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Life insurance, as you know, is designed to protect the people who depend on you for financial support should you die prematurely. But there is much debate about exactly who needs life insurance. Here are some tips that may help you decide if life insurance is the right choice for you.
Do you have a child?
Life insurance: no. Children typically do not need life insurance since no one relies on income from them.
Are you a young single adult?
Life insurance: maybe. If you’ve just become an adult and entered the workforce, the only reason you would typically need life insurance is to help support an elderly parent or to pay for your own end-of-life expenses (e.g., funeral costs).
Are you an adult with a spouse but no children?
Life insurance: maybe. If both you and your spouse are earning income that could support either of you without the other spouse, life insurance may only be necessary if you want to cover your funeral costs. You should, however, seriously consider life insurance if you are thinking about starting a family. Your rates will likely be cheaper now than when you get older.
Are you an adult with an established family?
Life insurance: yes. If you have a family that depends on you, whether it’s a spouse or children, you need life insurance now. Don’t limit it to the partner working outside the home, either. The cost of replacing someone to handle domestic chores and child care can cause significant financial problems.
Are you retired or elderly?
Life insurance: maybe. Life insurance at this stage in life may only be necessary if you have people depending on your income for support or if you cannot cover funeral expenses.
These are guidelines, but remember, an article can’t replace the knowledge of your individual financial circumstances that a personal financial planner possesses. Let us help you navigate what’s best for you.
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Did You Know There's a Link Between Clutter and Depression?
It often doesn’t take much to realize a cluttered space can affect how we feel when we’re in and amongst it, but researchers at UCLA have confirmed a scientific link between clutter and depression.
In a study of 32 Californian households, UCLA’s Center on Everyday Lives and Families discovered a number of insights into the relationships between the objects around the home and the mental health of the families living in them. The results have been published in a book titled Life at Home in the Twenty-First Century, a fascinating look at how the space in middle-class American homes is used.
Amongst the most enlightening discoveries is the fact that cortisol, the hormone associated with stress and present in most animal species, is noticeably higher in women who have a large number of objects around the house. While it’s a useful hormone to have in certain situations (without it we would feel no natural caution when doing things such as crossing a busy road, standing next to a steep drop or during other life-or-death situations), a buildup of this hormone in non-dangerous situations causes us to feel anxious, fearful and unhappy when there is no reason to be.
Interestingly, the cortisol level in men stays relatively steady in a cluttered environment, so it’s easy to see why tension between partners could be more likely to boil over when there are differences of opinion on a household’s clutter.
If you feel your house could do with a declutter, one useful option is the sealed-box technique. This involves placing a number of items you don’t use or don’t feel particularly attached to into a box and storing it away for a while.
After a decent amount of time has passed, if you still haven’t opened the box or missed the items in it, simply leave it closed and donate them to charity. You’ll rest assured knowing you’ve made some space and pleased someone else!
Preheat oven to 425° F.
Lay grapes on baking sheet, add oil, a pinch of salt and pepper and toss to coat. Roast until grapes begin to burst, 20-25 minutes. Remove from oven. Let cool.
Whether you rent or own, keeping a current home inventory is critical to getting on the road to recovery faster in the unfortunate event that disaster strikes.
Documenting items in your home may feel like an overwhelming task. Here’s what you need to know to guide you through the process.
Document. Take detailed pictures and video of every room in your home as well as a record of each individual item. Items such as antiques should be discussed with your insurance agent to itemize them on your policy. If you already have a home inventory list, make sure to keep your list updated with any new significant purchases along the way.
Proof of value. Keep receipts, contracts and appraisals to understand what level of coverage you’d need. Things to take note of: item description, make/model/serial number and estimated replacement costs.
Don’t forget the storage unit. Personal items that are kept in a self-storage facility are covered under homeowners insurance.
Keep it safe. Store your documentation in a fireproof box or safe deposit box or keep a file on hand with your insurance agent. You can also back up the files on an external hard drive or to the cloud (such as Google Drive or Apple’s iCloud) as an additional measure.
Kick-start. To kick-start your inventory task, check out these home inventory apps to help you with the process:
After taking your home inventory, give us a call to check your current policy to ensure that you'll be covered or set you up with a new policy today!
What Determines How much Home Insurance I Need?
It's not always easy to know how much homeowners insurance you need. Say you have a $100,000 home: your homeowners insurance coverage should also be $100,000, right?
Not quite. There are actually many more factors at play than just the market's current price on your home, from structure to contents.
The cost to rebuild your home - Nobody has a crystal ball, so it's best to factor that into your insurance. To calculate this figure, multiply your square footage by the per-square-foot building costs in your area. You should also factor in any additions you have made since initial construction and the specific style of your home.
The cost of adhering to new codes - Depending on when your home was built, you might have to adhere to new codes during a rebuild, which may add to the expense. Adding an endorsement to the policy could help you plan for this.
The cost to replace what's inside the home - While you can't cover sentimental value, you can insure the physical contents of your home. Take an inventory of your belongings so that you can plan for the cost of replacement if you ever need to make a claim
The cost of liabilities - Liability insurance is what will protect you if you ever find yourself in a lawsuit because of your home, whether that's a broken window or a dodgy porch leading to an accident.
Sound confusing? We can help. Call or email us to figure out the best insurance plan for you.
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