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What Is Supplemental Life Insurance?

If your employer offers life insurance as part of your employee benefits package, you may think you’re covered. However, the amount of life insurance that your employer provides might be insufficient to cover your family’s needs if something were to happen to you. In that case, you may want to consider supplemental life insurance, either through your employer’s plan or purchased directly from another insurance company.

Do You Have Enough Life Insurance?

Many people receive a certain amount of group term life insurance through their employers, often free of charge. Typically, that coverage is based on your salary. For example, many employers offer life insurance that is equal to one or two times your annual earnings. While that amount will certainly cover your burial expenses, it likely won’t support your family for very long.

According to the American Council of Life Insurers, experts often suggest that policyholders have life insurance equal to seven to ten times their annual income. If your employer-provided insurance falls short of that, then you may want to purchase supplemental life insurance to fill the gap.

How Supplemental Life Insurance Works

In addition to the basic insurance coverage you receive at work, your employer may offer you the option to purchase additional coverage at your own expense. If you belong to a union or other membership organization, you may also have group insurance benefits and the opportunity to increase them if you wish.

This supplemental insurance may not require a medical exam, as most individual policies would. If you’re buying it through your employer, you may also be able to pay for it with convenient payroll deductions.

If Your Employer Doesn’t Offer Supplemental Life Insurance 

Not all employers offer the option to purchase supplemental life insurance. Also, depending on your age and other factors, the supplemental coverage that you could get through work might be more expensive than an individual life insurance policy that you could buy on your own.

If you need additional coverage, it’s worth finding out what your employer’s plan would charge you for it and then shopping around.

There are two main types of individual policies to consider: term life and permanent life.

Term Life

With term life insurance, you get coverage for a defined period of time, such as 10, 20, or 30 years. If you die during the policy’s term, your beneficiaries will receive the death benefit. However, if you die after the policy’s term, they receive nothing.

Your employer-provided coverage at work is most likely term insurance. Unlike your employer’s insurance, which ends if you leave your job, a term policy that you purchase on your own is portable.

Because term life insurance simply provides a death benefit and doesn’t build up any cash value, it’s typically less expensive than permanent life insurance—often much less.

Permanent Life

Permanent life insurance can provide coverage for your lifetime. As long as you pay your premiums, you are covered, and your family will receive a death benefit if you die.

Permanent life insurance plans can also accumulate cash value. Over time, you can tap into the cash value to pay your premiums, take out a loan, or buy more coverage. Permanent life insurance comes in several different forms, including whole life, universal life, and variable life.

Car Talk: How To Best Maintain Your Vehicle

Does Your Car Need to Be Checked Out Every Year?

Keeping up with your automobile’s maintenance may seem complicated, but it doesn’t have to be. Learning a few basics and getting on a regular schedule will go a long way toward keeping your car in top shape and ensuring you’re not blindsided by major, expensive repairs.

Your Automobile: The Big Picture

For most major areas of auto maintenance (tires, fluids, brakes, etc.), it’s generally recommended that you get something done or at least looked at every three to six months. However, depending on the make and model of your car, as well as the kind of driving you do, these guidelines can vary quite a bit. Consult your owner’s manual for the specific recommendations for your vehicle. This could potentially save you a lot of money over the life of your vehicle.

Oil and Fluids

How often do you need an oil change? Probably not as often as you think. There are several things to consider, including how often you drive, the type of driving you do, and under what conditions. In general, if your car was manufactured in the last 15 years, you can probably go around 5,000 miles (or more, in some cases) between oil changes. If you have a car with an electronic service reminder system, go with the flashing light or check your owner’s manual for the best guidance. When you take in your vehicle, opt for the full-service option and have your other fluids checked, too.

Brakes

How quickly your brakes wear out depends more on how you drive than how much you drive. If your car gets light wear or you don’t drive much, you may be able to go up to 70,000 miles before your brake pads need to be replaced. If you drive regularly in a lot of stop-and-go traffic, on the other hand, your brakes probably won’t last as long. Pay attention to any screeching or grinding noises, increased stopping time, or, most obviously, an illuminated brake light. Since your tires need to be removed for an auto technician to inspect the brakes, it makes sense to have your brakes checked when you get your tires rotated or replaced, at least once a year as long as they feel okay otherwise.

Tires

Modern tires are designed to last for approximately 50,000-60,000 miles; but weather, driving conditions, and other factors can reduce the life of your tires. Learn how to visually inspect your tire tread to check for wear and tear. If the grooves are strong and deep, your tires probably have some life left; if they’re faded or, worse, completely gone, your tires should be replaced right away. An auto technician can also check your tread with a tire gauge, or you can learn to do it yourself with a quarter. Additionally, if you notice any wobbling or vibrating while driving, reduce your speed and have your tires checked immediately. Tires should also be balanced and rotated every six months to ensure safety and preserve their lifespan.

Belts, Batteries, and Other Critical Details

It’s also a good idea to regularly replace your air filters, inspect your battery and keep it clean, and have your belts looked at periodically or if you suspect a problem. Tending to these items will keep your car running smoothly and prevent major safety issues down the line.

Can A Landlord Require Renters Insurance

The short answer is yes, landlords can require renter’s insurance to approve you for the rental in almost every state. While this might seem unfair, there are several reasons why renter’s insurance might be required. Landlords typically have landlord insurance, but this is separate from renter’s insurance. Landlord insurance protects the landlord in case of structural damage to the property, liability issues, or lost rental income. However, landlord insurance doesn’t protect the renters, which is where renter’s insurance comes into play.

  • Personal property:
    If your belongings are damaged or stolen, renter’s insurance helps cover the replacement or reimbursement cost. This includes situations like fire, theft, vandalism, smoke damage, and more. It often even covers your belongings when they’re outside of the home you’re renting.
  • Personal liability: 
    If someone gets injured in the apartment that you’re renting, you could be held liable and be forced to cover the costs of their medical bills and potential lawsuits. Renter’s insurance can help protect you in these cases.
  • Additional Living Expenses/Loss of Use:
    If something happens to the apartment you’re renting and you can no longer stay there, renter’s insurance typically covers the costs for you to stay elsewhere. This might cover your hotel bill, the cost of food, and even gas if you need to drive further to work.

 

Renter’s insurance is a great way to protect yourself, your belongings, and your finances should anything happen.

Why Landlords Require Renter’s Insurance

Although landlords often have landlord insurance, they might require tenants to have renter’s insurance to add an extra layer of protection. The main reason is to protect the landlord financially. Renter’s insurance can shield landlords from having to pay for alternate accommodations for tenants in case of extensive repairs or renovations, from paying for damages to belongings, and from liability in case a tenant is involved in a lawsuit.

Requiring tenants to have renter’s insurance can also help landlords find responsible tenants who will help protect the home or apartment. Landlords may require renter’s insurance to alert them to financial red flags in tenants; because renter’s insurance is quite affordable compared to other forms of insurance, tenants unable to afford it may not be able to afford rent.

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