Back to School: Finance 101 – Your Children Money

It’s never too early to talk to your children about money and finances.

Specifically, when was the last time you reviewed your life insurance? 
Life insurance is the safest and most secure way to protect your family and dependents against financial ruin should the family breadwinners die.

Helping Your Children Reach Their Dreams

When was the last time you spoke to your children about money?
About financial planning?

Many families believe that talking about money is taboo. However, if children are raised to fear certain discussions, they may not have the confidence to think and focus clearly on fundamentals to achieve their dreams when the time comes for them to make responsible financial decisions.

Whole life insurance can help give your children a financial head start.
It provides a guaranteed amount of life insurance that also accumulates cash value.

Securing life insurance on your children is a sound strategy to kick start the financial planning your children will appreciate as they enter adulthood. Entering adulthood means having to make tough financial decisions. It’s a right of passage in its own right.

As adults, your children could have the benefit of accessing their policy’s cash value for any reason, including but not limited to:

  • College tuition and expenses
  • Funding a wedding
  • A down payment on a house
  • Starting a business

Never Too Young to Start

Life insurance premiums are based on a number of factors, including a person’s age and health. Premiums are generally lower for children because they are young and healthy. This is one of the basic reasons why this makes sense to help your children structure their own life insurance portfolio.

A Gift They Can’t Outgrow

Children outgrow clothes, toys and other gifts. A whole life policy is different. You can give your children a fully-funded life insurance policy that will provide:

  • Permanent life insurance to one day protect their families.
  • Cash value that can be used to help fund life’s big events.
  • The option to increase their protection as their families grow.

Remember, if you are afraid to discuss money, that will transcend to your children’s belief system too. Give them the gift of financial freedom by way of planning and knowledge.

If you would like to discuss a comprehensive insurance review and any advice that pertains to your kids financial future, please call Jack Carrigg at 617-298-0655 ext 104 or email Jack at jcarrigg@vargasinsurance.com.

5 Ways to Reduce Your Insurance Costs. #3 Will Blow You Away!

Saving money isn’t a responsibility you should hand off to someone else, especially if that someone else is the insurance company. 

Knowledge is power.  With these 5 tips, you’ll have the power you need to negotiate lower premiums with your insurance carrier.  Take back the responsibility and own your power!

  1. Take a defensive driving class. Providing proof of your renewed defensive driving class will save money. In some states for 3 years.
  2. Shop for other carriers.  You should speak with your Independent Agent at least annually to see if your current carrier and other insurance carriers can offer lower premiums on the same (or higher) coverages when available.
  3. Reduce your coverage as your car gets older. Because you’re reviewing your policies annually, you can discuss updating your policy based on the advancing age of your vehicle. Collision can be expensive and may not be required.
  4. Increase your deductible.  Look for the perfect equilibrium between the affordability of a larger deductible and lower premiums.
  5. Bundle your auto coverage with your Homeowners and Umbrella Liability policy.  Can you say “Multi-Line Discount?” 

These five simple steps can help you save hundreds of dollars in a given period of time.  All it takes is a few minutes to own your power and make the call!

Speaking of calling…call us today to learn about saving money on your insurance portfolio. Your piggy bank will thank you and so will we!

You can reach us by calling 617-298-0655 or text us at 617-409-0329 for a free, no-obligation annual review. Click here to Visit our Contact Us page.