Weekly Report 3-11

Buying Your First Home: What You Should Know

By d-mars.com News Provider

Mhe housing market has exploded since 2020. The pandemic fueled a house-buying frenzy with remote work and leaving large urban areas to live in different parts of the country is becoming more mainstream. According to the National Association of Realtors, 31% of all home purchases since 2020 have been made by first-time home buyers.

"Buying your first home is an emotional experience," said Bonnie Lee, Mercury Insurance Vice President of Property Claims. "And while the first few weeks are filled with the excitement of all the things you can do now that you have your own place, it's always good to be prepared and protect your new investment if disaster strikes."

Whether you've just purchased your first home or purchased a home in a different part of the country, homeownership is a big commitment. As a new homeowner, you have to prepare for everything from routine maintenance to possible damage from a storm, fire, or vandalism. It can sound overwhelming, but with a bit of planning, developing good homeowner habits will keep your home in top shape for years to come.

Renovations. Renovating is one of the first things homeowners look forward to doing with their new home and one of the most popular renovations lately have been home offices. "Homeowners who were able to move during

the pandemic and work from home are looking to transform part of their living space into a dedicated professional workspace," said Lee. "Converting small rooms or bedrooms into a home office not only maintains the homeowners' work-life balance, but it may also give their home a financial boost by offering this popular feature should they sell their home in the future."

Homeowners should discuss any intended business activity from their home with their insurance agent as most homeowners' policies exclude or limit coverage for business-related activity and business property.

Another popular renovation is the conversion of outdoor spaces into areas for hosting gatherings. Shade structures and areas where people can entertain larger groups have become a big trend for 2022.

"No matter what type of renovation you're interested in, it's important to be prepared before diving headfirst into any large project," said Lee. Make sure the renovations you are about to do are realistic and reasonable for both your home and your budget. Determine which renovations can be done by yourself and those where you would need to hire a professional. Review any large home

renovations you have in mind such as a bedroom conversion to office remodel or swimming pool installation with your insurance agent as well. If not, there could be gaps in your existing coverage that may not protect your new renovations if an emergency causes extensive damage.

recent boom of homeownership not only saw an increase in first-time buyers, but also a migration of people moving to new and different parts of the country. Just like new homeowners, those who've moved from one geographic area to another may not be aware of the severe weather or what the outdoor elements can bring to that part of the country.

Maintenance is key. Proper home maintenance is essential to keep your home from deterioration due to neglect. For example, roof leaks caused by severe weather would be covered by your insurance. However, roof leaks due to lack of maintenance, age, or standard wear would not. It's important to conduct regular inspections of your entire home throughout the year to help prevent major damage from happening.

Take stock of where you are and what you own. This

Natural events such as flooding due to severe weather in the Midwest and East Coast are some of the most common home disasters that cause billions of dollars in property damage every year. The West Coast is no exception to natural disasters, with the threat of earthquakes and wildfires. Homeowners must be aware of the perils that can impact their new homes as well as the type of homeowners insurance policy needed. For example, damages caused by an earthquake or storm flooding are not covered by a standard homeowners policy. Homeowners may want to consider adding such additional coverages to their policy.

Whether it's your first home or a new home in a new state, homeownership is a major milestone. Make sure to review your policy coverages and speak to a local insurance agent if you've recently moved or are thinking of making any renovations to your home.

Source: BPT

How the Guarantees of Whole Life Insurance Can Help Secure Your Financial Future

By d-mars.com

Provider

This year, many people are making financial wellness resolutions. From budgeting better to saving for a big-ticket item or investing more income into a 401(k), there are plenty of financial goals to choose from. However, one that you've likely overlooked is whole life insurance.

According to the American Council of Life Insurers, 90 million families in the U.S. rely on life insurance policies for financial and retirement security. In addition to protecting dependents from financial hardship if the policyholder dies, many policies also accumulate savings that can be used to cover needs beyond funeral expenses.

Whole life insurance provides financial protection for as long as the insured policyholder lives. A whole life insurance policy, like that offered by Boston Mutual Life Insurance Company, is a type of permanent life insurance that accumulates value throughout your life.

