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Financial Wellness: It’s Time for an Annual Insurance Check-In.

Home, auto, life, even small business—if any of these are in the picture for you, then you’ll want to start with some fundamental knowledge about insurance basics. How’s Your coverage been treating you? Are you covered enough? Could you be saving more money? Whether you’re shopping for your first insurance policy, updating coverages to fit a family’s changing needs, or planning to open the business of your dreams, we’ve got you covered:

Health Insurance

Research shows medical issues are the cause of 66.5% of bankruptcies. That’s because a major medical emergency can cost hundreds of thousands of dollars. Most of us don’t have that lying around—so we enroll in a health plan. Open Enrollment for 2020 will begin November 1 and run through December 15 (which is shorter than previous years in which you may be accustomed), but you can get a quote or sign up for alerts now.

If you and your family are pretty healthy, look into whether you qualify for a high deductible health plan with a Health Savings Account (HSA). Higher deductibles mean lower premiums, and putting money into your HSA to pay for medical expenses can save you money at tax time. Our HSAs earns competitive interest on every dollar to help people save for medical and retiree health expenses TAX-FREE.

Term or Whole Life Insurance

Buying life insurance now provides a financial safety net for your dependents later on if you’re not around to take care of them. After you’re gone, your family can use the proceeds to cover funeral costs, mortgage payments, college tuition and other expenses. Any amount can make a difference, and it can cost less than you think.

What’s the difference: Term insurance covers you for a set amount of time and is sufficient for most people. Among the various types of life insurance available, term life insurance quotes are the most affordable. Whole life insurance pays out no matter when you die, and builds cash value that you can access. In general, you should find your ideal life insurance policy amount by calculating your long-term financial obligations and then subtracting your assets. The remainder is the gap that life insurance will have to fill.

Auto Insurance 

Driving without auto insurance is against the law. So it’s a necessity to get this coverage if you own a vehicle. Most of us set up a policy and keep it until we get a different car. But your car insurance policy could be outdated or—way worse—you might be overpaying! No one wants that. Check in on your policy!

The credit union also offers Extended Warranties – this coverage helps you enjoy your new purchase and maintain peace of mind because even the most reliable vehicle can develop mechanical problems. You can get an extended warranty quote on your new purchase, or add coverage to your current vehicle.

Guaranteed Auto Protection (GAP) helps pay off your remaining loan balance if your vehicle is stolen or totaled in an accident, allowing you to start fresh with a new vehicle purchase. It is also inexpensive and can be rolled into your loan payments. These coverage options are more comprehensive and cost less than you’ll find elsewhere.

Home Insurance

Home is where the heart is. If you’re a homeowner, your financial planning isn’t complete without home insurance coverage. We recommend a policy that at least helps you rebuild your home (extended dwelling coverage), replace your stuff (personal property), and cover injuries and damages to your home (liability). And depending on your location, you should look into natural disaster coverages that aren’t in your regular policy.

Renters, you aren’t off the hook. You need renters’ insurance! You’ve still got stuff, and your landlord isn’t required to pay you anything to replace it if there’s a fire, flood, burglary or any other disaster. 

BONUS: Credit union members may qualify for special discounts when they bundle their home and auto insurance through TruStage. It’s easy to get a quote and get the top-notch personal service you appreciate from your local credit union.

Long-Term Care 

Not everyone needs this coverage (yet), but once you turn 60, long-term care is essential. This insurance covers important long-term costs (hence the name) not covered by Medicare. Being covered by long-term care insurance protects your retirement savings from costly health expenses and saves you from a ton of financial stress. Keep this one on your radar for the future.

Long-Term Disability Insurance

It’s easy to say, “It won’t happen to me.” But that’s playing with odds you can’t afford. One-fourth of today’s 20-year-olds will experience a disability by age 67. If you end up being one of the four, long-term disability insurance will replace your lost income due to a permanent disability.

Identity Theft Protection

It’s 2019, friends. ID theft is real. Unless you’re living a hermit life 100% off the grid in a literal cave, you need this protection. In 2018, the FTC’s Bureau of Consumer Protection announced consumer complaints hitting 1.1 million fraud reports and $905 million lost. That’s not just an expensive inconvenience. It’s a true threat. Protect your money. Protect your identity. Get ID theft protection.

So. That was a lot. If you don’t know where to start as you’re making sure you’ve got all your insurance needs covered, we’ve got you covered. Trustage helps credit union members compare insurance coverages, and explore affordable options so you can make good decisions for your family. It’s easy to get instant quotes—start with a monthly payment that fits your budget and see options in minutes online. Or call 1-755-593-9216 to talk to a licensed agent for friendly, no-pressure advice. Make sure to tell them you’re a member of the credit union!

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