they dig out
that 5 year old file! Besides there are discounts for
mortgage free homes!
Retirement a Time to Relax:
As with changing jobs, we need to know
that you have retired in order to correctly rate the
vehicles and apply any discounts you may be entitled
to. Also we can make sure that you are receiving all
the appropriate age and use discounts. Maybe it’s time
to review and protect your assets for your loved ones in
the event of your death. They may not be aware of the
impact of capital gains, taxes and other final expenses
which could cost them to lose portions of your
estate.
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