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How Much Life Insurance Do New Parents Need? 10 May 2016 6:40 AM (9 years ago)

New parents will experience a seemingly endless set of changes in their lives, not the least of which are the financial changes and new financial responsibilities that arise. For new parents who just had their very first child, the issues that arise can seem overwhelming. One of the first things new parents will need to do is purchase life insurance.

The process for taking out new life insurance policies is straightforward, but almost as soon as you begin you’re faced with a single question that will end up driving the rest of the insurance buying process: how much life insurance do you need? Simply choosing a large, round number without any consideration or analysis could easily end up either providing you with inadequate coverage, or too much coverage (which costs you too much in premiums).

I’ll provide two different methodologies to answer the question on how much life insurance you’ll need. First I’ll discuss a simple method to help decide the bare minimum or “Basic Coverage” amount that everyone should have. Second I’ll discuss a more “Comprehensive Approach” to calculate how much life insurance (a “nice to have” level of insurance) you might wish to purchase.

If you only have a minute or two just read about Basic Coverage, but if you want to feel more comfortable about your life insurance coverage please read and use the Comprehensive Approach.

1. Basic Coverage.

There are several different rules and guidelines you can use to follow to determine what’s an appropriate minimum amount of life insurance for you. One tried and true method is the “Rule of 10.” Simply take your annual income, multiply that amount by 10, and that’s the payout amount to look for in a life insurance policy.

If you’re a couple, then both parents should be insured — even if only one parent works outside the home. Another basic option is to take the 10x amount you computed and include an additional $100,000 or $200,000 for each child to cover future college expenses.

For example, if you and your spouse have a child, and your annual income is $65,000 per year (while your spouse does not work), then you should look to purchase a $650,000 life insurance policy for each of you (with an additional $100,000 or $200,000 of coverage of coverage for your child’s future education).

2. Comprehensive Approach.

The major downside of the method outlined above for calculating basic life insurance coverage is that it can oversimplify the financial needs of many individuals and families, resulting in a coverage that’s potentially more affordable, but potentially inadequate.

In order to make sure you’re covered with the most appropriate level of life insurance, look more closely at your current financial situation. There are four areas of your personal finances to examine, and for each you’ll come up with a dollar figure that you can record in the blanks provided.

(a)

(b)

Section (b) Sub-Total: $__________.

(c)

Section (c) Sub-Total: $__________.

(d) Rather than use a flat amount for how much your child’s higher education expenses, do a little research and determine how much your child’s likely or preferred college or university actually costs. Look back at how much these costs have increased over the last few years; you may want include a larger amount in your coverage requirements in order to anticipate future cost increases.

Section (d) Sub-Total: $__________.

Now add each of the section subtotals above:

(a): $_______ + (b): $_______ + (c): $_______ + (d): $_______ = Total Coverage needed: $__________.

This total coverage amount is the dollar value of the death benefit you should have on your life insurance policy. This method of calculating your life insurance needs is going to take into account most of the various financial obligations you have to your new child and your family, which your life insurance policy is meant to replace.

Comparison Shop.

You’re certain to comparison shop among different insurance companies once you’ve calculated the amount of life insurance you need. But for each insurance company you’re considering, also be sure to compare the policy with a benefit amount just above your desired amount.

You may find that for a relatively small premium increase you’ll be able to obtain a policy with a significantly larger benefit amount, thereby providing your family additional protection at a relatively small cost increase.

Existing Life Insurance Coverage.

Prior to purchasing any new life insurance policies, investigate whether or not you or your spouse already have some amount of life insurance coverage. For example, your employer may have provided you with a life insurance policy when you first started your job. (These types of policies are sometimes offered in amounts that are 1x or 2x your annual salary.) It can be easy to forget about these policies, particularly if you began working a number of years before your child was born.

Don’t Make Your Life Insurance Decisions Just Once.

If you take a look at the different ways I’ve discussed for calculating what’s an appropriate amount of life insurance to carry once you become a parent, you’ll notice that many of the individual factors that go into the calculation can change over time. For example, as you advance within your career and your income rises, or you move to a larger home, it’s likely that you need to increase your policy coverage.

After you have a child and you obtain your first life insurance policy, be sure to review the amount of coverage you carry at least every year or two.

