Press Release, February 2, 2008
In today’s uncertain economic climate, the last thing families need is to be financially vulnerable. Homeowner’s insurance and life insurance are two key areas that many clients overlook or undervalue. In fact, 66% of homeowners are underinsured by an average of 18%1 and an estimated 68 million Americans have no life insurance.2
Primerica, a financial services industry leader, encourages clients to review their coverage to make sure their homes and income are adequately protected.
Homeowner’s Insurance: Homeowner’s insurance should cover 100% of the cost to rebuild, not the home’s value (including the land). That amount of coverage protects the homeowner regardless of real estate market fluctuations. If a client is concerned about the increased cost of correct coverage, changing an annual deductible from $500 to $1,000 can save about 20% on premium costs. Shopping around is another great way to potentially save money for the same coverage. It’s a good idea to get new quotes from multiple insurers every two years.
Life Insurance: Families with children who rely on their employer for life insurance are most likely under‑protected. If any significant life changes have occurred throughout the year – such as the birth of a child – clients will need to review and update their policy. Experts recommend a family with young children to have coverage that’s 10 times the parents’ annual income.3
Even if clients think they have the right homeowner’s or life insurance, it’s not a bad idea to get a second look. Many companies, like Primerica offer financial solutions tailor‑made to the client’s needs. Visit Primerica Financial Needs Analysis to learn more about what Primerica does for families.
- SmartMoney, September 2008
- Reuters.com, August 20, 2008
- MSNMoney.com, viewed November 14, 2008