Category Archives: Insurance

Car Insurance Coverage Limits You Should Have

Car insurance is a serious decision that people have to make to drive a car. Insurance agents will always suggest to take out as much coverage as possible to protect you and your car. However, since you car insurance policy offers various types of coverage, it is a good idea to know what are the limits that you have. Talk to the insurance agent and explain to him or her that you need to know in detail what the benefits are for each of the clauses on the car insurance policy that you have decided to take out.

Car InsuranceRemember that a standard car insurance policy may include as much coverage as you need, hence your car insurance could be considered a collection of different coverage policies to protect yourself and your car at different events and circumstances with different limits, as well.

Different Clauses, Different Coverage Limits

Car insurance includes the cost of medical care for the passengers traveling aboard in a car in case of an accident. Medical expenses have a limit of $ 2,000 for each traveling companion.

Personal Injury

Protection is usually required by law in several states of America and covers all medical expenses for you and your passengers independently of whoever was at fault in a car crash. In this case, the limits are determined by each state and insurance companies abide by them, including the corresponding state limit for this coverage.

Liability for Bodily Injury, is another concept included in car insurance, and pays for personal injury that the driver or traveling companions suffer. However, the limits for this coverage varies from state to state and also include liability coverage in the case someone sues you. Thus limits can be as low as $10,000 per individual traveling in an insured car, to $20,000 when the driver is injured in such accident.

Uninsured and Underinsured Motorist

Coverage are another add-on clause to your standard car insurance that protect you when you are involved in an accident where the other driver is responsible, but he or she does not have enough insurance, too little, or none. The limits of this coverage matches to the limit of your own coverage, although in some states, is limited to personal injury only, while in others may include damage to your car. Limits in this case are regulated by state law.

Comprehensive coverage pays the cost of damage to your car that is not caused by a collision, including fire, burglary, etc. More than limits, the coverage is based on deductibles versus premiums. The higher the deductible chosen for your policy, the lower the premium.

Finally, Collision coverage pays for damage to your car in the case of an accident. Similar to the comprehensive coverage, the limits are regulated by deductibles and premiums. Deductible limits usually range from $250 to $1,000, but are worth it if you have an expensive car, although this coverage is optional and not required by law.

Tailored Coverage

If you are concerned about the different insurance limits, deductibles and premiums, remember that all of the above coverage is optional and you can get an insurance policy tailored to your protection needs and within the limits that you expect to pay and get paid in the event of an accident.

How to Appeal a Payout Decision on a Life Insurance Policy

As beneficiary of a life insurance policy, you might be experiencing a dual sentiment; grief for the person who has died, but the tranquility to know that you have the proceeds of a life insurance policy to help you cope with so many expenses coming right your way. However, what is going to happen if the insurance company does not pay?

Your loved one takes life insurance with the confidence to leave you protected from financial drawbacks for some time, but might never be aware that sometimes insurance companies deny the coverage or cancel the payout. If this happens to you, it is important to know how to appeal a payout decision to get the proceeds that the insured wanted to give you when he or she passed away.

Not a Random Case

There are many life insurance companies that are best known for deny life insurance coverage when it comes to a beneficiary trying to get the proceeds. These companies try to find any mistake or missing clause in the deceased insured’s policy to deny the payout, change the terms, or amount that the policy stipulates. This is why you have to think of your own life insurance policy and verify the background of the insurer to avoid post-mortem surprises.

  • Before Appealing Read This

Appeal a payout decision is always your right, but there are times when doing so could be simply a waste of time, or the startup of lengthy litigation. So review the life insurance policy and find any of these issues that could make weak your appealing:

  1. Questionable or unexplained death causes
  2. Unpaid premiums or late payments in the insured records
  3. Minimum amount of time between a life insurance policy was taken out and the death of the insured
  4. Partial disclosure on the life insurance applications, particularly when medical information was omitted

If you are a beneficiary and you are aware of any of these problems with the life insurance policy, the chances of a claim denial are greater.

  • How to Appeal the Payout Decision

Before file an appeal, make sure that you have read the life insurance policy and review carefully each clause to find any mismatch. Take a copy of the policy with you when visiting the insurance company, but it is advisable that you search the web for further information on the insurer. Many types you can file an appeal online through specially designed digital forms that save the time that takes file a formal appeal to be sent through the postal service.