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Healthcare Enrollment – Three Things You Need to Know Before You Sign Up 3 Nov 2015 6:27 AM (9 years ago)

Healthcare in general, and health insurance in particular, are certainly more complicated today than they were a generation or two ago. Making sure that you and your family are adequately covered is no longer simply a matter choosing one of the three or four plans offered by your employer. Today many employers choose not to offer coverage to their employees, but at the same time we have more choices through the various government Health Insurance Marketplaces.

But getting this type of coverage is subject to an open enrollment period whereby, in the absence of special circumstances, you must enroll for coverage within a particular time period. If you fail to do so then you’ll have to wait for the next open enrollment period.

• Health Insurance Marketplace Basics. On November 1, 2015, the open enrollment period on the Health Insurance Marketplace began. November 1 is the first day that eligible individuals may enroll in a plan that’s offered through the Marketplace, and new enrollees can have their coverage begin as early as January 1, 2016. In order to have coverage begin on January 1, 2016, the last date for open enrollment period is December 15, 2015.
• The Special Enrollment Period. Individuals who aren’t able to enroll or make coverage changes during the open enrollment period can still do so during a special enrollment period. These special enrollment periods run for 60 days, and begin on the date of certain significant life events that result in a change in family status. These include getting married, the birth of a child, or losing your prior health coverage.
• The Consequences of Missing Open Enrollment. If you aren’t covered by a health insurance policy in 2016, then you’ll face a penalty on your next federal income tax return. This penalty is the higher of (a) 2.5% of your income (subject to a cap that’s equal to the average national premium for a certain level of coverage), or (b) $695 per person, plus half that amount for every child in the taxpayer’s family under the age of 18 (subject to a maximum per family penalty of $2,085).

Perhaps most importantly, these parameters are subject to change in future years. Health care costs and health insurance coverage have become politically volatile issues, and if you choose to obtain your insurance through an exchange then you need to keep yourself up to date on all the relevant terms and deadlines.

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How Getting Married Changes Your Insurance Needs 11 Jun 2015 5:43 AM (10 years ago)

Getting married will change many things in both your and your spouse’s lives. You’ll likely spend a lot of time, effort and money planning for and having your wedding, and even more time, effort and money setting up your new household. Combining two lives into a single venture can certainly take some getting used to.

In addition, getting married can change what the two of you need to do with respect to your insurance requirements. Remember that insurance is the foundation of a secure personal financial scenario, and it should be one of the first things you reexamine whenever there are major changes in your life.

Here are some ways that getting married can change your insurance needs.

• Life Insurance. It’s not particularly uncommon for young, single and childless individuals to ignore or completely forego life insurance. After all, with no one depending on them financially, there’s little need for a single person to provide financial resources for someone else when they pass away. But when you get married, particularly if one of you will be the sole breadwinner, then that person will likely want to obtain life insurance coverage so that their spouse is adequately protected.
• Employer Provided Life Insurance Policies. You may have some measure of life insurance provided through your employer. Some professionals are automatically given a policy as an additional employee benefit by their employer. But the standard coverage amount is usually a 1x or 2x multiple of their annual salary. When you become married this amount may prove to be inadequate. As you approach your marriage, review any employer provided policies and reassess your overall needs.
• Health Insurance. Once you’re married you’ll likely have the opportunity to either join your spouse’s health insurance coverage, or to have them come onto your policy. Depending on the terms of your individual policies (assuming each of you already have coverage), and you may find that you’ll be able to jointly save you significant amount of money by having a single policy.
• Other Insurance Policies. Similarly, with respect to policies such as car insurance, you may find that as a married couple you can spend less by taking out a single policy rather than insuring your cars on separate policies.
• Beneficiary Designations. When you get married you may want to add your new spouse as a beneficiary to any insurance policies that have a provision for benefits. You’ll need to make this consideration not just for life insurance, but also things like your investment and retirement accounts.

Most importantly, making changes to your insurance policies when you get married is a joint activity that both of you will need to devote the proper time and attention to. Maintain clear and honest channels of communication with your new spouse to make sure that you’re able to make the right decisions.

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5 Insurance Changes To Make When You’re Getting Ready To Have A Baby 6 May 2015 8:12 AM (10 years ago)

Having a child represents a significant change to your life in many different ways. You probably anticipate and understand that your life will have a different focus once you’re a parent, though perhaps the full extent of the change can be hard to understand if this is your first child.

