Home’s value, replacement cost not interchangeable

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When shopping for homeowner insurance, you may hear the terms “market value” and “replacement cost” multiple times. It’s important to have a grasp of the difference. They are not interchangeable.

Market value is the selling price on the open market — how much someone will pay for the property. This value can increase when an area is trendy and decrease as people migrate elsewhere. If a home is in an area where the “sale pending” sign goes up as soon or sooner than the property is listed, the market value may be on the higher end. But if a home has been on the market for months or longer, the seller may decrease the asking price in order to be able to sell it, and the purchaser may get the home for a huge discount.

Replacement cost is the price to rebuild the house in the event of a total loss. A home’s market value and its replacement cost may differ significantly, and that can be where things get confusing. When you buy home insurance, the amount of coverage you purchase should be the amount that it would cost to rebuild the home, so that you have enough coverage to get back to normalcy as soon as possible.

These factors play into replacement costs:

  • Materials and labor. The actual construction cost of the home may increase from year to year and from area to area. If a home is being reconstructed in an area often hit hard by storms, the need for specific contractors or materials may make reconstruction of that home more costly.
  • Contractor’s overhead and profit. Contractors will charge to keep their business running and make a profit on the reconstruction of the home. It is important to keep this in mind: In the reconstruction of your home, the insurance company can be asking a builder to stop all other construction projects and focus on the reconstruction of your home specifically in a timely manner. This comes at a cost to the contractor – and you need to consider that cost in the amount of insurance you purchase.
  • Inability to maximize savings as compared with first-time builds. When a home is first built, material and labor costs may be lower because the contractor is purchasing material in bulk and may be paying multiple crews to construct several homes in the area at the same time. Because reconstruction is a one-time event, the builder will not receive the same savings on material purchases or labor because of needing to pay one crew to focus on the rebuild of one
  • Older home reconstruction guidelines. If the home being replaced is older, re-creating it using “like kind and quality” materials may add costs. Homes built before 1940 likely used “true dimensional lumber” that is not commonly used today.
  • Historic home registry restrictions. Houses on a local or national historic home registry often have strict guidelines for the reconstruction, including cosmetic and structural changes to the home.
  • Area building code conditions. Local building codes may restrict contractor access. For example, homes built in resort areas often can be accessed only during non-peak season. Some communities limit construction work to specific days of the week or times of day,

The next time you are shopping for homeowner insurance, avoid the temptation to obtain coverage for the purchase price of the home. When you assess the replacement cost, you may think, “My house isn’t worth that much.” Just remember your insurance purchase should not be a matter of how much your home is worth, but what it would take to rebuild. In the event of a total loss, you want to be back in your home – the way it was – as soon as possible.

For more information, contact your Ayres Group representative.

Do you have adequate homeowner insurance coverage?

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When you think of purchasing insurance, you may feel the most important factor is how much money you can save. We are all inundated with ads pushing a money-saving mindset complete with cute animals, catchy phrases, and superstars.

Those ads may promote savings in the short run, but you’ll want to weigh one very important question: When you saved a few dollars on the front end, is that really what you will care about in the event of a total loss?

If the insurance you purchased is not enough to replace the entire attached garage after a windstorm and you have to pay some of your own money to complete the reconstruction, I doubt the first thing you will be thinking is, “Well, at least I saved money when I bought this insurance.”

WHAT A “SMALL” LOSS MEANT TO ME

I once lost my three-stone, $18,000 engagement ring when it slipped off my finger one winter morning. while attending a lunch with co-workers. I took my gloves off at the restaurant, and my engagement ring – with a 100-year-old center stone inherited from my grandmother – was nowhere in sight. After sobbing and searching for weeks, I reluctantly reported the claim. The claims adjuster and jeweler worked with me to recreate my ring, even down to the fact that the two side stones were not of equal size; I refused to split the difference for two equal-sized stones.

I was emotional… and in all that emotion, I just wanted everything exactly the way it was.

As worked up as I was about a piece of jewelry, I can only imagine how upset I would be about losing my home. However, I understand that reality through the experience of my friend, Tina.

WHAT A LARGE LOSS MEANT TO A FRIEND

Tina lost her entire house to a kitchen fire in 2016. It took nine months working with her insurance carrier to rebuild her home. She called me on the night of the fire to tell me that her family was OK and that she hoped she had enough insurance to rebuild her home … to “get her life back.”

