38:["$","$L39",null,{"category":"$3a","relatedArticles":[{"id":"cG9zdDoxODM4Mzc=","databaseId":183837,"postId":183837,"author":{"node":{"id":"dXNlcjo4Mg==","databaseId":82,"userId":82,"avatar":{"url":"https://secure.gravatar.com/avatar/debb0fca09e526f964a8b9a94a6b5a26?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Ben Geier is an experienced financial writer currently serving as a retirement and investing expert at SmartAsset. His work has appeared on Fortune, Mic.com and CNNMoney. Ben is a graduate of Northwestern University and a part-time student at the City University of New York Graduate Center. He is a Certified Educator in Personal Finance® (CEPF®) and a member of the Society for Advancing Business Editing and Writing. When he isn’t helping people understand their finances, Ben likes watching hockey, listening to music and experimenting in the kitchen. Originally from Alexandria, VA, he now lives in Brooklyn with his wife.","additionalMeta":{"expertise":null,"__typename":"User_Additionalmeta"},"email":null,"firstName":"Ben","fullName":"Ben Geier, CEPF®","lastName":"Geier, CEPF®","name":"Ben Geier, CEPF®","postCount":{"pageInfo":{"offsetPagination":{"total":512,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"bgeier","__typename":"User"},"__typename":"NodeWithAuthorToUserConnectionEdge"},"categories":{"nodes":[{"id":"dGVybTo5MQ==","children":{"nodes":[{"name":"Disability Insurance","slug":"disability-insurance","__typename":"Category"},{"name":"Health Insurance","slug":"health-insurance","__typename":"Category"},{"name":"Home Insurance","slug":"home-insurance","__typename":"Category"},{"name":"Liability Insurance","slug":"liability-insurance","__typename":"Category"},{"name":"Life Insurance","slug":"life-insurance-policies","__typename":"Category"},{"name":"Long-Term Care Insurance","slug":"long-term-care-insurance","__typename":"Category"},{"name":"Other","slug":"other-insurance","__typename":"Category"},{"name":"Vehicle Insurance","slug":"vehicle-insurance","__typename":"Category"}],"__typename":"CategoryToCategoryConnection"},"databaseId":91,"categoryId":91,"link":"https://smartasset.com/insurance/articles","name":"Insurance","postCount":{"pageInfo":{"offsetPagination":{"total":56,"__typename":"OffsetPaginationPageInfo"},"__typename":"CategoryToPostConnectionPageInfo"},"__typename":"CategoryToPostConnection"},"slug":"insurance","ancestors":null,"parent":null,"__typename":"Category"}],"__typename":"PostToCategoryConnection"},"content":"$3b","date":"2023-01-20T17:11:39","excerpt":"

\n","featuredImage":{"id":"cG9zdDoxODM4Mzg=","databaseId":183838,"altText":"life insurance tentpole","date":"2023-01-21T02:00:30","fileSize":60856,"mimeType":"image/jpeg","modified":"2023-01-21T02:00:30","sourceUrl":"https://smartasset.com/wp-content/uploads/sites/2/2023/01/insurance-1.jpg","__typename":"MediaItem"},"modified":{"datetime":"2023-3-21","readable":"March 21, 2023"},"multipleBylinesByRole":{"editedBy":null,"reviewedBy":null,"writtenBy":null,"factCheckedBy":null,"secondEditor":null,"hideAuthor":null,"__typename":"Post_Multiplebylinesbyrole"},"adTargetingOverrides":{"fieldGroupName":"adTargetingOverrides","pageGroupNewKey":null,"__typename":"Post_Adtargetingoverrides"},"seo":{"canonical":"https://smartasset.com/insurance/what-you-need-to-know-about-life-insurance","metaDesc":"If you're considering buying life insurance, here's what to know before you move forward.","metaKeywords":"","metaRobotsNofollow":"follow","metaRobotsNoindex":"index","readingTime":5,"title":"What You Need to Know About Life Insurance","__typename":"PostTypeSEO"},"slug":"what-you-need-to-know-about-life-insurance","status":"publish","title":"What You Need to Know About Life Insurance","uri":"/insurance/what-you-need-to-know-about-life-insurance","tags":{"nodes":[],"__typename":"PostToTagConnection"},"__typename":"Post","adPageGroupOverride":null,"bylines":{"writtenBy":{"id":"dXNlcjo4Mg==","databaseId":82,"userId":82,"avatar":"$3c","description":"Ben Geier is an experienced financial writer currently serving as a retirement and investing expert at SmartAsset. His work has appeared on Fortune, Mic.com and CNNMoney. Ben is a graduate of Northwestern University and a part-time student at the City University of New York Graduate Center. He is a Certified Educator in Personal Finance® (CEPF®) and a member of the Society for Advancing Business Editing and Writing. When he isn’t helping people understand their finances, Ben likes watching hockey, listening to music and experimenting in the kitchen. Originally from Alexandria, VA, he now lives in Brooklyn with his wife.","additionalMeta":"$3d","email":null,"firstName":"Ben","fullName":"Ben Geier, CEPF®","lastName":"Geier, CEPF®","name":"Ben Geier, CEPF®","postCount":"$3e","slug":"ben-geier-cepf","__typename":"User"},"editedBy":null,"reviewedBy":null,"factCheckedBy":null,"secondEditor":null},"category":{"id":"dGVybTo5MQ==","children":"$41","databaseId":91,"categoryId":91,"link":"https://smartasset.com/insurance/articles","name":"Insurance","postCount":56,"slug":"insurance","ancestors":null,"parent":null,"__typename":"Category"},"isModifiedBeforePublished":false,"contentBlocks":["

