Homeowners Insurance
What is homeowners insurance?
Property insurance that protects your home and belongings from
fire, theft, vandalism, weather events, liability for accidents and even temporary housing
What is umbrella insurance?
Provides extra liability protection that goes beyond your home or auto insurance
What is life insurance?
A contract where you pay regular premiums in return for a death benefit to your beneficiary.
Why does life insurance matter?
Helps cover debt & financial support for your family.
What are the KEY coverages?
Dwelling, personal property, liability, additional living expenses
What is ONE common myth and its truth?
1. Only the wealthy need it
2. it covers everything
3. it replaces other insurance
What are the 4 types of life insurance?
Term, whole, universal, variable
Who is universal life insurance best for?
those who want flexibility
What effects your home insurance?
location, home size/value, materials used, safety features, claims history
How does umbrella insurance work?
It will cover the remaining costs of what your other insurance does not.
What are TWO key terms of Term Life?
lower monthly cost than the others
no cash value/investment value
often renewable or convertible to permanent insurance
Ideal for temporary needs
What are TWO key terms of Whole Life?
Fixed premium
guaranteed death benefit, cash value growth
policy loan options
more expensive
What happens if you increase your deductible?
Your monthly premium goes down.
What is ONE benefit of umbrella insurance?
extra peace of mind, rare and costly situations, affordable for the coverage provided, covers things others don't
What happens to the death benefit if you continue to make loans and withdrawals?
It reduces in value
Are you taxed on loans and withdrawals?
yes
What coverage is typically EXCLUDED?
flood, earthquake, wear & tear, high value items
What amount does the coverage start at?
$1 Million