Recap: After Your Wedding, Update Your Insurance

“Love doesn’t make the world go round. Love is what makes the ride worthwhile.” -Franklin P. Jones

Summer is a popular time for weddings here in New England. If you are getting married this summer, make sure to follow these simple tips to update and combine your insurance policies with your new spouse:

  • Combine your renter’s insurance or home insurance policies to cover your singular residence. Remember to update your home inventory to include your wedding rings and gifts that you received!
  • Bundling your home or renter’s insurance with your car insurance (for one or multiple vehicles) will probably save you money on your insurance premiums.
  • Now that you’re married, you should consider getting a life insurance policy, or change your existing policy to have your new spouse as the beneficiary.
  • More responsibility can mean more potential risks. Consider guarding yourself and your new family with an umbrella insurance policy – you can get a lot of additional coverage for pennies on the dollar.
  • For more tips on how to update your insurance policies after marriage, talk to your Boston insurance agent!

And if you’re not tying the know anytime soon, pass our blog post along to a bride-to-be or groom-to-be that you know! Anyone who needs a Massachusetts insurance review can call Vargas and Vargas Insurance Agency at 617-298-0655 for a free consultation with a local insurance expert.

Getting Married? Update Your Insurance Policies!

Summertime is a very popular time for weddings across the country, but especially here in the Boston area where chilly temperatures affect a good portion of the year. If you’re planning a wedding, or if someone that you know is getting married, remember that after a wedding is the perfect time to review your insurance policies with your Vargas and Vargas Insurance Agency agent!

Home Insurance or Renter’s Insurance

If now is the first time that you and your new spouse are officially living together you will need to update your home or renter’s insurance policy to add the new occupant. This is also a great time to review your home inventory, whether you’re creating something new from scratch, or just adding the details and value of your wedding gifts to your spreadsheet. Remember to keep a copy of your home inventory in a safe place outside of your home, either with a loved one or in a safe deposit box, or even in the cloud so that it is accessible anywhere.

There’s one more thing you should add to your renter’s or home insurance policy after your new relationship milestone – your rings! Depending on the value of your jewelry, it may need a special rider in order to be fully covered. Make sure that this is done early so that the rings are covered on your honeymoon!

Car Insurance

Nowadays, most young people have their own car. If you’re going to be a two-car household, talk to your insurance agent about the best way to combine your auto policies. Insuring two cars on the same policies will almost always save you money on your premiums, and you could save even more if you bundle your auto insurance with your home or renter’s insurance.

Life Insurance

There are several major points in a person’s life where they should consider their life insurance policy and getting married is a major one (along with having children). When you say “I Do” you are vowing to take care of your spouse no matter what – and this should include if you pass away unexpectedly. Life insurance is the perfect way to guarantee that your new wife or husband will have the financial means to take care of your final business.

Life insurance may be more affordable than you realize. Talk to a Boston insurance agent about how much of a premium you can expect for the coverage that they would recommend. And if you already have a life insurance policy, ask about updating the beneficiary to be your spouse.

Umbrella Insurance

Getting married is an exciting time in your life, but having a spouse is also a big responsibility. You want to do everything you can to protect them, and one of the best things that you can do is get an umbrella insurance policy. For pennies on the dollar, an umbrella insurance policy can offer you and your husband or wife protection that goes above and beyond your existing insurance policies. For more information about umbrella insurance and what it can offer you and your new family, check out this Vargas and Vargas blog post.

More Post-Wedding “To Do’s”

After your wedding and honeymoon, updating your insurance policies probably isn’t the only thing on your ‘to-do’ list. In addition to sending out Thank You notes, possibly going through the process of changing your name, and finding a fun way to display your new wedding photos, you will want to:

  • Sit down with your partner for a full financial “state of the union.” Discuss debts, incomes, and assets, as well as make plans for savings and retirement. If you are merging your finances, you will need to decide which accounts are being emptied, and which are being kept.
  • Create a budget. You will need to be on the same page regarding your household spending. Having a discussion about it early is much easier than trying to read each other’s minds about how the household should be run. And it doesn’t have to be rigid – you just need a set of guidelines that you will update as you figure out how your relationship as a couple operates.
  • Consider drafting a will. It doesn’t have to be complicated or expensive, but you never know what life will bring.
  • Now that you’re married, you will have the option of filing jointly when tax season rolls around. You don’t need to make a decision right away, but now is the time to start figuring out if joint filing will be a benefit to you.

