It may seem counterintuitive that “empty nesters” need life insurance after the kids have left home. But some retirees still have dependents, such as disabled adult children. Many empty nesters also still have financial obligations, such as the mortgage on a home or second home, that could become burdensome if a spouse dies or becomes disabled.

More importantly, if you died today, your spouse could outlive you by 10, 20 or even 30 years. Would your spouse have to make drastic lifestyle changes to make ends meet? Your death could reduce the Social Security benefits your spouse had been counting on. It also could bring on unplanned medical and funeral expenses and other costs. Life insurance coverage can preserve the retirement plan you worked so hard to put in place.

Life insurance also can ensure your estate will be passed on, intact, to your survivors. A policy’s death benefit can help foot the estate tax bill from Uncle Sam. It also can provide a legacy for your children and grandchildren even if you use up most of your assets during your lifetime. For all these reasons, if you’ve been thinking about dropping your coverage, you may want to reconsider.

But what if your retired or nearing retirement and you don’t have life insurance? You may think that you’ll no longer qualify due to your age or health conditions you may have. That’s not necessarily the case. Americans age 60 and older is among the fastest growing markets for life insurance purchases.

Even if you’re considerably older or coping with serious health challenges, there still may be an option for you. Final expense insurance is a form of life insurance that requires little or no underwriting, which means almost anyone can qualify. Policies are available in face amounts typically ranging from several thousands of dollars up to a maximum of $50,000 or $75,000 – much less than a standard life insurance policy. That’s because these policies are only intended to cover final expenses and not longer-range expenses like ongoing living costs or college or retirement funding.

 Final expense insurance typically comes in two varieties. Immediate full benefit policies, which pay the full face value upon your death, are generally available to people with no serious health concerns. Graded benefit policies provide limited benefits during the first few years and are available to people with serious health concerns. These policies can provide the peace of mind of knowing that your survivors won’t struggle to pay for your funeral or be saddled with outstanding medical bills and other debts.

 Long-term care insurance usually takes effect when you cannot perform at least two activities of daily living, such as bathing, eating or dressing. The cost of this insurance rises as you grow older. But if you do not have it and can afford it, you should consider it. The cost of home health care aid, an assisted living facility or a nursing home can quickly deplete your life’s savings. Medicaid, a government program, only kicks in once your assets are significantly depleted, and you may not get exactly the care you want through Medicaid.

 On the other hand, long-term care insurance isn’t right for everyone. If you have substantial assets and won’t be adversely impacted by the cost of long-term care, you won’t need the insurance. Or, if your assets are modest (less than $80,000 if you’re married, or $30,000 if you’re single) it’s probably not cost effective.

‘Tis the season for holiday get-togethers with food, friendship, fun and alcohol. If you do consume alcoholic beverages, make sure you have a designated driver. Even in low doses (one to two drinks), alcohol lowers inhibitions, impairs concentration, slows reflexes, impairs reaction time and reduces coordination.

According to the National Commission Against Drunk Driving (NCADD), over 17,000 Americans die each year in alcohol-related traffic crashes; that averages out to about one person every 30 minutes. Even if you are not involved in an alcohol related crash, you can still be pulled over and convicted of driving under the influence (DUI). State laws and punishments vary for a DUI conviction, but consequences with your insurance company are pretty standard.

“When your insurer finds out about a DUI conviction, they will most likely increase your rates and might even cancel or not renew your policy,” says Cindy Steinbach, Mayville Insurance Agency. “You will be labeled a high-risk driver and most likely have to file proof of insurance or financial responsibility for three to five years with your state’s department of motor vehicles.”

Steinbach continues, “If your insurer cancels your insurance mid-term or terminates the policy at the end of the term, you will have to purchase insurance from another company. This can be difficult to do once you have a cancellation in your history. However, many insurers don’t use the DUI as the only criteria for raising your rates or cancelling your policy. Some will also consider your claim history before making a decision. But your fate is in the insurer’s hands.”

“The best way to protect yourself is to never drink and drive,” says Steinbach. “Always use a designated driver and you won’t have to deal with any of the unpleasant consequences of a DUI or worse yet, a crash.”

When purchasing life insurance, there are many variables to consider including which type of life insurance is right for you: term or whole life. Term insurance can protect your family’s finances; providing money for college and/or living expenses for minor children. Some financial planners recommend you buy term life insurance for the cheaper premium, and then invest the money left over in mutual funds or other investments. Others advocate whole life insurance policies with cash value components because they force you to save money.

