|Posted on May 23, 2018 at 8:45 AM||comments (2)|
When it comes to money matters, young married couples who are just starting out have a lot to juggle: They may be paying off student debt and saving for their first home. It's also a time when young families may be the most financially vulnerable should the unexpected strike. To ensure that they have financial protection when they need it most, purchasing a life insurance policy should be top of mind.
Here are five reasons why young families need life insurance:
1. You just never know. While it's not the most pleasant thing to ponder, an emergency situation could quickly put your family's finances under water.
2. The earlier you opt in, the more affordable it is. Because age is one of the factors that affects the cost of your premium, the younger you are when you purchase a policy , the less you'll be paying each year.
3. It's not as expensive as you think. If you're on a budget and are convinced you can’t afford life insurance, consider term life insurance. It guarantees protection for a set amount of time. Since it's not designed to last a lifetime, the annual premiums are considerably lower.
4. It lets you concentrate on other goals. Once you have the peace of mind and financial protection that life insurance grants you, you may feel secure enough to fund long-term goals, like buying a home, saving for your nest egg, or going back to school.
5. You can always upgrade at a later date. Don't let the fear of making the wrong decision deter you from purchasing a policy now. The policy you purchase today isn't intended to be set in stone. As your family's needs change, you have the option of making upgrades.
We know it's not easy for young families to make their life insurance needs a priority, given all their competing financial obligations. However, life insurance is a vehicle for protection that is not only affordable, but can also help families save money and can ultimately propel them toward reaching both their immediate and far-reaching goals.
For a free and confidential financial analysis, please contact Michael Russo, Agent, New York Life at [email protected] or 215-441-3780.
|Posted on August 10, 2017 at 8:10 AM||comments (7795)|
Research, Communicate and Enjoy!
Whether you are buying for the first time for you and your future spouse or blended families, here are some things to think about!
Research and do your homework
Find a realtor and a lender. Zillow may not be that great with their zestimates but they are a GREAT place to find reviews and experiences of other new homeowners. Your realtor and lender will be your best friends through this process – someone who knows the location and area well and can make that is a good fit for your needs. Interview at least two of each. If you have been through the process before, try to remember what didn't work for you before.
Communicate with your partner
Communicate with your partner and categorize the criteria that you would like in your new home. Talk about what works for each of you. Many times, this is your first home together and you each have ideas of what you want your family home to look like. Make sure you discuss how long do you plan to stay at this home– 5 years, 10 years, forever? If this is a starter home, then you have to focus on investment.
Have fun and enjoy!
This is such a fun and exciting time, albeit a stressful and difficult at time. Try to make it as fun as possible and I promise, it will all be worth it in the end!
Some extra pointers
-If you have a home to sell – pick your realtor first and then attempt your to-do list. Sometimes, something you may think is a big deal, may not be in certain markets. Currently, inventory is low in most areas so they need to re-do your home is not necessary. This will focus you in you and hopefully destress you.
-Likewise, since the inventory is so low, make sure you are ready to go pre-approval wise before going seeing the home of your dreams. It is likely it may not be around a couple days later.
Feel free to contact Stacey Morrison with any questions along the way!
Berkshire Hathaway HomeServices Fox & Roach
232 Eagleview Boulevard, Exton, PA 19341
484.354.8458, [email protected]
|Posted on June 14, 2017 at 1:20 PM||comments (0)|
5 Ways Your New Marriage May Impact Your Insurance
Marriage is a milestone that impacts many areas of your life.
Insure the bling!
If you bought or received an engagement ring you should protect it. You can purchase coverage with a floater (also known as a rider) to protect your asset. With this type of coverage, the ring will be covered for mysterious disappearance, which means if the ring falls off your finger and you loose it you are financially protected.
Marry home policies
Once you are living together it makes financial sense to insurance your combined personal belongings on a single renter's or homeowner's insurance policy. It may also be wise to review the limits on your policy.
Merge auto insurance
Unless one partner has a poor driving record, you can benefit from shifting to a single auto insurance policy after you tie the knot. Doing so may earn you a multi-vehicle discount - saving you money on premiums.
Buying your renter's or homeowner's insurance and your auto insurance from the same company will often save you money. If you and your spouse have insurance with two different companies, consider having each company quote a "bundled" price for both of your combined policies.
Look at life insurance
Look at life insurance If it would be difficult for just one of you to pay your mortgage or other combined bills if something were to happen to the other partner, you may want to consider life insurance. The least expensive time to purchase life insurance is when you are young and healthy. If you already have life insurance now would be a good time to review beneficiaries.