Insuring Your Toys – Peace of Mind When It’s Time to Play

Insuring Your Toys

One of the best things about the Bradenton/Sarasota area is the climate—when other people are getting ready for winter, we’re still able to play outside! And many of us have the “toys” to do just that—toys like boats, RVs, all-terrain vehicles (ATVs) and personal watercraft. But remember, accidents do happen, and while they’re fun, these grown-up toys can also be dangerous and expose you to the risk of a lawsuit. That’s insuring your toys is not just a great idea but a necessity! 

 

That’s where Lakewood Financial can help. Before you hit the water or the trail, make sure you have enough insurance coverage for your toys if something goes wrong. Most of these vehicles aren’t covered by a basic auto or homeowners policy, so you’ll need to buy specialized insurance for insuring your toys. This insurance doesn’t have to be expensive, and it’s certainly cheaper than a lawsuit!

 

When insuring your toys, you’ll want to be sure you’re covered adequately for:

  • Bodily injury—pays for injuries you cause to others if you’re responsible for an accident.
  • Property damage—pays for property you damage if you’re responsible for an accident.
  • Collision—pays for damage to your toy if you hit something.
  • Comprehensive—pays if your toy is stolen or if it’s damaged by something other than a collision, such as fire, extreme weather, or vandalism.

We also recommend you carry an umbrella policy (excess liability coverage over and above your other insurance) to further protect your assets in case you are sued. Please ask your Lakewood Financial agent if you have any questions about your umbrella coverage, or if you need a quote for an umbrella policy.

 

Remember, if you can drive it, register, and tag it, you probably need insurance coverage for it!

 

Insurance coverage is meant to protect you from financial hardship due to accident and/or lawsuits. Talk to your Lakewood Financial agent about what coverage you need to protect your assets and safeguard your lifestyle. Please call us at 941-747-4600 if you have any questions, or you’d like a free, no-obligation quote for insurance on a boat, RV, personal watercraft, or ATV. You can also contact us online by clicking here.

 

 

Why Young Families Need Term Life Insurance

term life insurance

Photo by Natalya Zaritskaya on Unsplash

If you have a young family, you probably find yourself financially stressed. Your expenses are rising at the same time that you might be dropping from two incomes to one, even if it’s just for a short time. Money’s tight—but while you’re budgeting for the next few years, don’t forget to include an important financial safeguard for the ones you love: term life insurance. While it’s never pleasant to contemplate your own mortality, think of it this way: If you were to die, would your family be able to survive financially?

 

According to Met Life, half of all Millennials (those born between 1977-1992) say they have never been approached by anyone to buy life insurance, and more than 4 in 10 think they wouldn’t qualify anyway. This was two times greater than any other age group.

 

Life insurance doesn’t have to be expensive and complicated. For young families, we usually recommend term life insurance, which is relatively inexpensive and easy to get.

What is term life insurance?

Term life insurance provides coverage for a specified length of time, or “term.” The term length can be anything from one year up to 30 years. Currently, the most popular term is 20 years, which is perfect for a young family, most likely protecting you through the years when your children depend upon you the most.

Can I afford it?

Term life is actually quite affordable. Usually life insurance premiums are based on age and health, so if you take out a term policy while you’re young and healthy, your rate will be based on those factors for the length of the term. Some policies cost less than $50 a month, a small price to pay for your family’s financial security.

How much should I buy?

In addition to covering burial expenses, consider your family’s future needs, including mortgage or rent, and other expenses necessary to maintain their basic standard of living. You may also want to factor in college costs and retirement for the surviving spouse. Use an online calculator like this one to get a basic idea of how much coverage you should buy, and of course, you should discuss your needs with your Lakewood Financial agent.

Remember, it’s not just the breadwinner who needs to be covered. If one parent is a full-time caregiver, consider buying a term life policy for that person, too. The costs of replacing his or her contributions (think child or elder care, housekeeping, and food preparation, for example) would quickly add up.

Term insurance is like auto insurance or home insurance in that if you haven’t had a claim during the policy term, you won’t get any of your premiums returned. If you want life insurance to be an investment vehicle, consider purchasing whole life—the downside of this is that it’s more expensive.

Term life insurance is cheap, easy to get, and great for young families. Please call your Lakewood Financial agent at 941-747-4600 to discuss your life insurance needs. You can also contact us online if you have any questions or you’d like a life insurance quote.