“When you purchase a whole life policy, the money you invest is then re-invested in stocks, bonds, and mutual funds that increase or decrease in value based on their performance,” says Paul Backhaus, Mayville Insurance Agency. “Any partial withdrawals or loans will reduce your death benefit. Each year you own the policy, more of your premium goes to insuring you and less goes toward the investment.”

Backhaus continues, “Term life insurance covers you for a set period of time. The term can be as short as one year or as long as 30 years. Term life insurance protects loved ones by covering specific debt and protecting family finances. Insurance companies usually require a basic medical exam that covers your height, weight, medical history, and blood and urine testing before issuing life insurance. The results of the tests could affect your premium, or even your ability to buy a policy.”

Those with preexisting medical conditions or that engage in risky activities, such as smoking or drag racing, will pay a higher premium. Older individuals also pay higher premiums because the likelihood they will die sooner increases with age. Those having difficulty finding life insurance due to illness or medical history can purchase guaranteed issue life insurance, which requires no medical exam, but typically has higher premiums and yearly fees.

If you know how to shop for insurance, you could save hundreds of dollars on premiums. Here are ways you can save money on your next life insurance purchase:

• Have your professional independent agent shop around to find the best rate to fit your needs.

• Improve your health. Eat right, exercise and quit activities like smoking. If you do have a preexisting medical condition, such as diabetes, show that you take your medication regularly and act responsibly about your health.

 • If you need more life insurance, a “rider” may let you expand your coverage without sacrificing the built-up cash value of a whole life policy.

 • Don’t buy a guaranteed issue policy if you are healthy.

 • Buy life insurance early in life. You’re annual premiums will be lower.

 • Maintain good credit. If there are problems with your credit, you could be denied coverage or be placed in a higher risk class.

 • Save money by the way you’re billed. Some insurers charge less if you pay annually and more if you pay monthly.

 To determine how much life insurance to buy or if your needs have changed since purchasing a policy, meet with your professional independent agent at least once a year. They will be able to find the best rate on the coverage you need and will be able to answer any questions you may have about your policy.

• more than half of homeowners polled think damage from a break in the water line on their property supplying their home is covered

•over a third of home owners think sewer-line breaks, earthquakes and mold are covered, and

•over 30 percent think damage from termites or other infestation is covered.

“It is important for homeowners to fully understand the policy they are buying,” says Cindy Steinbach, Mayville Insurance Agency. “Typical exclusions from homeowners policies include earth movement, water damage, neglect, war, nuclear action and mold. If you aren’t sure if you are covered in a specific scenario, explain it to your professional independent agent. They will be able to tell you whether or not you are covered.”

Steinbach continues, “A typical homeowners policy will cover fire, theft, liability, vandalism and smoke damage. Damage from some natural disasters like windstorms, hail, and lightning also may be covered. With the summer storm season approaching, this is a great time to review your policy with your professional independent agent. They can help you determine whether or not your current level of coverage is adequate.”

According to the American Council of Life Insurers, one third of all Americans between the ages 35 and 65 will become disabled for more than 90 days. 46 percent of all mortgage foreclosures in the U.S. are caused by disability, according to the U.S. Department of Housing and Urban Development. Although people tend to associate “accidents” with disability, you can become disabled through a disease such as cancer or other long-term illnesses.

So why do only 15 percent of U.S. workers carry disability insurance? Many consider disability insurance to be too expensive or assume they won’t need it because “it won’t happen to them.” This is a dangerous assumption.

“Disability insurance replaces a portion of your income if you become disabled and are no longer able to work,” says Paul Backhaus, Mayville Insurance Agency. “Many employers provide disability insurance in the form of a group plan. A typical group plan replaces up to 60% of your regular salary and has limits on the amount of time it will pay benefits.”

“You can also choose to purchase an individual plan, either as your primary disability insurance if your employer doesn’t offer a group plan or to supplement another policy,” says Backhaus. “An individual plan will allow you to insure another 10% to 20% of your income and the amount that you receive is not offset by any other benefits you may receive, such as Social Security.”

There are two types of disability insurance: short term disability and long term disability. Short-term disability insurance starts soon after you’re unable to work due to an illness, injury or the birth of a child. Many employers provide some type of coverage, ranging from just a few days to as much as one year. Long-term disability insurance begins once your short-term disability benefits run out.

“Purchasing disability insurance can be confusing,” says Backhaus. “Pricing varies based on your age, gender, amount of coverage, health status and even your occupation. Your professional independent agent can help you decide what type and amount of coverage will best protect you and your family.”

In 2004, the most recent year with results available, 8,750 claims were made against uninsured drivers and/or automobile owners in Wisconsin. Damages exceeded $37 million and as of July of 2006, 430 of those motorists still had unresolved claims against them.

