Money Saving Tips About Car Insurance

Discover how to keep your auto insurance rates as low as possible!


Term Life Insurance vs. Permanent Life Insurance

Choosing a life insurance plan is difficult; it takes a lot of time and research in order to ensure that all aspects are thoroughly examined before making a final decision. There are basically two forms of life insurance to choose from: term life insurance and permanent life insurance...

The 5 Basic Forms Of Life Insurance

If you're like I used to be, you can get confused with all the different life insurance policies. Trying to understand what is what can be difficult at times. Here's an easy to understand look at the 5 different types of life insurance and what they are...

The Importance Of Life Insurance

Life insurance may sound like something you only have to think about when you get older, but there are a variety of benefits to buying life insurance early on in your working career...

Life Insurance And Your Baby

Life insurance may not be on top of your mind if you have just had, or are planning to have a child. However, besides diapers, car seats and babysitters, you should be looking into ways to provide for your child if you are gone. With life insurance premiums decreasing, now's a good time to shop - even if you already have life insurance. Here are some things to think about...
 

Life Insurance And Marriage: What To Do When You Say "I Do."

Life insurance is probably the last thing newlyweds think about when they start their new life together. However, marriage is considered one of the big events in your financial life. Whether you already have life insurance or not, here are some things to consider if you are getting married or have already celebrated your honeymoon.

If you already have life insurance, most likely your spouse automatically becomes the beneficiary. However, you may need to increase -- or decrease -- coverages depending upon your needs as a new family. Also, since premium rates are continuing to decrease, according to the Insurance Information Institute, it might be a good time to shop around for a better life insurance value. Rates may have changed since you took out your policy.

If you don't have life insurance, you may have difficulty estimating how much coverage you need. Some financial planners have thrown around formulas based on a multiple of your salary; however this can be too generic for your situation. Whether you already have life insurance or not, you need to take into consideration your own debt load, if you have children and how much your spouse depends upon you for financial support.

One way to help you figure out a good starting figure for coverage is to:

1. Estimate what your family’s monthly expenses would be.

2. Add in your mortgage balance and other debts.

3. Add in estimated future expenses such as funeral expenses and college tuition.

Then, subtract out Social Security benefits, other life policies, your spouse’s income, and retirement plan benefits. The difference should be your minimum coverage to replace your income in the event of your death.

The next thing you want to do is shop around and get at least three different comparison quotes. Life insurance rates vary between life insurance companies and comparison shopping is one of the best ways to make sure you're getting a good value.

If you already have life insurance, just make sure you have a new one in place -- and understand all of the provisions -- before you cancel your current policy.

Scott Lunt is a freelance writer with over 15 years experience writing insurance-related articles. You can compare life insurance quotes and find more tips on saving on car, home, life, health and long-term care insurance at LowerYourInsurance.com.