No one enjoys preparing for the rare worst-case scenarios. Typically, you purchase insurance when you buy a home; if you witness superior claims service provided to a friend; or when you want to save money. As my friend discovered, maybe we should place more importance on value rather than cost, coverage rather than premium savings.

Insurance coverage on your home is meant to protect you in that horrific moment that everyone thinks will not happen to them. The appropriate amount of coverage on your home can give you peace of mind, knowing that you have adequate coverage limits to rebuild your home… to “get your life back.”

When it comes to that loss that you thought would never happen to you, it is not up to the fairytale characters, jingles or celebrities to pick up the pieces. It is up to your insurance company and you. Talk to your Ayres Group agent about how to obtain full replacement cost for your home.

Contact your Ayres Group agent to learn more about homeowners insurance.

7 reasons you may need life insurance, even if you think you don’t

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Most people aren’t thinking about life insurance in their 20s, but it’s often the best time to buy it.

There are several factors that determine the cost of life insurance, but generally, the younger and healthier you are when you buy a policy, the cheaper it will be (unless you work in a high-risk job or have a penchant for extreme sports, but more on that later).

An average 20-something or 30-something nonsmoker can expect to pay between $10 and $50 a month for a term life policy depending on the coverage amount, according to Policygenius. That’s less than the cost of a gym membership to protect your family’s financial stability in your absence.

If you don’t have life insurance, here are six reasons you probably need it:

1. You’re having a baby

If you’re planning to have a baby in the next year or so, now is a great time to buy life insurance.

For one thing, most people’s health declines with age. The longer you wait to buy a policy, the greater the eventual cost. Secondly, if you’re going from two incomes to one — that is, one parent will be leaving a steady paycheck to stay home indefinitely — there’s even greater reason to set up a financial safety net before having kids.

If you’re already pregnant and you’re the breadwinner of the family, it’s possible to buy life insurance, though you’ll probably get the best rates if you undergo the medical exam before or after pregnancy, according to Policygenius insurance expert Logan Sachon.

Still, if you’re already carrying a baby and the need for life insurance feels urgent, some insurance companies will allow you to retake your medical exam a year or two after giving birth and then adjust your rate accordingly.

2. You’re getting married

If your soon-to-be spouse relies on your income to live the lifestyle you share, it’s a good idea to get life insurance.

Whether they bring in their own paycheck or not, having a life insurance policy in place assures they can maintain a similar standard of living if you die prematurely.

3. You financially support aging parents

The general rule is that if someone else relies on your income to live, then you probably need life insurance.

Most people think of protecting a spouse or children, but according to a 2018 AARP Public Policy Institute report, about 6.2 million millennials and counting are acting as caregivers for a parent, in-law, or grandparent.

If you help out your aging parents, or plan to one day, a life insurance policy ensures they’re left with some money for long-term care or personal expenses if you can no longer provide for them.

4. You have debt

When deciding on a coverage amount for a life insurance policy, financial experts recommend including your total debt amounts to ensure whoever receives the money in the event of your death will have enough to pay off your outstanding balances in full. The largest debt for most Americans is a mortgage, but you should also consider your student loans, if you have them.

Federal student loans are forgiven upon death, but private loans may not be. If you have a co-signer on your private student loans or you live in a community property state, you may want to consider a life insurance policy.

5. You’re self-employed

Life insurance can be incredibly beneficial if you’re a small business owner, Anna Baluch reports for Business Insider. If you set up a “Key Person” or “Buy/Sell Agreement” life insurance policy, your employees or key stakeholders will still get paid in your absence.

You can also use a life insurance policy as collateral to secure a small business loan, Melbourne O’Banion, CEO of Bestow, an online term life insurance company, told Baluch. Basically, the death benefit on your policy will go toward paying off the entirety of the loan in the event of your death, and then the remaining amount will be paid to your beneficiaries.

6. You have a high-risk job

Life insurance companies will always consider your occupation when they assess your risk level. Simply put, if you work in a dangerous or high-risk environment, you have a greater chance of dying than someone who sits at a desk all day.

Jobs in aviation, construction, firefighting, mining, oil and natural gas, and a few others will almost always result in a higher premium, still, the high risk alone makes the policy worth having.

Most life insurance policies won’t allow people in high-risk industries to add a disability rider, so Policygenius recommends buying separate short-term disability insurance to protect against temporary loss of income if you get injured on the job or elsewhere.