For many people, especially those with spouses and children, buying life insurance can be an important part of being financially responsible and making sure their family is provided for should the worst happen. The first step in determining whether you need life insurance, and what type to get, is to educate yourself. This page will walk you through what you need to know.

","

If you want more help with life insurance, consider working with a financial advisor.

","

Life Insurance Definition

","

Life insurance works like any other insurance product — you pay a premium now in exchange for the promise of money later — in this case, upon your death. You’ll pay a predetermined amount of money each month for a predetermined amount of time, and then when you die, your family gets a predetermined cash payout.

","

There are a several types of life insurance you buy, but there are two basic ones you should know about:

","

Term life insurance: this type of policy lasts for a specific amount of time. Generally it’s around 10 years, but it could be as few as five or up to 30. Your beneficiaries only get the payout if your death occurs during the specific period of your contract.
Whole life insurance: this type of policy, on the other hand, is permanent. You pay an annual premium and for as long as you pay each period, you have a death benefit for your family whenever you die.

","

Should You Get Life Insurance — and Which Type?

","

Not everyone needs life insurance, so the first step is to decide whether or not it is appropriate for your situation. It depends largely on whether or not you have family members or rely on your earnings to live their lives.

","

If you have children, chances are you will want to get life insurance. Unless you are independently wealthy or have a spouse who makes sufficient money to support the family, you’ll want to provide your family with money if you pass away. If you don’t have children but you are the only breadwinner in your marriage, you’ll also want to consider getting insurance.

","

Then there is the question of which type of insurance you should get. If the primary purpose of your insurance is to take care of minor children, term-life insurance that expires around the time your children are no longer your dependents makes sense. If, on the other hand, you have a spouse who needs your support, whole life insurance is probably a better bet.

","

How to Buy Life Insurance

","

There are a few ways to buy life insurance. The first and likely most common is to go directly to an insurance broker, who will ask you a number of questions about your medical background, which will help determine what your premium payments are.

","

You can also buy insurance online. SmartAsset has a page with live insurance quotes, so that is a good place to start.

","

The last option is to use a financial advisor who is also an insurance agent. This professional will operate just like any other insurance broker but can also create a financial plan and manage your other investments. If this is the route you go, keep in mind that this advisor will not be bound by fiduciary standard when serving as an advisor; rather, he or she will only be bound by the suitability standard. As long as this professional’s recommendation to you is suitable, the person is in the clear. This advisor — called a “fee-based” advisor — will have financial incentive to recommend to you the policy that makes him or her the most money, even if it isn’t the best option for you.

","

How Much Life Insurance Should You Buy?

","

The last question, of course, is how much life insurance you should buy. While an advisor can help you decide what payout is appropriate, the most important thing is to consider your family’s lifestyle and how much money your family will need to continue that lifestyle if you were to die. You should also take into account funeral costs, which your family may want to cover with the life insurance payout.

