Navigating Insurance Needs During Retirement

by benpage1974 | Feb 10, 2022 | Insurance Tips & Tricks

Congratulations on reaching the milestone of retirement! I sort-of know what it feels like now that I’m nearing 70. This stage of life brings excitement, anticipation, and possibly some concerns. You might have yet to think much about your insurance needs during retirement. While you’ve likely set up insurance coverage long before now, reviewing your insurance as you transition into retirement is essential. 

Adapting Your Auto Insurance

As a retiree, your driving habits may change, potentially impacting your auto insurance. Here’s what to discuss with your agent:

• Less mileage: With no daily commute, you might qualify for lower rates based on reduced mileage.
• Defensive driving class: Some insurers offer discounts for seniors who take a defensive driving course.
• Higher deductible: It might lower your premium if you can afford a higher deductible.
• Occasional use vehicle: If you have a car you rarely drive, explore options to maintain adequate coverage while potentially saving money.

Remember, maintaining adequate liability limits is crucial to protect your financial well-being.

Home Insurance Considerations

Paying off your mortgage is a significant achievement, but it doesn’t mean you should cancel your homeowners’ insurance. Here are some points to consider:

• Keep your policy in force: Your home, belongings, and personal liability coverage are still essential, even without a mortgage.
• Review your coverages: Assess whether your policy limits are sufficient and your possessions are accurately accounted for.
• Travel plans: Will you be traveling more during retirement? Discuss how this might impact your coverage needs with your agent.

The Snowbird Lifestyle

If you plan on spending months away from home each year, consider the following:

• Coverage while you’re away: Ensure your home and belongings are protected during your absence.
• Auto insurance at your destination: Discuss with your agent how to maintain proper coverage for your vehicle(s) while you’re away.
• Different state regulations: Ensure you understand insurance requirements in the states you visit.

Reevaluating Life Insurance

Assessing whether life insurance is still necessary for your circumstances is essential during retirement. Consider the following questions:

• Would your spouse or dependents face financial hardship if you passed away?
• Are all your debts paid off?
• Have you set aside funds for funeral expenses?
• Would your estate trigger tax burdens for your family?
• Do you have enough savings to support your spouse and dependents for 10, 20, or 30 years?

Long-term Care Insurance

Planning for long-term care is an essential part of retirement. Long-term care insurance can protect your assets, savings, and inheritance, but planning early is crucial. Some points to consider:

• Different care options: Long-term care ranges from hourly in-home assistance to full-time nursing home care.
• Costs: Long-term care expenses can vary greatly depending on the type and location of care.
• Self-insurance: You may self-insure if you have sufficient funds and assets to cover long-term care costs.
• Marital status: The decision to purchase long-term care insurance may differ if you’re single or married.

Working with Professionals

Retirement is a complex phase of life, and it’s essential to work with professionals to navigate the insurance landscape:

• Insurance agent: Consult your insurance agent to discuss your changing needs and adjust your coverage accordingly.
• Financial planner: A financial planner can help assess your financial situation and recommend insurance strategies.

We’re Here for You

Reviewing and adjusting your insurance policies can save money and ensure you’re well-prepared for the future.

Remember, it’s essential to work closely with your insurance agent (we’re here!) and financial planner to make informed decisions about your coverage. They can help you navigate the complexities of retirement and provide tailored advice based on your circumstances.

With the right insurance strategy, you can enter your retirement with confidence and peace of mind, ready to enjoy this new chapter in your life. Maybe I’ll see you out on the golf course!

Ready to explore options with the Page team? Click here.

Sid Page, the founder of Page Insurance, has over 40 years of experience in the industry. After working as a captive agent for a leading insurance corporation, he established Page Insurance in 1998. Specializing in Property & Casualty and Life, Health, and Disability insurance, Sid has received numerous awards for his client-first approach and community involvement. Passionate about meeting new people, Sid enjoys golfing, fishing, and spending time in the Tetons. He cherishes his family, including his wife, sons at Page Insurance, and beloved grandchildren.

