5 Types of Insurance a Millennial Should Have

When you’re trying to figure out how to budget your life, it seems like a no-brainer to lower or all together leave out insurance in order to save money. However, when push comes to shove, you’ll be glad you’re protected. A monthly payment may seem like a drain to your paycheck, but the alternative is an exorbitant bill down the line!

If you’re concerned about cost, the best money saver is shopping around, and if you are a client of Stromsoe Insurance Agency, you’ve already made one huge step towards savings! The beauty of using an independent insurance agency, is that we do the shopping around for you.

Here are the 5 types of insurance every millennial should have:

#1 Car Insurance

While car insurance is required, the amount of coverage you carry is a great deal up to you. There are 3 types of auto insurance:

  • Liability
  • Collision
  • Comprehensive

Liability is often the minimum insurance you need to be a legally insured driver, but collision and comprehensive are where you have some freedom. Collision involves coverage for repairs to your vehicle that need to be made as a result of a traffic accident, no matter who is at fault as well as property damage and any damage to the vehicle that is a result of collision with trees, buildings, etc. Comprehensive is coverage that includes replacement of the vehicle if it is stolen or damaged by natural disasters. While changing your collision and comprehensive can change your premium dramatically, it can also be the difference in your claims experience after an accident or theft.

Want to read more on how you can lower your car insurance premium? Check it out here.

 

#2 Renters/Homeowners Insurance

In short, tenants need insurance to cover their belongings. You, as a renter, will not own the building in which you live, and you are unlikely to insure that. On the other hand, the belongings inside your rental are likely important to you. One reason to have insurance for the tenants is to have protection for your personal property.

For example, renters could provide coverage in the event of:

  • A kitchen fire. A renters policy could help with the costs to replace items destroyed in the fire. If your place can’t be lived in while repairs are being done, renters insurance may also provide coverage for a place to stay, meals and related expenses.
  • A burglary. Renters insurance could help with the costs to replace the covered stolen items.
  • A guest falls and gets hurt. The personal liability coverage included in a renters policy could help with the payment of medical bills or other expenses related to the accident.

Take a look around before you decide you don’t have enough stuff to get lost in a fire, or what you have isn’t likely to get stolen. You might see more items that are costly to repair than you would expect. A smartphone, designer handbag, professional chef’s knife kit, new laptop are all widely used high-ticket pieces, for example, that you may have in your rental. How about antique china from your grandmother? Even the cost of replacing all of your clothes might cost you quite a dent.

 

#3 Flood Insurance

No home is entirely free from potential flooding. When a single inch of water in a home can cost more than $25,000 in damage, the difference between recovery and financial ruin can be flood insurance.

 

#4 Umbrella Insurance

Purchasing an umbrella policy is an inexpensive way to protect your financial future or established assets. Personal umbrella insurance kicks in when your base policy limit is not sufficient. It covers you beyond the limits of homeowners insurance, auto insurance, watercraft or other personal insurance policies.

 

#5 Life Insurance

Life insurance is about protecting the living and buys time and options when an income earner passes. If you have any dependents, life insurance will allow them to avoid making dramatic decisions while they may not be emotionally ready to do so effectively. Life insurance policies can be very affordable and give financial security to your loved ones should you no longer be around to provide it.

October 2018 ISSUE OF THE PROTECTION COACH

The October 2018 update of Mike Stromsoe’s The Protection Coach® has arrived.  This issue is jam-packed with all the latest news and tips for clients and friends of Stromsoe Insurance Agency.

The Protection Coach® –October 2018 (Click Here to Download)

Inside this edition..                                                                  

  • Workers Compensation
  • Perfect Recipe For Football Season!!!
  • Quick Tips:  Halloween Safety
  • Congratulations to Eric Lopez of The Inspectors Company Inc, our awesome Client of the Month!  Thank you for your continued business!

Do I Need Life Insurance After Retirement?

Do you need life insurance even after you retire? You may not think so, but here are a few examples of when life insurance may come in handy in your post-workforce years.

Life insurance is meant to financially cover your family in the event of your death. After people retire, most of their family members have already started families of their own and no longer rely on their parents’ income for sustainability. This is a sign to many that life insurance is something they no longer have to pay for. But is that true? Here are ways that life insurance could still come in handy–even after you retire.

Funeral Costs

It’s very expensive to die in this country. While you may not be here to suffer through the funeral process, your family member will. Funeral costs are through the roof, and your life insurance policy can cover this expense and keep your family from reaching deep into their pockets.

Your Remaining Debt

If you still have remaining debt upon your death, it may not disappear, especially if this debt comes from the bank. Your life insurance could help pay off the remaining loans, or even pay them off entirely if your coverage is sufficient.

Special Needs Children

While it is often the case that children depend on their parents until they’ve graduated college, there are situations where your children may depend their entire lives on your aid. Children with special needs will need to get the right coverage.

Life insurance often goes to those that work and have families in their early stage. But that’s not the case for everyone, and may not be the case for you. For that kind of knowledge and service, contact Stromsoe Insurance Agency. We’re dedicated to helping families across California get the life insurance policies they deserve!

