Established Families

Last updated: October 7, 2015

What You Need To Know About Insurance

Auto Insurance

  • Teenagers cause rates to increase

  • See if your child needs a separate policy for taking the car to college

  • If you are driving other’s kids around, consider increasing your liability insurance

  • Consider an umbrella policy to keep your assets safe

  • Ask about “Accident Forgiveness” clause

  • Compare other companies for different teen rates and policies

  • Have your kids take a defensive drivers course and driver’s education class for cheaper premiums

  • Keep a clean driving record

  • Good grades can get your kids a discount

Home Insurance

  • Increase coverage as you increase the value of your home and possessions

  • If making major (< $5,000) home improvements notify insurance company to update your insurance policy

  • Inform your insurance company when putting in activity items (play sets, swimming pools, trampolines): you may need to increase your umbrella policy

  • Raising your deductible lowers premium costs

  • Be sure to know exactly what is not covered by your policy

Health Insurance

  • When approaching the annual enrollment date, reevaluate and alter your coverage policy as your needs change

  • With young children, consider preventative care providing “well visits” as well as shots

  • Children in college can stay on your plan until they are 26. Be sure the campus and local doctors accept your coverage or seek to purchase a plan through the college

  • Consider a flexible spending account to cover some of the common costs that fall outside your plan

  • Know your rights and the policies of COBRA (click here for more information)

  • If over 50, consider a long-term care insurance plan

  • Consider Disability Insurance

Life Insurance

  • Make sure you review your policy periodically so it reflects changes in your family or finances

  • You can consider purchasing an annuity, but be sure to examine the different types and understand any penalties or fees you may incur.

This article is published on KansasMoney.gov. Find more information by contacting these state agencies: