Page 41 - AAA Magazine – AAA Ohio Auto Club – November 2018

‘Ask Ed’
To get answers to your life insurance questions, call 1-800-288-4467 to speak with an agent.
Each issue, we’ll break down an insurance topic – and what it means for you – with answers from Ed Conley, CPIA and director of Insurance Sales and Financial Services at AAA. Have a question for Ed? Drop us a line at AAA.com/AskEd.
I’m getting married soon. What do I need to think about in terms of insurance?
Congratulations! Getting married can
be one of the most amazing, memorable and hectic times in your life. Your insurance
needs are not always at the top of the list, but it’s an important time to review them. You’ll want to talk with an insurance agent about combining your policies
to take advantage of things like a multicar discount, a marriage credit and leveraging the best insurance score to reduce your premiums.
If you’ll be moving into a new place, you’ll want to make sure it’s properly insured, and you have coverage for all of the great gifts you just received, including all three blenders and both toasters. And if you haven’t already, you’ll want to purchase some special coverage for that beautiful new ring so that it’s insured if it’s lost or stolen. Just tell your agent you want to “schedule” it and they’ll know what you’re talking about.
Life insurance is another need when you get married. Should something happen to one of you, you’ll want to make sure your spouse can pay off any debt (credit cards, student loans, mortgage, etc.) The earlier you buy, the more affordable it is.
How does my spouse’s driving history affect my car insurance rates?
Insurance companies look at the driving record of individuals as well as the household. Sometimes adding a spouse
to your auto policy can have a positive impact. Insurance companies like customers with multiple vehicles and drivers, and many times will only count the insurance score (a credit-based rating) of the spouse with best score. You might be entitled to some new discounts as well.
On the flip side, if your spouse doesn’t have
the best driving record, you could be seeing an increase in your rates. Companies usually look at accidents and violations from the past three to five years. It’s a good time to talk with your agent to review your policy and make sure they can find the right coverage at a competitive rate.
Talking to Your Significant Other About Life Insurance
Talking about any serious topic can be daunting – especially when that topic concerns death. You hate to think about scenarios where life insurance might be needed, but you want your family to be protected in case the worst happens. Unsure about how to have a conversation about life insurance with your significant other? Consider these points:
Times have changed, but people still want life insurance. Having serious discussions with your spouse or partner about money is no longer a taboo – and it gets easier with every conversation you have. There’s no need to feel ashamed about wanting additional financial safety for those you care about most.
Talk about the realities. What are your reasons for wanting life insurance for yourself or your significant other? Are you worried about credit card or other outstanding debt? Are you focused on ensuring that your children have funds for college? Do you have a mortgage to pay? These are all reasons people own life insurance and can serve as strong talking points during the discussion.
Lay out the facts. Your spouse may be worried about the cost of life insurance. However, life insurance can actually be more affordable than you might think. Consumers tend to overestimate the cost of life insurance by more than three times its actual cost. If your significant other expresses these concerns, there is a good chance they may be overestimating the actual cost of life insurance.
Remember: You are having this conversation because you care for each other and want to ensure that your family is protected for the future.
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