","

To get started figuring out how much life insurance you should buy, consider using SmartAsset’s free calculator.

","

The Bottom Line

","

Life insurance is a key part of many financial plans, but it isn’t always easy to determine exactly how to use it. You’ll want to consider which type of insurance works for you and how much you’ll need. A financial advisor can help you, but remember that the person may be paid commissions and have incentive to sell you the product that will earn him or her the most money.

","

Life Insurance Tips

","$4b","

Photo credit: ©iStock.com/Brothers91, ©iStock.com/sorn340, ©iStock.com/Drazen Zigic

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\n","featuredImage":{"id":"cG9zdDoyMzk3MDA=","databaseId":239700,"altText":"A couple researching eligibility for Social Security Disability benefits.","date":"2024-03-01T18:26:33","fileSize":1300831,"mimeType":"image/jpeg","modified":"2024-03-01T18:28:52","sourceUrl":"https://smartasset.com/wp-content/uploads/sites/2/2024/03/iStock-1296068522.jpg","__typename":"MediaItem"},"modified":{"datetime":"2024-3-1","readable":"March 1, 2024"},"multipleBylinesByRole":{"editedBy":{"id":"dXNlcjoxMTc=","databaseId":117,"userId":117,"avatar":{"url":"https://secure.gravatar.com/avatar/9fffe2eb35204e151b68731435d247c5?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Arturo Conde is a senior editor at SmartAsset. He has a master’s from the Graduate School of Journalism at Columbia University and a bachelor’s from the College of Arts and Science at New York University. As a certified educator in personal finance, he edits and writes content that focuses on retirement, investments, home buying and other financial topics.\r\n\r\nArturo is a bilingual native in English and Spanish, and also writes as a freelance journalist for NBC News, among other publications. His articles have been published in Fusion, Univision, City Limits, the NACLA Report on the Americas and WhoWhatWhy, as well as La Opinión A Coruña newspaper in Spain.","additionalMeta":{"expertise":"Financial Planning, Retirement Planning, Investment Planning, Tax Planning","__typename":"User_Additionalmeta"},"email":null,"firstName":"Arturo","fullName":"Arturo Conde, CEPF®","lastName":"Conde, CEPF®","name":"Arturo Conde, CEPF®","postCount":{"pageInfo":{"offsetPagination":{"total":38,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"aconde","__typename":"User"},"reviewedBy":null,"writtenBy":{"id":"dXNlcjo5Mw==","databaseId":93,"userId":93,"avatar":{"url":"https://secure.gravatar.com/avatar/04483497dbd73f712b504e401c9c7d22?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Mark Henricks has reported on personal finance, investing, retirement, \r\nentrepreneurship and other topics for more than 30 years. 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In his spare time he enjoys reading, volunteering, performing in an acoustic music duo, whitewater kayaking, wilderness backpacking and competing in triathlons.","additionalMeta":{"expertise":null,"__typename":"User_Additionalmeta"},"email":null,"firstName":"William","fullName":"Mark Henricks","lastName":"Henricks","name":"Mark Henricks","postCount":{"pageInfo":{"offsetPagination":{"total":766,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"mhenricks","__typename":"User"},"factCheckedBy":null,"secondEditor":null,"hideAuthor":null,"__typename":"Post_Multiplebylinesbyrole"},"adTargetingOverrides":{"fieldGroupName":"adTargetingOverrides","pageGroupNewKey":null,"__typename":"Post_Adtargetingoverrides"},"seo":{"canonical":"https://smartasset.com/insurance/is-there-an-age-limit-for-social-security-disability","metaDesc":"There are specific requirements to be eligible for Social Security Disability. Here is what you need to know and how to qualify.","metaKeywords":"","metaRobotsNofollow":"follow","metaRobotsNoindex":"index","readingTime":5,"title":"Is There an Age Limit for Social Security Disability?","__typename":"PostTypeSEO"},"slug":"is-there-an-age-limit-for-social-security-disability","status":"publish","title":"Is There an Age Limit for Social Security Disability?","uri":"/insurance/is-there-an-age-limit-for-social-security-disability","tags":{"nodes":[],"__typename":"PostToTagConnection"},"__typename":"Post","adPageGroupOverride":null,"bylines":{"writtenBy":{"id":"dXNlcjo5Mw==","databaseId":93,"userId":93,"avatar":"$4d","description":"Mark Henricks has reported on personal finance, investing, retirement, \r\nentrepreneurship and other topics for more than 30 years. His freelance \r\nbyline has appeared on CNBC.com and in The Wall Street Journal, The New York Times, The Washington Post, Kiplinger’s Personal Finance and other leading publications. 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You can apply to receive Social Security Disability Insurance (SSDI) benefits if you have worked and paid Social Security taxes, are at least age 18 and haven’t reached full retirement age, which depending on your birth year is 66 or 67. Once you reach full retirement age, you can’t apply for or receive SSDI payments. You can instead apply for Social Security retirement benefits. If you’re already getting SSDI payments and reach full retirement age, you’ll keep getting benefits but they will be retirement benefits instead of disability benefits.

