Pekin

Spring Weather

Spring is the time of year when many things change—including the weather. Temperatures can swing back and forth between balmy and frigid. Sunny days may be followed by a week of stormy weather. Sometimes extreme weather changes can occur even within the same day. Mark Twain once said, “In the spring I have counted one hundred and thirty-six kinds of weather inside of four and twenty hours.”

Thunderstorms cause most of the severe spring weather. They can bring lightning, tornadoes, and flooding. Whenever warm, moist air collides with cool, dry air, thunderstorms can occur. For much of the world, this happens in spring and summer.

Because spring weather is so unpredictable, you may be unprepared when severe weather hits—particularly if you live in a region that does not often experience thunderstorms, tornadoes, or flooding. And when severe weather hits unexpectedly, the risk of injury and death increases. So planning ahead makes sense; prepare for storms, floods, and tornadoes as if you know in advance they are coming, because in the spring, they very likely will.

Advance planning for thunderstorms, lightning, tornadoes, and floods requires specific safety precautions. Still, you can follow many of the same steps for all extreme weather events. You should have on hand:

   • A battery-operated flashlight, a battery-operated NOAA
     Weather Radio, and extra batteries for both

   • An emergency evacuation plan, including a map of your
     home and, for every type of severe weather emergency,
     routes to safety from each room

   • A list of important personal information, including:
        o telephone numbers of neighbors, family, and friends
        o insurance and property information
        o telephone numbers of utility companies
        o medical information

   • A first aid kit including:
        o prescription medication
        o hydrogen peroxide
        o antibiotic ointment
        o over-the-counter medicines such as aspirin and
          diarrhea medicine
        o bandages and dressings for injuries

   • A 3–5 day supply of bottled water and nonperishable food

   • Personal hygiene items

   • Blankets or sleeping bags

   • An emergency kit in your car

Prepare your family members for the possibility of severe weather. Tell them where to seek appropriate shelter as soon as they are aware of an approaching storm. Practice your emergency plan for every type of severe weather. Show family members where the emergency supplies are stored, and make sure they know how to turn off the water, gas, and electricity in your home.

Unfortunately, few of us get much advance notice of a severe weather event. Often by the time we are aware of an approaching storm, we have little if any time to prepare for it. But we do know that when spring arrives, thunderstorms, tornadoes, and floods are real possibilities. So why not take the surprise factor out of severe weather and prepare yourself, your family, and your home for severe weather? Of course, you may not have to deal with extreme weather this spring, but if thunderstorms, tornadoes, and floods do occur, you’ll be ready for them.

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Distracted Driving

Driver distractions or inattentive driving play a part in one out of every four motor vehicle crashes. That is more than 1.5 million collisions a year and 4,300 crashes daily, according to the National Highway Traffic Safety Administration. Text messaging, changing radio stations, even turning around to talk to passengers can prove deadly, according to the Insurance Information Institute (I.I.I.).

While cellphones and text messaging cause the most accidents, drivers are also distracted by using PDAs, laptops and navigational aids while driving. Other drivers create a potential hazard because they eat, drink, read, write or groom themselves when their full attention should be on the road in front of them.

5 Biggest Insurance Mistakes

With nearly one in 10 Americans out of work, and others forced to make ends meet with less money, many people are looking for ways to cut costs. There are smart ways to save on home and auto insurance; however, there are also mistakes that can result in being dangerously underinsured, according to the Insurance Information Institute (I.I.I.)

“When money is tight, it extremely important to be financially protected against a catastrophe with the right amount and type of insurance,” said Jeanne M. Salvatore, senior vice president and consumer spokesperson for the I.I.I. “By taking a few simple steps, it is possible to cut costs and still be protected should disaster strike.”

Following are five of the biggest insurance mistakes that consumers should look out for:

1. Insuring a home for its real estate value rather than for the cost of rebuilding. When real estate prices go down, some homeowners may think they can reduce the amount of insurance on their home. But insurance is designed to cover the cost of rebuilding, not the sales price of the home. You should make sure that you have enough coverage to completely rebuild your home and replace your belongings.

A better way to save: Raise your deductible. An increase from $500 to $1,000 could save up to 25 percent on your premium payments.

2. Selecting an insurance company by price alone. It is important to choose a company with competitive prices, but also one that is financially sound and provides good customer service.

A better way to save: Check the financial health of a company with independent rating agencies and ask friends and family for recommendations. You should select an insurance company that will respond to your needs and handle claims fairly and efficiently.

3. Dropping flood insurance. Damage from flooding is not covered under standard homeowners and renters insurance policies. Coverage is available from the National Flood Insurance Program (NFIP), as well as from some private insurance companies. Many homeowners are unaware they are at risk for flooding, but in fact 25 percent of all flood losses occur in low risk areas.

A better way to save: Before purchasing a home, check with the NFIP to check whether it is in a flood zone; if so, consider a less risky area. If you are already living in a flood zone area, look at mitigation efforts that can reduce your risk of flood damage and consider purchasing flood insurance.

4. Only purchasing the legally required amount of liability for your car. In today’s litigious society, buying only the minimum amount of liability means you are likely to pay more out-of-pocket—and those costs may be steep.

A better way to save: Consider dropping collision and/or comprehensive coverage on older cars worth less than $1,000. The insurance industry and consumer groups generally recommend a minimum of $100,000 of bodily injury protection per person and $300,000 per accident.

