Depending on what state you are in, those numbers may vary. In 2007, California’s uninsured rate was estimated at 18% and 16% in Nevada. The worst state was New Mexico which was estimated at 29%!

In addition, analysts believe those numbers may have increased since 2007 due to the economic downturn. And just as unnerving is the issue of getting into an accident with someone who has insurance, but not enough to cover the loss. Unfortunately, too many drivers only carry state minimums on their auto policies. Which is why there is no time better than now to check your policy and make sure you have adequate uninsured/underinsured motorist coverage.

This part of your auto policy is designed to protect you when you are in an accident with an uninsured or underinsured motorist, up to the limits of your policy. It is highly recommended that you review your policy to see what coverages you have. Insurance policies are not all created equal, which is why it’s important to always check your policy and review all exclusions, conditions and limits!

Menath Insurance is an Independent Insurance Agent located in the Lake Tahoe area and serving most Western states. They offer excellent personal service with competitive products and pricing. As an independent insurance agent, Menath Insurance works with a number of companies, not just one. They research with these firms to find their clientsthe best combination of price, coverage and service. They also offer a wide variety of niche insurance products including many different types of outdoor insurance policies! For more information about Menath Insurance, go to http://www.mikemenathinsurance.com/.

Many carriers offer annual or 6-month auto insurance policies. What does this mean? There are pros and cons for both types of policies, so here’s some information on each:

Have you ever received new auto ID cards, but forgotten to put them in your car?  Murphy’s Law says if you forget to switch your new ID cards, you’re going to get pulled over. It sure seems like that’s the case sometimes! 

Annual auto policies renew once a year, which simplify things for you! With the annual policy you only have to deal with one set of ID cards for the entire year (so fewer opportunities to forget to switch to your new ones), your insurance premium is also set for one year, there is less paperwork and no need to renew every six-months! This also means that reports won’t be run as often looking for speeding tickets and other accidents or violations on your record! Typically the monthly cost of an annual policy no different from the six-month and still offers the same payment options. In fact, when you have an annual policy you may qualify for credits depending on your situation!

The six-month policy, although maybe not as convenient, may be good to have if you have a ticket or accident that will be falling off your record within six months. Once the violation falls off you may want to consider an annual policy if your company offers it!

Everyone has unique situations and personal insurance needs. For help determining if a six-month or annual policy works best for you, call your insurance agent today.

Menath Insurance is an Independent Insurance Agent located in the Lake Tahoe area and serving most Western states. They offer excellent personal service with competitive products and pricing. As an independent insurance agent, Menath Insurance works with a number of companies, not just one. They research with these firms to find their clients the best combination of price, coverage and service. They also offer a wide variety of niche insurance products including many different types of outdoor insurance policies!  For more information about Menath Insurance, go to http://www.mikemenathinsurance.com/.

The purpose of life insurance is to provide a source of income, in case of your death, for your children, dependents, or other beneficiaries. (Life insurance can also serve certain estate planning purposes, which we won't go into here.)

Whether you need to buy life insurance depends on whether anyone is depending on your income. If you have a spouse, child, parent, or some other individual who depends on your income, you probably need life insurance.

Life insurance protects your family in the event of death. Most people do not have the right amount of insurance. It is important to determine the amount that suits your needs. There are two basic types, term and permanent.

Term insurance is simply insurance you pay for coverage for a specified period of time. If you die within this period, your beneficiary receives the insurance benefit. Term policy premiums usually increase with age.

Permanent insurance, such as universal life, variable life and whole life insurance, contains a cash value account or an investment element to the insurance.

A Few Basic Rules of Thumb

The younger your children, the more insurance you need. If both spouses earn income, then both spouses should be insured, with insurance amounts proportionate to salary amounts.

Tip: If the family cannot afford to insure both wage earners, the primary wage earner should be insured first, and the secondary wage earner should be insured later on. A less expensive term policy might be used to fill an insurance gap.

If one spouse does not work outside the home, insurance should be purchased to cover the absence of the services being provided by that spouse (child care, housekeeping, bookkeeping). However, if funds are limited, insurance on the non-wage earner should be secondary to insurance on the life of the wage earner.

If your spouse could live comfortably without your income, then you will still need life insurance, but you will need less than someone who has dependents.

Tip: At a minimum, you will want to provide for burial expenses and paying off your debts.

If your spouse would undergo financial hardship without your income, or if you do not have adequate savings, you may need to purchase more insurance. The amount will depend on your salary level and that of your spouse, on the amount of savings you have, and on the amount of debt you both have.

The foregoing is provided by the Bosma Group which specializes in serving small and medium sized businesses.  The Bosma Group was founded with the vision of allowing emerging businesses access to same world-class expertise formerly only available to Fortune 1000 companies.