I recently had to renew my auto insurance coverage. In doing so it brought to mind some of the things that many people take for granted. This involves things that we think our auto insurance covers, when it really doesn’t. Let’s take a look at some of the more common ones that many people are unaware of. Read more
Ransomware a for Hire Business is not a typical post about insurance itself. It is however an urgent reason to get insurance. Read on and you’ll see why!
Just when you thought things couldn’t get much worse, we see this: “ransomware a for hire business”. Yes, the dark web now has cyber-criminals offering their services hacking a company’s systems, just to install ransomware.
Karmen is the name of the latest ransomware being offered by a Russian hacker. For a fee, this cyber-criminal will hack a company and install Karmen ransomware. Read more
Saving money on your health care costs can sometimes come in some unexpected ways. Let’s take a look at 7 of these ways. Read more
After looking at some different types of life insurance coverage, you may remember that it was mentioned that there was a possibility of borrowing some of the money that had built up in a policy. Read more
Who Needs Life Insurance?
Parents typically take out life insurance for their children’s benefit. Grown children may write their parents in, as dependents, on their life insurance policies. The assignation is easy when it’s on paper, but taking out a life insurance policy also means an investment of money and in this world of increased spending, it is increasingly difficult to save for the future.
So, does everyone really need life insurance and is it that important? Again, life insurance is, put simply, a financial package designed to protect those who depend upon a certain person for monetary support. If that person dies, those who need him or her will need money. Life insurance can cover those needs, depending upon the policy that was chosen. In other words, life insurance is designed to insure a provider and protect the provided.
Next time we’ll take a look at who should have the coverage and some of the available options. As always, your independent insurance agent is in the perfect position to provide you all of the help necessary, to make wise choices, when it comes to purchasing just the right life insurance for your needs!
Before we continue, I wanted to add one more thing to yesterday’s post and that is about beneficiaries. The beneficiary may be changed by the policy holder, unless the policy has a clause preventing it. Should a policy have such a clause, the beneficiary must agree to any changes made in the policy. Alright, now for today!
Insurance involves investment and investment involves money. If an insurance agent talks about a face amount, he or she is referring to the amount paid when the policy matures, that is, when the insured dies or reaches a certain age.
Insurance costs are calculated by actuaries, who are mathematicians educated in social statistics and probabilities. Actuaries consult a mortality table, which shows average life expectancy in a population, as based on statistics, health and lifestyle. Mortality tables are statistically based tables that show life expectancy, based on three main aspects: age, gender and tobacco use.
Before insurance is given to a person, an insurance company asks a range of health questions to calculate the person’s risks. These questions ask for information about a person’s lifestyle, such as tobacco use, frequency of alcohol consumption, any sports that the person is involved in; and if the person’s family has had any cases of severe illness, such as heart problems, liver problems or cancer. The evaluation and investigation of risk is called underwriting and is evaluated by person’s called underwriters.
It may all seem to be terribly complicated, but all you need to do is contact your independent insurance agent and he/she will be able to clear the path for you, without much problem at all!
Today I want to start talking about life insurance. It’s a coverage that many people don’t have, but should. Before buying coverage, it’s best to know what it does, what it costs and how much you need to have. So, let’s start with the basics.
Parents take out life insurance on themselves “to protect their children.” One spouse has been known to kill the other so he/she can take the insurance and make himself/herself rich. What’s the fuss all about? Why does insurance lead to so much good and yet so much bad? What exactly is life insurance?
Life insurance is a financial package designed to protect those who depend upon you for monetary support. A life insurance policy is a legal contract. Within it are terms and conditions of the risks assumed. Any misrepresentation by the policy holder or the insured will be grounds for nullification of the insurance.
To understand the concept of life insurance, you first have to know the parties involved. In general, there are three: the insurer, the insured and the policy holder.
The insurer is the party that provides the insurance policy. The insured is the person who benefits from the insurance. The policy holder is the person who takes out the insurance and pays for it. For instance, if you buy a policy for your spouse and take a policy on his or her life, then you are the owner, and your spouse is the insured. The policy holder and insured can sometimes be one and the same, as in when you buy a life insurance policy for yourself.
In some cases, a fourth party called the beneficiary is involved. The beneficiary is the person or persons who will “benefit” from the death of the insured. The beneficiary is strictly not party to the policy, but may be designated by the policy holder. The beneficiary may also be changed by the policy holder, unless the policy has a clause preventing it. Should a policy have such a clause, the beneficiary must agree to any changes made in the policy.
Next time we’ll continue going into the ins and outs of life insurance, but remember, at any time the best help and advice will come from your independent insurance agent, whose job it is to get you the answers you need.
In an effort to control the cost of your premium, don’t be afraid to ask about discounts. Remember the saying,”you have not because you ask not”?
We have already looked at some of the ways to qualify for discounts, but that’s far from all there is.
You will want to keep in mind that insurance companies offer many types of discounts, but they don’t all offer the same ones. Also, the discounts are not the same in every state.
Just one example of these different discounts applies to senior citizens. Since you are retired and stay home more, you are likely to take better care of your house. You would be around more, which hinders burglars and you could even spot a fire sooner, before much damage occurred.
A number of companies are offering up to a 10% discount to retired persons over the age of 55, on their homeowner’s coverage.
If you are still working, there are several insurance carriers that offer discounts to employers and professional associations, that offer group insurance programs, even for homeowner’s insurance. You will often find a better deal going through one of these organizations.
It is always best to consult your independent insurance agent to find out about all of the possibilities that you are eligible for.
One of the best ways to lower the cost of insuring your home is to try to make it disaster proof. The fist step to take would be to contact your independent insurance agent and find out the recommended steps to take, to make your home more resistant to disasters like tornadoes, hurricanes, windstorms or other natural disasters.
You may be able to noticeably reduce your premiums by doing things like reinforcing your roof, redoing it with stronger materials, adding storm shutters and so on. If you own an older home, you can try to update important structural parts, to make them far more sturdy.
Additionally, updating heating, electrical and plumbing systems, in order to prevent potential fire hazards or flooding problems, can also be a great savings to you.
Many insurers that sell multiple types of insurance, such as homeowner’s auto and life, for example, are set up to offer the purchaser a discount of anywhere from 5-15% off of the normal costs, just for choosing to buy multiple policies from the same company.
The important thing, as the purchaser, is to always check to be sure that you really are saving money, as opposed to purchasing some of those policies separately somewhere else.
Your independent insurance agent can help you as he/she has agreements with multiple insurance carriers, which allows you to check many different carriers all in one visit!