2. Whether it's a high-tech device, jewelry, or some other valuable in your home, are you certain that your homeowners policy is covering those valuables? 

Many homeowners who find themselves victimized by burglars—or worse, a fire or some other disaster—also find out too late that they didn't have enough insurance to replace their jewelry. 

Here's why: Homeowners policies typically only cover valuable items such as jewelry and watches up to a specific amount. For example, if your limit is $5,000, but you have a $15,000 diamond ring, you'd be on the hook for an extra $10,000 in order to replace it. There might be other issues as well, such as whether your policy covers each individual piece of jewelry at a set amount, or provides coverage for your collection as a whole.  

This all might sound complicated, but it's really not—especially when you work with an insurance professional at USA Mutual who can explain your options and make sure you get the right coverage. No matter how you buy your insurance, though, below are a few things you'll want to consider.
​

1. Do you need more coverage? Look at your policy language, or ask your agent to explain your coverage. Do you have one or two expensive pieces, or a number of smaller items that when added together exceed your limits? You probably need to purchase additional protection.
2. What kind of coverage should you get? This depends on your lifestyle. You may want to consider whether items are covered no matter where they are (such as if you travel internationally). You'll also want to ask about actual cash value versus replacement value, and if you would be required to actually replace the jewelry in the event of a loss or if you could just keep the cash payment.
3. Do you need an appraisal? In some instances, an insurance company will require you to get a piece appraised to determine its value.
4. Do you have items with mainly sentimental value, or ones that are irreplaceable? If so, you might not need to purchase any additional insurance at all. But we recommend talking to your agent before making that decision.
5. Do you have the ability to increase your deductible? Usually, a higher deductible means a lower premium—so that's an option to potentially offset part or all of the cost of increased coverage for your jewelry.
6. Do you have pictures? This doesn't necessarily have to do with your insurance, but jewelers often are able to recreate lost or stolen pieces with the help of a photo.

Whatever you choose to do, remember that you play an important role in keeping your personal valuables protected, too: Be sure to store them securely, whether in a safe at home or a safe-deposit box at a different location. After all, having the right coverage is great—but it's even better when your valuables stay with you and your family for years to come.​

If you would like more information on homeowners insurance or speak with an insurance professional click here. 

Let’s think about this: You’ve earned the majority of what you’ll ever earn over the past 40 years. You should have accumulated enough assets to retire and live happily ever after, right?

The ups and downs of the financial markets, however, have been an eye opener about how uncertain your (or anyone’s) financial future may be.

Most people think of life insurance only when they want to protect their family and provide a source of replacement income in the event of their death. They don’t think of it as a buffer to replace lost assets due to market volatility—for example, the market goes south and you die before you have the time to rebuild or replace the lost assets.

They don’t think of life insurance as a buffer to replace lost assets due to market volatility.

Yes, I know. Your children are grown and gone. The mortgage is paid off. You have minimal debts. So, why should someone 60 or older consider purchasing permanent life insurance?

Here are some reasons for life insurance after age 60:

• Offset loss of retirement income to spouse at death. (Pension max)
• Pay costs associated with death
• Pay final expenses
• Pay estate and inheritance taxes
• Pay off debts
• Pay income in respect of a decedent taxes on IRAs, 401(k)s, etc.
• Provide for the care of a disabled child, spouse, etc.
• Offset loss of a key person in a small business
• Provide funds to buy out interests of a deceased business partner or co-shareholder
• Dividends can be a tax-free source of supplemental retirement income
• Cash surrender values are a source of emergency funds during life
• Cash surrender values can be wholly or partially annuitized to provide additional guaranteed lifetime income
• Any unused funds can be used to provide a gift to grandchildren
• Provide a gift to charity at death or prior if desired
• It adds flexibility to the estate plan
• You can balance uneven distributions of property or business interests to your children
• You can spend all your money and still leave a legacy for your children or grandchildren
• It’s creditor proof in most states
• It can be designed to provide an “inevitable gain,” no matter when you die
• It can collateralize loans. As people live longer, they tend to take on more debt or debt that has a longer amortization (just look at all the big houses being built by people who consist of a family of two post-65 adults!)

Review your personal situation. You may find there are more reasons to own life insurance after age 60 than you think.

If you would like USA Mutual to provide you with a quote for Life Insurance or would like to speak with a Life Insurance professional click here to make any appointment. 


Source: lifehappens.org