I used to work for a company that promoted this philosophy. I worked there for 12 years. I enjoyed my time there and helped a lot of people.

I left there about 8 years ago. I now have my own agency with Farm Bureau Insurance of Michigan.

Recently I was in one of my client’s homes and discovered they have a policy from my old company.  I’ve seen a lot of those policies over the years.

Unfortunately,  I’ve seen a lot of people who have Bought Term and Blew the Difference.

Many people will start with an analysis of their financial needs, then they put a plan in place to get out of debt, save money for future goals and put some temporary (Term ) life insurance in place to protect their family until their goals are reached.

Now let’s “fast forward” ten years. The money they were going to save got spent on something and they’ve re-financed back into another 30 year loan because they put the plan in a desk drawer and haven’t pulled it out in many years.

So their term insurance is only going to stay at the low premium for ten more years and the client has no savings, they’re ten years older and have 30 years to pay on their home.

I’ve seen quite a few situations similar to this. Where do you start to correct this? You’ve got to start at the life insurance! Why? It’s the one element of the equation for which you could find yourself no longer qualified.

You could accelerate your loan, save money, make a new plan but the life insurance is not automatic. If the amount of life insurance you now have no longer will last as long as your loans or the face amount is no longer adequate, get started on making changes today.

I can be reached at 1-888-365-7553 or you can check out my website at www.SteveBedgoodAgency.com

Many people will never think to take another look at their car insurance when they move or change neighborhoods. And yet this is a useful thing to do. It could end up saving you a lot of trouble later.

Most of us are unaware that there are many factors that affect car insurance. Actually the factors are so many that by simply changing your address by crossing the street to the other side could drastically change your car insurance premiums.

Change of premiums means a change in the level of risk for the insurance company that supplied your car insurance. This can either go up or down and the insurance premium will naturally follow in the relevant direction.

This is the reason why it is worth checking with your insurance company about how your car insurance is affected by your change of address.

For example auto theft is a much more serious risk in certain neighborhoods than it is in others. So if your insurance coverage was taken out initially in an area where auto thefts are a very low risk, your coverage may not have addressed this issue adequately for your new area.

An insurance company will tend to have all the latest information and statistics on all these risk factors. So by consulting with your insurer you will also be made aware of the new dangers and higher risks you face in your new neighborhood.

Another factor worth considering is that your new neighborhood may be much closer to your work place meaning that you will probably use your car less. This is a factor that affects your car insurance because it is assumed the more you use your car the more opportunities there will be for accidents or possible accidents.

You should be able to review the change of circumstances in relation to your current car insurance and make a quick decision whether you honestly still have adequate car insurance or not.

There is no harm in negotiating a new car insurance deal even when your old one has not expired, simply based on your change of circumstances.

Please call (231) 744-9099 or visit www.Steve.BedgoodAgency.com

Life insurance helps protect your family’s financial security. Some people have life insurance through work, while others buy individual life policies.

Regardless of what type of life insurance you have, there’s one small detail that, if overlooked, can cause one big headache: naming a beneficiary of your policy.

A beneficiary is the person who receives the proceeds of a life insurance policy when the insured person dies. If you select your spouse as the policy beneficiary, he or she will be paid a benefit at your death. Besides individuals, beneficiaries can be a company, charitable organization or legal entity called a “trust”.

Selecting a beneficiary enables you to take advantage of the numerous benefits life insurance can provide your family. Unfortunately, many people decide hastily or even forget to select a beneficiary.

Avoid These Traps

Not naming a beneficiary – or doing so improperly – can rob loved ones of intended benefits, cause legal complications or create unexpected tax bills. For example, naming a spouse as beneficiary – a common practice – may be unwise if he or she is unprepared or unable due to illness to take over the family finances following your death.

What if your spouse is the beneficiary and then you divorce? If you forget to change the beneficiary to your new spouse, all the proceeds may go – against your wishes – to your former spouse.

Appointing young children as beneficiaries is also risky. A court-appointed legal guardian will hold and manage the life insurance proceeds until they reach 18 or 21 years old, depending on state law. This process generally involves legal formalities, delays and expenses. As a parent, you may be uncomfortable knowing that once your children reach the age of majority, they will be entitled to receive the full proceeds to spend as they wish.

If you forget to name a beneficiary, life insurance proceeds go into your estate and can be subject to estate taxes. One way to address potential problems is by designating a trust as beneficiary of your life insurance policy.

When filling out a beneficiary form, make sure you precisely indicate the beneficiary’s name, social security number, and relationship to you. If you name “my spouse” as the beneficiary and then divorce and remarry, a court may have to decide which spouse you meant.

Because naming a beneficiary is so important, it’s a good idea to ask a knowledgeable insurance or legal advisor for help with the decision. I’ve been helping people with life insurance decisions for almost 20 years. Feel free to contact me at (231) 744-9099 or start with my webesite at www.muskegonlifeinsurance.com