And chances are you’ll also be making plans to address the financial changes that having a child will bring. One sometimes overlooked financial aspect of these changes is your insurance.

In most cases there are at least five basic types of insurance changes you want to consider when you’re getting ready to have a baby.

• Health Insurance. There are really two ways that you want to review and update your health insurance policy when you’re getting ready to have a baby. The first, of course, is to ensure that your policy contains adequate coverage for the expectant mother. Some types of coverage are required by law to be in every health insurance policy, but there can be a broad range in how much optional coverage different policies have.
• Life Insurance. Before the child is born, you want to make sure your life insurance policy contains adequate coverage both for your self and for your spouse. The cost of raising a child is very high, so if one or both of the parents were to pass away, you want to be confident that there are adequate resources available for raising your child.
• Supplemental Insurance. Regardless of whether one or both parents are going to be the breadwinners for the family and the new child, their income is now particularly important. A supplemental insurance policy can provide an extra measure of financial protection if illness or injury causes either earning parent to miss time at work.
• Homeowners Insurance. Do you plan to make any changes or additions to your home when the new baby arrives? Perhaps a new nursery or other expansion? Doing so will likely trigger a need for a review and appropriate upgrade of your homeowners insurance policy.
• Car Insurance. Similarly, consider whether you will buy a new car or minivan in order to transport your new child safety. Doing so will mean new insurance for that car. Do your research and decide whether taking your insurance business to a new provider can save you money.

To be sure, there are a number of other financial changes you’ll need to make as well. For example, you may wish to update your will, as well as the beneficiary designations in your retirement and investment accounts. But don’t overlook the important changes you’ll want to make to your insurance policies.

The post 5 Insurance Changes To Make When You’re Getting Ready To Have A Baby first appeared on InsuranceAdvice.com.

Surprising Things That Raise Your Health Insurance Premiums 30 Jan 2015 4:33 AM (10 years ago)

Chances are that your health insurance costs are becoming an increasingly larger portion of your monthly household budget. So doing whatever you can to reduce those costs (without reducing the scope of coverage) is as important as ever.

For example, you probably already know that staying healthy and quitting smoking will help you keep your health insurance premiums low. Perhaps you’ve even raised your deductibles or your coinsurance ratio, knowing that these steps can help minimize your monthly out-of-pocket costs.

But you might also want to consider some of the surprising things that could raise your health insurance premiums, and act accordingly.

• The Health of Your Co-Workers. Assuming that you get your health insurance coverage through your employer, you’re part of a pool of insurance purchasers along with your co-workers. If you work at a small company where your co-workers are older or are otherwise prone to make a lot of claims against their policies, then you might expect to pay a higher employee contribution each month compared to if you worked at a larger company with a greater number of young and healthier employees. If you do find yourself with higher than expected premiums (particularly if your employer does not contribute anything to your premiums), then you may be able to save money by obtaining individual coverage on your own.
• An Unsupportive Workplace. Speaking of your employer and your co-workers, you might be surprised to learn that workplaces which take extra steps to help improve the health of their employees generally obtain lower insurance rates for them. For example, an employer that offers a wellness program to its employees will generally be able to provide insurance coverage at a lower cost. A workplace that isn’t supportive of employee wellness may be costing you money.
• Practice Safe Driving Habits. Are you a safe driver? If not (or even if you do consider yourself safe, but have been involved in a number of accidents or have received numerous tickets or driving citations), then you might not just be paying more for your car insurance – you might also need to pay more for your health insurance coverage. Individuals with poor driving records are considered to be at greater risk for serious injuries that could require expensive medical treatment.
• “Dangerous” Hobbies. Many applications for health insurance include questions relating to personal hobbies or pastimes. Insurance companies will generally quote a higher insurance coverage rate for individuals that engage in activities that are considered to be dangerous and thus a threat to health and safety. For example, regularly engaging in skydiving and scuba diving will generally trigger higher health insurance premiums.
• Your Occupation. While you can’t be turned down for health insurance coverage based on your occupation, your line of work can affect how much you pay for that coverage. Individuals in careers that have a higher incidence of illness or injury can expect to pay higher health insurance rates.

While you can’t control the rates that the insurance companies charge for coverage, you can try to avoid some of the above factors that would result in you having to pay more.

