Columnists

Life Is A Risky Business

Issue 3.13

If you were going to make a list of things that you wish you could do without, insurance is probably one of them.  Many people complain about being insurance poor and wonder why they have to have it.  Many years ago people would be devastated financially when their bread winner died because life insurance wasn’t an option.  Families would pool their money to help out the grieving family.  In a nutshell, that is the basic concept of life insurance.

Insurance might feel unnecessary sometimes because you might not think your house will ever burn down, and because you are a safe driver you won’t be in an accident.  If you look at it that way, life insurance is the only insurance that you will for sure need at some point.  Is there something that can be done to lessen the expense of so much insurance? The answer is yes!  Life is a very risky business, and insurance is just a way to help transfer some or all of your risk to someone else.

 If you are a very safe driver, consider transferring less of the risk to an insurance company and raising your deductibles.  Your auto premium is based partly on how much you will pay out of pocket if a loss occurs.  Consider thinking of your auto glass the way you do your tires.   Make sure you let your agent know if you take a driver safety course.  Most companies give a discount for seniors who take a safety course.

If you have a well maintained home, and have some savings in case of a loss, raise your home deductible to $1000.00 and you could save as much as $200.00 a year. Do you have an alarm system?  You could get a discount for one if it reports to your local fire station.

The most important action to take is to have a review with your insurance professional to see if you qualify for any new discounts and have a discussion about how much of your risk to transfer.

Lori Prince is a representative of the Brasher Insurance group and can be reached at 435-705-4427.

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