Buying Your First Car? Our guide…

by benpage1974 | Feb 10, 2022 | Insurance Tips & Tricks

Buying your first car is an exciting and significant milestone in life. I still remember when I bought my first car – a Pontiac Fiero.  I was only 14 and didn’t yet have my drivers license – so I’d drive it around in circles in the back yard. The excitement comes with the responsibility of understanding the car-buying process and securing the right insurance coverage. This guide is designed to walk you through everything you need to know, step by step, as a first-time car buyer with zero experience with insurance.

Preparing to Buy a Car

First, you need to set a realistic budget. Consider not only the purchase price of the vehicle but also ongoing costs such as maintenance, gas, and insurance. Research different makes and models, comparing fuel efficiency, safety ratings, and reliability. Understanding your financing options is crucial, so compare interest rates, loan terms, and fees from various sources. Decide whether a new or used car is right for you, and test drive several vehicles before deciding.

Understanding Car Titles

When buying a car, you’ll come across different types of titles which provide information about the car’s history. A clean title indicates that the vehicle has never been in a major accident or experienced significant damage. A salvage title is issued when a car has been deemed a total loss by an insurance company due to severe damage or theft. A rebuilt title is assigned to a vehicle previously given a salvage title but has since been repaired. These title types can affect insurance rates and coverage options, so be aware of the implications before purchasing.

Understanding Car Insurance

The importance of car insurance cannot be overstated. It helps protect your financial well-being, ensures you comply with state laws, and provides peace of mind. Here’s a breakdown of the main types of car insurance coverage:

1. Liability Coverage: Mandatory in most states, liability coverage is essential to protect you from financial fallout if you’re found responsible for an accident. It covers both bodily injury and property damage:

• • Bodily Injury Liability: This covers medical expenses, lost wages, and legal fees if you injure someone in an accident. It is expressed as two numbers, such as 50/100, which means $50,000 per person and $100,000 per accident in coverage.
  • Property Damage Liability: This covers damage to someone else’s property, typically their vehicle, but it can also include buildings, fences, or other structures. The third number in the 50/100/50 example represents property damage liability, with $50,000 in coverage per accident.

We recommend a minimum liability coverage of 300K combined single limit, which means bodily injury and property damage are covered under a single limit of $300,000, without separate limits per person or accident. This provides more flexibility when allocating the coverage amount between bodily injury and property damage claims. We also encourage everyone to consider an umbrella policy for times when this isn’t enough.

1. Physical Damage Coverage (sometimes called ‘full-coverage’): Protects your vehicle from collision events and non-collision incidents like theft, vandalism, or natural disasters. This coverage includes:

• • Collision: Covers damage to your car resulting from a collision with another vehicle or object. A deductible applies- the amount you’ll pay out-of-pocket before your insurance kicks in. Typical deductible options are $500 or $1,000.
  • Comprehensive: Covers damage to your car caused by events other than collisions, such as theft, vandalism, fire, or natural disasters. Like collision coverage, a deductible applies, and you can usually choose the deductible amount based on your preferences and budget.

1. Uninsured/Underinsured Motorist (UM/UIM) Coverage: Protects you if you’re involved in an accident with a driver without insurance or insufficient coverage. It covers medical expenses and property damage. We strongly recommend always matching UM/UIM coverage with your liability limits and never going without it. It’s very inexpensive and incredibly valuable. Be cautious of companies that cut this coverage to appear cheaper – this is not a smart trade-off.
2. Medical Payments (MedPay) / Personal Injury Protection (PIP): Pays for medical expenses for you and your passengers, regardless of fault, after an accident. It may also cover lost wages and other related expenses.
3. Optional coverages: These additional coverages can provide extra protection and peace of mind:

• • Rental Reimbursement: This covers the cost of a rental car while your vehicle is being repaired after a covered accident.
  • Roadside Assistance/Towing: This provides help if your vehicle breaks down or you need assistance, such as towing, jump-starts, or tire changes.
  • GAP Insurance: This covers the difference between the amount you owe on your car loan and the vehicle’s actual cash value if it’s declared a total loss after an accident. We recommend considering GAP coverage to anyone who might be upside down on a loan.