5. Neglecting to buy renters insurance. A renters policy covers your possessions and additional living expenses if you have to move out due to a disaster. Equally important, it provides liability protection in the event someone is injured in your home and decides to sue.

A better way to save: Look into multi-policy discounts. Buying several policies with the same insurer, such as renters, auto and life will generally provide savings.

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Who Needs Life Insurance?

If someone will suffer financially when you die, chances are you need life insurance. Life insurance provides cash to your family after your death. This cash (known as the death benefit) replaces your income and can help your family meet many important financial needs like funeral costs, daily living expenses and college funding. What’s more, there is no federal income tax on life insurance benefits.

Most Americans need life insurance. To figure out if you need life insurance, you need to think through the worst-case scenario. If you died tomorrow, how would your loved ones fare financially?

Would they have the money to pay for your final expenses (e.g., funeral costs, medical bills, taxes, debts, lawyers’ fees, etc.)? Would they be able to meet ongoing living expenses like the rent or mortgage, food, clothing, transportation costs, healthcare, etc? What about long-range financial goals? Without your contribution to the household, would your surviving spouse be able to save enough money to put the kids through college or retire comfortably?

The truth is, it’s always a struggle when you lose someone you love. But your emotional struggles don’t need to be compounded by financial difficulties. Life insurance helps make sure that the people you care about will be provided for financially, even if you’re not there to care for them yourself.

To help you understand how life insurance might apply to your particular situation, we’ve outlined a number of different scenarios below. So whether you’re young or old, married or single, have children or don’t, take a moment to consider how life insurance might fit into your financial plans.

You’re Married

When you’re married, you share everything with your significant other, including your financial obligations. Many people mistakenly believe that they don’t need to think about life insurance until they have children. Not true. What it one of you were to die tomorrow? Even with the surviving spouse’s income, would that person be able to pay off debts like credit-card balances and car loans, let alone cover the monthly rent and utility bills. If you’re planning to have children, you’ll want to buy life insurance right away and not wait until the mom-to-be is pregnant. Some companies won’t issue a policy to a woman during her pregnancy. Since health complications sometimes arise, they’ll want to wait until after the baby is born to issue the policy. Buying insurance before a baby is on the way helps avoid this potential problem.

You’re Married With Kids

Most families depend on two incomes to make ends meet. If you died suddenly, could your family maintain their standard of living on your spouse’s income alone? Probably not. Life insurance makes sure that your plans for the future don’t die when you do.

You’re a Single Parent

As a single parent, you’re the caregiver, breadwinner, cook, chauffeur, and so much more. Yet nearly four in ten single parents have no life insurance whatsoever, and many with coverage say they need more than they have. With so much responsibility resting on your shoulders, you need to make doubly sure that you have enough life insurance to safeguard your children’s financial future.

You’re a Stay-At-Home Parent

Just because you don’t earn a salary doesn’t mean you don’t make a financial contribution to your family. Childcare, transportation, cleaning, cooking and other household activities are all important tasks, the replacement value of which is often severely underestimated. Surveys have estimated the value of these services at over $40,000 per year. Could your spouse afford to pay someone for these services? With life insurance, your family can afford to make the choice that best preserves their quality of life.

You Have Grown Children

As the years go by, you may feel your need for life insurance has passed. But just because the kids are through college and the mortgage is paid off doesn’t necessarily mean that Social Security and your savings will take care of whatever lies ahead. If you died today, your spouse will still be faced with daily living expenses. What if your spouse outlives you by 10, or even 30 years, which is certainly possible today. Would your financial plan, without life insurance, enable your spouse to maintain the lifestyle you worked so hard to achieve? And would you be able to pass on something to your children or grandchildren?

You’re Retired

Did you know that depending on the size of your estate, your heirs could be hit with a large estate tax payment after you die (45% of your estate). The proceeds of a life insurance policy are payable immediately, allowing heirs to take care of estate taxes, funeral costs, and other debts without having to hastily liquidate other assets, often at a fraction of their true value. And life insurance proceeds are generally income tax free and can be arranged to avoid probate. Finally, if your insurance program is properly structured, the proceeds from your life insurance policy won’t add to your estate tax liability.

You’re a Small Business Owner

Besides taking care of your family, life insurance can also protect your business. What would happen to your business if you, one of your fellow owners, or perhaps a key employee, died tomorrow? Life insurance can help in a number of ways. For instance, a life insurance policy can be structured to fund a “buy-sell” agreement. This would ensure that the remaining business owners have the funds to buy the company interests of a deceased owner at a previously agreed upon price. That way, the owners get the business and the family gets the money. To protect a business in case of the death of a key employee, “key person insurance,” payable to the company, provides the owners with the financial flexibility needed to either hire a replacement or work out an alternative arrangement.

You’re Single

Most single people don’t need life insurance because no one depends on them financially. But there are exceptions. For instance, some single people provide financial support for aging parents or siblings. Others may be carrying significant debt that they wouldn’t want to pass on to family members who survive them. Insurability is another reason to consider life insurance when you’re single. If you’re young, healthy and have a good family health history, your insurability is at its peak and you’ll be rewarded with the best rates on life insurance. If you anticipate a need for life insurance down the road (e.g., you’re the marrying type) and you can fit the premiums into your budget, it might make sense to lock in coverage while you’re young and single. Doing so can eliminate the worry of having to qualify for coverage when you’re older and maybe not as healthy as you once were.

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Henry Ford – Inspirational Words of Wisdom

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