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Life Insurance for Millennials: What You Need to Know

Life Insurance for Millennials

Millennials are often described as carefree and somewhat irresponsible spenders. However, with the current pandemic-induced global crisis, many have become more cautious about their health and finances. Life insurance policies have become more popular in the light of unanticipated health-related emergencies and expensive medical care costs.

However, not all policies are created alike, and while looking for life insurance, you need to consider several factors.

Here are five important questions that you should ask yourself before taking out life insurance for millennials.

1. Why Do I Need Life Insurance?

Life insurance is important for everyone, irrespective of gender, age, or race. This policy is designed to provide financial support for those who may experience difficulties resulting from the policyholder’s demise. Your children, partner, or parents can be listed as beneficiaries in your policy and can benefit from the payouts after your demise.

2. Am I Too Young to Apply?

There is no such thing as being too young to apply for life insurance. In fact, the younger you are, the lower your premium is likely to be. This is because the possibility of a 30-year-old outliving a 20-year term policy is very high compared to a 60-year-old.

Waiting till you get married or have children may not be wise, as there’s no way to ascertain the future. Also, health problems can arise unexpectedly, so it is best to be prepared for such emergencies.

3. Term Life Vs. Whole Life: Which One Should I Choose?

Term life insurance is a good option for millennials because it is a straightforward proposition wherein the policyholders must pay a fixed premium over a specific period. If the policyholder dies within the period, the beneficiaries can make claims.

Whole life insurance covers the policyholder throughout their life. Although whole life insurance seems to the better option, it can cost ten times more than term life insurance.

4. How Much Coverage Do I Need?

The amount of coverage that you need depends on your unique circumstances. Ideally, you must consider the amount of financial support your beneficiaries will need in case of your demise. One way to determine the best coverage amount for you is to use an insurance calculator (available online).

5. How Can I Save Money on My Life Insurance?

Understandably, an unmarried person may not be able to determine the best coverage amount because there have no spouse or kids yet. This is where flexible coverage comes in. Flexible insurance allows you to make necessary changes to your policy at different stages of your life. Here, you can increase or reduce your premiums throughout the policy’s life, ensuring that you have the right amount of coverage at every point in time, without spending too much on unnecessary coverage.

As a millennial with years of opportunities ahead, you want to rest assured that you have adequate life insurance in place to cover you in the event of uncertainties. At James Page Insurance, our experts can help you take out a life insurance policy that suits your specific needs. Contact us now to get started!

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12 Ways to Attract Lower Premiums for Your Boat Insurance

Boats are a serious investment, and any damages can be very costly to repair or replace. Insurance companies use various factors to determine your insurance rate, so it is best to employ the best methods to reduce your risks, thus lowering your rates. Factors like navigation area, storage location, ownership experience, claim history, and driving record can help determine your boat insurance cost. Most insurers use these factors to estimate whether you are high or low risk.

Here are some helpful ways to ensure that you are a low-risk policyholder, thus attracting lower premiums on your boat insurance:

1. Install Safety Equipment

Installing an automatic fire control system can help reduce the risk of fire damage and can qualify you for a discount on your premium. Also, keeping safety equipment, like EPIRBs, GPS systems, Depth Finders, or Radar onboard can lower your risk.

2. Enroll in a Boating Course

If you can show a safety certificate from the US Power Squadron or the USCG Auxiliary, you may be entitled to up to 10% discount on your policy.

3. Evaluate Your Coverage Limits

High coverage limits mean a high rate, but you can balance it out by increasing your deductible—the higher your deductible, the lower your rate, and vice versa.

4. Have a Clean Driving Record

It is no surprise that people with good driving records will get credit and may be entitled to discounts. A bad driving record makes you a high-risk policyholder.

5. Opt for Diesel Engines

If your boat is powered by diesel rather than fuel, your coverage rate may be significantly lower.

6. Work on Your Credit Scores

Most providers will request your credit score to determine appropriate insurance rates. Keeping a high credit score comes with lots of benefits, including lower premiums.

7. Buy Multiple Policies

Purchasing multiple policies from one provider usually attracts a discount.

8. Select Low-risk Navigation Areas

Your rate will be affected by where you plan to use your boat. For example, coastal areas like Florida are high risk and will attract higher premiums.

9. Get a New Boat Discount

Insuring a new boat will cost less than an old one. This is because older ones are at risk of developing faults, while newer ones aren’t.

10. Steer Clear of Claims

Insurance providers tend to favor policyholders that do not make frequent claims. You will be charged more based on the frequency of your claims. This means you will have to pay significantly lower premium rates if you do not have any prior claims.

11. Check Your Speed

Many providers set a maximum speed that can be insured. Purchasing a boat that is too fast could mean higher rates.

12. Have Several Years of Boating Experience

If you have experience in boat driving, your insurance company may consider you low risk, which makes you eligible for a lower rate.

Though there are no state-mandated laws for boat insurance, having adequate coverage for your vessel will ensure an enjoyable boating experience. If you have more questions related to boat insurance or wish to buy a new policy, reach out to our experts at James Page Insurance . We can help you with reliable and affordable coverage for your boat insurance needs. Contact us today to get a quote!

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