You already have two children and you are expecting another one in a couple of months. In the last few years, your family has grown which means you have had to buy a new car, purchase a bigger home and outline a plan for the future. You’ve made important decisions about your car and home, but have you thought about the future? It’s important for you to plan for your future and protect your loved ones from life’s uncertainties. We hope that you will find these articles helpful. We encourage you to check out this link as new articles are added periodically.

• In Case of a Fire
• Insuring Young Drivers
• Determining Life Insurance Needs for the Future
• Bicycle Drawing - Fun coloring item for children

Return to Life Changes

IN CASE OF A FIRE

Protecting you and your family
Install smoke detectors and familiarize your family with the sound of the alarm.

• Plan an escape route from your home. If possible, every room should have two escape routes.
• Remember that smoke and heat rise. When you encounter smoke, crawl on the floor where the air is cleaner.

Return to top

CONTROLING INSURANCE COST FOR YOUNG DRIVERS

It ’s a question that many parents dread hearing, “Mom, Dad, can I borrow the keys?”

If you're a new driver, be prepared. Your parents auto insurance bill will likely increase—and stay that way—until you are out on your own. Male drivers under the age of 25 and un­married female drivers under the age of 21 pay the highest rates for auto insurance coverage. But there are some things you can do to help your parents control these costs.

One way to keep auto insurance costs in check is for your parents to ask their agent about available discounts. While all regulated insurance companies are required to offer the driver education discount, there are other discounts that vary from company to company. Some in­surance companies offer optional discounts based on the type of car insured and the kind of safety features it has. Have your parents ask their insurance agent whether the company offers a discount for students with good grades.

Once you begin driving have your parents tell the insurance company as soon as possible. The parents’ auto insurance policy covers all drivers in the household, in­cluding children, even if they are not spe­cifically named on the policy. If your parents don’t notify the company, and it later finds out that they have a teenage driver, your parents will likely be billed for the additional premium you should have been paying. Your insurance company cannot refuse to re­new your policy simply because you have reached driving age.

The rules regarding driver classification and assignment of vehicles are complex and address a variety of situations. Gen­erally, if a teenager is the “principle driver” of an automobile, his or her rate will be determined on the basis of that vehicle. If not, the teenage driver is assigned to the vehicle that produces the highest rate, usually the most expensive. Be sure to have your parents discuss that issue with their agent.

Your parents may also want to consider raising the amount of your deductible, or dropping physical damage coverage, if you are driving an older car.

The auto insurance market in Texas today is fairly competitive so one of the best ways to save money is to do some comparison shopping. Companies charge significantly different rates, even for the same coverages. Consumers should get quotes from several companies regarding their family’s auto and driver situation. When your parents call companies or agents to collect quotes, remind them to ask about available discounts.

Return to top

You are married, have three children, a mortgage and one car payment. You work hard to provide your family with all the basic necessities and a few “little extras,” but have you thought about what would happen if you were no longer able to provide for them? Where would the money come from to pay the bills, to provide for their future should something happen to you?

Many families rely on life insurance death benefits that their employers provide for them, but is that really enough? It’s important to evaluate your family’s financial needs and consider purchasing a term or whole life policy. Many times we think that we have enough or that we can’t afford life insurance, but if you are not prepared it could affect the future of your family. Wouldn’t you want your spouse and/or family to be able to continue planning their future? By purchasing a term or whole life policy the additional money can help pay off the mortgage on your home, help the kids with college or prepare for retirement. Life insurance policies are a lot more affordable than you think. To learn more about life insurance products available at Germania Life, click here.

Return to top

Return to Life Changes