By understanding these coverages, combined single limit, deductibles, and how they are represented in your policy, you can make more informed decisions when purchasing car insurance and ensure you have the protection you need.

Saving on Insurance Premiums

To save on insurance premiums:

1. Shop around and compare quotes from different providers.
2. Contact us at Page Insurance if you live in Idaho, Utah, or Wyoming; we offer personalized service and access to multiple insurance carriers.
3. Bundle your policies to get discounts, choose a higher deductible, and maintain a good driving record.
4. Take advantage of any discounts you may qualify for, like good grades or safe driving courses.

Insurance and Parents’ Policies

As a first-time car buyer, you may wonder if you can be listed on your parent’s insurance policy or if you need your own. This depends on factors such as the ownership of the car and the insurance company’s rules. You can sometimes be added as a driver on your parents’ policy, which may result in lower premiums. However, if you own the car, you may need your own insurance policy.

Factors Affecting Insurance Rates

Insurance rates can be affected by your age, driving experience, vehicle type, location, and credit history, among other factors. Younger drivers and those with less experience typically have higher insurance rates due to a higher risk of accidents. Living in urban areas with more traffic and crime may also result in higher premiums. The car’s make, model, and age can affect your rates, with expensive or high-performance vehicles costing more to insure. Maintaining a clean driving record and good credit can help keep your rates low.

Co-signing Considerations

If you need a co-signer for your car loan, it’s essential to understand the pros and cons. Co-signing can help you secure a loan if you have limited credit history, but it also places responsibility on the co-signer if you fail to make payments. Consider alternatives to co-signing, such as saving for a larger down payment or working on building your credit before purchasing a car.

Purchasing Your Car

When you’re ready to buy your car, be prepared to negotiate the price. Review and sign paperwork carefully, ensuring you understand all the terms and conditions. Register the vehicle with your state’s Department of Motor Vehicles (DMV) and secure the appropriate license plates.

Preparing for the Road

Before hitting the road, create an emergency kit for your trunk that includes a first aid kit, flashlight, jumper cables, and a tire inflator. Familiarize yourself with essential vehicle maintenance, such as checking oil, tire pressure, and coolant levels. Practice safe driving habits, like obeying traffic laws, avoiding distractions, and being cautious in adverse weather conditions.

Handling an Accident

If you’re involved in an accident, remain calm and follow these steps:

1. Check for injuries and call 911 if necessary.
2. Move your vehicle to a safe location, if possible.
3. Exchange information with the other driver, including names, contact details, insurance information, and license plate numbers.
4. Document the scene by taking photos and getting witness statements.
5. Report the accident to your insurance company and follow their instructions on filing a claim.

We’re Here for You!

The journey to becoming a car owner is both exciting and filled with responsibility. By understanding the car buying process, securing the right insurance coverage, and practicing safe driving habits, you’ll be well-prepared for this new chapter in your life. Remember, when you’re ready to start a policy or need help finding the best coverage, don’t hesitate to contact us at Page Insurance. We’re here to help you every step of the way.

When you or your parents are ready to get a quote, click here.

John Page, President of Page Insurance, has been a driving force in the insurance industry since 1998. As a licensed agent in Property & Casualty, Life, and Health insurance, John has won numerous awards for agency management and works tirelessly to improve agency operations with the client in mind. He is passionate about building and investing in the Page team of experts, ensuring they deliver top-notch service to clients. In his free time, John enjoys snowmobiling, gaming, reading, traveling with his wife and three kids, and cheering on the local Idaho Falls hockey team.