The post Surprising Things That Raise Your Health Insurance Premiums first appeared on InsuranceAdvice.com.

Homeowners Insurance Endorsements You Should Pay Attention To 26 Feb 2014 6:19 AM (11 years ago)

Homeowners insurance is absolutely essential in order to protect what’s likely the single largest financial asset you own: your home. Besides that, your bank will require that you have a sufficient amount of homeowners’ insurance when you first take out your mortgage, and that you maintain such coverage for the life of the mortgage.

But through the use of optional coverages – also known as “endorsements” – you can make sure you are fully protected. There are many different types available, and insurance companies don’t always do a great job of publicizing what they have to offer. Chances are if there’s something relating to your home or its contents that isn’t covered by a standard policy, there’s an endorsement available (at additional cost) to protect you.

Here is some insurance advice on what endorsements you need to pay attention to.

Homeowners’ Insurance isn’t a One-Size-Fits-All Approach. You might assume that all homeowners’ insurance policies are identical, and that the primary basis for deciding between different options is the premium you’ll have to pay. But insurance coverage can vary significantly from provider to provider, and one of the ways that their policies often differ is on the basis of what’s covered (and not covered) by a standard policy, and the endorsements that are available.

Additional Protection of Home Contents. A standard homeowners’ insurance policy will provide a certain dollar amount of coverage of your possessions. Make sure you know what this limit is, and whether it’s adequate to cover your belongings. If not, then you need to add an additional level of protection to your policy through an appropriate endorsement.

Additional Scope of Coverage. In addition, some categories of personal belongings are subject to specific coverage limitations in a standard homeowners’ policy. Common examples of these include jewelry and watches, computers, artwork, furs and certain types of collectibles. If you have a significant amount of these items then you may wish to

Guaranteed Replacement Costs. A standard homeowners’ policy provides a specific amount of dollar value coverage with respect to your home as well as its contents. This means that if there is ever a covered event and your home is destroyed then you’ll receive that amount as an insurance claim, even if the cost to replace your home (i.e., to rebuild it) is higher.

Water Damage. In many homeowners’ insurance policies, certain types of water damage are not covered. These types of damage could be cause by external flooding that affects your structure, or from occurrences within the home itself (such as drain backups or damage caused by a malfunctioning sump pump).

Additional Liabilities. Finally, some insurance companies offer endorsements that cover additional types of liability that are generally excluded from standard policies. These generally relate to personal injuries that third parties suffer while inside your home or on your property.

The key to protecting your financial future is making sure you’re adequately covered from any significant losses on your home or its belongings. Purchase appropriate endorsements above and beyond your standard homeowners’ policy in order to do so.

The post Homeowners Insurance Endorsements You Should Pay Attention To first appeared on InsuranceAdvice.com.

5 Common Umbrella Insurance Questions Answered 26 Nov 2013 6:42 AM (11 years ago)

Once you’ve got your comprehensive auto and homeowner’s insurance policies in place you’re completely covered against losses relating to your car and home, right? Unfortunately, that’s not necessarily the case.

Homeowner’s and auto insurance policies are subject to maximum coverage limits, so they wouldn’t cover you completely if you’re ever subject to a claim that exceeds your maximum coverage. So if you’re ever subject to a large claim, your personal assets could be subject to loss to cover that claim. Sometimes the best approach in protecting yourself isn’t to get more homeowner’s or auto insurance, but to purchase an umbrella insurance policy instead.

Here is some basic information and insurance advice about umbrella coverage.

1. What is Umbrella Insurance? An umbrella insurance policy provides you with extra liability coverage above and beyond your primary insurance policies. For example, your homeowners insurance may have a $500,000 or $1,000,000 coverage cap on claims arising out of personal injuries that occur in your home or on your property. But it’s not unheard of for a personal injury claim to exceed that amount. Umbrella insurance can cover some or all of the amounts that aren’t otherwise covered by your existing policies.

2. Aren’t My Existing Policies Enough? It’s true that you have liability coverage in your auto and homeowners insurance policies, but those policies caps on the total payout. This means that even if a claim is covered by your existing policy, the amount of the claim might not be. Imagine if you (or anyone else covered by your auto insurance policy) cause an accident that results in several people being seriously injured – your current policy simply might not have a high enough claim cap to cover these damages. Furthermore, chances are good that your existing insurance policies exclude certain personal liability situations – claims which could be covered by an umbrella policy.

