Frazer Insurance Agency, Inc.
841 US Route 5 North
Windsor, VT 05089

Fax: 802-674-6115

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When is the Best Time to Get Life Insurance? 

Perhaps you've put off the purchase of life insurance for some time now. You're young and you don't plan to be at risk of death anytime soon. Many people make the same decision, but that does not mean it’s the smartest decision to make. It is essentially risky to live without life insurance if you have dependents, or if you have debt that your loved ones would have to pay after your untimely death. So, when should you have life insurance? Before putting it off another year, consider why now may be the best time for you to get life insurance. 

Do You Have Dependents? 

Dependents are individuals who are counting on you to provide them with financial support. This could be your children or a spouse. It could be an elderly parent living with you. If there are people that rely on your income to meet their ongoing financial needs, then having a life insurance policy is essential. It helps keep their needs met after you are gone. What would happen to these individuals if your income were gone? 

Do You Have Significant Debt? 

Buying your first home is exciting, but it also comes with a big bill that you have to pay over time. When you have a life insurance policy in place, the funds can be used to pay off your mortgage. This would allow those who are living there with you, such as your dependents, to continue to do so.  

Coverage is Less Expensive 

The sooner you purchase life insurance, the more affordable it can be. The reason for this is simple: you are less of a risk to insurance companies at a younger age than if you are older and have already been diagnosed with risk factors such as heart disease, diabetes or high cholesterol. In other words, get it while you are healthy so you don't have to overpay for it. 

Ultimately, life insurance is an investment you should make when it can benefit those you leave behind. Without a quality policy, your loved ones may suffer financially if you were to die young or unexpectedly. 

Get personalized assistance today. Call us today to learn more about life insurance. 

Collision vs. Comprehensive Coverage 

While some states require you to have specific coverage for your vehicle, most state laws don’t require you to have both collision and comprehensive coverage. As such, you may be wondering what the differences are between the two and which policy is best for you. Read on to learn more.  

The Basics 

Collision and comprehensive coverages provide financial safety nets in the event that your vehicle is physically damaged and needs to be repaired or replaced. Although these coverages are generally not required by state laws, they can reduce your financial hardship during a loss.  

Also, if you are financing a loan for a car, your lender will most likely require both collision and comprehensive coverage as part of your car insurance policy. 

Collision Coverage 

Collision coverage pays for the cost to repair damages to a vehicle due to an accident, either with another vehicle or an object. Typically, you will collect only the actual cash value of your car versus the replacement cost value. Gap insurance protects you in the event you owe more than your vehicle is worth. 

  • Collision coverage is generally the most expensive portion of a car insurance policy. 

  • Premiums are based on a number of factors, including your deductible, driving record and the type of car you drive. If your driving record is fairly clean (no or very few tickets or accidents), your premiums will be lower because you are less likely to have a collision. 

Comprehensive Coverage 

Comprehensive coverage pays for damage to your vehicle that is caused by theft, vandalism, fire, natural disasters or hitting an animal. 

  • Comprehensive coverage comes with a deductible and the insurer will only pay as much as the vehicle is worth at the time of the incident. 

  • To calculate how much your car is worth, look up the Kelley Blue Book value or the National Automobile Dealers Association’s Official Used Car Guide value. If your car is low in value, the yearly premiums for comprehensive coverage may not be a sound investment. 

  • Comprehensive coverage has many limitations, so it’s best to review your policy carefully to make sure you are properly covered. 

Cost-savings Strategies 

If you’re looking for ways to save money on your premiums, consider the following strategies: 

  1. Raise your deductible.

  2.  Establish a solid credit history.

  3.  Maintain a clean driving record.

  4.  Install an anti-theft device in your vehicle.

  5.  Avoid getting speeding tickets or any other traffic violations.

Now that you know the basics of each type of insurance, you can make an informed insurance decision.