7. You have extreme hobbies

If you’re a thrill-seeker with a penchant for extreme sports, you’ll probably be deemed higher-risk by a life insurance company. But it’s similar to having a high-risk job — you’ll pay more to be insured, but the cost is worth it considering the likelihood you’ll die from unnatural causes.

If you do have an extreme hobby — like rock climbing, scuba diving, or something equally thrilling — it’s best not to lie about it on your life insurance application. If you die within the first two years your policy is active and you didn’t disclose your regular high-risk activity, the insurance company has the right to decrease the death benefit, or cancel it altogether.

As for the cost, you’ll typically see either a higher base premium or an extra annual fee calculated as a percentage of your coverage amount. Every insurance companies assess the risk of hobbies differently, so it’s good to comparison shop if this applies to you.

The Ayres Group can help you compare life insurance policies to find the right coverage for you, at the right price.

Home Safety Tips for When You are Away

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5 ways to protect your home while you’re gone

If you are heading out on the road for a long weekend, use these home safety tips to help protect your home.

1. Spread the word, but not on social media: Tell your friends and neighbors you will be away. Tell them who should or should not be at your home during that time. Ask them to check in occasionally. However, it’s best not to advertise your whereabouts on social media, as you never know who will see your status update. Wait to share good times and photos after you return.

2. Lock up: Be sure to lock what can be locked while you’re away, including both doors and windows. If there’s a door to your house inside an attached garage, don’t for get to lock that one, too! Reinforce sliding doors with metal rods, and remove spare keys that may be hidden outside. Instead, provide one spare key to a trusted neighbor. As an additional measure of safety, consider investing in an alarm system if you don’t already have one.

3. Put it on hold: Have your mail and newspapers held while you are gone, or ask a reliable neighbor or friend to collect those items daily.

4. Turn them on: An outdoor lighting system is a good way to keep the periphery of your house lit – a feature that may keep would-be burglars away. Or, save money on installation and electricity by installing motion-sensor lights near entrances. Televisions, lights or radios triggered by a timer may also give the illusion there’s someone at home.

5. Safeguard your valuables: Don’t leave money, important documents or family valuables out in the open. Put them away. Or, better yet, lock them in a safe while you’re gone. And, take photos of your possessions before you leave so you have an accurate inventory.

Taking a few steps before you travel may help safeguard your home from the unexpected.

The time of year for unexpected wildlife encounters

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The transition from summer to fall for the average individual is often marked by brightly colored leaves, the return of seasonal favorites like hard apple cider and school being back in session. It’s also marked by the start of the migration season for many animals — something drivers will soon realize and possibly encounter, depending on where they live.

According to Farmers Insurance, 36% of comprehensive auto claims filed with Farmers due to accidents with animals occur between September and November, according to the previous five years’ worth of Farmers claims data.

“If you find yourself facing a potential accident with a deer or other animal, do your best to stay the course,” Jim Taylor, head of claims customer experience for Farmers Insurance, said in a statement. “It may sound counterintuitive, but staying the course may be safer for you and other vehicles on the road than swerving at high speeds in an attempt to avoid the animal.”

Expect the unexpected

Drivers can’t prevent animals from crossing the road, but they can exercise caution to stay safer during unexpected wildlife encounters. Taylor suggests drivers heed the following suggestions:

  • Use your high beams: If appropriate, while driving at night (when there is no fog present or oncoming traffic) use your high beams to increase visibility and spot animals more easily. Since wildlife is often most active at dusk and dawn, sticking to daylight hours is ideal.
  • Heed warning signs: Keep an eye out for wildlife crossing signs — they’re there for a reason.
  • Stick to the middle lane: If you’re on a multi-lane road, staying in the middle lane may give you more time to spot an animal that may be crossing ahead of you.
  • Know what to do if an accident occurs: If you hit an animal, pull over and call local law enforcement. They can direct you on what actions to take. Make sure you stay away from the animal since they may only be stunned and might panic if you come close, potentially harming you or your vehicle further.
  • Get home safely: If you hit an animal, don’t assume your car is safe to drive. Look for any leaks, loose parts, broken lights and tire damage. If you spot issues or if your vehicle seems unsafe, have the car towed.

Contact your Ayres Group Agent if you have a vehicle encounter with wildlife that results in damage.

