Facing graduation? What you need to know about insurance.
The month of May is graduation month for the many fine university and colleges in Massachusetts. Graduation literally means a commencement, or beginning, of something new. For some it will mean a new job, a different commute, or even a new living space. The changes will come fast and furious. Are you ready?
While you are about to embark on the next phase of your life, there are so many things to get ready for and to look forward to. Starting your new job is probably one of the most important events that will mark this new stage in your life. Finding a new place to live might also be on your list.
What Insurance Should I Consider?
These major life events are a symbol that you have entered your adult years. For better or for worse, this means it is time to start thinking about things like insurance. Car insurance, renters insurance, and life insurance are just a few of the things to consider now.
Now that you have moved on from your studies to the career world, you may have moved out of mom and dad’s house, and maybe even purchased a set of wheels to commute to your new job. You have plenty to consider when it comes to insurance. Three lines of policy that you should think about first are: auto insurance, renters insurance, and life insurance. If you have never dealt with any of these before, don’t panic. We can walk you through what you will need every step of the way.
There are a huge number of options when it comes to auto insurance in Massachusetts. It would be easy to get overwhelmed by the sheer number of options and coverage types. For our environmentally-conscious commuters, there are also incentives to choosing hybrids and alternative fuel cars that we can talk about.
In addition to those issues, we can talk to you about what coverage is required in Massachusetts as well as what coverage you may want to opt in for depending upon your needs. Massachusetts requires all drivers to have auto liability insurance. The insurance industry recommends you purchase a minimum of $100,000 bodily injury protection per person and $300,000 per accident. Our agents can talk to you about the factors that affect your car insurance premium including your driving record, mileage, place of garaging, as well as your years of driving experience and the year and make of the vehicle you drive.
Now that you have a steady income and are probably fairly healthy and young, this is the time to consider life insurance. There are two main types that we can discuss with you, again, depending on what you need and prefer. Universal health insurance is flexible and allows you to change the death benefit and premiums depending upon your needs and the current market. Whole life is a little different in that it offers guaranteed premiums with fixed death benefits and fixed growth. We can talk about what factors you may want to consider and how this can benefit you in the future.
Since you are just starting out in your new job, chances are that you will not be buying, but rather renting your new living space. This is an often overlooked insurance policy until it is too late. Ask yourself if you can afford to replace your wardrobe, furnishings, gadgets, and appliances if a fire, vandalism, or theft occurs. Not only can your renters insurance cover items that are lost, but it can help you if you need to relocate due to repairs on your unit, and it will also cover you for liability in the case that a visitor is injured on the premises and looking for reimbursement. We can discuss what factors you will want to consider and how to determine how much coverage you may need for your renters insurance.
Graduation may be over but there is still so much to learn about the wide world that lay at your feet. Let us help you find out more about the insurance you may need as you enter the career world and set out on your own. Contact our agents at 978-774-4338, visit our website, or stop by our office on Garden Street in Danvers, Massachusetts.