“If you are in a collision with an uninsured or underinsured motorist and do not have adequate uninsured/underinsured motorist coverage, you may not be properly compensated for injuries that you, or other occupants of your vehicle sustain,” says Cindy Steinbach, Mayville Insurance Agency.

Although Wisconsin does not require proof of insurance to receive a drivers license or to register a vehicle, it does have a financial responsibility law. The law states that any motorist licensed to drive in Wisconsin must pay for damages to others though a liability insurance policy, a surety bond, personal funds or a certificate of self-insurance. But if an uninsured or underinsured driver hits you and has no means to pay for the damage, your only option is to sue the other driver for damages. It may take years for you to be reimbursed, if at all.

“Uninsured motorists coverage protects you by providing money to cover bodily injury to you and other occupants of your vehicle (or if you are injured as a pedestrian) that were caused by an uninsured motorist or a hit-and-run driver,” says Steinbach. “This protection does not cover damage to your vehicle or your property and is purchased as part of a typical auto insurance policy.”

“Underinsured motorists coverage increases the bodily injury protection for you and the other occupants of your vehicle up to the amount you purchase. This coverage would go into effect when the party causing the accident has lower bodily injury liability limits than your underinsured motorists limits.”

Your professional independent agent can help you determine the right amount of uninsured and/or underinsured motorist coverage to purchase for your situation.

Think you don’t need flood insurance? Recent weather conditions have forced many Wisconsin home owners to reevaluate that question.

Floods and flash floods happen in all 50 states and nearly everyone lives in a potential flood zone. Every year, flooding causes more than $2.4 billion of property damage in the U.S. Nationally, homeowners have a 26 percent chance of flood damage over a 30-year period versus only a 9 percent chance of damage due to fire.

“Only an inch of water can cause costly damage to your property,” says Cindy Steinbach, Mayville Insurance Agency. ”Basic home owners’ policies do not cover flood damage, so a federal government backed flood insurance policy is needed.”

“The large amount of rain Wisconsin has received lately has caused flooding, which can lead to sewer back-ups,” says Steinbach. “Sewer back-ups are typically not covered or covered on a limited basis under your homeowner’s policy. Purchasing flood insurance should protect you if a sewer were to back-up due to flooding. Review your policy with your professional independent agent to ensure that you have the right type and amount of coverage for your situation.”

In order to purchase flood insurance, your community must participate in the National Flood Insurance Program (NFIP). A $100,000 flood insurance premium is roughly $400 a year. If you live in a low to moderate risk area, your premium may be even lower. Last year, one-third of all claims paid by the National Flood Insurance Program (NFIP) were for policies in low-risk communities.

“If you live on a coastline, flood plain, etc., you may not qualify for federally subsidized insurance and if you do, your rates will be substantially higher,” says Steinbach. “In this case, should a flood occur, your only option may be federal disaster assistance in the form of a loan that has to be paid back with interest.”

Land development can increase flood risk if construction has altered natural runoff paths. Areas that have not flooded before may be susceptible if surrounding land becomes developed.

If you are building or renovating a home in a floodplain, be sure to elevate the furnace, water heater, and electric panel. Also, install “check valves” in sewer traps to prevent flood water from backing up into the drains of your home.

“Flood policies typically take 30 days to take effect, so be prepared before the floodwaters start to rise,” says Steinbach. “Contact your professional independent insurance agent to discuss adding flood insurance on your home.”

“Annually reviewing your insurance policies with your professional independent agent will help ensure that you are adequately covered and can help you to save money,” says Cindy Steinbach, Mayville Insurance Agency.

To save on homeowners insurance:

• Update your home inventory to reflect any major purchases and let your professional independent agent know if you’ve made any major additions so they get an accurate representation of your situation and the coverage you need.

• If you are in the market, purchase a newer home. You may be charged a lower rate because it’s electrical, heating and plumbing systems, as well as the overall structure are typically in better shape than an older home.

• It is usually not necessary to insure the land your home is built on. In the event of a disaster, the land will most likely remain. Only insure your home, outbuildings and your possessions.

• Adding deadbolts, home security systems and smoke detectors can lead to a discount from some insurance companies.

To save on auto insurance:

• See if you qualify for a low-mileage discount (if you drive less than a certain number of miles each year) or a discount if you use your car for pleasure only.

• Maintain a clean driving record.

• Purchase a low-profile vehicle that isn’t likely to be a target for thieves. To view a list of the “Most Stolen Vehicles”, visit the National Insurance Crime Bureau’s website at https://www.nicb.org/HotWheels/index.html.

For savings on life insurance:

 • Find out the rate per $1,000 of coverage, which often drops as the amount of coverage increases.

