Prep your home for the upcoming arrival of your little bundle of joy.
If you’re a parent-to-be, you’re in a for an exciting time of life. Expecting the stork at any minute means that your life will change drastically. From 3 a.m. feedings to triple-tasking to making sure your child’s college fund grows along with them, your child will rapidly become your first priority.
So that your child doesn’t face daily household dangers (and you have less to do), put these tips into practice before bringing the little one home:
- Keep long strings and cords tied up and out of reach.
- Search your house for small items that can cause choking: dropped coins, buttons, flower petals, and trash.
- Use anti-scald devices for faucets and showerheads. Lower your water settings and always test the water before dipping your baby in.
- Install corner and edge bumpers for tables and other furniture to help prevent injuries from falls.
- Add baby gates to rooms which may be dangerous for children (think basements, utility rooms) as well as at the top and the bottom of stairs.
- Household plants can be toxic if ingested. Lift plants up from the floor and place them on a high shelf or ledge.
- Replace all sockets with childproof sockets.
- Remove all mouse traps in your home.
- Anchor heavy furniture and appliances that could fall on young children.
- Ensure that the baby monitor is working!
Before your bundle of joy arrives, take a moment to review your insurance coverages. Your homeowners insurance policy should be up to date with all of your new baby purchases, and your life insurance should ensure that your growing family has protection should you pass.
To ensure that your home and life policies are up to date with your life and family, contact the Insurance Agency of Dean Davis in Austin, Texas today!
Considering life insurance? Here’re the basics.
When buying life insurance, you may be overwhelmed by the plethora of information available. To protect your future from poor choices today, organize your insurance by learning about the basics of life insurance!
Life Insurance 101
As the owner of a selfless insurance policy, you will never actually get to benefit from your life insurance. Your policy is designed to protect your family and finances. When you’re no longer around to provide for your family, life insurance helps your family cover your funeral costs, pay off remaining debt, and can even be used for your spouse to retire as planned or your child to go to college.
This provides life insurance protection for a specific length of time at a fixed rate (5 years, 10 years, 20 years). If you were to die during the provided coverage time, term policies pay out in a lump sum to the beneficiaries. The young and healthy can benefit from securing a fixed term and enjoy low premiums – so don’t wait!
This is otherwise known as a permanent policy. It is not defined by a specific term length, but it pays a guaranteed benefit to your beneficiaries when you die, and generally accrues a cash value over time through interest. This policy is exempt from income tax and the premiums normally stay the same over your lifetime. The cash portion can be withdrawn for an investment such as your kid’s college education, your spouse to retire on time, or to pay off the mortgage. For those with higher financial burdens, this is significantly valuable.
This is referred to as a flexible premium or adjustable life insurance. It’s not limited to a set term and usually has cash accumulation too. In this policy, the premiums, cash values, and coverage limits may be increased or decreased during the lifetime of the policy. Usually, the adjustments can be made after life milestones or as your needs change.
Having trouble deciding on what policy is best for your family, budget, and needs? Contact the insurance experts at the Insurance Agency of Dean Davis to find the best life insurance policy for you in Austin, Texas.
Know the difference between these two life insurance policies.
Term and whole life insurance are both viable sources of coverage, but one of them is probably better for you. Also keep in mind that you are a changing person and that your needs change as you grow. What may have been best for you five years ago may not be now. Here is a guide for you to compare and contrast the differences between term and whole life insurance.
Term Life Insurance
This kind of life insurance is designed to cover you through a specific amount of time when they can’t afford to pay whole life insurance. There is no cash value, but there is a guaranteed death benefit. The premiums will increase at certain times such as after a year, 5 years, 10 years, etc.
Many people choose this kind of life insurance during the time when their family is growing and as a way to have something in place of permanent insurance during years where financial responsibilities are higher than income.
Whole Life Insurance
As opposed to term life insurance, whole life insurance is made to give insurance coverage plus “living benefits” which includes cash value accumulations—as long as the insurance premiums is being paid on time. The insurance remains valid regardless of health.
In the long run, whole life insurance is better because it covers you for your whole life (hence the name). Once approved, the coverage cannot be taken away as long as premiums are paid. Even if your health is declining, the insurance will remain in place.
Also, this type of insurance builds cash value, as long as premiums are paid on time. You can use this cash value in the future for any purpose through a policy loan. You can use it to put a down payment on a home, pay for your children’s education, or for retirement!
For all of your life insurance needs in Austin, Texas, contact Insurance Agency of Dean Davis.
Most people do not consider insurance the most riveting topic of conversation. However, not talking about insurance can lead to you not fully understanding all the benefits that your policies offer. Know the truth behind these insurance policy myths to ensure that you have the right amount of coverage.
- Insurance is a waste of money – if you ever have to deal with a loss, you will be glad that you have insurance. Without insurance coverage, you will be left paying for any repairs that are needed after an accident at your house or with your vehicle.
