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How to Choose the Right Insurance Policy for Your Familysiadmin August 27, 2019
No family is indestructible. If you have a family that depends on you, the best way to protect them is with the right insurance coverage. With so many insurance options, it’s helpful to work with an independent insurance broker. This person can assess your lifestyle and risk and ensure you are adequately insured.
As you review your options for NJ insurance coverage, here are a few tips to keep in mind for your family.
Most people get health insurance from their employer. If your job doesn’t offer this, or you want to look for alternatives, you can browse the federal marketplaces. Choose a plan that covers routine health care, emergency coverage, preventative screenings and vaccinations.
Health insurance is recommended for all families, though there is no longer a federal tax penalty for not having it. That said, New Jersey has a health insurance penalty that went into effect this year.
Life insurance provides financial benefits to your family in the event of your death. A ‘term’ policy provides money to your dependents if you die. A ‘whole’ policy builds cash value over time, which you can withdraw later on. Whole policies are more expensive than term policies, but they build cash value and last your entire life.
Long-term Care Coverage
Long-term care insurance helps pay for the costs of daily living (e.g., bathing, dressing) if you are sick or injured. The plan reimburses you for services rendered in the home, at a nursing home or at an assisted living facility. To make this policy affordable, you should buy it when you are still healthy, usually in your 50s.
Disability insurance (long-term and short-term policies are available) replaces a portion of your income in the event that you become disabled and can not work. It is one of the most important types of insurance, but often overlooked.
When you buy a home for your family, your mortgage company will expect you to carry home insurance. Most policies cover the dwelling, detached structures, personal property, liability coverage and additional living expenses. You can keep your premiums down by bundling policies, installing a home security system and not making claims for small things you could easily for for out of pocket.
Everyone in the household can be insured under one auto policy – even your teen driver. Get familiar with New Jersey’s minimum insurance requirements before you decide to skimp on uninsured/underinsured motorists coverage. There a a frightenly large number of people driving around with little or no insurance coverage.
Umbrella coverage provides you with extra liability insurance coverage. Not every family needs this protection, but it can be helpful if you have a lot of assets to protect. For example, umbrella policies can cover bodily injury, property damage and legal fees that extend beyond your current policy. This helps to protect your assets in the event of a large lawsuit against you.
Insurance becomes even more important when you have a family that depends on you. Soden Agency can help you find the right insurance plan for your family without going over budget. Give our insurance agency in NJ a call today to discuss your options.