Life Events and Insurance

We have prepared a handy checklist of life events that can trigger a review of insurance coverage. This list includes some of the insurance issues that arise with these life changes.

Just starting out

Most young people have not had the opportunity to accumulate significant wealth, but that doesn't mean they do not have insurance needs. Auto, renters and disability insurance are just some of the typical insurance needs for young workers.

[Learn more about: Auto | Renters | Disability insurance protection.]

New apartment

Whether it's your first apartment or you are simply moving to a different location you'll want to protect your belongings. While the owner will have insurance on the building, your personal items are not covered by that policy.

[Learn more about: Renters insurance protection.]

Just married

A major part of settling down with a partner is making plans for the future - a home, raising a family, and eventual retirement all require planning and create special insurance needs. If one spouse will be the principal wage earner, then life and disability insurance is important to protect this source of family support. If you are buying a home or car you should consider insurance as a cost effective way to protect your investment in these assets. And it's never too early to start thinking about retirement. Universal life and variable whole life insurance offer both insurance protection and represent a systematic way to save for the future.

[Learn more about: Life | Disability insurance protection.]

Starting a family

Children create both long term and short term insurance needs. With young children you will want to make provisions to provide for them financially if you are not able to because of death or disability. Life and disability insurance are particularly important to protect your family's financial future. In the long term you can use insurance as a mechanism to save for future financial needs like college or retirement.

[Learn more about: Life | Disability insurance protection.]

Home ownership

A home is the biggest single investment most people make. Protecting your home from the obvious risks of fire and theft is critical. Home ownership also presents liability exposure that can be addressed with homeowners insurance. Periodically you will want to review your coverage to make sure that it has kept up with appreciating home values.

[Learn more about: Homeowners | Valuable Property insurance protection.]

New job or career taking off

Congratulations. You've paid your dues and now things are starting to come together. Now's a great time to review your insurance coverage given your new found success, or perhaps it's time to put some of that recent salary increase into a systematic savings plan for the future. This is also an excellent time to review your disability coverage.

Thinking about retirement? Consider converting your term life policy into a whole life or universal life plan. Finally purchased the boat or motorhome you've always wanted? Make sure the asset is protected with the proper insurance.

[Learn more about: Disability and Life insurance protection.]

Starting a business

Owning a business creates risks that you may not have considered. If you are operating a business out of your home, you may need additional liability insurance or professional errors and omissions (E&O) coverage.

[Learn more about: Business | Disability insurance protection.]

Divorce or separation

Divorce can be a difficult time for all those involved. This is a particularly important time to review your insurance coverage. If you have been relying on employer provided life or disability insurance you may find that you now have gaps in your family's coverage.

If you have children you will want to consider some type of on-going life insurance for the principal wage earner to insure continued financial support for the children in the event of your death or disability.

Our staff of helpful Account Managers can give you a confidential review of your existing coverage and make recommendations.

[Learn more about: Life | Disability insurance protection.]

Cohabitation/Life partner

Many households today do not fit the traditional family model. Couples that choose to live together without the legal bonds of marriage have many of the same insurance needs as married couples. Life insurance, disability, and supplemental health coverage are common insurance types to consider. Because of the lack of legal married status, some employer provided insurance coverage may not be available to your partner. To save money and to provide for one another, you may want to review your existing insurance coverage with an Alaska USA Insurance Account Manager.

[Learn more about: Homeowners | Life | Disability insurance protection.]

Loss of a parent

The loss of a parent is always tragic but can be devastating to the surviving parent. Many families fail to plan for these eventualities and tragically find gaps in their retirement plans. Also if the deceased was the person who managed the finances, the surviving spouse may not be prepared to assume this responsibility. A review of insurance and finances is recommended.

It is important to consider insurance that provides for physical needs of your parents in the event of a long-term debilitating illness. Health problems like stroke or Alzheimer's typically require the type of long-term care not covered by Medicare. Medicare and traditional health insurance normally only provide for direct medical expenses. The cost of this type of care can wipe out savings or force seniors to sacrifice their independence in order to get health care. Long-term care insurance provides coverage in the event that you need in-home care for an extended period of time.

[Learn more about: Long-Term Care insurance protection.]

Planning for retirement

It is never too early to start planning for retirement. Whole life or universal life insurance can be an important element in your long-term savings plan. Many families use life insurance as a systematic way to save for retirement and future needs.

As you get older insurance typically gets more expensive. If you become sick before retirement you may find that insurance is unavailable. Many life insurance policies include provisions that allow you to expand coverage at some future date. Alaska USA Insurance Account Managers can help you understand the options available and help you choose a plan best suited for your needs.

[Learn more about: Life insurance protection.]