by Pintler Insurance | Jun 24, 2024 | Safety Tips, Tips
One of the primary reasons to buy life insurance is to help replace your income if you have loved ones who count on you for financial support. But if you’re not working at a paying job, should you even bother getting coverage? In a word, yes.
Because couples often assume that only the income-earning parent needs life insurance, they often skip out on coverage for the stay-at-home parent. It’s a mistake, though, to overlook the financial support that a stay-at-home parent provides.
How Stay-at-Home Parents Provide Financial Support
Although stay-at-home parents don’t bring home a paycheck, they provide substantial support for their families. If they weren’t around to take care of children, make meals, run errands, or manage other household tasks, someone would have to be hired to fill those roles.
Salary.com estimates that the median annual salary for all of the jobs that stay-at-home moms perform is $178,201. Granted, you wouldn’t necessarily have to hire someone to handle some of the jobs, but you would have to pay for daycare or a nanny if something were to happen to the stay-at-home parent in your family. And that’s a pretty hefty expense by itself. With the average weekly cost for a child care center at $215 in 2019, a family could pay an average of $11,180 to $29,380 a year per child for childcare. And child care costs continue to rise over time.
That’s a cost the working parent would have to shoulder if something happened to the stay-at-home parent. If that parent had ample life insurance, the death benefit could cover the cost of childcare so the family’s finances wouldn’t take a hit. When calculating how much life insurance coverage a family should purchase for a stay-at-home spouse, look at how much it would cost to pay others to perform functions currently handled by them.
Other Reasons to Consider Life Insurance
Not only will a life insurance payout provide the surviving parent with the funds to cover child care costs, but also it will help cover final expenses. The median cost of a funeral with burial is $7,640, according to the National Funeral Directors Association. This does not include cemetery, monument, or marker costs. Plus, there could be lingering medical bills or other expenses that need to be covered.
In addition to providing a financial safety net, the stay-at-home parent might also want a life insurance policy to leave a legacy for the children. By putting life insurance in a trust for your children, you can pass on an inheritance to them.
And while it’s not a reason that people buy coverage, having life insurance in case of a divorce is valuable. It’s better to get coverage while you’re young and healthy because you can qualify for a lower rate no matter what your reason is for buying coverage. If a divorce happens later, either parent without a policy might find it difficult to find affordable coverage at that point—or even get coverage if she or he has developed health issues.
At Pintler Insurance, you and your family are very important to us. Call us at (406) 563-5991 or visit our website at https://pintlerinsurance.com/life-insurance/ to discuss your life insurance needs. We can provide coverage from many insurance carriers so you receive the right insurance for your budget and needs!
Source: https://www.forbes.com/advisor/life-insurance/stay-at-home-parents/ https://www.goodfinancialcents.com/how-much-life-insurance-do-you-need-for-stay-at-home-mom-or-parent/
by Pintler Insurance | Apr 3, 2024 | Safety Tips, Tips
Renting a home or apartment is a convenience and flexible living arrangement. It’s essential to understand that while your landlord’s insurance covers the building, you need additional coverage for your belongings. Renters insurance is designed specifically for individuals who rent their living space, and it offers financial protection for your personal belongings, liability coverage, and additional living expenses in the event of covered perils.
Key Components of Renters Insurance
- Personal Property Coverage: Renters insurance covers your personal items, such as furniture, electronics, clothing, and valuables, in case of theft, fire, vandalism, or other covered events.
- Liability Coverage: This component provides coverage in case you are found responsible for causing bodily injury or property damage to someone else, whether inside your rented space or elsewhere.
- Additional Living Expenses: If your rented space becomes uninhabitable due to a covered event, renters insurance can cover the costs of temporary lodging, meals, and other necessary expenses.
- Medical Payments to Others: This part of renters insurance covers the medical expenses of someone who is injured on your rented property, regardless of fault.
Every situation is unique, and renters insurance can be tailored to meet your specific needs. It is a valuable investment that provides crucial protection for your belongings and financial well-being. Take the proactive step of securing renters insurance today, and enjoy your rented space with confidence and security.
With more than 55 agents and 60 locations across the state of Montana, Farmers Union Insurance is equipped to guide you in important insurance decisions to protect what matters most to you. To find your local agent, click here.