","

A financial advisor can help you create a retirement plan for your specific goals and needs.

","

Social Security Disability Age Requirements

","

Workers who have become disabled can receive payments from Social Security Disability Insurance (SSDI). This is a federal program, part of the Social Security Administration, that provides financial benefits for people who have worked and paid Social Security taxes on their wages but are no longer able to work due to illness or injury. Dependents of disabled workers may also be able to get benefits.

","

In order to receive benefits, workers must have worked and paid Social Security taxes on their earnings, also be determined to be unable to continue working due to a medical condition. The average benefit as of January 2024, according to the Social Security Administration, was $1,711.40.

","

SSDI also has age restrictions. To receive the benefits, you must be at least age 18 and no older than your full retirement age. Full retirement age is between 66 and 67, depending on the year you were born.

","

You can still apply for and get SSDI benefits as long as you have not reached full retirement age. If you are of full retirement age, you can apply for and receive retirement benefits.

","

The retirement benefits will be the same monthly dollar amount as the SSDI benefit. There’s one difference, however. If you’re getting retirement benefits, and your health improves and you are no longer disabled and unable to work, your benefits won’t stop. To receive SSDI, you have to be unable to work.

","

Other Requirements and Exceptions

","

In addition to the age requirement, you must have a work history to receive SSDI. The number of years that you need to have worked varies according to your age, with younger applications typically needing fewer years to meet the criteria.

","

You also must have been injured or developed a medical condition that makes you unable to work. The condition must be expected to last at least 12 months or to end in your death.

","

You’ll have to convince a Social Security examiner that you can’t do the kind of work you have been doing in the past as well as adapting to do a different sort of work. SSDI is for people who are permanently and fully disabled. It doesn’t pay for temporary or partial disabilities.

","

The Social Security Administration maintains a list of medical conditions that typically qualify applicants to be approved to receive disability payments. Having one of these doesn’t necessarily guarantee your application will be approved, or that you won’t be approved if you are suffering from something else. The qualifying process can be lengthy and involved and the outcome isn’t always predictable.

","

If you don’t qualify for SSDI, you may still qualify to receive payments under another Social Security program, Supplemental Security Income (SSI). In fact, if you are 65 and have limited financial means, including low income and few assets, you may be able to qualify automatically for SSI (Supplemental Security Income) without having to prove that you’re disabled.

","

Bottom Line

","

","

You can apply for and receive SSDI payments from the time you turn 18 until you have reached full retirement age of 66 of 67 years old, as long as you have become unable to work due to illness or injury. After that, you can’t receive SSDI any longer, but you can still qualify for Social Security retirement payments based on age rather than ability to work. To receive retirement or disability benefits from either of these programs, you must have a work history and paid Social Security taxes on earnings.

","

Tips for Retirement Planning

","$5e","

Photo credit: ©iStockPhoto/Inside Creative House, ©iStockPhoto/vitapix

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Most people look at life insurance as a tool for protecting their families. That is, indeed, an important component of life insurance. If you should die, your policy may help your beneficiaries pay their bills, face financial challenges, and possibly even save for the future. But you can also use a life insurance policy to build wealth. There are pros and cons to this kind of strategy, but if you’re interested, here’s how to use life insurance to build wealth.

","

A financial advisor can help you plan for the future and leave a legacy for your family. Find an advisor today.

","

What is Life Insurance?

