Life insurance is something people in many different situations and stages of life should consider.
Even knowing this, you may still wonder why life insurance would be a good fit for you. Check out the following list to understand what kinds of expenses life insurance can cover. You and your loved ones will have greater peace of mind knowing exactly why life insurance could play an important role in the future.
7 things life insurance can cover
1. An income stream. Your family depends on your income to meet daily needs like food, medical care, utilities, car payments and much more. If you pass away without a means for replacing that income, their current standard of living could be in jeopardy.
2. A mortgage. Could your family afford your home’s mortgage without your paycheck in the picture? If not, an already sad situation would be compounded by possibly losing the house they love. This could also mean your children could no longer attend a school in their current district or maintain the friendships they currently have.
3. A college loan. College tuitions have grown faster than inflation—and so has student loan debt. Many private lending institutions do not forgive education loans in the event of death. That means the debt may reduce the amount of assets available to pass to the beneficiaries of a decreased student’s estate. It could also trigger repayment obligations for anyone who agreed to be a cosigner on the loan.
4. A child’s needs. The U.S. Department of Agriculture says it costs $245,340 to raise a child who was born in 2013. Making sure that there’s enough there for each child is something both employed and stay-at-home parents should consider.
5. A business. The right life insurance is critical if you own a business. This is especially true if a business has partners. If one passes away, it is advantageous to have funding in place for the surviving partner to buy the deceased partner’s interest in the business. Funding also needs to be in place to help a business survive after a key partner passes. Finding the right person may take time and resources the business may not have without life insurance.
6. A retirement. Many experts recommend you need to bank 11 times your annual pay in order to retire at age 65. (You’ll need even more if you don’t work until age 65.) Without enough savings or life insurance, your surviving spouse might not have such golden years.
7. Funeral expenses. The median price of a funeral is more than $7,000. Funeral directors say families without enough funds are forced to cut back on the service or ask friends and family for donations.
Life insurance needs vary from person to person. If you’re interested in learning which one is right for you, contact a professional like an Erie Insurance Agent in your community. They can tell you why life insurance might be a good option for you and help you find the right protection at the right price.
Approximately 500,000 young Americans are injured as a result of distracted driving. The average text takes a person's eyes off the road for several seconds, which is enough time to swerve off the road or hit a car that is braking quickly. When a person is traveling at 55 miles per hour, that is enough time to drive across the length of a football field. Anyone who notices a friend texting while driving should tell that person to put the phone down or stop the vehicle immediately.
According to statistics, about 50 percent of drivers under the age of 35 who carry cellphones are guilty of reading or sending text messages while they are driving. More than 35 percent of teens report nearly being in an accident because of another distracted driver or because of themselves when they are distracted. Drivers who text while the vehicle is in motion are at least 23 times more likely to be involved in an accident than drivers who do not text while driving. It is interesting that nearly 60 percent of drivers still claim to be better than the average driver despite the same percentage admitting to regularly texting while driving.
The number one reason American teens die is because of distracted driving. Although most people are proud of their multitasking abilities, it is important to avoid multitasking behind the wheel. Over 20 percent of teens who text and drive do so because they are bored. When getting behind the wheel, it is best to turn a phone on silent or shut it off. If the phone is too much of a temptation to pick up and use while driving, shut it off instead of putting it on silent. If this is also too difficult, there are apps and devices designed to disable phone features while a vehicle is in motion. Friends who text while driving should not be trusted. Ask the person to stop, and provide a reminder about how unsafe and careless it is to text and drive. It endangers the driver, passengers, pedestrians and other motorists.
The National Highway Traffic Safety Administration collects statistics each year about the use of cellphones while driving and the related accidents or deaths. NHTSA started a campaign to combat this dangerous practice. Since Americans understand the dangers of multitasking while driving but still do it, the campaign is designed to show them how they are actually closer to driving blind than driving distracted. They also seek to look past the dangers and focus on why people feel compelled to remain in constant contact with friends, family members and social media while driving. With a strong plan for success and innovation in conveying a very important message, NHTSA hopes to see positive results in the future statistics they collect. To learn more about staying safe while driving and how to report distracted drivers, discuss concerns with an agent.
Our devices let us watch movies, catch up on the latest news, find directions to that hot new restaurant, peer into our friends’ lives and much more.
There’s no doubt we’re increasingly tied to our devices, which makes keeping them safe from potential dangers like viruses and malware all the more important.
As we have shifted more of our focus to digital technology, criminals have followed suit. Through successful cyber attacks, criminals are able to steal financial and personal information on a previously unimaginable scale. And they can do it without ever leaving home.
In this series of posts, we’ll focus on how to protect your electronic devices. You’ll learn:
Similarly, cyber crime is now a fact of life. By following the tips in these posts, you’ll be able to help ensure the device that sits in the palm of your hand remains the perfect technology for you, not the criminals.
Let's get started by learning a few facts and figures about cyber crime.
- See more at: https://www.erieinsurance.com/Blog/2015/electronic-devices#sthash.re4MbMiy.dpuf