Security systems: Take the proper steps to protect your home

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Claims experience shows that theft losses can be prevented when a central station burglar alarm is installed and activated in your home. Improve your family’s security and reduce the potential of home intrusion by knowing the basics for safety and alarm component options:

ALWAYS:
  • Activate your alarm system when you are away and at night.
  • Alert your neighbors when you will be away for even short periods of time.
  • Confirm all accessible openings in your home are protected, including second floor doors and windows. Your alarm consultant can design a system that is best for you and your family.
BE:
  • vigilant – keep valuable papers such as insurance policies, appraisals and other important information in a locked and bolted safe in your house or in an off-premise safety deposit box.
  • inquisitive – ask your alarm consultant about installing cellular back-up or a radio device for signal continuity. Should your phone lines be compromised, a signal will still reach the central station or police department alerting them of trouble.
  • informed – ask your installer about panic buttons or codes you can enter in your system that will send a silent alarm should you be home when an intruder enters your residence.
  • aware – consider other central station burglar alarm components that are available to protect your family and valuables such as:
    • door contacts
    • window contacts
    • motion sensors
    • glass break sensors – detects the high frequency given off by the breaking of glass
    • cameras
TAKE CARE TO:
  • clear ladders and any items that can give access to high windows or the second floor.
  • turn on lights both on the inside and outside of your home.
  • empty your mailboxes while away by having someone pick up your mail or arranging for it to be kept at the post office.
  • monitor information you and family members post. Social media can tip off burglars that you are on vacation.

Contact your Ayres Group Agent for coverage advice and policy information.

4 ways keeping your home tidy can save you money

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Thanks in part to organization guru and New York Times bestselling author Marie Kondo’s popular Netflix show, it seems like everyone is tidying up. From decluttering to employing clever storage techniques, a new year can feel like the perfect time to organize your home and simplify your life. But did you know that tidying your home can bring more than joy? Check out the ways you can save and make money by applying some of Kondo’s principles in your own home.

1. Confirm what you already have

Keeping your home tidy means you won’t have to search for a shirt, stationary or screwdriver ever again. You’ll know exactly where all of your things are and can avoid buying replacements for things you already have. It may seem small, but this can help you save some significant cash.

2. Identify items to sell or donate

It’s inevitable — whenever you clean out your closet, kitchen cabinets and office drawers, you find good quality items you no longer wear or use. Rather than disposing of them, why not make some money? Take them to a consignment store or list them online and assess their current value. Better yet, host a garage sale (real or virtual) and stay in complete control of the sales process.

If anything isn’t selling, consider giving them to a local charity, Goodwill or Salvation Army. You can still reap some financial benefits by claiming the charitable donation tax deduction. A tidier home and a lower tax bill are what we call a win-win.

3. Save time

Cleaning up and getting organized can also save you time. Now that you’ll know where all your items are, you won’t waste hours looking for them. In addition to preventing you from making unnecessary new purchases, this means you can spend more time focused on work or amping up your side hustle. After all, time is money.

4. Protect yourself from costly disasters

Getting your home organized also presents the opportunity to make it more secure. Keeping entry points accessible, testing your alarm systems, draining your water heater, pumping the septic tank, clearing the roof and changing HVAC filters can all prevent or limit the damage from an emergency. Taking better care of your home’s features will also help them last longer.

Since insurance companies base rates on your home’s susceptibility to threats, you could also qualify for cheaper rates just by staying tidy. Plus, your rates will be less likely to increase at renewal time the fewer incidents you have at your home. Some providers, like Hippo, even offer a no-claims discount for policyholders who go a certain number of years without filing a claim.

Tidying your life, tidying your finances

Taking care of your home is important. As outlined here, it can also save you money. Applying some home tidying tips directly to your finances can help you save even more. Take an honest look at every expense for the past few months. If there are any unnecessary expenses that didn’t spark joy, contemplate ways to eliminate them in the future. According to the Kondo method, you won’t even miss them. It’s all about changing your perspective of budgeting from restrictive to empowering. You’ll feel lighter and freer while your wallet and bank account get bulkier.

20 car crash tips and things you should know after an accident

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Consider yourself lucky — or perhaps overdue — if you’re an adult who has never been in a car accident.

Consider that in 2015 alone, more than 2.4 million people were injured and nearly 35,000 people died in 6.2 million crashes nationwide, according to the National Highway Traffic Safety Administration.

It follows that the Insurance Information Institute says the number and severity of automobile accidents has been on an uptick in recent years, and the consumer website carinsurance.com reports that adult drivers in the U.S. will file a car collision claim approximately once every 18 years.