The insurance company probably has listed a customer service number that you can dial for further information on how to file your appeal and how to send it, if not online form is available. Unless you receive instructions to go directly to their offices, do not waste your time going there yet.

Whether online or in a printed form, make sure to include backup information proving that there is nothing wrong with the life insurance policy or the key points exposed above. With this information and perseverance, you can get a review of the payout decision and get paid proceeds that were first denied.

How to Choose Landlord Insurance for Your Own Home

Landlord InsuranceAre you a landlord wondering which kind of insurance you should be getting for your own home? Check out which category you fall into and look up to the policy that you should be getting.

Landlord insurance policy

Recalling landlord insurance policy, we learn that landlord insurance should be taken by the person who lets his property to his tenant for rent in return. Landlord insurance is only for the property from which income is earned. It may be a newly constructed property, occupied or unoccupied property. If the purpose of the property is to earn income out of it by letting it to others then the landlord should be getting landlord insurance policy with for that property.

Though the landlords do tenant screening before renting out their property to an unknown person, the way in which the tenant is going to treat our property is not known. They may intentionally and unintentionally damage the landlord’s property. Another reason to get landlord insurance is for repairs and replacement in the property so that you don’t have to shell out money all the time.

Residential property Insurance for landlords

Now comes the question of which insurance policy should a landlord get for his house where he resides. Landlord insurance policy is not applicable since the landlord does not get any income out of it. Standard buildings and contents insurance will cover all the risks of landlord’s personal home. Building insurance will cover the landlord’s building, external and all the fittings, personal contents are also covered. If a landlord already has landlord insurance for his property with contents add-on in it, chances are personal contents of the landlord will also be covered in that policy. This is because a few insurers cover the contents of the let property along with the personal contents of the landlord. So verify with your landlord’s contents insurance before you opt for buildings and content insurance.

A portion of landlord’s residential property is let, which insurance should be taken

In the whole of property where a landlord resides, if one portion is left to the tenant, and the rest is used by the landlord for residential purpose, shared house insurance can be taken for it. Shared house insurance covers the liabilities of the tenant residing as well as the risks of the landlord. Click here to find more information regarding home insurance.

Is disability insurance worth it ?

Whether we believe it not, we are far more likely to suffer from the pain of disability than premature death during our working lives regardless of our age. Although the statistical probability of death rises with age and narrows the probability gap between disability and death, the fast fact is that if we have only thought of insuring our lives, we exposing ourselves and our families to a huge risk: lost income as a result of disability.

The reality that disability plays in our financial lives is a real one. Insurance companies have seen tremendous growth on the disability side of their books of business. It is a good albeit expensive product that nearly everyone under the age of 50 (or even older depending on debt levels and other financial responsibilities) should investigate.

But the other reality is that not all disability policies are worth the paper they are printed on. There are many disability policies that will charge way more than the minimum benefit you will need, making it a waste of money, either entirely or partially. Before considering a disability policy, keep the following points in mind.

  • Check out the policy when it will come into effect. Some policies do not come into effect if any other insurance policies runs out, such as a short-term policy through your employer or group policy. Other policies may only come into effect after 90 days of disability, leaving you short for the first three months, which may also happen to be the most financially draining. There are some other policies that will only “top up” what another policy does not cover. For example, your employer-sponsored policy may cover just 60% of the wages and the stand-alone disability policy may only cover up to 40% to make up the difference. The premiums are not reduced accordingly.
  • What is the tenure of the maximum benefit. Many disability policies will cover up to a maximum number of months. In the case of a disability policy that will only cover you for twelve months, consider that average disability for people under the age of 40 is thirty six months.. your twelve months of coverage will help for just one third of disability period. Understand the benefits and see whether it is sufficient or not.

If you know these two things, it is a good start. But there are other specifics that may apply to you, such as premium reset periods, disabilities covered, qualifying criteria, underwriting method, and so on. A good way to start is the policy itself. If you are not able to understand the terms clearly, consult a broker and don’t be afraid to contact the insurance company directly with your concerns. Make a note of everything on letterhead so that you are not left stranded in the event of a claim.