Learn How to Get the Best Deals on Your Summer Vacation

Planning for your summer vacation doesn’t have to be financially stressful.

Summer vacations mean school is out, and your family vacation has finally come! If you were smart, this trip means you can splurge because you looked for the best deals that were available to you when you booked your trip. If not, it sounds like you’re going to have to dig deep into your pockets for any change that may be lying in there somewhere. Planning a summer vacation doesn’t mean you have to have monetary anxiety. On the contrary. Planning a summer vacation can be easy with the proper, planning, and research. Here are 3 things you can do to get the best deals on your summer vacation.

  1. Time it Right – Hotel rates fluctuate with supply and demand, so it pays to go against the flow of other vacationers. High-peak vacationing happens between the 4th of July to mid-August. So planning on early June or late-August can mean better savings.
  1. Don’t leave empty handed – Before you depart, order the Entertainment Book or such other coupon books. These editions are packed full of discounts and attractions. You’ll likely recoup your investment within the first few days.
  1. Meals don’t have to break the bank – Dining at restaurants for every meal can add up real fast, so make restaurants a singular daily thing. Keep a cooler in your car and plan picnics at least once a day. Make sure to stay at hotels that offer free breakfasts to cut down on costs. And, when you treat yourselves to a restaurant make sure to go during lunch when costs are lower, and to make sure your restaurant offers a lunch special.

If you want to save money, contact Stromsoe Insurance Agency for that perfect summer vacation. As California insurance experts, we can help tailor your coverage to meet your exact needs – including your budget. For the best coverage at the best price, call us today!

Ask These Life Insurance Questions Before You Buy!

These life insurance questions are important to ask before you pick your policy.

Life insurance is important. Just as important as buying a policy is making sure you choose the right one. How, exactly, do you do that? By asking the right questions. Pose these life insurance questions to your agent before you buy a policy to make sure you’re choosing the right one for your family.

What type of policy makes the most sense for me?

Your life insurance agent will be able to show you how term or whole life insurance policies work, and which one is likely the best fit. A term policy is great if you just want to cover a certain season of life (e.g. until your mortgage is paid off or your kids graduate college) as they’re more affordable and expire after the term is up. A whole policy is best if you want your policy to build cash value and last your lifetime.

What else can I get out of my policy?

The majority of life insurance policies allow you to add riders, which can help you do things like pay your policy premiums if you become disabled or receive a lump sum payment if you become terminally ill.

Am I buying enough?

All too many people expect that Social Security will cover their income replacement for their families if they pass away. Actually, though, Social Security is only paid out if your surviving spouse is over 60 or your kids are under 18. If that’s not you, turn to life insurance to protect your family from financial hardship.

Now that you know to ask the right life insurance questions, it’s important that you ask them of someone who can give you the right answers. For that kind of knowledge and service, contact Stromsoe Insurance Agency. We’re dedicated to helping families across California get the life insurance policies they deserve!

Smokers’ Habits Raise Their Life Insurance Rates

If you’re a smoker, your California life insurance policy will be different.

When you apply for a life insurance policy, you will be asked a handful of questions about your medical history. A question that will most likely crop up is if you use or if you have previously used tobacco or nicotine products, along with if you have stopped and why. The answers to these questions will determine your policy and rate. If you’re looking for a reason to quit smoking, it could be the high life insurance premiums!

Testing, Testing

If you have recently quit smoking and have been free of tobacco for at least three to five years, companies will typically charge you the same rate for life insurance as a non-smoker. If you buy a higher amount of coverage, typically around $100,000 or above, the company will collect a saliva or urine sample to test for cotinine. Once nicotine is absorbed into the body, it’s converted into cotinine. If you are currently using a nicotine patch or gum recently, you will test positive which will affect your test results.

Time Matters

The mortality rate for smokers is much higher than for non-smokers, but there are ways to combat the high life insurance rates that come with that high mortality rate. For example, if you have smoked for five years but have been tobacco-free for ten, the risk is lower than if you have smoked for fifty years but have tobacco-free for five. In the latter situation, the exposure has been too great to counteract the length of time since you quit smoking. Insurance is all about risk, and smoking is proven to cause many types of cancer. As a result, recent or long-time smokers who are more likely to suffer with health issues and have a higher risk of death will pay more for coverage.

Fine Details

E-cigarettes, patches, gum, and hookah are all alternative nicotine delivery systems. Insurance companies ask about your nicotine use as all of these practices fall under the umbrella of bringing nicotine into your body. As a precaution, it is best not to skew the truth as the insurance company will find out your smoking habits.

After your life insurance policy is issued, you should be open and honest with your insurer should your plans or lifestyle change. As a smoker, it is possible to acquire a reasonable, adequately covered life insurance policy. Contact Stromsoe Insurance Agency for your insurance needs in California.

Financial Advice For New Parents

Just Starting Out? Use These Tips

Having a baby changes your life. Everything from the food you eat to the friends you have will likely change once you bring your new little one home! Of course, your financial situation will have to change as well. On top of having another mouth to feed, you also get to start thinking about fun things like college savings and life insurance. To help you successfully manage your money as your family grows, here is some financial advice for new parents.

