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Boater’s Insurance: Overlooking Endorsements Can Sink Your Investment

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Being on the water is going to be one of the best ways to social distance this year. As people are out uncovering their boats and preparing them for boating season, it’s important not to forget the insurance you need to protect your favorite summertime toy! Much like auto insurance, we encourage you to take a hard look at those limits and consider increasing your coverage amounts to ensure you will not be looking for the difference out-of-pocket should you experience an accident.

There are also a couple of important additional endorsements that boat owners may want to consider before they set sail:

  • Having the bare minimum policy for your boat probably means that your policy is based on an actual cash value, which is exactly like a “Kelly Blue Book” value for your car. The big problem here is that most times, boats are worth MORE than the actual cash value. Make sure you sign for a policy that is based on an Agreed/Stated Value coverage. This will get you the full value of the boat back should there be an accident versus receiving the lesser actual cash value.
  • There are a few Endorsements that you may want to consider if you are an avid boater and/or outdoor sportsman:
    • Fishing Equipment:  Yep, those rods and reels you purchased for fishing are not going to be covered….and neither is the tackle. Many people who have fishing equipment don’t often stop and tally up what they have invested in it and how quickly those numbers add up. If you’ve invested serious money in; YOU NEED A FISHING EQUIPMENT ENDORSEMENT.
    • Marine Equipment:  Anything that bolts down to the boat is included in this category: electronics, radios, depth finders, graphs, etc.  These things REQUIRE a separate Endorsement to be covered.
    • Personal Belongings/Items:  Let’s face it, it’s always at least a full-day adventure when you go out on the water, so you pack a ton of your own things to be prepared. Your personal items (safety equipment, electronics, etc.) are not covered in your basic boater’s insurance – so you will also need an Endorsement for these items, as well.

Fortunately, changing your policy to a Stated/Agreed Value policy adds very little to your insurance premium. Same stands for the additional Endorsements you need to cover all the extras. Let us demonstrate the difference to you; it only takes 15 minutes of your time to call us at 317.272.0800 or email info@beckcurryinsurance.com and get quotes from multiple carriers to ensure you are getting the most coverage for your money.

Whole or Term Life Insurance: Which is the Best Fit for Me?

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We don’t know how to stress it enough: LIFE INSURANCE SHOULD BE A CRITICAL PART OF YOUR PERSONAL FINANCIAL STRATEGY; no matter your age. There are two, main types of life insurance you need to know about: “Whole” life insurance and “Term” life insurance. Knowing the difference between the two is an important factor and your decision on determining which to choose is heavily influenced by your financial standing – and your age.

For that reason, our Beck Curry Insurance Group professionals are going to dissect the topic of life insurance to help you both understand what it is, the pros and cons of each type and who it MAY be best for by age:

Whole Life Insurance
Whole life insurance is insurance that pays a benefit on the death of the insured and also accumulates a cash value.

 

 

Term Life Insurance
Term Life Insurance is insurance that pays a benefit in the event of the death of the insured during a specified term.

 

Recommendations by age:

Millenials: Most who are between the ages of 19-29 are just starting their careers may not be able to afford the cost of living and the monthly premiums on a Whole Life. (If they can, “kudos” to them and go for the Whole Life!) But Term Life insurance offers them the financial flexibility with a lower payment and the conversion clause will allow them to convert to Whole Life as they move up the pay scale and get settled into their adulthood.

Generation X: Generation X’ers are most often times the perfect fit for a combination/hybrid of some whole and some term life insurance. They benefit from term life insurance for the potential short term needs raising family (yet getting closer to an empty nest), costs of the transitional phase of children’s college education, etc. A smaller whole life corresponds well with this insurance strategy to cover things like unexpected funeral costs, as Generation X’ers begin the initial process of thinking on end-of-life concerns.

Baby Boomers: Most Baby Boomers are looking for whole life; something that is going to be used for their burial and safeguard the other assets that they’ve built in life. For them, it’s really about leveraging money. A lot of Baby Boomers have the financial ability to pay for their own funeral with cash they have accumulated. However, on average for every .33 cents you pay into a life policy it will pay off approximately $1.00 in debt/financial obligation. Smart Baby Boomers realize and take advantage of this.

Never put off buying life insurance for any reason, especially if you have a home and family that you need to protect. If you would like to talk about which life insurance policy works best for YOU, taking into consideration all of your personal needs and finances, let Beck Curry Insurance Group shop your rate and help you sleep a little better at night!  Email us at info@beckcurryinsurance.com or give us a call at 317.272.0800.