 • Start or maintain a healthy lifestyle. Quit smoking, exercise, and eat a healthy, balanced diet.

• Compare the single annual payment price to the total cost of the monthly payments. Monthly payments may cost you more than paying the premium up front.

“For all types of insurance, make sure your credit is in good shape because it is a factor companies use when determining your rate,” says Steinbach. “Try to purchase policies from the same company. If you have your home and auto insurance through the same company, you may qualify for a multiline discount. Increasing your deductibles can help you save on your premiums; if you can afford to cover the larger deductable if something happens. Your professional independent agent can help determine the policy for your situation.”

When you travel, either for a vacation or business, your focus is usually on purchasing airfare, making hotel reservations and figuring out what to do once you get to your destination. But if you aren’t reviewing your insurance policies before you leave, you may be putting yourself unnecessarily at risk in the event you get sick or in an accident.

“Take some time to review your auto and health insurance policies with your professional independent agent before leaving to ensure that you will be covered in an emergency, and are not paying for extra coverage you may not need,” says Cindy Steinbach, Mayville Insurance Agency.

Steinbach continues. ” Rental car insurance is an area where you may not have to pay extra coverage if your  regular auto policy extends collision and comprehensive coverage to rental cars in any state or country. Your professional independent agent can tell you if you are properly covered. Those without a comprehensive auto policy may rely on the coverage provided by their major credit card or through the loss damage waiver they can purchase through the rental car company for coverage. However, these options may not provide full coverage and will have exclusions so it is very important to read the fine print in the contract.

“If you have suffered a loss that isn’t covered under your auto policy, it might be covered under one of your other insurance policies. For example, if personal property has been stolen from your rental car, it may be covered under your homeowners or renters policy.”

When traveling within the U.S., most auto and health insurance policies will be sufficient to protect you while you travel. Your professional independent agent will be able to let you know if there are any gaps in your coverage. But when you travel internationally, these policies often aren’t enough to provide you with adequate coverage.

“Purchasing a travel insurance policy, through a reputable insurance company, should cover you in the event of an emergency overseas,” says Steinbach. “Typically, a comprehensive travel insurance policy will cost five to seven percent of the price of your trip. One of the biggest benefits of purchasing this coverage is the emergency medical evacuation. The costs to airlift you off a cruise ship or even to a different hospital can climb as high as $50,000, which you would be responsible for without this coverage.

“Another advantage is the 24-hour telephone assistance that many travel insurers provide. They can help you find a local pharmacy, get a replacement set of glasses, find an English-speaking doctor or reputable hospital and more.”

Ask your professional independent agent about purchasing a full-overseas insurance pack. These packages can cost less than $50 per person for seven days of coverage and typically include emergency medical evacuation, emergency medical and dental, accidental death and dismemberment, repatriation of remains, visitor to bedside and return of dependent children, pre-existing condition waiver, lost/damaged baggage, rental car protection and trip cancellation/delay/ interruption/default.

Many local citizens give back to their communities by volunteering their time to nonprofit organizations. But these individuals may be putting themselves at risk of being part of lawsuits against the very organizations that they’re trying to help.

“General liability insurance protects your organization from lawsuits involving bodily injury and property damage,” says Brad Steinbach, Mayville Insurance Agency. “But you may not be covered in the event of an abuse or molestation claim, if the space you are renting is damaged, if there is a fire or if one of your volunteers is injured.”

When you review your policy with your professional independent agent, be sure to check whether you are covered in the following areas:

• Abuse/Molestation Coverage: If your organization works with children, the elderly or the infirm, this coverage is especially important.

• Volunteer Coverage: Paid employees of your organization are covered within the definition of ‘who is an insured,’ but volunteers typically have to depend on their own resources or their homeowner’s insurance for protection. Also, check with your professional independent agent to determine if and when a volunteer might be considered an employee under your workers compensation insurance.

• Damage to rented space: If there is damage to the area you are renting to run your organization, are you liable or is the landlord?

• Business Income Coverage: Even nonprofits have revenues to protect, such as operating expenses and payroll.

• Professional Liability Insurance: This is especially important if your organization is in the health-care or human services field where there is a risk of malpractice.

• Auto Insurance: Are your employees or volunteers covered if they are driving an organization owned vehicle or even their own vehicle on organization business?

“If your nonprofit has a board of directors, you might also want to add a directors and officers (D&O) policy,” says Steinbach. “D&O insurance provides financial protection for the directors and officers on the board in the event they are sued in conjunction with the performance of their duties as they relate to the organization. Your professional independent agent can determine whether or not this type of coverage is appropriate for your organization.”