Disability insurace is very popular because of its benefits, but it is very expensive at the same time. Thats why it is very important to make sure that you understand all the terms and conditions of the policy before you start spending towards the premium payments.

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Ways to get your current car insurance changed to cheap car insurance

There are many of us who are paying high premiums on their current car insurance and are searching for cheaper deals. The list below will help you in obtaining cheap car insurance, not only in terms of quality but one that easy on your wallet also. Go through your savings thoroughly and while searching for a new car insurance policy, or to change the existing plan, this list will come handy.

Most of the new cars come with theft devices. Some cars have automated devices while others have to be started at the touch of a button. If you have this facility in your car, then you don’t have to pay high premiums to the insurance company for theft protection.

If you are getting insurance for more than two cars, you can pay the same price as insuring for one. If it is not the same price, then you should not have to pay the same price to the insurance company on getting the insurance for the first one. Check with your insurance agent while getting your online insurance quote and make sure that you get some discount on the insurance of the second car.

While choosing the payment tenure of your premiums, always insist on making payments on a yearly basis. This will extend your savings on your car insurance. Purchasing a yearly policy instead of a six month policy gives you a rate that cannot be changed for one year vs. changing every six months.

While getting the online insurance quote, look for the comprehensive coverage during the storage time, just in case if you have to store your car for a definite period of time. You will save more on your car insurance by only keeping comprehensive coverage during the storage time, because it is very unlikely you car will meet with any kind of possible collision or need the liability coverage.

Keep checking your mileage. This is a great way to get cheap car insurance. If the distance between your office to work is very short, it is going to affect the cost of the insurance policy.

You can get group discounts on your car insurance if you are a part of certain organizations like, credit unions, college sororities, or just having a certain credit card. Check with your insurance company for the list of organizations they are affiliated with

Many car insurance companies will charge you a fee for mailing payments, but this service will become absolutely free if you authorize automatic debits from your checking or savings account, or you can make payments by a credit card also.

Burial insurance for senior citizens

Every insurance company has different plans that meet to the requirements of the people. Among the various plans that you might have seen advertised, there is one plan called burial insurance plans that are mostly suitable for an aging person. This plan looks very interesting because it covers the funeral expenses by making affordable monthly payments. If you have done any research on the expenses of the funerals, you will know that it costs around $8000 or even more. Beyond just the burial expenses, there are many other expenses that cannot be kept aside. For example, people have to come at very short notices from far off places when they hear someone close has passed away. Sometimes, funds are not always available to the people and this is a kind of meeting that cannot be avoided. The departed may have left some debts or other affairs to be settled, which is another thing to worry about. Nobody likes to think about the death of a close one but this is a natural thing to happen, so a little prior planning can reduce a lot of stress that may arise later.

It’s very easy to apply for burial insurance policies. It has been specifically designed for older people who are in between 50 – 80. There are simple questions to be answered in the application form and most elderly people can qualify for it. There are no questions regarding health because this kind of plan comes with a guarantee after death. They mostly use a waiting period to qualify applicants. The insured person will have to survive for a specific amount of time to get the full benefits. If the death happens before the allotted waiting period, the policy will refund premiums plus a specified interest rate. Since the face values are small, every effort is made to keep the premiums affordable.

When you are searching for a burial insurance plan, look for the simplified issue, because the cost of the premiums is very less and they pay out with no waiting period. If you are very ill and chances of survival are very less, then also you can look for a no-loss deal. The beneficiary will collect the premiums plus interest if the insured passes away before the waiting period. And if the insured person lives, they will get back the paid premiums plus interest.

There are other options before you start planning about the final expenses. You can open a separate account on which you can deposit funds to pay for a funeral. This is a good option to consider because interest can be earned from the savings account. But many people are not able to save money on the savings account because of the fixed income with limited saving, and life is always unpredictable when some kind of emergency takes place like a job loss, medical bills or home repairs.

Funeral homes have their own products like pre-need or pre-paid burial plans. While these plans work for some people but the problem is that you will be stuck to one Funeral Company only. And the biggest disadvantage is that the funeral home or company will not pay anything other than the cost of the burial, like traveling expenses or insurer’s debts. Sometimes, these funeral companies will charge interests on these accounts, so it will end up costing more if compared with the burial insurance plans.