Insurance and Finance

How Your Insurance Needs Evolve

By Joshua Baethge 10.23.17

Life is full of special occasions. Birthdays. Weddings. Babies. These are the events we will remember clearly as we think back on all our best memories. And while they are cause for celebration, they should also serve as timely reminders to review your changing insurance needs.  


Sweet 16 means driving for many teens. It also means that the family auto insurance bill could almost double. According to a 2013 report by the Centers for Disease Control and Prevention, young people ages 15–19 represent only 7 percent of the U.S. population but account for 11 percent of the total cost of motor vehicle injuries. Consequently, insurance policies for teens are significantly higher, to account for this increased statistical risk.

However, there are steps that parents can take to minimize that increase. With Texas Farm Bureau Insurance’s Academic Achievement Discount, high school juniors and seniors who maintain a B/3.0 average can earn discounts of up to 10 percent on bodily injury liability, medical payments, collision, property damage liability, and personal injury protection. 

Buying a Car 

This is often the first big purchase a young adult will make. There are so many things to consider — where will you be driving, what’s the most cost-effective option for you in terms of gas, repairs, and insurance? What’s a safe option in your price range that also fits your lifestyle? The most painless way to get through this decision is simply to know your options — like how buying will affect your insurance rate, who needs to be insured, and what discounts are available to you


Tying the knot often has the opposite effect on the bottom line. You can often get an auto policy at a reduced rate as a married couple or multi-car household. Many couples also discover that health insurance options are better when they join a spouse’s plan instead of maintaining separate ones. Not reviewing your changing options when you get married may cost you significant money.

Buying Property

For many people, buying a house will be the biggest investment they make in their lifetime. As any homeowner will tell you, the cost of the house is just the beginning. There will be leaky pipes, missing shingles, and other unforeseen events that can eat into your pocketbook. A good homeowners policy goes a long way toward preventing everyday issues from becoming financial crises.

Mortgage protection insurance can also shield you in the event of a death or unplanned loss of income. While these situations may be difficult to think about, not planning for them may make them even harder to face when the time comes.


A new child in the family is an important time to review insurance options. The plan that was right for you as a couple may not be the best for your growing family. It might also be a time to invest in a life insurance plan — especially since your rates will be lower the younger you are.

As you move through all of life’s biggest challenges and best occasions, make sure you are protected for every scenario by scheduling a 360 Review with your Texas Farm Bureau Insurance Agent.

Coverage and discounts are subject to qualifications and policy terms and may vary by situation. Life insurance products are offered through Southern Farm Bureau Life Insurance Company. 

© 2017 Texas Farm Bureau Insurance