Want to see if you and your new spouse could combine your insurance policies and save money on your premiums? Your Massachusetts insurance agent will do this and will also make sure that there isn’t overlapping coverage for which you’re paying double. Just call Vargas and Vargas Insurance Agency at 617-298-0655 to speak with an agent about how to start the process.

When Should I Buy Life Insurance

Most people don’t purchase life insurance right after they are born because many people believe life insurance is about death, but it’s not. The earlier you decide to purchase life insurance the cheaper it typically is. So, buying it as a newborn should be incredibly inexpensive. The independent agents at Vargas & Vargas Insurance in Dorchester, MA can help you secure a life insurance policy for your loved one no matter the age.

Buying Life Insurance for Children

One good reason to purchase life insurance for your child is that it is very affordable. Another reason is that once the policy has matured, the policy can be cashed in. If you were to purchase a whole life insurance policy and pay the entire amount, the amount could be repaid when the child reaches his or her majority.

The Value of Life Insurance

There are two types of life insurance. The first is called term life insurance. It covers a specific period. Generally, it comes in increments of 5, 10, 15, or 20 years. If you die during the term, your insurance will pay your beneficiaries the entire amount of the insurance. This type is usually less expensive than whole life insurance.

Typically, life insurance policies grow in value over time. For a whole life policy, the rate is fixed for the entire length of the policy. The cash value of the policy will mature after 12 to 15 years, as long as the premiums are paid on time. You can cash it in after it has matured and use it to pay off debts, college tuition, or buy a home.

Life Insurance to Protect

For those adults entering the workforce, getting married, and having children, buying life insurance is an excellent way to help remove some of the burdens of the primary household earner. If the head of your household dies suddenly, there will be unexpected expenses that a life insurance policy could cover. Such costs include items for the funeral, utilities, mortgage, and auto loans. In Dorchester, MA, Vargas & Vargas Insurance can get you started on a life insurance policy today.

Recap: Spending Your Tax Refund

“In this world nothing can be said to be certain, except death and taxes.” – Benjamin Franklin

Tax Day for this year has officially come and gone – are you waiting on a refund? It is estimated that 80% of people receive refunds on their income taxes, so let us ask you this – What are you going to spend your refund money on? If you want your windfall to go to work for you, here are a few ideas on how to spend it:

  • Pay off your existing debts, like your mortgage, car loan, student loans, or credit card balances. Most financial planning experts recommend paying off the one with the highest interest rate first.
  • Make improvements to your Boston area home, whether it’s to put off the cost of routine maintenance, improve your energy efficiency, or starting that DIY project you’ve been eyeing.
  • Invest the money in an emergency fund or a retirement account.
  • Take a vacation with your family to relax or make fun memories.

You could also use your 2018 tax refund to prepare for the unexpected with a Massachusetts life insurance policy. For more information, call our five-star insurance agency at 617-298-0655. We can explain to you the difference between whole and term life insurance, and help you decide which policy is right for you with a free quote. Don’t wait any longer, call now!

How to Spend Your Tax Refund

Tax Day is almost here! Have you submitted your Federal and Massachusetts income taxes yet? If you have, you may have received a tax refund! Whether you receive any money (and, if so, how much you receive) is different for every person, but one thing is always the same: the need to put that refund money to good use.

Sure, some people will look at their tax refund as an unexpected windfall and use it to purchase a luxury item or put it toward a vacation, but it’s just as easy to make that money work for you! Here are just a few ideas on how to use your payout wisely.

Pay off debt. It may seem like a boring way to spend your refund, but paying off debts now will mean spending less in interest in the future. Can’t decide what to pay off? Personal finance professionals recommend focusing on ‘expensive’ debt – that means paying off the debt with the highest interest rate first.

Start an emergency fund. If your debt is already under control, maybe you should put the money into a savings account. It is often recommended that everyone has at least three months’ worth of living expenses put aside for emergencies. It may seem like a lot, but you will be glad to have that money ready to go if you lose your job, have to pay for an expensive car repair, or make a trip to the emergency room. Remember – that’s three (or more) months’ worth of your typical expenses, not income.

Plan for your child’s future. If you have a family, you know how expensive it can be to raise children. You feel like you’re spending a fortune on diapers when they’re infants, and it only gets worse from there. If you have decided to help with your kid’s secondary education (or if you want to buy them a car or contribute to their wedding) you should start saving sooner rather than later. For education savings, look into the benefits of a 529 plan over a traditional savings account.

