Insurance World

There are a few of pro’s and cons’ about purchasing life insurance on children. Life insurance must have an insurable interest. There has to be good reasoning behind the purchase of life insurance on children. The first priority is to first make sure that the income producers in the household have an adequate amount of life insurance. Large amounts of life insurance on children with little or no life insurance on the bread winners will make little sense to an insurance company underwriter. Life insurance underwriting departments will often require a certain ratio of life insurance on parents to children. There are advantages in purchasing life insurance on children after the parents are insured properly.

Most companies have children term riders that a very inexpensive. Children term riders will protect the insurability of the child. These term riders can be converted to permanent forms of life insurance when the child reaches the ages of 18-21. This is a valuable feature if the child is uninsurable because of health reasons.

Permanent Life Insurance on Children – Some parents have purchased permanent life insurance policies on children so that they can use the cash value accumulation later in life. Permanent life insurance is relatively inexpensive and should be considered on a child once the parents have taken care of their own life insurance needs.

Why Buy Life Insurance on a Child?

1.Protect Insurability – Purchasing life insurance on a child will protect the Childs insurability.

2.Cash Value Accumulation – Purchasing permanent life insurance and funding it with adequate enough premium to produce cash for college education or future needs. Universal Life policies are excellent policies for this purpose.

3.Final Expense – This is the basic purpose for all life insurance.

There is the added benefit of teaching the child about life insurance. Parents that show their children the benefits of life insurance prepare the child to take responsibility for their own financial future.

If you’re like many bikers, you’ve been looking forward to the day you can again hit the road aboard your dream machine.

Well, that day will probably be here before you know it and now’s the time to make sure your insurance policy is as ready to roll as you and your bike are. Your motorcycle is a significant investment and you owe it to yourself to be properly covered. So here are a few expert tips to help you make sure your motorcycle insurance coverage is as strong as your passion for the road.

First, verify your coverage is still in force. It may seem obvious, but you’ll want to start off by making sure your insurance policy is still in force by verifying its expiration date. Be aware that some companies have a winter months layaway period during which some coverages are restricted. Check with your insurance company to see if you currently have any type of limited coverage.

Update your policy. Update your insurance company with any changes such as additional riders or a new garaging address. A quick call to your independent agent or insurance company will ensure coverage that reflects your current needs.

Make sure custom parts and equipment are covered. Parts such as chrome plating, a new paint job, saddlebags or special rims usually increase the value of your motorcycle. If you’ve added any custom parts or equipment recently, you’ll want to make sure they’re covered too.

Consider dropping coverage you really don’t need. If you own an older bike, you may want to check its value so you’re not paying for coverage that’s not cost beneficial. It’s generally recommended that you consider dropping collision coverage when the collision premium equals ten percent of the bike’s market value. Understand that by doing so, you will not be covered for damages to your bike if it overturns or collides with another object.

Look for discounts. You should also check to see if you qualify for any discounts your insurance company may offer. Remember that prices can vary from company to company so shop around for insurance. Another tip to help you save: if you purchase comprehensive and collision coverage, consider raising your deductibles, which will lower the cost of your physical damage coverage.

Choose a company that specializes in motorcycle insurance. For example, Drive Motorcycle Insurance is underwritten by Progressive-America’s #1 motorcycle insurer-and offered through independent insurance agents and brokers across the country. Drive agents and brokers understand your needs and offer specialized coverage that’s designed for motorcycle owners and their machines.