","

","

Life insurance is a contract between an insurance company and the policyholder. Generally, the contract will promise that if the policyholder dies within a certain time frame, money will be paid to the policyholder’s designated beneficiaries. People usually purchase life insurance to ensure that if they die, their family members will still have some kind of financial support.

","

There are several varieties of life insurance, and it’s important to know the differences if you’re going to use life insurance to build wealth:

","

Term life insurance. This is insurance that covers a period of time, such as 10, 20 or 30 years. If you were to die within the term that your life insurance policy covers, your loved ones would receive money (tax-free), known as a payout. If you live beyond the term, the insurance company has obviously made a good bet by insuring you because no money will be paid out. In general, people purchase term life insurance to give them the peace of mind that if they die unexpectedly, their family will have the revenue they need to pay their bills.

","

Permanent life insurance. This insurance is what the name suggests: it’s permanent. If you pay the premiums every month, you’ll have it until you die, whether that’s five years from now or 50. Your beneficiaries will receive a payout after you die, and while you’re alive, the policy generates a cash value.

","

There are two forms of permanent life insurance – whole life insurance and universal life insurance. Both cover you for your entire life and offer payouts, but there are some subtle and important differences between the two. A universal life insurance policy, for instance, offers a guaranteed minimum fixed rate. This means you’ll know that your beneficiaries will at the very least receive a certain amount of money. Your beneficiaries, however, may receive more of than the minimum payout, with the rest of the money based on how the stock market performs.

","

You may think permanent life insurance sounds pretty good and wonder why anyone would buy term life insurance instead. That’s because term life insurance policies are generally considerably less expensive than permanent life insurance.

","

How to Use Life Insurance to Build Wealth

","

","

People primarily use life insurance to build wealth for the next generation, so that a family doesn’t suddenly find themselves penniless. Often, beneficiaries will use a life insurance payout to pay off a mortgage, fund college educations and pay bills until jobs or careers can be established. Your beneficiaries may even have a little extra to put away into retirement accounts. And depending on what you purchase, a life insurance policy can sometimes be used to build your own wealth.

","

If you want to use life insurance to build wealth, you would buy a permanent life insurance policy. If you already have term life insurance, typically you’ll have a chance to convert it to permanent life insurance.

","

If you do ultimately get a permanent life insurance policy, typically people have two options for using it to generate wealth:

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Take out cash. If your permanent life insurance policy has a significant cash value, you could theoretically make a lot of withdrawals during your retirement and use the revenue to supplement your income. That will probably reduce the death benefit for your beneficiaries, but if you’ve planned to do this all along as a way to fund your retirement, this could be a good way to generate wealth.
Take out a loan. You can also take out a tax-free loan from the money that accumulated over the years. There is usually interest on the loan but often lower than what other lenders will be charging. Paying back the loan might even be optional – but if you don’t pay it back, you will reduce the value of the payout for your beneficiaries and have less cash to take out in the future.

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If you took out a loan, in an ideal scenario, you would do it to be proactive and not out of desperation. It’s not hard to imagine how a loan from your life insurance policy may generate wealth and build you a better future. For instance, if you take out a loan to make home improvements – and then you sell your home at top dollar and are able to pay back the loan, you’ll begin to see how your life insurance policy could build wealth for both you and your beneficiaries.

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If there is a certificate of deposit or some other investment you are interested in, it could be worth taking out a loan from your life insurance policy. You might also take out cash or a loan to invest in a business that your son or daughter is starting, helping both your child and you build wealth.

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And if money gets tight during retirement, here are two strategies to consider:

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The Bottom Line

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Figuring out how to use life insurance to build wealth is the easy part – figuring out how to do so in a way that doesn’t rob money from your beneficiaries can be a little harder. Using life insurance to create assets for your retirement can be a sound idea, at least on paper. But that may not be the case for everyone. It depends solely on your finances and expectations for your retirement and what you want to leave behind for your beneficiaries.

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Life Insurance Tips

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Photo credit: ©iStock.com/courtneyk, ©iStock.com/supersizer, ©iStock.com/Luke Chan

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There are times when a state government may require a driver to get a certificate of financial responsibility, or SR-22, to meet driver licensing requirements. This document is mandated by many state governments today. If you need an SR-22 to fulfill your licensing requirements, here’s what you should know about the process. A financial advisor […]

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A financial advisor could help organize your finances should you need an SR-22 after a major accident or incident on the road.