3. How Much Coverage Should I Get? Obviously the question of how much umbrella coverage you want to consider is going to depend on your personal financial situation. Obviously the more assets you have, the more you need to protect. The starting point should be for you to examine your current levels of coverage on your existing homeowners and auto insurance policies.

4. How Much Will Umbrella Insurance Cost? The cost of an umbrella insurance policy will depend in large part on your driving record and prior liabilities. The worse your driving record, the higher you may expect your premiums to be. Still, because umbrella insurance coverage supplements your other policies, and is not your primary coverage, you can expect to pay somewhere around a few hundred dollars per year for $1,000,000 in umbrella coverage.

5. Where Can I Get Umbrella Insurance Coverage? If you’re interested in learning more, the first place to check is with your current insurance company. Not only will you already be familiar with their way of doing business, you may be able to obtain a discount by virtue of having multiple policies with the same company.

As with any other type of insurance, umbrella coverage is one of those things you purchase and hope you never have to use. But if you are ever subject to a significant personal liability, you’ll be glad you have it.

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Surprising Reasons Why Obama Care Might Be Right for You 7 Oct 2013 7:19 AM (12 years ago)

Millions of people across the country have visited the HealthCare.gov website since the October 1, 2013 launch. That was the day that the federal health insurance program known as “Obama Care” or the “Affordable Care Act” was officially launched. Although many have visited the site to see what it is about, many are still waiting to see what happens to the health care industry and the financial markets once health care insurance evolves to a more competitive market.

There were certainly a number of glitches in the launch of the web site. The establishment of this more competitive marketplace will certainly take some time, and the jury is still out on whether this will “bend” the cost curve of health care insurance to a downward path.

Regardless of your political affiliation or your views on the program, it might be good to know how Obama’s health care initiative can benefit you.

What is Obama Care? To get a definition of Obama Care let’s go directly to the source; the Patient Protection and Affordable Care Act that was signed into law on March 23, 2010. It’s a national health care plan aimed at reforming the American health care system by reducing the cost of health care and making insurance affordable for everyone.

Equal Care for All. How many times have you heard that someone was denied insurance based on a pre-existing condition? The stories are rampant and often seemingly unfair. If it’s ever happened to you then you know that a pre-existing condition can mean you pay 100% of your health care costs out of pocket, or you’re forced to pay thousand dollar plus insurance premiums each month just to cover yourself. Most people just cannot afford that. Obama Care requires insurance companies to cover all applicants and offer the same rates regardless of pre-existing conditions or sex. It provides equal health care insurance for everyone.

Competitive Rates. On October 1st of 2013, people began enrolling for insurance that will take effect in 2014. Obama Care was designed to make health insurance more competitive and thus drive premiums down. There are presently just two major corporations that control the majority of health insurance around the country.

Greater Choice. According to 2011 data from the National Association of Insurance Commissioners, two companies cover more than 85 percent of individuals who buy their own health insurance in 11 states. In 29 states, a single company has more than half of the customers. With the new health care law you’ll have more options, so there’s a good chance you’ll be able to save money on your monthly premiums.

Tax Incentives and Covered Care. Additionally, Obama Care will provide financial assistance based on income. A single person who earns less than 133 percent of the federal poverty level, which is $14,582 this year, will be eligible for Medicaid benefits in states that opt to expand the program. Tax credits will be provided for private health insurance to people who earn between $11,490 (which is the poverty level for an individual), and four times that amount.

Time will tell how Obama Care impacts the nation and the health care industry. If you’re struggling financially or tired of not having options then Obama Care may be a welcomed development.

The post Surprising Reasons Why Obama Care Might Be Right for You first appeared on InsuranceAdvice.com.

The High Costs of Not Having Health Insurance 26 Sep 2013 4:36 AM (12 years ago)

It would be virtually impossible not to notice how much the price of health insurance and medical care has exploded over the last two decades. The situation has gotten so significant for so many people that comprehensive health care reform (including access to health insurance, medical malpractice reform, and a host of related issues) has become one of the most pressing issues facing our nation.

On an individual level, it’s reached the point where some people have decided that health insurance is simply too expensive, and they forego coverage altogether.

Unfortunately, even though this might save on the monthly expense of paying a premium, there are some high costs involved with not having health insurance.