Remodeling Your House? Our Insurance Tips

by John Page | Feb 10, 2022 | Insurance Tips & Tricks

So, you’ve been binge-watching every episode of Joanna Gaines’s home makeover show, and now you’re thinking, “Hey, I could do that!” Who wouldn’t want to transform their home into a magazine-worthy oasis? Well, hold onto your sledgehammer for a moment because, before you go all DIY superstar, there’s one crucial thing to consider: insurance. But don’t worry; we’re here to guide you through the ins and outs of insurance concerns related to remodeling. After all, we want your home improvement journey to be as smooth and stress-free as possible!

Understanding Your Homeowners 

Insurance Coverage Your standard homeowner’s insurance policy may provide some coverage during a remodel, but it could be limited. Discuss your plans with your insurance agent to ensure you have adequate coverage for your specific project. They can help determine if additional coverage, such as a builders’ risk policy, is necessary.

Common Insurance Mistakes to Avoid 

When remodeling your home, avoiding common insurance mistakes can save you time and money. Some pitfalls include:

• Not updating your insurance policy to reflect your home’s increased value after the remodel
• Failing to verify your contractor’s insurance coverage
• Forgetting to obtain the necessary permits for your project

Hiring a Contractor vs. DIY Remodel 

Deciding whether to hire a contractor or tackle the remodel yourself? Both options have their pros and cons. Hiring a contractor can save you time and stress, but it’s crucial to ensure they have proper insurance coverage, including:

• Workers Compensation: Covers workers injured on the job
• General Liability: Covers injury or property damage the contractor may cause
• Builders Risk: Covers damage to your home and materials, including those not yet installed

On the other hand, DIY remodeling can be a fun and rewarding experience but comes with risks and insurance implications. We’ll dive into these considerations in this section.

Verifying Contractor Credentials and Insurance 

If you hire a contractor, verify their credentials and insurance coverage. Ask for proof, called a certificate of insurance, and request that it be sent directly from their agent. This way, you can be confident that it’s legitimate. A trustworthy contractor will be more than happy to provide this information.

DIY Remodel: Ensuring Proper Permits and Coverage Going the DIY route? 

Before starting:

1. Check with your city or county to ensure you have the proper permits.
2. Consult your insurance agent to determine the right coverage for your project.
3. Remember, a DIY remodel means you’re solely responsible for the work, so it’s essential to be adequately protected.

Updating Your Homeowners Policy After the Remodel 

Once your remodel is complete, it’s time to revisit your homeowner’s insurance policy. You may need to adjust your coverage limits based on the new materials, furniture, and valuables added to your home during the project. Make sure to inform your insurance agent about the completed updates, so they can help you adjust your policy accordingly.

Remodels That Could Save You Money on Insurance 

Did you know that specific updates might save money on your homeowner’s insurance? Upgrades like new plumbing, heating, electrical systems, a new roof, security systems, or other safety features could lead to discounts on your policy. It’s worth discussing these potential savings with your insurance agent!

Real-Life Stories: 

The Importance of Proper Insurance During a Remodel These stories illustrate the importance of having the right insurance coverage during your home remodel, whether hiring a contractor or going the DIY route:

Sarah’s Story: Sarah hired a contractor to renovate her kitchen, but the contractor accidentally damaged a water pipe, causing extensive water damage to her home. Luckily, Sarah had verified that her contractor had General Liability insurance, which covered the cost of the repairs.

• John’s Story: John decided to tackle a bathroom remodel himself. While working on the project, he discovered hidden water damage and mold. Because he had discussed his DIY project with his insurance agent beforehand, John was prepared with the proper coverage to handle the unexpected issue.
• Lisa’s Story: Lisa and her husband remodeled their beautiful backyard, including a new deck and landscaping. After the project, they remembered to update their homeowner’s insurance policy, ensuring their increased property value was adequately covered.