That means the average American will have three or four auto accidents in a lifetime.

If there is a silver lining, it’s this: Most car collisions aren’t deadly.

Behind the numbers

Here are some additional U.S. car accident statistics include from U.S. DriverKnowledge.com:

  • More than 90 people die in car accidents each day in the U.S.
  • Another three million are injured, with about two million of those experiencing long-term or permanent injuries.
  • Wearing a seatbelt reduces your risk of death by 45% and your risk of serious injury by 50% yet among the total fatal accidents, 48.1% were not wearing a seat belt.
  • The primary causes of accidents which result in a fatality include alcohol, speeding and reckless driving — the primary causes of accidents which do not result in a fatality include distracted driving and driving while fatigued.
  • About nine people each day are killed as a result of distracted driving.
  • You are 23 times as likely to crash if you text while driving.
  • Driving while using a cell phone reduces the amount of brain activity associated with driving by a whopping 37%.

What to do following a car accident

Auto accidents are always unexpected, and always stressful.

Even if you are a very careful driver, you can still be involved in a car collision.

If you are involved in a car accident, there are certain steps you should take to minimize adverse outcomes. Here are eight of them:

  1. To the extent possible, stay calm following your accident. Take a deep breath, check for injuries, and call an ambulance. Even if you think you are “fine,” it is a good idea to either let the ambulance transport you to the hospital or to immediately go see your physician. Accidents cause your body to be flooded with adrenaline, which can mask pain, yet once the adrenaline wears off, you may realize you were injured and you are not fine.
  2. If the accident is minor, and it will not put anyone in jeopardy to do so, move the cars involved in the accident to a safe place. Turn on hazard lights when necessary.
  3. Call the police. Even if your accident is minor, and even if the other party tries to persuade you to just “handle it among yourselves,” don’t skip this step! Without a police report, you may find it extremely difficult to convince your insurance company you were not at fault and to pay for your injuries and damages.
  4. Keep track of all medical expenses, including prescriptions, all doctor bills, chiropractic services, rehabilitative services, etc.
  5. Take photos of the scene of the accident, if you are able, including photos of the damage to both vehicles.
  6. If you are physically able, make notes as soon as possible about the accident. These notes should include the name, phone number, license plate number and insurance information about the other person, as well as witness contact information.
  7. Contact your insurance company as soon as possible after your accident. Give your insurance company the basic facts of the accident.
  8. If it turns out that you must file a civil claim to recoup your losses (medical expenses, damage to your vehicle, lost wages, etc.), it can be very helpful to make a list of questions to ask a lawyer after your accident.

What not to do after a car accident

There are also things you should avoid doing after a car accident. These include:

  1. Never admit responsibility for the accident, even if you think it might have been your fault, or even partially your fault. Even saying “I’m sorry” to the other party could potentially be misconstrued as an admission of fault, so avoid saying anything that could sound like you are saying the accident was your fault.
  2. Never sign any document without speaking to an attorney first.
  3. Never agree to allow the insurance company to record your conversation without speaking to an attorney (you are not required by law to allow your conversation to be recorded).
  4. Never, ever leave the scene of the accident, particularly when there are injuries, or you could face criminal charges for hit-and-run.
  5. Never discuss your accident on social media, and, in fact, don’t talk to anyone about the accident other than your own attorney, your own insurance company and the police. Avoid talking to a representative of another insurance company without discussing it with your own insurer and/or your attorney.

Knowledge is power

Taking the right steps after a car accident can help keep you safe, and can ensure you will receive an equitable settlement for your injuries and damages to your vehicle.

Knowing how to handle an automobile collision also can help you and your family remain calm during an otherwise stressful situation.

Consumers also should know that they never have to manage a car accident alone. An experienced auto accident attorney will ensure your rights are protected, and that valuable evidence is not destroyed.

Checklist for wheelchairs in transport

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Whether you are a caregiver for the differently-abled in a health facility, a home health care environment or for a family member or friend, take all appropriate safety precautions when transporting a person who uses a wheelchair.

