Peace of Mind: Family Insurance Insights for Smart Moms
Mom’s have always played a pivotal role in the family, taking on numerous responsibilities alongside raising a family and even juggling a job amongst all of the other regular commitments.
Many women today want to embrace and know about all aspects of their life, including how they can provide and protect those that they love, both now and in the future.
None of us can truly say what the future holds and you never know whether you might end up needing the services of a personal injury lawyer like Rosenthal, Levy, Simon & Ryles, or if they may need to call upon a life insurance policy they have.
Here is a look at what every Mom needs to know about life and other insurance and how it can protect their family.
Protecting your home
Every family needs to have a roof over their head and enjoy the stability that this brings to parents and children alike.
If you own your home and have a mortgage, it is likely that your mortgage lender requires you to have a certain amount of insurance coverage, that protects their money if the house is damaged or destroyed.
Even if you already have enough insurance to cover the cost of your mortgage and your possessions in and around the home, it makes sense to review that figure annually, so that you ensure that you have enough cover for your needs.
If you are under-insured, this could have a detrimental effect on a potential payout and could mean that you end up being out of pocket and not properly compensated for your loss.
Looking after your family’s health
Health insurance is another important consideration.
Any parent knows only too well that potentially serious health issues can often come into your family life without much warning, which can have serious consequences in more ways than one.
Make sure that you take advantage of any favorable health insurance terms offered through your employer. If you are independently employed, you will often find that private insurance providers can work out to be less money than you first thought.
There is also the possibility of getting some coverage under the Affordable Care Act, if you have a low income.
Another strategy that is well worth considering if you can, is a Health Savings Account. An HSA could end up saving you and your family many thousands of tax-free dollars each year, which you can put toward your deductible.
It is easy to be confused by life insurance terms, but it matters to get it right.
Many families these days tend to choose term insurance rather than whole of life policies, as a way of protecting their family and providing a cash sum if you or your partner should die unexpectedly.
Whole of life works like a savings policy and has a cash value, but the returns are not always that attractive. Term insurance provides you with a level of life cover for a fixed monthly fee, which runs for a specific term, typically the life of your mortgage, or when you reach retirement age.
Term insurance has no cash value, so you won’t get back any of the money you pay in if you survive to the end of the specified term, but it often works out much cheaper than a whole of life policy.
There are many ways to protect your family, other than providing the love and support that Mom’s like you do, so it is well worth reviewing what insurance cover you currently have.
Lydia Kelly enjoys writing articles in her spare time, focusing on personal finance issues for families. With a growing family of 6 she knows a thing or two about budgeting and making ends meet each month!