Disclaimer: The content provided in this blog is for informational purposes and should not be considered an offer for coverage. Each insurance policy is unique and may have varying terms, conditions, and exclusions. It is essential to consult with a qualified insurance professional or licensed agent for personalized advice tailored to your specific needs. This blog does not constitute a contract, policy, or guarantee of coverage. Always refer to your individual policy documents for full details.
by Pintler Insurance | Apr 3, 2024 | Safety Tips, Tips
Life is a journey filled with milestones, dreams, and responsibilities. While we cherish the present, it’s equally important to plan for the future. One crucial aspect of this forward-thinking approach is securing your loved ones’ financial well-being, even in your absence. This is where life insurance steps in as a powerful tool for providing peace of mind and ensuring a legacy that lasts a lifetime. This financial support serves several crucial purposes:
- Income Replacement: For those who depend on your income, such as spouses, children, or elderly parents, life insurance acts as a safety net. It ensures they have the financial means to maintain their standard of living and meet essential expenses like mortgage payments, education costs, and daily living expenses.
- Debt Settlement: Outstanding debts, including mortgages, loans, and credit card balances, can be a significant burden for your loved ones. Life insurance can help settle these financial obligations, preventing additional stress during an already challenging time.
- Estate Planning: Life insurance provides a tax-efficient way to transfer wealth to your heirs. It can help cover estate taxes, ensuring that more of your hard-earned assets go directly to your loved ones.
- Business Continuity: If you’re a business owner, life insurance can be instrumental in succession planning. It can help facilitate a smooth transition of ownership or provide the necessary funds to keep the business running.
Types of Life Insurance
Understanding the various types of life insurance can help you choose a policy that aligns with your specific needs and financial goals:
- Term Life Insurance: This type offers coverage for a specified term (e.g., 10, 20, or 30 years). It provides a straightforward and cost-effective solution for individuals looking to secure coverage for a specific period, such as until their children are financially independent or their mortgage is paid off.
- Whole Life Insurance: Whole life insurance provides lifelong coverage and includes an investment component known as cash value. This cash value grows over time, offering a source of tax-advantaged savings that can be borrowed against or withdrawn for various purposes.
- Universal Life Insurance: Similar to whole life insurance, universal life provides a death benefit and an investment component. However, it offers more flexibility in premium payments and death benefit amounts, allowing policyholders to adjust coverage as their needs change.
Choosing the right amount of coverage involves considering your current financial situation, future expenses, outstanding debts, and the needs of your beneficiaries. An insurance professional can assist in conducting a thorough analysis to ensure you have the appropriate level of protection.
With more than 55 agents and 60 locations across the state of Montana and northern Idaho, Summit States Agency Group is equipped to guide you in important insurance decisions to protect what matters most to you. To find your local agent, click here.
Disclaimer: The content provided in this blog is for informational purposes and should not be considered an offer for coverage. Each insurance policy is unique and may have varying terms, conditions, and exclusions. It is essential to consult with a qualified insurance professional or licensed agent for personalized advice tailored to your specific needs. This blog does not constitute a contract, policy, or guarantee of coverage. Always refer to your individual policy documents for full details.
by Pintler Insurance | Mar 4, 2024 | Safety Tips, Tips
Driving under the influence (DUI) is not only a serious legal offense but can also have far-reaching consequences that extend to your personal finances. One often overlooked aspect is the significant impact it can have on your auto insurance rates. The following various ways a DUI can affect your insurance premiums point out why it’s crucial to prioritize responsible driving habits.
Immediate Rate Increase
One of the most direct consequences of a DUI conviction is an immediate spike in your auto insurance rates. Insurance companies view individuals with a DUI as high-risk drivers, leading to an increase in premiums. This surge can be substantial and often last for several years.
Risk Assessment
Insurance providers use various factors to assess risk when determining premiums. A DUI conviction is a red flag that signals a higher likelihood of future accidents or violations. As a result, insurers adjust their rates to reflect the increased risk associated with an individual with a history of driving under the influence.
SR-22 Requirement
In many cases, individuals convicted of a DUI are required to file an SR-22, a certificate of financial responsibility. This is essentially a guarantee from your insurance company to the state that you have the minimum coverage required. The need for an SR-22 can lead to additional fees and even higher insurance premiums.
Policy Cancellation or Non-Renewal
Some insurance providers may choose to cancel your existing policy or decline to renew it altogether after a DUI conviction. In such cases, finding a new insurance policy can be challenging, and when available, it often comes with significantly higher premiums.
Loss of Discounts
A DUI can result in the loss of various discounts that may have previously applied to your insurance policy, such as safe driver discounts or good student discounts. The absence of these discounts contributes to the overall increase in your insurance costs.
Long-Term Financial Impact
The financial repercussions of a DUI extend beyond the immediate increase in insurance premiums. With higher rates persisting for several years, the long-term financial burden can be substantial. This may include not only increased insurance costs but also potential legal fees, fines, and other associated expenses.