VEHICLES

Be certain the vehicle is properly equipped to accommodate a wheelchair:

  • Maintain the vehicle and have it inspected regularly
  • Make sure the lift is functioning correctly
    • Platform safety gate on the lift automatically deploys and retracts when the lift is operating
    • Warning alert sounds when the lift is engaged
    • Manual back up system for the lift functions, if needed
EQUIPMENT

Regularly inspect associated equipment:

  • See that wheelchair tie-downs are adequate and in good condition
  • Check wheelchair brakes
  • Inspect the safety belt for correct function
  • Double-check power controls for powered chairs and make sure they cannot be changed inadvertently while in the vehicle
TRAINING

Whether you’re a paid caregiver or a family member, seek out appropriate training to cover:

  • Safe loading and unloading procedures
  • Proper securement of the chair
  • Monitoring of riders when in the vehicle
LOADING

Look for critical concerns during the loading process:

  • Ensure ample loading space (rear or side)
  • Avoid uneven terrain and high traffic areas
  • Engage brake prior to lowering the lift
  • Lower the lift to the ground
  • Ensure the wheelchair safety belt is tightly fastened
  • Place the wheelchair onto the lift platform following manufacturer’s instructions
  • Deploy the brakes on the wheelchair and turn off (if electronic)
  • ALWAYS use the platform safety strap
  • Activate the lift mechanism
  • Ensure the safety gate on the platform engages to prevent a roll-off
  • Assist the person into the correct position in the vehicle when the lift is fully elevated to even with the vehicle floor
  • Lock the two safety strap mechanisms into the floor mechanisms even with the front wheels, according to manufacturer’s recommendations
  • Lock the two rear straps into the safety mechanism in the vehicle between the two rear wheelchair wheels, according to manufacturer’s recommendations
  • Attach safety straps only to the frame of the wheelchair per the manufacturer’s recommendation; most wheelchairs will have transportation hooks built into the frame of the wheelchair
  • Use the shoulder strap! A wheelchair seatbelt does not protect anyone in a vehicle accident
UNLOADING

Remember these steps when unloading:

  • Ensure ample unloading space away from any traffic
  • Deploy the lift
  • Detach the shoulder strap and tie-downs from wheelchair
  • Assist the person onto the lift platform
  • Make sure the wheelchair is facing out for a side-loading vehicle; make sure it is facing toward the front for a rear-loading vehicle
  • Ensure the wheelchair is off and the brakes are on
  • Make certain that the platform safety gate is engaged
  • Secure the lift safety strap
  • Lower the lift all the way to the ground, from outside the van
  • Carefully maneuver the wheelchair off the lift platform
  • Ensure the person is safe prior to returning to the vehicle

In a busy world, it’s easy to overlook a detail when securing a wheelchair. With patience and training, you can reduce the possibility of injury and keep everyone safer.

This loss control information is advisory only. The author assumes no responsibility for management or control of loss control activities. Not all exposures are identified in this article. Contact The Ayres Group for coverage advice and policy service.

Can you depend on crowdfunding for funeral costs?

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It’s an all-too-common occurrence: A family loses a loved one unexpectedly and is forced to appeal for help to cover expenses. Many of us have seen the memorials on social media, the crowdfunding websites or the donation bins at a local store for a family dealing with an unexpected loss. In many cases, the family must reveal personal details – forfeiting privacy – just to get the help they need.

No one wants to picture their loved ones in such a situation, so many donate money out of sympathy.

A better option is life insurance protection to help survivors avoid the financial struggle that comes with an unexpected death. And the cost may be less than you think.

When LIMRA, leading insurance, and financial services trade organization, asked survey respondents to estimate the cost of a $250,000 term policy for a healthy 30-year-old, more than half guessed $500 per year or more. The average cost of a policy is closer to $160 per year.

A 2015 study by the Funeral and Memorial Information Council found that 17% of adults ages 20-39 used internet solicitations to fund funeral expenses, and these numbers are growing. In fact, one of the largest crowdfunding websites said that as of 2017, 13% of their campaigns were memorial funds. And on average, those funds raised $3,000 per campaign. Other crowdfunding websites reported lower averages.

So why do so many people turn to crowdfunding?

The main reason is insufficient planning. Most young people don’t even consider the likelihood that death can occur or are “too busy” to plan for the unforeseen. It also could have been lack of information or incorrect information. The LIMRA survey also found that 61% of millennials don’t purchase life insurance because they have other financial priorities. They neglect to consider the possibility they may leave loved ones with the financial burden of a funeral and the need to turn to crowdfunding.

Life insurance can eliminate the need to rely on the generosity of others.

There is no “one size fits all” solution for life insurance. Reach out to your local, independent insurance agent to discuss your specific needs and situation.

For a private life insurance consultation or to receive a free quote visit theayres-group.com.