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Representative is registered with and offers only securities and advisory services through PlanMember Securities Corporation, a registered broker/dealer, investment advisor and member FINRA/SIPC. 6187 Carpinteria Avenue, Carpinteria CA. 93013, (800) 874-6910. Randall Wealth Management Group and PlanMember Securities Corporation are independently owned and operated. Trevor R. Randall - CA Insurance License #0I08678

 

PlanMember is not responsible or liable for ancillary products or services offered by Randall Wealth Management Group. The views expressed may not necessarily reflect those held by PlanMember Securities Corporation (PSEC). Material presented is believed to be from a reliable sources and PSEC makes no representation as to it accuracy or completeness. 

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Insurance Basics


It’s not uncommon to purchase insurance in a haphazard manner. You are offered a policy that seems like a good one, so you purchase it and never review it again. You may buy another policy a couple of years later. In the end, you haven’t systematically evaluated your insurance needs, so you may find yourself overinsured in some areas and underinsured in others. To help prevent this from happening, consider these tips:

  • Review all your policies every couple of years. Make sure you have adequate coverage in all major areas, while also evaluating whether revisions are needed due to changes in your personal circumstances. For instance, your need for life insurance is likely to change drastically over your life, as your lifestyle and the number of people dependent on your income change. Review your homeowners policy to make sure policy limits are sufficient to pay for rebuilding your home. As your financial situation improves, you might need more personal liability insurance. The amount of disability income insurance needed is likely to change as your income changes. As you get older, investigate long-term-care insurance.

  • Purchase insurance wisely. The primary purpose of insurance is to protect you from financially devastating losses, not from every minor loss you might incur. Thus, review all riders and options in your policies, only retaining those that are important to you. Check if you qualify for discounts offered by your insurance companies. Consider increasing your deductible periodically — this is typically a good strategy for reducing insurance premiums.

  • Avoid insurance you don’t need. Don’t purchase insurance for minor items you can easily cover yourself, such as extended warranties on small household appliances. When reviewing your policies, make sure you’re not paying for duplicate coverage. For instance, you may have disability income insurance at work and through a personal policy. Review policy limits on both to ensure you aren’t paying for benefits that can’t be collected because you’ve exceeded policy limits.

Representative is registered with and offers only securities and advisory services through PlanMember Securities Corporation, a registered broker/dealer, investment advisor and member FINRA/SIPC. 6187 Carpinteria Avenue, Carpinteria CA. 93013, (800) 874­-6910. Randall Wealth Management Group and PlanMember Securities Corporation are independently owned and operated. PSEC is not responsible or liable for ancillary products or services offered by Randall Wealth Management Group or this representative. CA Insurance License: #0727953.

This newsletter was prepared by Integrated Concepts Group, Inc. The opinions expressed in this newsletter are for general information only and are not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regard to your individual situation. The views expressed are those of the author and may not necessarily reflect those held by PlanMember Securities Corporation. Material presented is believed to be from a reliable sources and PSEC makes no representation as to it accuracy or completeness.


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