Protect your family. It’s impossible to know what the future holds for each of us – that’s why it is so important to have the right insurance protection. If you were to unexpectedly pass away, what expenses would you leave for your family? A life insurance policy would help with funeral expenses and other burdens, so talk to your Massachusetts insurance agent about how you can use your tax refund money to set up this policy and protect your loves ones.

Invest in your future. Are you putting money into your retirement accounts? Most people are, but very few people know when they will be able to retire based on their savings projections. One thing is for certain – money put into a savings account early will grow much more than money saved at the last minute. Consider using some of your tax refund to give your retirement accounts a much-deserved boost.

Improve your home. You spend a lot of time in your home, so maybe you should spend some of your tax refund making improvements. There are lots of DIY projects that you can take on in a weekend that will make a huge difference in your home, like planting a garden, installing crown molding, or making an art project to fill a blank space on a wall. You could even just save a portion of your refund for the inevitable repairs and maintenance that comes as a part of homeownership.

It’s also important to remember that your Massachusetts home insurance policy could cover you for certain repairs. If you have any questions about whether your situation is covered, call Vargas and Vargas Insurance Agency!

Pay it forward. Donating a part of your tax refund not only feels great, but if you save your receipt and it could reduce your tax bill for next year! There are even several health benefits associated with donating to charity.

And, there is one more thing that you could use your tax refund for – At the end of the day, if you want to use your tax refund to make memories with your loved ones, that is great too! Where will your next vacation take you? Many young families save for a trip to Disney World, but if you prefer to stay local, there are lots of vacation spots here in the state of Massachusetts, from the Berkshires all the way to Cape Cod!

So, will you follow this advice and put your tax refund money toward one (or more) of these goals? If you want to learn more about the benefits of having a life insurance policy, call 617-298-0655 and speak to a Vargas and Vargas Insurance agent. We can tell you all the ways that this policy will help protect your loved ones, and whether a term or a whole life insurance policy is right for you. We can even give you a free quote, making sure that you get the maximum discounts on your new protection.

February 2018 Newsletter


Happy February!
I thought that I would start this month’s message with a positive message:

“No winter lasts forever; no spring skips its turn.” 

-Hal Borland
It’s been a rough winter for many of us! With all of the really cold weather, there have been many claims around frozen pipes, check out our blog below on what to do to prevent pipe freeze-ups and Ice Dams.
Check out the story behind Saint Valentines Day, Click here to read more.
February marks the beginning of Black History Month. Each year Americans set aside this month to focus their historical hindsight on the contributions that people of African descent have made to this country.  Wmust celebrate ourselves and do it loudly.  No matter the shape, size, hue or ability, all of our stories matter and they deserve to be told through our lens. I recently read this article on the Queens of Black History Month, that I found very interesting, Click here to read it.
Life Insurance is LOVE Insurance, which makes February and Valentines Day a perfect time to remind you of the need for Life Insurance.  The majority of Americans would have trouble paying for living expenses immediately or shortly after the primary wage earner in the house dies.  Please click here to read more on how much life insurance you should carry. Have questions? Please click here and we will contact you to review your questions and your current life insurance.
I recently had the pleasure of cooking with guest chef Adelina Armas of International Food Gourmet in Brockton. Adelina shows Sharon and me how to make chicken breasts stuffed with prosciutto, mozzarella and spinach., Click here check out the latest “Get Fresh” cooking show below.

Click here to watch the video.

There are lots of great things to do in and around the Boston area this month, please find some fun family things to do below.

Carlos

PPS, What I learned today, “Which zodiac signs are a love match “ Click here 

 

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Start Budgeting for Your New Addition

Here at Vargas and Vargas Insurance Agency, we have clients in all stages of life – from new drivers to newlyweds to retirees, and everywhere in between. This article is for those of you that are growing your family tree. Children are a blessing, and it’s so important to be well prepared for their arrival. Here is some food for thought on budgeting for children of any age:

  • Babies and Toddlers: Babies can be expensive. In addition to the recurring expenses like groceries and diapers, you will have several one-time purchases including a crib, stroller, car seat, and more – especially if this is your first child.
  • Children: Kids grow quickly, so be ready to start a consistent flow of clothing. In addition, kids need to be entertained and enriched, so be ready to pay for field trips, summer camps, sports teams, music lessons, and more. This is also the time to start thinking about a college fund, if you haven’t already.
  • Teenagers: As children grow into teenagers, their toys only become more expensive. Buying them phones, tablets, and/or laptops isn’t cheap, but thankfully Vargas and Vargas Insurance is here for you to help with car insurance once they get a learner’s permit!