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What Is a Certificate of Financial Responsibility?

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A certificate of responsibility, commonly called an SR-22, is a document required by certain state governments for individuals deemed high-risk drivers. It proves a driver has the minimum required liability insurance coverage. It’s typically required for drivers who have committed serious traffic violations like a DUI, reckless driving or driving without insurance.

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An SR-22 itself is not an insurance policy but rather a form filed by an insurance company to confirm that the driver holds sufficient coverage to meet the state’s legal requirements. The certificate is submitted to the state’s Department of Motor Vehicles (DMV) and serves as ongoing proof of the driver’s financial responsibility for any damages or injuries they may cause while behind the wheel.

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Drivers who are required to maintain an SR-22 must ensure that their insurance policy does not lapse. Any cancellation or non-renewal will be reported to the DMV and can lead to license suspension.

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Reasons for Needing an SR-22

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Drivers who need an SR-22 are typically classified as high-risk due to severe traffic violations or repeated offenses.

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An SR-22 is often required for these offenses.

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Driving under the influence (DUI)
Reckless driving
Causing an accident without insurance
Multiple traffic violations in a short period
Driving with a suspended or revoked license

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Some drivers may be required to carry an SR-22 after failing to pay court-ordered child support, though this varies by jurisdiction.

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Insurance companies usually charge higher premiums for drivers with an SR-22 requirement because of their higher risk profile. It’s important to note that not all insurance companies offer SR-22 services, so those needing it may need to shop around for coverage.

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How Long Is an SR-22 Required?

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The duration of an SR-22 requirement varies by state and offense, but most drivers need to maintain an SR-22 for three years. In some cases, the time frame may be shorter or longer, depending on the severity of the violations and state regulations.

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Drivers must continuously maintain their SR-22 during this period without any lapses in insurance coverage. If the insurance policy is canceled or allowed to lapse, the insurance company is obligated to inform the state, which can result in further penalties, such as a suspended license or an extension of the SR-22 requirement.

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Once the mandated period ends, drivers are typically no longer required to file an SR-22. However, it is their responsibility to confirm they are fully compliant with their state DMV before returning to a standard insurance policy without an SR-22 filing.

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Impact on Auto Insurance

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An SR-22 can significantly affect a driver’s auto insurance rates. Since the SR-22 is typically required for high-risk drivers, insurers often view these individuals as more likely to file claims or be involved in accidents. As a result, premiums for drivers with an SR-22 filing are usually much higher than those for drivers with clean records.

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Additionally, not all insurance companies offer SR-22 filing services, so drivers may need to switch providers to meet the requirement. In some cases, drivers with an SR-22 may be limited to high-risk or non-standard insurance policies, which generally come with fewer benefits and higher costs.

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If the driver avoids further violations, they may see their premiums decrease over time. Eventually, they may be able to return to standard coverage once the SR-22 requirement is lifted.

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SR-22 vs. FR 44

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While both the SR-22 and FR-44 are forms demonstrating financial responsibility for high-risk drivers, they serve slightly different purposes, depending on the state and the severity of the offense. Here are three general differences:

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Coverage requirement: Both SR-22 and FR-44 filings ensure drivers maintain the required insurance. The SR-22 mandates minimum state liability coverage, while the FR-44 demands significantly higher liability limits.
Geographic availability: SR-22 forms are required in many states across the U.S., while the FR-44 is specific to Florida and Virginia.
Offense severity: An SR-22 may be required for less severe infractions such as reckless driving or failure to maintain insurance, as well as driving without insurance (DWI) and driving under the influence (DUI). An FR-44, on the other hand, may be imposed after serious DUIs with higher blood alcohol concentrations (BAC) and repeat offenses.

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Bottom Line

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An SR-22 is a certificate of financial responsibility that proves a driver has the required insurance after certain violations, like DUIs or driving without insurance. It’s commonly required for high-risk drivers and is not an insurance policy but confirms the driver meets state minimum coverage. Having an SR-22 can lead to higher premiums, and drivers must maintain continuous coverage during the required period. Once the obligation is met, they can typically return to standard coverage.

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Insurance Planning Tips

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