It’s clear that a DUI conviction goes beyond legal consequences, impacting various aspects of your life, including your financial well-being. Prioritizing responsible and sober driving is not only a legal obligation but also a crucial step in maintaining affordable auto insurance rates. By understanding the ripple effect of a DUI on insurance premiums, individuals can make informed decisions and contribute to safer roads for everyone. Remember, the best way to avoid the financial strain of a DUI is to make smart choices behind the wheel and never underestimate the impact it can have on your insurance rates.
by Pintler Insurance | Feb 12, 2024 | Safety Tips, Tips
Life is the most precious gift and we love insuring yours! Pintler Insurance values every single one of our loyal clients and this month, we are sending you love and gratitude for welcoming us into your families and homes. It is our pleasure and honor to provide you protection and assurance in these times of uncertainty. Some of the most impactful services we proudly provide are:
Life Insurance Options:
• Whole Life Insurance
• Term Life Insurance
• Key Person Insurance
• Universal Life Insurance
• Final Expense Insurance
If you have questions, we would love to answer them! If you have concerns, we would 
love to address them! We love insuring you – and all the things that come along with it! Get to know us better at Pintler Insurance, and let us give you the support and protection you so very much deserve!
(406) 563-5991
by Pintler Insurance | Dec 1, 2023 | Safety Tips, Tips
Strands of sparkling holiday lighting make your home feel merry and bright, especially on a gloomy December day. However, if installed incorrectly, they have the potential to damage your home or electrical system. Before you grab your ladder and boxes of lights, review our list of do’s and don’ts for hanging holiday lighting strands safely.
DO’s:
EXAMINE LIGHTS BEFORE HANGING – Return or throw away any holiday lighting sets with cracked or broken sockets, loose connections or frayed or bare wires. Replace burned-out bulbs promptly with bulbs of the same wattage. Hanging lights with damaged electrical wiring leads to a potentially flammable short.
USE VERIFIED LIGHTING AND APPROPRIATE OUTDOOR OUTLETS TO SUPPORT ELECTRICAL WIRING – Only use lights tested, rated and approved by Underwriters Laboratory (UL) or Intertek (ETL Semko) for outside use. These safety ratings should be clearly marked, both on the packaging and with labels attached to the electrical cords. Plug in all outdoor electrical decorations into a ground-fault circuit interrupter (GFCI). This safety outlet is designed to cut the power if electricity comes into contact with water, which is common outside.
CONSIDER USING LEDS OVER INCANDESCENT BULBS – LED lights are about 75 percent more efficient than conventional incandescent lights. This makes your electrical load more than seven times smaller. If you don’t have LED lights, consider the cooler-burning “mini” holiday lights instead of the traditional larger bulbs, which burn much hotter.
ASK FOR HELP – If installed incorrectly, holiday lighting can damage your home. Additionally, outdoor lights are often
man in gray holding christmas lights climbs ladder
dangerous to install, especially if your roof has steep pitches or multiple levels. If you don’t feel comfortable, it is important to seek assistance. Find a friend to help you install your lights.
DON’Ts:
POWER TOO MANY LIGHTS WITH THE SAME OUTLET OR EXTENSION CORD – Each standard circuit breaker is able to handle about 15 amps of current. Light strings only draw a few milliamps individually. However, when you add too many strings together, it is easy to overdraw power. This has the potential to cause some serious damage to your electrical wiring. Plus, the more lights you connect end to end, the further the power must travel, leading to not-so-bright lights.
NEVER USE STAPLES, TACKS OR NAILS – THEY CAN DAMAGE YOUR ELECTRICAL WIRING – It’s fairly common for a string of holiday lights to have exposed electrical wiring in some areas. Unfortunately, if you use metal fasteners like staples, tacks or nails, it creates a circuit and generates heat that could set your home on fire. Additionally, if metal components come in contact with a live string of holiday lighting and then the current touches the metal components of your home, such as your gutters or downspouts, it creates an electrocution hazard. Always use insulated holders or plastic roof clips designed especially for hanging outside lights
CONNECT LEDS AND INCANDESCENT LIGHTS TOGETHER – Because incandescent light strings require a larger power current than LEDs, connecting them together one after the other causes the power drawn by the incandescent lights to overload — and then fry — the LED strings. It’s better to keep holiday lighting strands completely separate, running each out of a different outlet to avoid frying your electrical wiring.
Every year 150 home fires start with holiday lights and other decorative lighting. And another 260 home fires begin with Christmas trees. Follow these do’s and don’t to cut down on your chances of a home insurance claim. We want you to stay safe this holiday season. Call us or visit our website to discuss your home insurance needs. We can provide coverage from many insurance carriers so you receive the insurance for your budget and needs!
Source: https://apollohome.com/blog/christmas-light-safety/ and https://www.eversource.com/content/general/residential/safety/electric-safety/holiday-light-safety
