Fixed annuities fell out of fashion when the stock market was rising, but are getting a second look these days from investors whose retirement accounts were battered when stocks tumbled.
“This economy has caused people to fear outliving their money,” said Carrie Coghill Kuntz, president of wealth management firm DB Root Co., Downtown. “An immediate annuity takes away that fear because the insurance company promises to pay until a person dies.”
Cash-strapped families might be tempted to let insurance policies lapse or, at the very least, reduce auto, home and life insurance coverage.
That may be possible in some cases, but making dramatic changes may not be necessary to save money. “Families should consider whether a short-term saving is worth the long-term risk,” says Roger Sevigny, president of the National Association of Insurance Commissioners.
As you consider ways to cut corners on your insurance, you should start by shopping around. Many people stick with their policy for years without comparing prices and may be missing a much better deal. And if you rely on different insurers for your home and auto insurance, bundling them together with one company could save you money.
Allstate receives “superior” ratings from A.M. Best and is a “Fortune 100” company. Concerned with the specific needs of Florida residents, Allstate provides an online summary of what Florida car insurance policies are required and what policies are more popular in Florida, making it easy for Florida residents to understand their auto insurance needs.
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