These stories emphasize the value of proper insurance during a remodel and the importance of working with your trusted insurance experts at Page Insurance.

We’re Here to Help!

Well, We wish you all the best in your remodel! Joanna and Chip make it look easy… Whatever the case, following this guide and consulting with your trusted insurance experts at Page Insurance, you can focus on creating your dream home while being confident that you’re adequately protected. Remember, the team at Page Insurance is always here to help you navigate the complexities of insurance coverage during a remodel. So, reach out to us with any questions or concerns. Happy remodeling!

Ready to see what Page can do for you?  Click here.

John Page, President of Page Insurance, has been a driving force in the insurance industry since 1998. As a licensed agent in Property & Casualty, Life, and Health insurance, John has won numerous awards for agency management and works tirelessly to improve agency operations with the client in mind. He is passionate about building and investing in the Page team of experts, ensuring they deliver top-notch service to clients. In his free time, John enjoys snowmobiling, gaming, reading, traveling with his wife and three kids, and cheering on the local Idaho Falls hockey team.

When Your Teen Goes Off to College: Our Insurance Guide for Parents

by benpage1974 | Feb 10, 2022 | Insurance Tips & Tricks

Sending your teen off to college is a significant milestone filled with excitement, anticipation, and a bit of apprehension. (I know because I’m in the middle of it as I write this.) Amidst the whirlwind of emotions, addressing insurance concerns during this transition is essential. To help you navigate insurance for your college-bound teen, we’ve created this detailed guide that answers common questions, and uncertainties parents may have. Remember that it’s always a good idea to consult with your insurance agent to ensure your specific situation and needs are addressed.

Auto Insurance for College-Bound 

Teens Understanding how your teen’s auto insurance coverage may change once they go to college is crucial. Factors like location and vehicle usage can affect the policy. Typical auto insurance policies will cover your teen if they are listed as a driver on your policy. Still, informing your insurance agent about your teen’s college plans is essential, so they can help you adjust the policy accordingly.

Renters’ Insurance for College Dorms or Off-Campus Housing 

Your homeowner’s insurance policy may offer limited coverage for your teen’s belongings in a college dorm, usually up to a certain percentage of your policy’s personal property limit. A standalone renters insurance policy is advisable for off-campus housing, as it covers personal property, liability, and additional living expenses.

Health Insurance for College Students 

A common question parents have is about health insurance options for their college-bound teen. Under the Affordable Care Act, children can remain on their parent’s health insurance plan until they turn 26, regardless of their marital, financial, or educational status. However, you may also explore coverage options through the college or individual policies, which might offer additional benefits or cater more specifically to your teen’s needs.

Identity Theft Protection 

Considering the increased risk of identity theft for college students, adding identity theft coverage to your insurance policies can offer peace of mind. This additional coverage typically includes monitoring services, financial assistance, and access to professional help for identity theft victims.

Insurance Discounts for College Students

Potential discounts for college students include good student discounts, which reward students who maintain a certain GPA, and away-from-home discounts, available when your teen attends college more than a specific distance from home and doesn’t have a car on campus.

Preparing for Emergencies: 

Travel Insurance and Roadside Assistance Travel insurance and roadside assistance are valuable for college students, especially those studying abroad or traveling long distances. Travel insurance can cover medical expenses, trip cancellations, and lost luggage, while roadside assistance provides services like towing, battery jump-starts, and flat tire changes.

Communication and Education: 

Keeping Your College Student Informed Involve your college-bound teen in the insurance decision-making process to help them understand its importance. Open communication about coverage needs can set them up for a successful and responsible future.

We’re Here to Help! 

Addressing insurance concerns when your teen goes off to college is crucial for their protection and your peace of mind. This comprehensive guide will help ensure your teen is well-prepared for this exciting new chapter. Remember that each insurance policy is unique, so consult with your trusted insurance agent to discuss your situation and ensure your teen is adequately covered during this transitional period.