And remember, adding a child to your household is an event in your life worthy of a chat with your insurance agent. You will need health insurance for the child, and should probably increase or establish life insurance policies for the child’s providers. Call 617-298-0655 to speak with a Vargas and Vargas Insurance agent about how to get your insurance policies ready for your new bundle of joy.

Getting Ready for a Life Insurance Medical Exam

Depending on the Massachusetts life insurance policy that you chose, you may be required to see a medical professional for an examination in order to determine your premium. This isn’t a negative thing! In fact, many people will benefit from a doctor’s evaluation and end up with lower premiums.

If you’ve been asked to see a doctor for a life insurance evaluation, here is what you can probably expect to go over with the doctor during your appointment:

  • Your family history of disease, potentially including cause of death of some of your relatives.
  • Your lifestyle, including frequency of exercise, intake of alcohol, use of drugs, etc.
  • Your body’s status, including your weight, height, BMI, and blood pressure.
  • Your doctor will also likely want to take a blood and urine sample in order to do some evaluative tests.

While these ‘tests’ aren’t ones that you can study for, there are a few things that you can do in the couple of weeks before your appointment to help slightly improve your numbers. These include eating only lean meats, and consuming foods that will lower your blood pressure and cholesterol. Avoid processed, sugary, and salty foods.

Not sure if your life insurance policy is the right one for your needs? Call Vargas and Vargas Insurance Agency at 617-298-0655 for a free insurance review! We can evaluate your current coverage and see if there are any new discounts that you could receive, or if you would benefit from a new type of policy. The call is free, so don’t hesitate!

How to File a Life Insurance Claim

The death of a loved one is a stressful event, and the agents here at Vargas and Vargas Insurance Agency want to make sure that you are able to navigate the process as easy as possible. If you are the beneficiary of the deceased’s life insurance policy, there are a few steps that you will need to take in order to submit a claim on their Massachusetts life insurance policy.

  1. Get several copies of the Death Certificate. Many financial institutions will need an official copy of the certificate in order to close accounts, and life insurance companies are no different.
  2. Call the insurance company. When you call, you will most likely need the following information: the insured person’s full name, date of birth, life insurance policy number (if known), and date and cause of death.
  3. Complete all necessary paperwork. Depending on the deceased’s insurance provider, you will probably need to fill out some paperwork in order to make a claim.
  4. Decide on the payout type. Some insurance providers only provide lump sum payouts for life insurance claims, but others will offer installments or annuities
  5. Wait for payout. Often, payouts will be sent soon after the insurance provider reviews and approves the claim. Ask your Massachusetts insurance agent the approximate timeline, and when you should expect to receive a check.

In this tough time, we hope to make the life insurance claim process as stress-free as possible. If you have any questions about your coverage, or about how much life insurance you should have as a benefit to your loved ones, just call 617-298-0655. One of our friendly and knowledgeable agents will be able to answer your questions or get you a free life insurance quote.

How Much Life Insurance Do You Need?

It’s easy to talk about home insurance and car insurance, but life insurance can sometimes be a touchy subject. No one wants to think about what would happen if and when they die, but the insurance coverage that you can get from a Massachusetts life insurance policy is a vital part of ensuring that your loved ones are protected.

When calculating your life insurance needs, there are several factors to consider. Often, people will make sure that there is enough coverage for funeral and end-of-life expenses. In addition, you should consider including coverage to make up for your income, as well as other services you provide for the outcome (including childcare). You may also want to include extra benefits to cover college expenses for children, or for an end-of-life gift to your favorite charity.

It is also important to remember to update your life insurance policy as your needs change. Often, an annual life insurance review is enough to ensure that you are always prepared. If it’s been a while since you talked to your agent about your life insurance, you may want to call for a quick chat about what has changed in your life.

If you want your life insurance policy evaluated by a Massachusetts life insurance professional, just call Vargas and Vargas Insurance Agency at 617-298-0655. We can assess your needs and make sure that your policy will cover your loved ones in your worst-case scenario. We can also help you understand the difference between term life insurance and whole life insurance, and in which scenarios each of these policies is useful. Don’t put off talking about your life insurance needs – call us today.