When life intervenes, contact your Farm Bureau insurance agent
Life is full of changes—some happy and some less so. From marriage or starting a family to handling the loss of a loved one, it’s important to keep insurance matters in mind.
By staying in touch with your insurance agent each step of the way, it is possible to keep your family protected and achieve peace of mind.
“You met with your insurance agent when you wrote the policies, and if your life changes, something in your policy might need to change,” said Lisa Whitus, underwriting manager for Virginia Farm Bureau Mutual Insurance Co. “You need to discuss those changes with your agent to make sure the right changes are made to your policy so you can still be covered correctly.”
When marrying, individuals will likely merge assets. It’s advisable to combine personal property and liability coverage with your spouse, but it’s also important for a couple to meet with their agent to ensure their newly unified assets are fully insured.
Consolidating coverage into a single policy for newlyweds can simplify the claims process if an accident happens at home or to an automobile. Often, discounts are applied to premiums for married couples with combined policies. Contacting your insurance agent at this stage also is beneficial in addressing the topic of life insurance to create a financial plan for spouses’ and children’s futures.
“Many of us need to provide this protection to our families in the event of an untimely death,” said Gerald Gardner, VFBMIC sales director. “Life insurance also can be used for estate planning purposes or to ensure a business can continue to operate in the event of the death of an owner.”
Like spouses, dependent children are covered by most home and auto insurance policies. But coverage for children gets trickier when they move out because they are no longer automatically covered under their parents’ policies.
A call to your insurance agent can help clarify any gaps in coverage a now-independent child may have, and agents can help find insurance solutions for children who may not have the financial resources to weather losses. Purchasing renters’ insurance and life insurance are other good ideas for children ready to strike out on their own.
When it comes to divorce and death, preparing for unexpected and difficult situations can be less straightforward when dividing assets. No solution will fit each unique situation, and that is why it is important to confer with your insurance agent regularly.
“The main thing people need to know is who currently has ownership of real property—land and homes—and who currently has legal ownership of their automobiles,” Whitus said. “Then, the second thing is who is going to have possession of those properties. People will need to know who they’re titled to, who they’re deeded to, and who’s going to be living in them or driving them.”
To stay current with your coverage during all of life’s events—or to update your policy, contact your Farm Bureau insurance agent.