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Archive for October 2009

Raritan Valley Insurance Services, Inc. – Tips to Save on Homeowners Insurance

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RVIS is an independent insurance agency located in Flemington NJ. We specialize in auto insurance, homeowners insurance, and business insurance.

via Raritan Valley Insurance Services, Inc. – Tips to Save on Homeowners Insurance.

Written by gbwinsurance

October 12, 2009 at 4:06 pm

Posted in Insurance

Life insurance for new families

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What does it cost to raise a child?
Let’s skip college costs, they’re too big to contemplate.  Here are New Jersey college examples.

Rutgers (http://admissions.rutgers.edu/costs/TuitionAndFees.aspx) costs $22,262 a year.  Now.

Princeton (http://www.princeton.edu/admission/financialaid/cost/) costs $50,620 a year. Now.

So what else might a child cost?  From 0 to 18 years old, for a middle-class family in northern New Jersey, depending on which calculator you use and whether the calculator adjusts for inflation, somewhere between $200,000 and $300,000.  Take your own guess on how much college might cost when your new baby gets there.  (Princeton does say they give financial aid.)

If a parent is earning $60,000 a year, during that same 18 years (n0t adding for inflation), she or he will contribute over $1,000,000 ; before taxes.

I just clicked on a quick quote and the first 12 life insurance companies’ quotes for a woman in New Jersey aged 25, $1M amount, 20 years level cost term insurance, non-smoker, excellent health, came out $345 to $415 a year.  The next health category down added about $100 to $150 to each year’s price.

A small life insurance policy might not be enough to cover everything a family needs.   It sure doesn’t replace a parent. But it would be a lot better than nothing.

Takes a phone call, answering some questions, a short medical exam. 

1-800-548-2329  www.gbwinsurance.com

Written by gbwinsurance

October 12, 2009 at 3:47 pm

Posted in Insurance