What Is the Right Age for Life Insurance?

While there is no hard and fast rule regarding the right age for life insurance, the most logical answer to that question is, “immediately after birth.” Since the cost of life insurance, whether term life or whole life, is directly related to the age of the insured, the older you get the more expensive the premium becomes. Whole life coverage, which has a level premium cost for the entire life of the insured, will never be more affordable to take out than right now – today. Each year, your age brings on an increase in premium cost.

The same holds true for term life insurance, which typically has a level premium rate for 10, 20 or 30 years. The longer you wait to take out this coverage, the higher the premium rate will be for the entire term of the policy.

From Cradle to Grave

Let's take the concept of insurance from birth a little further. Assume a parent or other relative takes out a whole life policy on a newborn. The premium cost for this policy will never be lower than it will be during this child's first year of life and that premium rate will be guaranteed to never increase during the life of the policy.

This policy, when written on a child, can be prepaid in one lump sum. Then, when the child reaches the age of 18 years, ownership of the policy can be transferred to the insured, at which point it can be cashed in or continue to be funded on an ongoing basis. Cash value, which will have accumulated tax deferred for 18 years, may be used for whatever purpose the insured decides, whether as a down payment on a house, a vehicle or to help with college tuition. Or, this insurance coverage can be continued for as long as the insured elects to pay the current premium amounts due.

Who Really Needs Life Insurance

For most people, the right age for life insurance revolves around feelings of financial responsibility. Getting married, having children, buying a home or taking on credit card debt are all responsibility creating activities. Since these activities typically occur between the ages of 25-35, this may seem the logical time to become insured. When your family depends on your income to provide them a certain standard of living, insuring your income from loss due to premature death is important.

8 Tips for Safe Winter Driving

In some cases, tips for safe winter driving are the same as those for driving any time of year, such as always wearing your seat belt and making sure your tires are serviceable and properly inflated. So far, this winter's been particularly harsh along the Eastern Seaboard, with snowfall being reported as far south as Florida, and here in NC we've seen our share of snow and ice on the roads. Many local drivers may not be accustomed to this. A quick review of safe winter driving tips may be helpful for those planning to be out on the roads this winter. Consider the following:

Getting Prepared                  

1. Properly prepare your vehicle. This means that all mechanical systems are in top operating order, all fluids are checked and filled as needed, your battery is charged and tires have tread and are properly inflated. Winter tires are preferable.
2. While you should always have an emergency kit in your vehicle, certain items are especially important to have on hand during cold weather. You should already have a first aid kit, cell phone, flashlight, jumper cables, reflective triangles, water and non-perishable snacks. Add to this an ice scraper, emergency blanket and some sand and/or salt.
3. When your gas tank gets down to 1/2, fill it up. This will give you the fuel you may need to run your engine to keep warm if you get stranded or stuck.
4. Make sure your windshield wiper blades are in good shape and that your windshield                  wiper fluid is full and properly prepared so as not to freeze.

Watching Weather Reports

5. Check news stations or the Internet for weather reports if you're planning on taking a trip or traveling to an isolated area during inclement winter weather. If the weather is reported to be especially bad, consider postponing your travel if possible.

Driving in Winter Conditions

6. Before driving your car anywhere, ensure it's free of ice and/or snow on the windows, lights, reflectors, mirrors, trunk, roof and hood. Keep your headlights on and make sure they're clean.
7. Remember that posted speed limit signs indicate safe speeds on dry roads. When roads are covered with ice or snow you should slow your speed and increase your following distance to the next vehicle. Don't use your cruise control. Be especially attentive when crossing bridges or overpasses, as these usually freeze first. 
8. Be extra vigilante in driving and stay safe! 

Greensboro Home Insurance Hazards: Storms

Your Greensboro home insurance policy likely covers many types of storm damage but not all. Flooding, for example, that occurs as the result of a storm will not be covered unless you've made flood insurance a part of your comprehensive homeowner's protection. This requires that you obtain a separate, special flood insurance policy, usually from the federal government's National Flood Insurance Program, available through FEMA Federal Emergency Management Agency). A few, select number of private insurers may also offer excess flood insurance.

It's interesting to note that, according to FEMA, 90% of the natural disasters that occur in the United States involve some form of flood damage. Even homeowners living in areas considered low risk for floods can see that, according to FEMA, flood insurance may be something to consider. It's affordable and easy to buy.

What Storm Damage Standard Greensboro Home Insurance Typically Covers

The types of storm damage typically covered by a standard homeowner's insurance policy include the following:

• Water damage
• Ice damage
• Lightning strikes
• Damaging power surges
• Wind
• Hail
• Fallen trees

Water damage coverage can vary, depending on your policy, so it's important to know what your particular policy will pay and for what. Ice or water damage to your roof is likely covered but water flooding your basement may not be covered.

If lightning strikes your home and causes fire or smoke damage that will likely be covered. Some, but not all, policies cover power surges that damage appliances or electronic components. Some policies may also pay for food ruined as a result of a power outage but this type of coverage is less common. Remember, however, that you can buy insurance to cover just about any type of peril if you're willing to pay the premium required. Talk to your insurance representative to determine what you have, what's available and what the costs are to put in place the exact coverage you want.

Other Storm Damage

Violent storms may be responsible for numerous different types of damage to your home, whether it's strong winds that dislodge roof shingles or knock a tree over into the roof, hail that dents your vinyl siding or hard-driving rain or snow that breaks a window and damages your home's interior or household possessions. All these are likely covered but, again, insurance policies are unique and yours should be thoroughly read and understood. Consult your insurance broker with any questions.