- Let your insurance company know about every issue – while you have the option to let your insurance companies know about each and every issue that you have, small issues may be better left fixed on your own. The more claims you make to your insurance companies, the higher your premiums will be.
- Everyone needs life insurance – if you do not have any dependents or an income, you may be able to skip out on life insurance. Keep in mind that the younger and healthier you are when you invest in a policy, the cheaper your premiums will be, so you may want to consider investing in a policy before you reach any major life milestones.
- All real health insurance policies have a copay – some health insurance policies require you to pay a percentage of the total medical bill as opposed to a copay, while others will reimburse you after you cover the total cost. Not all legitimate health insurance policies come with a copay.
Contact the Insurance Agency of Dean Davis in Austin, Texas for all of your insurance coverage needs. We will work closely with you to make sure that you invest in the right policies that will meet your specific needs, all at the right price.
Life Insurance Savings
Life insurance can be one of the most confusing insurance policies to buy. However, it is also one of the most important since it will provide financial coverage for your loved ones when you are gone. To start saving money on life insurance while protecting your family, take the time to compare these life insurance features.
- Coverage options – not every life insurance company will offer the same policies with the same features. Getting quotes from various companies will help you decide which coverage options will work best for your needs.
- Discounts – one o the best ways to save on your life insurance policy is to take advantage of all the discounts that you can qualify for. Different life insurance companies will offer different discounts, so talk with your insurance agent to find out which company will offer the best discounts for your specific situation.
- Company reputation – one of the main deciding factors when choosing a life insurance policy should be the reputation of the company. A life insurance company with an unreliable reputation may lead to unpaid claims or a lack of coverage when needed. Look at the company’s rating with the Better Business Bureau and check customer reviews.
- Lowest cost – if you find a few life insurance policies that meet all of your needs from reputable insurance companies, go with the one with the lowest cost. There is no reason that you should have to pay more for the same amount of coverage and options when you can get it for a lower price.
For help finding the right life insurance policy that will meet your needs, contact the Insurance Agency of Dean Davis in Austin, Texas. As an independent insurance company, we will work with you to make sure that you have the protection that you deserve, all at the right price to fit your budget.
Choosing a life insurance beneficiary is a careful process that requires careful planning and consideration. With so many different types of life insurance policies, you will first need to decide between a whole life insurance policy and a term life insurance policy. The next step is to designate your life insurance beneficiary. Once appointed, your life insurance beneficiary takes on a variety of responsibilities, therefore, you must make the right decision. Gathered are some helpful tips to guide you in choosing a life insurance beneficiary:
- The first step is choosing which individuals in your life you want to assist financially once you pass. This may include your spouse, your children, or even your grandchildren.
- Many life insurance holders are unaware that you can actually choose a legal agreement, or trust, to be your beneficiary. It does not have to be a person. Your trust will ensure that all money is dispersed according to your wishes.
- Many life insurance holders fail to think about how appointing someone as a beneficiary will affect their lives. If this person is receiving government benefits, their new responsibility and their monetary gain may exclude them from receiving those benefits.
- It is always smart to appoint a secondary, or contingent beneficiary in case something happens to the other one. Accidents happen, therefore, you must take into consideration what would happen if you outlived your beneficiary.
- Most importantly, be sure to review and update your policy at least on an annual basis. Whenever you experience an impactful life changing event, be sure to inform your life insurance agent so that they can update your policy accordingly.
Contact Dean Davis Insurance in Austin for all of your Texas life insurance needs. We understand how unnerving of a subject life insurance can be, which is why we will promise to guide you through each step of the process and assist whenever needed.
Life insurance may seem like something you buy once and never look at again, aside from the monthly payments. However, there are many different reasons to reevaluate your life insurance plan, such as these 5 common reasons:
- The number of people who depend on you changes. If the number of people in your immediate family grows, such as getting married or having children, it is important to change your coverage. You may want to expand you coverage to a larger amount. On the other side, you may want to look into lowering your coverage in the event of one of your dependents passing.
- Your child becomes disabled. You may want to look into a permanent policy to make sure your child will be provided for in the event of your passing.
- You bought a policy before 2009. Prior to 2009, insurance companies were relying on mortality tables from 1980. After 2009, they switched to 2001 tables, which may allow you to pay lower premiums since people are now living longer and paying on their plans for longer.
- You pay off your mortgage. Owning a home may eliminate your need for life insurance. Evaluate your financial picture to see if you need to keep your life insurance policy, or if you could possible lower the amount to save some money.
- You have taken out significant debt, such as a student loan or a mortgage. The debt you have may be a burden to your dependents after your passing. Make sure you have the proper amount of life insurance to cover your debts after your passing.
The Insurance Agency of Dean Davis, located in Austin, Texas, can provide optimal life insurance to fit your needs. They also offer home, auto, and commercial insurance to fit your needs.