Even knowing this, you may still wonder why life insurance would be a good fit for you. Check out the following list to understand what kinds of expenses life insurance can cover. You and your loved ones will have greater peace of mind knowing exactly why life insurance could play an important role in the future.
7 things life insurance can cover
1. An income stream. Your family depends on your income to meet daily needs like food, medical care, utilities, car payments and much more. If you pass away without a means for replacing that income, their current standard of living could be in jeopardy.
2. A mortgage. Could your family afford your home’s mortgage without your paycheck in the picture? If not, an already sad situation would be compounded by possibly losing the house they love. This could also mean your children could no longer attend a school in their current district or maintain the friendships they currently have.
3. A college loan. College tuitions have grown faster than inflation—and so has student loan debt. Many private lending institutions do not forgive education loans in the event of death. That means the debt may reduce the amount of assets available to pass to the beneficiaries of a deceased student’s estate. It could also trigger repayment obligations for anyone who agreed to be a cosigner on the loan.
4. A child’s needs. The U.S. Department of Agriculture says it costs $233,610 to raise a child who was born in 2015. Making sure that there’s enough there for each child is something both employed and stay-at-home parents should consider.
5. A business. The right life insurance is critical if you own a business. This is especially true if a business has partners. If one passes away, it is advantageous to have funding in place for the surviving partner to buy the deceased partner’s interest in the business. Funding also needs to be in place to help a business survive after a key partner passes. Finding the right person may take time and resources the business may not have without life insurance.
6. A retirement. Many experts recommend you need to bank 11 times your annual pay in order to retire at age 65. (You’ll need even more if you don’t work until age 65.) Without enough savings or life insurance, your surviving spouse might not have such golden years.
7. Funeral expenses. The median price of a funeral is more than $7,000. Funeral directors say families without enough funds are forced to cut back on the service or ask friends and family for donations.
Life insurance needs vary from person to person. If you’re interested in learning which one is right for you, contact a professional like an Erie Insurance Agent in your community. They can tell you why life insurance might be a good option for you and help you find the right protection at the right price.
Erie Insurance is participating in a Life Insurance Awareness Month Twitter Chat hosted by Life Happens, a nonprofit organization dedicated to educating the public about important insurance planning topics. The Twitter Chat will begin at 1 p.m. on Tuesday, September 12, and will address questions that may help educate the public about the value of life insurance and discuss suggested best practice tips.
Yet there’s no denying the fact that temperatures are dipping. Soon, snow and ice may very well make it impossible for you to take to the open road on your motorcycle.
If you’re lucky, you have enough space in your garage to store your motorcycle during winter. If not, you’ll need to find a place to store your bike. Then you’ll want to make sure to follow these tips when it comes time to winterize your motorcycle.
- Give it a wash. Certain substances can corrode the exterior of the bike. So it’s best to get any dirt and grime off your bike before stashing it away for the winter. Also wax your bike—it helps protect it from rust and moisture.
- Take care of the tank. It’s a good idea to top off the tank with fresh fuel and fuel stabilizer. The stabilizer will help prevent the gas from breaking down. It will also help prevent buildup from forming. Just make sure to run your bike for at least five minutes to ensure that the stabilizer makes its way through the system.
- Change the oil and filter. Old oil can be corrosive, so invest in an oil change before you stash away your motorcycle for the winter.
- Check the coolant. It’s important to make sure your coolant can stand up to freezing temperatures. Use a floating-ball tester to see if your coolant is up to the task.
- Mind the muffler. Mufflers can rust when they’re not in use. Protect yours by spraying the muffler with light oil. Then, stuff a plastic bag into the muffler before tying another plastic bag around it for added protection.
- Remove the battery. There is a small but steady current drain when your battery is hooked into your motorcycle but isn’t being used. For this reason, it’s best to remove the battery from your bike and store it in a cool, dry place. A battery maintainer can help ensure the battery doesn’t run out of juice while in storage. Some battery maintainers have a built in float charger which will prevent the battery from being overcharged. Do not allow a battery to freeze and do not try to charge a frozen battery.
- Inflate the tires to the recommended pressure. Cold air causes tires to lose air.
- Cover it up. A snug-fitting, breathable cover provides a protective barrier.
A final way to protect your bike is to have the right motorcycle insurance. Erie Insurance now offers improved motorcycle coverage for your motorcycle so you can ride easy. Contact an Erie Insurance agent in your community to learn more and get a free quote.
You may be inclined to think that your car runs well without much maintenance year-round, and besides an occasional trip to the mechanic for an oil change, any preparation for the winter months is not high on your priority list. In fact, cold temperatures and icy roads can create additional hazards for drivers and place extra seasonal strains on your car. In addition to making sure your vehicle is prepared for slippery road conditions, it is equally important to ensure it is in top mechanical condition to avoid getting stranded when the temperature drops.
Before You Hit the Road
The cold, snow and ice can make driving dangerous if your vehicle is not properly maintained. Here are some things you can do to help prepare your car for winter:
- Make sure all scheduled maintenance is up-to-date. Have your mechanic check belts, fluids and hoses to help reduce the risk of a mechanical breakdown. The mechanic should also check the exhaust system for holes, missing or loose clamps and leaks.
- Ensure that your tires are in good condition, properly inflated and have ample tread. If you live in an area where heavy snow is common, consider having snow or winter tires installed.
- Be aware of the various state laws, which dictate if and when chains and studded tires can be used.
- Make sure your heater and window defrosters are working properly.
- Check that your lights and windshield wipers are operating properly. Also check that your engine coolant and washer fluid reservoirs are full and that the fluids are protected with a sufficient percentage of antifreeze for the temperatures in the area where you will be driving.
- Make sure your battery and connections are in good condition. Even a newer battery can fail if it gets cold enough or the battery terminals are not clean and corrosion-free.
- Check your oil for proper level and weight (viscosity). Heavier oils become thicker (more viscous) at low temperatures, which can make the engine harder to start.
- Make sure your gas tank is full and your phone is charged. In bad weather, roads could either be backed up for hours or closed.
- If you drive in remote areas or are planning a long trip, keep a winter survival kit in your car.
We know that winter can create challenging conditions for drivers. But we also know that adequate preparation can help keep you safe, even under the worst weather conditions.
We encourage you to drive carefully in adverse weather conditions and to avoid driving in blizzard conditions unless absolutely necessary.
* Ready, http://www.ready.gov/winter-weather
3838 West 12th Street
Erie, PA 16505
Telephone: (814) 456-7501
FAX: (814) 459-6869