We’re from the government and we’re here to help with insurance?

No matter how much people joke about government, the fact is we generally trust our bureaucracy for objective information, particularly about insurance. A few months back, for example, we wrote a column about annuities, an insurance product that can guarantee buyers a steady stream of income.

Of all the links we provided, the link to Maine’s Bureau of Insurance (a consumer guide) was the most often clicked by a margin of 3 to 1. So, what else does the Bureau of Insurance offer when it comes to objective information?

The state’s website has an easy-to-understand section called Life Situations: Tips & Information. Under four separate tabs, they offer guidance on Auto, Home, Health and Life insurance. The content is provided by the National Association of Insurance Commissioners (NAIC), the state regulators who oversee the insurance industry. Their job is to protect consumers by assuring companies have adequate funds for payment of claims, appropriate business conduct and licenses. They also collaborate on model legislation to make state laws as similar as possible.

A valuable aspect of this web site content is their Life Stage Links that cover everything from what roommates should be doing for coverage to considerations for those in the military; from established families to senior citizens.

The Bureau’s website also offers online brochures in English and Spanish. In addition, there is a Glossary of terms that we use every day in the insurance business but which can be confusing for consumers.

Here is one excerpt about the topic of life insurance:

Special Life Insurance Considerations for Established Families

Chances are that at this stage of your life, you own life insurance and are generally familiar with the different types. However, people at this age often begin to ignore their policies. It may be important to periodically review and update your coverage to reflect changes in your financial situation and family composition.

One strategy to keep costs down for a growing family may be to take a look at term life insurance, which offers financial protection for a specified time period. For example, term life insurance is often appropriate to provide coverage during your child-rearing years or while paying off a mortgage. You may want to consider this cost-effective way to protect your family while still putting money into other investments.

Consider the future costs of your child’s college education when determining how much life insurance you need at this life stage,and remember that permanent life insurance can help to complete a college savings program that is not fully funded. Another option you may want to consider is purchasing a combination of term life insurance and whole life insurance.

Insurance is not a one-and-done proposition. It should change with your life circumstances. That’s why we like to review insurance programs on a regular basis. Our job is to present you options with the best coverage at the most reasonable price to help meet your current and future needs. With the complexities involved, it is not something where you should go it alone. We’re from Clark Insurance and we’re to help.