Car Insurance Matters

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Car Insurance Matters

I still remember the day that I drove off of that used car lot with my first car. In my excitement to show off my new ride to my friends, I smashed my car into a telephone pole. Although I can laugh about the accident now, it was devastating at the time. In addition to completely destroying my reputation, I also had to deal with the expenses that were involved with the wreck. Unfortunately, I hadn't purchased car insurance, so I had to foot the repair bills on my own. After getting my car fixed and thinking about my actions, it was very clear to me that I needed to invest in a car insurance policy. I decided to learn as much as I could about insurance, and that is one of the reasons that I decided to become an insurance agent.

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3 Things That Should Be Included In Your Life Insurance Policy

Life insurance is an essential part of your emergency plan. Naturally, any person with a life insurance policy hopes that their loved ones will never have to access it, but hoping for the best is not a viable emergency plan. Instead, you need to make sure that you have everything in place so that, if something happens to you, your family is taken care of. Here are three things your life insurance policy should cover.

1. Funeral Expenses

Depending on the type of funeral you plan, a funeral can be very expensive. If your family doesn't have good savings lying around, they could have to pay for the entire funeral out of pocket. This means that while your family is grieving the death of a loved on, they are also having to come up with thousands of dollars to pay for a funeral.

Don't put this kind of burden and stress on your family. Instead, have a life insurance policy in place that will be paid out immediately upon death. This means that your family can get the money that they need so that they don't have to worry about paying for a funeral.

2. Debts

Although you might hope that your debt will die with you, this is not always the case. Instead, if you have outstanding debts, there is a chance that some of them will not be covered. Instead, just like your estate, they will pass onto your family. For example, say your family has to sell the house and they sell it at a loss. They would need money to cover the difference. If you have credit card debt, they will still have to pay for it.

When you get your life insurance policy, you must take into account the amount of debt you have. Then make sure that the plan accounts for this amount.

3. Living Expenses

When you pass away, you might be leaving behind a family that relies on you for income. Even if you are not the primary breadwinner in your family, your spouse may have to pay for childcare, housekeeping, food preparation and much more. This is why it is so important that you calculate how much your family needs to live off of for the coming years and include that in your policy. That way when you pass away they don't have to worry about keeping their head above water financially while they are grieving your death. 

If you need help finding the right life insurance policy for your needs, work with an experienced company like The Flechsig Insurance Agency Inc.