Insurance Tips for Recent College Graduates
Congratulations on graduating from college! As you embark on your next chapter in life, it’s important to consider your insurance needs. While you may have very little to protect now, insurance also protects future earnings!
Renters Insurance: If you are renting an apartment or house, it’s a good idea to purchase renters insurance. Most people understand that renters insurance protects your personal belongings in the event of theft, fire, or other disasters. More importantly, renters liability coverage can help defend and protect you if you are found responsible for property damage, bodily injury, or personal injury to someone else both in your home and away from your home. For example, if you accidentally cause water damage to a neighbor’s apartment, your renters insurance liability coverage may help cover the costs of repairs. Likewise, if you accidentally injure someone during recreational activities (picture an errant golf ball hitting someone), your renters policy may respond. Don’t let one accident impact you financially moving forward!
Auto Insurance: If you own a car, you’ll need to purchase auto insurance. It’s the law. Be sure to carry increased limits. While you may not have much to protect now, you have future earnings to protect. Higher limits reduce the risk of an injured party placing an attachment on future earnings. As an Independent Insurance Agent, we can compare rates and coverage options from different insurance companies to find the best fit for you.
Health Insurance: If you are under 26, you may still be covered under your parents’ health insurance plan. If not, you should consider purchasing your own health insurance plan. Many employers offer health insurance benefits to their employees, so if you have a job lined up, be sure to ask about their health insurance options. In Massachusetts, if an employer plan is not available, visit the Massachusetts Health Connector to find an affordable plan.
Life Insurance: If you have dependents, such as children or a spouse who relies on your income, it’s important to consider purchasing life insurance. Life insurance provides financial support to your loved ones in the event of your unexpected death. Some policies also offer investment options. Take advantage of life insurance offered by your employer. Remember, now is the least you will ever pay for life insurance. Consider putting a policy in place while the rates are low.
Disability Insurance: Disability insurance provides financial protection if you become disabled and are unable to work. This type of insurance is particularly important if you have a job that relies on your physical abilities, such as a construction worker or athlete. Most employers offer group rates for Short-Term Disability and Long-Term Disability policies. Some employers pay for a portion of the premium. Take advantage of these opportunities to protect your income.
Remember to carefully consider your insurance needs and seek the help of an Independent Insurance Agent for guidance and competitive rates. Call us today! (617) 773-9200
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