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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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Does Your Insurance Need Adjusting?


We love the convenience of automation. We appreciate that after we’ve set something up once, we don’t have to think about it again. But because our lives are constantly changing, staying on autopilot when it comes to our insurance means our coverage may not be up-to-date with our actual needs. This is why you should review your insurance every year or after major life events, like marriage, divorce, the birth of a child, a new job, or the death of a spouse or dependent. All of these could affect what insurance is best for your particular circumstances.

Marriage and Divorce

These life events may affect multiple types of insurance:

  • Life — A new marriage may mean you will want to purchase a life insurance policy to ensure that your spouse is looked after if you pass away. A recent divorce may prompt you to remove your former spouse from your insurance policies and perhaps name a new beneficiary.

  • Health — Upon getting married, you generally have 30 days after the marriage to add your spouse to your employer-sponsored health insurance or you may have to wait until the next annual open enrollment period. If you’ve divorced, you will need to remove your former spouse from your health insurance plan.

  • Homeowners — If you are marrying someone who has significant property and plan to combine households, you will need to increase your personal property insurance to cover and protect all of your newly combined assets.

  • Auto — While you certainly do not have to change policies once you’ve married, you may be missing out on available discounts and savings associated with having multiple policies with the same company.

Spousal Death or Disability

All of your insurance needs may require reevaluation in the case of spousal disability. If your spouse has passed away, you will need to name new beneficiaries on your life insurance policies.

Birth of a Child

  • Life – To make sure your child will be provided for in the event of your death, you will need to reassess your life insurance. You may want to consider education expenses in addition to the day-to-day cost of raising a child.

  • Health – Similar to adding a spouse, you will have roughly 30 days after birth to add your child to your employer-sponsored health insurance plan.

  • Disability – Another child means you will have another dependent, so you may want to make sure your disability insurance — long or short term — will be sufficient to provide for all of your dependents.

New Drivers in Household

Teenage or new drivers may relieve some of the demands on your time, but they also carry a heavier financial burden in regard to auto insurance. To look for savings, check to see if your insurance company offers discounts based on the new driver’s specific training or good grades in school. If your child goes away to college and does not take the car, inform your insurance company and enjoy the corresponding lowered rate.

Job or Income Change

  • Life— If your lifestyle has significantly changed due to a job change or retirement, you may want to adjust your life insurance policy and review your long-term financial needs.

  • Auto— If your new job or retirement lifestyle does not rely as heavily on your car to commute daily, you may qualify for lower auto insurance premiums.

New Investments and Assets

Purchasing or selling a home does not necessarily mean you will have to change homeowners insurance policies, as they typically cover new purchases automatically. However, new assets and purchases may exceed the value limits of your current policy or not even be covered at all. Review your personal property inventory and make sure you are still covered by the personal property protections in your homeowners insurance policy.

Extensive Home Improvement

Review your homeowners insurance on a regular basis and when you add significant value to your home. Your home value will fluctuate with the market and you will need to make sure your policy limits will still allow for the full coverage in the cost of rebuilding a home if yours is destroyed. It’s a good idea to reassess your insurance needs at least once a year.

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: #0I08678.

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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