Medical Costs. Even if you work hard to keep yourself in good health and top physical condition, there’s no way to completely guarantee that you won’t get sick or have an accident or otherwise require medical care. Without insurance you’ll be responsible for the associated medical costs yourself.

Difficulty in Comparison Shopping. Furthermore, there’s a surprising lack of transparency into medical costs, particularly when an individual wants to pay for a procedure themselves. A recent study found that attempts to get a price quote for a standard hip replacement surgery from over 100 hospitals had met with varying levels of success. Only half of the hospitals could provide a price estimate at all, and among those that did the price ranged from approximately $11,000 to over $125,000.

Prescription Drug Costs. In the last decade, the rate of growth in prescription drug costs have exceeded those relating to hospital based care as well as physician and other clinical services. As an increasing number of drugs are being prescribed for an increasing number of health related issues, each price increase compounds to the point that some individuals may be forced to stop taking their medications. It’s worth noting that prescription drug insurance coverage can often be purchased separately from other medical coverage, so individuals who can’t afford comprehensive insurance may still want to seek out a prescription drug program that can fit within their budget.

Missing Work. Not having health insurance can cost you in other ways besides just medical care and prescription drug costs. If you’re sick or injured, then chances are you won’t be able to work. Even if your employer has a generous sick leave policy, at some point you’ll exhaust that benefit and you’ll lose income from not working.

Financial Risks to Your Future. The most common single cause of bankruptcy in the U.S. is a single uninsured illness or accident that’s so expensive (in terms of both direct and indirect costs) that it completely eliminates an individual’s entire savings. Not having adequate coverage can jeopardize your entire financial future.

If comprehensive is too expensive, you should be able to find a more affordable plan (such as a high deductible plan, or one that only covers catastrophic illnesses and injuries). The important thing is to avoid a situation where you have no insurance whatsoever.

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What Your Homeowners Insurance Doesn’t Cover 21 Jun 2013 7:29 AM (12 years ago)

All insurance policies have limitations and exclusions on the things they’re covered, and the amounts you may be able to receive as reimbursement. Your health insurance policy, for example, won’t cover every type of illness and accident or other malady that may affect you. Even umbrella insurance policies have coverage limits and exclusions for certain types of claims.

The same is also true with your homeowner’s insurance policy. You might assume that you’ll be fully covered in compensated for any damage that might happen to your home, for whatever reason, but that’s simply not the case.

Everyone’s policy is different, but here is some insurance advice on things that are excluded from most homeowner’s policies.

Flood Damage. This is potentially one of the biggest exclusions from coverage in a standard homeowner’s insurance policy. A traditional policy will cover damage from wind storms, but not the flooding that often occurs at the same time. Flood coverage is generally available (and may actually be required by your bank when you take out a mortgage), but the policy is separate and additional to the standard policy, and will require you to pay an additional premium.

Replacement Value or Rebuilding. The standard homeowner’s policy provides you with a maximum dollar amount that you’d be eligible to receive in the event of damage that’s covered by the policy. This is not the same thing as being sure you’ll be able to rebuild your home if it’s ever destroyed. Depending on how you’ve improved your home, the health of your local real estate market, and whether your current policy coverage is up to date, there might be a significant shortfall in your coverage amount in terms of being able to rebuild your home.

Home Business Equipment and Liability. Your homeowner’s policy is likely to exclude any coverage of business assets or activities that you conduct from your home. This might not be a big deal if your only business assets are a fax machine and a filing cabinet. But if you’re running a larger home business in your garage or kitchen or basement then this could represent a significant gap in your coverage. Furthermore, liability for injuries arising out of your home based business needs to be covered by a business insurance policy, and are generally excluded from your homeowner’s coverage.

Certain Recreational Improvements. Your homeowner’s policy will include coverage for certain personal injuries that may occur within your home, but particular liabilities are likely to be excluded. For example, injuries that arise from guests using a trampoline or swimming pool on your premises probably won’t be included in a standard policy, and will require a specific rider if you want to be protected.

Finally, pay attention to the deductibles that are contained within your homeowner’s policy. Even if you experience a loss that’s covered by your policy, you’ll be responsible for these premiums yourself. Review these deductible levels from time to time to make sure that they’re appropriate for your financial situation, and that they result in affordable premiums.

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