Ben Page, a Business Development specialist with over 20 years in the insurance industry, is an expert in Property & Casualty, Life, Health, and Disability insurance. Ben is licensed in all 50 states and dedicated to empowering clients with insider knowledge and making insurance more accessible. Passionate about client-centric service, he has helped build several successful insurance agencies. Ben enjoys Jeeps, Rock and Roll, cheese, movies, and spending time with his wife, three kids, and their golden doodle when not working.

Having a Baby!: Insurance Tips to Get Ready

by John Page | Feb 10, 2022 | Insurance Tips & Tricks

Congratulations on expecting a new baby! This is an exciting and joyful time for your family. As you prepare for your little one’s arrival, planning for their future, including considering your insurance needs, is essential. This blog post will guide you through crucial insurance tips to protect and secure your growing family.

Life Insurance

Life insurance is crucial for new parents. It provides financial security for your family in the unfortunate event of your passing. There are two main types of life insurance: term and whole life. Term life insurance covers a specific period, while whole life insurance offers lifetime coverage with additional investment options.

To determine the right amount of coverage, consider factors such as income replacement, outstanding debts, and future expenses like college tuition. When choosing a life insurance policy, consider the premiums, coverage amount, and the insurer’s financial strength.

Statistics show that 1 in 3 families would face financial hardship within a month of a primary earner’s death. This highlights the importance of having life insurance to protect your family’s financial well-being.

Disability Insurance

Disability insurance is another essential consideration for new parents. It provides income protection in case you become disabled and unable to work. There are short-term and long-term disability insurance options, which cover disabilities lasting a few months to several years or more.

Factors affecting the cost of disability insurance include your age, health, occupation, and the length of the coverage period. For working parents, disability insurance is vital, as it ensures financial stability during challenging times.

According to the Social Security Administration, more than 25% of 20-year-olds will experience a disability before retirement. This statistic underscores the importance of having disability insurance in place.

Health Insurance

Adding your baby to your health insurance plan is a crucial step. Be sure to understand your policy’s maternity and newborn coverage, as well as any necessary changes that need to be made. Review your current health insurance plan and evaluate if any adjustments are required to accommodate your growing family.

Homeowners’ or Renter’s Insurance

As you set up your baby’s nursery and purchase essential items, assess your homeowners or renters insurance policy to ensure adequate coverage for your baby’s belongings. Additionally, consider making safety improvements to your home, such as installing smoke detectors, securing furniture, and baby-proofing electrical outlets.

Auto Insurance

Update your auto insurance policy to reflect changes, such as purchasing a family-friendly vehicle. Familiarize yourself with car seat safety and installation to protect your baby during car rides.

We’re Here For You

Proactively planning insurance is essential for your growing family’s financial security. By following these tips, you can have peace of mind knowing that your loved ones are protected. At Page Insurance, we understand the importance of safeguarding your family’s future. Contact our team to help you navigate the insurance needs for your new baby and ensure that you’re prepared for this exciting new chapter in your life.

Insurance Checklist for Expecting Parents:

1. Review and update your life insurance policy.
2. Evaluate your disability insurance needs and options.
3. Add your baby to your health insurance plan.
4. Assess your homeowners or renters insurance policy for adequate coverage of your baby’s belongings.
5. Make safety improvements to your home.
6. Update your auto insurance policy and familiarize yourself with car seat safety.

This checklist can help you stay organized and ensure you have considered all essential aspects of insurance planning for your growing family.

John Page, President of Page Insurance, has been a driving force in the insurance industry since 1999. As a licensed agent in Property & Casualty, Life, and Health insurance, John has won numerous awards for agency management and works tirelessly to improve agency operations with the client in mind. He is passionate about building and investing in the Page team of experts, ensuring they deliver top-notch service to clients. In his free time, John enjoys snowmobiling, gaming, reading, traveling with his wife and three kids, and cheering on the local Idaho Falls hockey team.