Benefits of whole life insurance

There are three main benefits of investing in a whole life insurance policy.

1. Guaranteed cash value

Unlike term life insurance, whole life insurance accumulates a cash value that you can dip into during your life if a financial need arises. More importantly, as long as you pay your premiums, the cost of your policy will not increase, and the face amount and the interest rate are guaranteed.

To access the value of the account, you essentially take a taxable withdrawal or tax-free loan you can payback. You can use the money as needed - such as to buy a car or put a down payment on a house. Even if you never access the cash value during your lifetime, it will act as a safety net that can be used in financial emergencies.

Whole life insurance can also supplement your existing retirement accounts, like your 401(k) or IRA

4 Steps To Reach Your Saving Goals

By d-mars.com News Provider

account, helping you enjoy your golden years.

2. You own the policy

The policyholder owns their whole life policies for themselves and their family members, not their employer. If the person who holds the policy changes jobs or retires, they can take their policy with them and pay their premiums directly to the insurance carrier.

3. Support loved ones

Whole life insurance is guaranteed coverage for your whole life and can help support your beneficiaries. Depending on the size of your chosen policy, your life insurance policy can help set beneficiaries up for success and financial security by contributing toward college tuition, a home mortgage, or short-term expenses such as funeral costs.

Also, life insurance payouts are not considered taxable income. If you pass while your coverage is in effect, your beneficiaries do not have to report the death benefit on tax returns.

Boston Mutual Life Insurance Company's whole life insurance policy allows you to choose the amount of insurance or premium that best suits your needs and budget. Other benefits include:

• Family coverage. Family coverage is available to cover spouses, children, and grandchildren.

• Guaranteed premiums. As long as you pay your premiums, the cost of your life insurance policy will not increase.

• Portability. If your employment changes or you retire, you can keep the coverage and pay your premiums directly to Boston Mutual.

Invest in your and your family's peace of mind. To learn more about life insurance products to fit your needs, visit BostonMutual.com.

Source: BPT

Whether you're planning for a short-term goal (e.g., emergency fund, home project) or a long-term goal (e.g., retirement), planning can help you succeed.

"It's never too late to start making savings a priority. We want to help our members meet their short- and long-term goals, and there are several ways they can get started," said Jaspreet Chawla, Senior Vice President of Savings Products at Navy Federal Credit Union.

1. Make SMART goals

A SMART goal can help you make a plan you can achieve. It can help you focus on what it will take to reach your goal and make a plan that's doable. SMART stands for Specific, Measurable, Attainable, Relevant, and Timely. So, whether you're saving for a new phone or a down payment on a house, make your goal specific, set a deadline, decide what it will take to reach it, and then make sure it's realistic.

2. Find ways to make small changes

The next step in your plan should be to look at how much you can afford to save and if there are expenses you might be able to cut.

For example, are there subscriptions or streaming services you don't use? Can you ask insurers, or services like internet or phone providers, for a discount on your plan? If you make small changes gradually, you'll be more likely to stick to your plan.

Keep in mind, cutting back on certain expenses doesn't have to be forever - you can choose some for a temporary break.

3. Separate and automate your savings

It can be easier to see your progress if you set up two accounts: a checking account for regular bills like rent, student loans, and car payments and another account for everything else.

Once you've decided what you can afford to save, consider setting up an automatic transfer. You'll only have to do it once and then your savings will grow automatically.

"This is a guaranteed way to boost your savings," explained Chawla. "If you have direct deposit, consider sending a set amount into your savings each pay cycle. This way you'll be consistently saving without even thinking about it."

4. Earn more on your money

If you're looking at short-term savings goals (e.g., a dream vacation), you might want to consider putting your money into a certificate account. In general, certificates typically earn higher dividends than regular savings accounts, so you may reach your goal even sooner than you expected.

"By making small, habitual changes over time, you will set yourself up for success - it's never too late to start," added Chawla.

The best time to start building your future is now. Making SMART goals can help make saving more doable.

Navy Federal is federally insured by NCUA.

Source: BPT