Gen X (1965 - 1976)
Big news: you are fully adult now, and if you have children, they’re growing up fast. Hibbits Insurance helps Gen Xers navigate these times, providing counsel on the many ways to protect your loved ones and your assets:
Auto Insurance: Adding a teen driver on your policy may increase rates 50 - 100 percent. Consider allowing a teen driver to drive only one family car, preferably an older model from which you may wish to remove collision insurance. Encourage student drivers to maintain good grades and to take driver’s education, which can reduce premiums. Meanwhile, using public transit to commute and dedicating a vehicle to weekend or errand drives may help. If you haven’t considered increasing liability or umbrella coverage, now is a good time to consider it.
Health Insurance: Expecting a child? Be sure to register the newborn with your health care policy during the required registration period. If your employer offers a Health Savings Account (HSA), setting up appropriate accounts may allow you to cover many over-the-counter health costs and childcare with tax-free dollars.
Condo or Home Owner: As the owner of a home you will need to purchase a policy to protect your personal possessions and liability. You may need a rider to cover possessions of greater value, just as jewelry or furniture. Keep an up-to-date inventory of your personal possessions.
Life Insurance: If you are married, consider insuring both spouses. Because both partners typically contribute to the household economy, even if one is not employed outside the home, life insurance is recommended for each. Consider whether term life insurance or permanent insurance best meets your needs and your budget. If you have children, be sure to include the full cost of childcare in your decision-making. We want to make sure your income is protected.
Disability Insurance: We insure all our other assets, but we often forget about the most important asset: Our ability to earn an income. What source of income would you have if injured and unable earn a paycheck? This is why Disability Income coverage is critical. Rates and plans vary based on occupation, income and health. Hibbits can recommend a personal plan integrated with whatever may be offered through your employer.
Estate Planning and Your Will: Do you have a Will? A Living Will? What is the difference? Hibbits and it's partners can assist with this important planning piece, as well as any Estate and Trust planning for you and your family.