  • Start Saving: As new parents, you should have two types of savings accounts set up. The first should be an emergency fund and you should try to keep it stocked with around six months of living expenses. This ensures that even if you lose your job or find yourself facing a big bill you did not expect, your family can continue to live comfortably. The second type of account you need is a college savings plan. Talk to a financial adviser to determine the best type of account to save for college with the best tax benefits.
  • Get Insured: Since you now have another little person who is relying entirely on you for financial security, it is important you protect yourself against money troubles. The good news is you can do just that with insurance! For example, disability insurance ensures that even if you have to stop working, your family still has income and life insurance will protect your family as they transition to life without your paycheck. Talk to an insurance expert to get the right coverage for your changing family.

As we talked about above, one way you can help set yourself up for financial success is by carrying the right insurance coverage to ensure an unforeseen event never drains your bank account. To get the policies you need for financial stability for your growing family, contact Stromsoe Insurance Agency.

Do I Really Need Life Insurance? Yes! Here’s Why!

Life Insurance Protection For Future Security

Life insurance is one of the most important financial safeguards an individual can have. Whether you have just jumpstarted your career or are living happily with financial stability today, life insurance provides your loved ones with security for the future. To further convince you of its importance, gathered are just a few of the reasons why you need life insurance protection:

  • Experiencing a death in the family is one of the most overwhelming, sorrowful moments we go through. However, this experience is eased significantly when you have a life insurance policy that will provide your loved ones with financial assistance during this difficult time.
  • If sending your child to college is one of your top aspirations, you can utilize a term life insurance policy to guarantee that your wish is granted. These policies can be set for a certain time limit so that your needs can be fulfilled in immediate time.
  • Not many people realize how expensive funerals can be until they are faced with the unfortunate. To take this burden off of the plate of your loved ones, utilize death expensive coverage that a life insurance policy provides.
  • If you plan to leave an inheritance to your heirs, it is important that you calculate the cost of inheritance taxes. However, if you have a life insurance policy, your coverage will take care of those expenses.

If you are ready to attain financial stability for the future, please do not hesitate to give us a call to discuss your life insurance needs. With so many different types of life insurance policies to choose from, making the purchase can be confusing and overwhelming. We promise to be your guiding hand and help you make an informed decision between a term life insurance policy and a whole life insurance policy.

Contact Stromsoe Insurance Agency for all of your California life insurance needs.

Does your Life Insurance Cover your Mortgage?

In the event of a tragedy, it is important to protect your mortgage with term life insurance. In the horrible event of your sudden passing, the last thing you want is to have your family dealing with financial burdens. Preparing your life insurance policy in advance is the smartest way to allow your family to grieve without financial concern.

Term life insurance is the most affordable way to get life insurance coverage, providing protection for a specific period or “term.” This allows the policy holder to drop or continue the coverage at their convenience.

If you answer no to the question, “Could your family make mortgage payments without you?” then it is a good idea to protect your mortgage with term life insurance. Whether you are planning on purchasing a new home or refinancing your existing mortgage, this is the perfect time for you to protect your mortgage. Term life insurance can be used to pay funeral costs, credit card bills, childcare, college tuition, and your mortgage in the event of a tragedy. With term life insurance, your family can maintain their lifestyle and use the term life insurance coverage as a form of income replacement.

If there is anyone who relies on your income for financial support, then you need life insurance. Not only does life insurance provide financial protection for your family but it pays for your final expenses as well. It is hard to think about what would happen in the case of your sudden passing, but it is important to ask yourself whether or not your family could financially survive if the worst were to happen.

The Stromsie Insurance Total Protection Team strives to give you the best services and prices. Contact the Stromsie Insurance Total Protection Team to get a quote on life insurance today!

6 Insurance Marriage Changes

With all the excitement of getting married, insurance changes are probably the last thing on your mind, but one of the most important things to consider. Name and address changes are not the only insurance changes that need to be considered. Take these six marriage and insurance tips into consideration before and after marrying the love of your life:

  1. Cancel any policies such as auto insurance, homeowners insurance, and renter’s insurance that the two of you will be merging into one. Update or add the new spouse to any existing policies.
  2. Meet with your life insurance agent and talk with your new spouse about either purchasing life insurance or changing the beneficiaries on existing life and annuity policies. Many broaden their life insurance policy to include their spouse and increase policy value.
  3. Merging your health insurance with your new spouse can get you a better rate, allowing you to spend the extra money on other aspects of your new life together. If you are canceling a policy offered by an employer, check to see if the premium portion the employer pays is eligible for reimbursement.
  4. Change the limits on your renters insurance or homeowners insurance limits for added spouses’ personal items.
  5. Consider whether you would like to get endorsements for valuables such as wedding rings and other prized possessions.
  6. If you or your spouse do not already have an umbrella policy, long-term care policy, or disability insurance, it is a good idea to consider these additions.

Stromsoe Insurance Agency would love to welcome you and your spouse into the next stage of life and ease the insurance change process for you. Contact them for additional tips or advice.