Save on Your Auto Insurance Policy

Having a child that is away at college is a very proud time for most parents. It can also be an expensive time, between paying for tuition, housing, and books. While you may not be able to get a discount on the necessary textbooks your child needs, you can save some money on your auto insurance policy while they are away. Keep these options in mind when you child moves into their first dorm room.

  • Remove your child from you policy. If your child is going to school more than 100 miles away, most insurance providers will allow you to take them off of your auto policy. Most insurance agencies believe that if your child is going to school less than 100 miles away, there is a higher chance that they will regularly come home and use your vehicle.
  • Student away discount. If you want to keep your child on your auto insurance policy, just in case they do come back and need to use your vehicle, you can opt for a student away discount. If your child is going to school at least 100 miles away, but you still want them to be insured, most companies will offer a 15 to 30 percent discount.
  • Occasional driver. If you child drives less than 25 percent of the car’s annual mileage, they can be insured as an occasional driver, which can lower your insurance costs.
  • Good student discount. If you are planning to keep your child on your auto insurance policy while they are at college, and they have at least a “B” average, you can save up to 25 percent on your auto insurance.

When it comes to finding the best auto insurance policy for you and your college student, contact Access First Insurance. As an independent insurance agency, they can help make sure you get the best auto insurance policy at the right price.

It’s Never Too Early to Save for College

Sending a child off to college is one of the proudest moments in a parent’s life. It can also be a source of stress, especially when it comes time to figure out how to pay for your child’s higher education. Even if your child is years away from moving into their first dorm room, it is never too early to start saving for their college education.

While most colleges provide some type of financial aid for students, most of the time it is not enough to cover all the costs of schooling. With tuition prices increasing rapidly, over 50 percent in the past 10 years, there is no way to know exactly how much a college education is going to cost. Checking with different college cost projectors can provide a guideline of how much money you should be saving.

Once you find out a general estimation of how much college is going to cost, it is time to start saving. Experts agree that you should try to save at least one-third of your child’s college cost. This will allow you to pay one-third out of savings, one-third out of pocket, and borrow the rest. The best way to do this is to start putting away 10 percent of your salary starting the day your child is born. The earlier you start saving for your child’s college, the more money you will have put away. Opening a 529 plan allows you to put away part of your income into a savings account, without it being taxed for income taxes, as long as the money is eventually used for qualified educational expenses.

Life insurance with a cash value option is a great tool to help with college education, as you can borrow from your cash value to pay for that expense. For instance. If you have $100,000 in cash value and your life policy is for $500,000 and you borrow that $100,000 cash from your cash value and never pay it back when you die your life policy will pay out $400,000 as they had to minus that $100,000 that you took.

When it comes to finding the right insurance plan for your child to help you save money, contact Access First Insurance. As an independent insurance agent, they will work with their affiliates to ensure you get the right insurance policy at the right price.

Life Insurance: Another Way To Save

Life insurance allows you to save money in the event of your passing. Even young people must start thinking early about life insurance, especially since life insurance rates increase as you age or develop an illness. With a life insurance policy in place, you know you are saving for the future. You may not realize it, but a life insurance policy is actually a vehicle to save money.

Savings for Loved Ones

When you are gone, your family loses financial support from your income. In some cases, this may be the only source of income. Life insurance is savings to help your family with routine expenses, monthly bills or even a mortgage. They are able to combine this money with any other savings you or they might have to help support daily life.

Save for Your Future with Whole-Life Insurance

Whole-life insurance is one form of life-insurance you should consider because it can actually help you with your own bills and expenses. Unlike term-life insurance, you can access some of the value of your whole life insurance before your passing. After a certain amount of time, you are able to surrender the policy and get the cash value you have accumulated. The more you accumulate or save, the more you can access.

This type of policy is great for savings because it allows you to access the money and help pay for important costs now, such as a mortgage or expensive medical bills. Use it as a savings tool to help fund your retirement years.

If you’re considering using a whole-life insurance plan for savings, start as soon as possible. Premiums increase as you age or get sick, and you never know when you might develop an immune disorder, heart condition, cancer or other condition, which increases the premiums. Starting early allows you to lock in a low premium for your future savings.

For more information about life insurance in the Eagle, Idaho area, contact Access First Insurance.