Save on Affordable and Reliable Insurance (Auto, Business, Health, Life, Homeowners, Renters, Group)Posted by Nick Niesen on October 29th, 2010 These days insurance have been swarming the four corners of the United States. Whether we like it or not, insurance is a need. Why? There is no denying the fact that one disaster can have a devastating effect on a firm, a family and an individual. It can be damage, bankruptcy and death to name a few. What are the factors that we should consider and how can we know the insurance that we need.
There are insurance companies which have policies that combine protection for all major property and liability risks in one package. But you could also go with a separate coverage which is called a business owner?s policy (BOP). For protection against flood damage, find out if your office is in the flood zone-area. And if so, you must go for a policy that provides coverage against flood. Special Earthquake Insurance Policy or Commercial Property Earthquake Endorsement can cover you if you live in an earthquake-prone area. However, its policies have different deductibles. Meanwhile, Business Interruption insurance, reimburses you for the lost income during a shutdown only applies to damage covered under this policy. On the other hand, Terrorism Risk Insurance Act 2002 covers loss due to any terrorism only for those businesses that have this coverage. Injuries and deaths due to acts of terrorism are exceptions in worker?s compensation.
With health insurance, you protect yourself and your family in case you need medical care that could be very expensive. If you have insurance, many of your costs are covered by a third-party payer (insurance company/employer), not by you. KINDS OF HEALTH INSURANCE Group Insurance Most Americans get health insurance through their jobs or are covered because a family member has insurance at work. Group insurance is generally the least expensive kind. In many cases, the employer pays part or all of the cost. Some employers offer only one health insurance plan. Some employers offer a choice of plans. These are: a) Fee-for-Service b) Health Maintenance Organizations (HMOs) c) Preferred Provider Organizations (PPOs)
If your employer does not offer group insurance, or if the insurance offered is very limited, you can buy an individual policy. You can get fee-for-service, HMO, or PPO protection. But you should compare your options and shop carefully because coverage and costs vary from company to company. Individual plans may not offer benefits as broad as those in group plans. Tips when shopping for individual insurance: ?Shop carefully. Policies differ widely in coverage and cost. Contact different insurance companies, or ask your agent to show you policies from several insurers so you can compare them. ?Make sure the policy protects you from large medical costs. ?Read and understand the policy. Make sure it provides the kind of coverage that's right for you. You don't want unpleasant surprises when you're sick or in the hospital. ?Check to see that the policy states: the date that the policy will begin paying (some have a waiting period before coverage begins), and what is covered or excluded from coverage. ?Make sure there is a "free look" clause. Most companies give you at least 10 days to look over your policy after you receive it. If you decide it is not for you, you can return it and have your premium refunded. ?Beware of single disease insurance policies. There are some polices that offer protection for only one disease, such as cancer. If you already have health insurance, your regular plan probably already provides all the coverage you need. Check to see what protection you have before buying any more insurance.
There are two basic types of life insurance: term and permanent. Term insurance is purely life insurance while permanent (aka "cash value" or "whole life") policies include a savings element. A permanent plan can give you access to some or all of the premiums that you have been paying for in a way favorable to your taxes. It's with you until you die. This type of policy coverage is guaranteed for your life with no out of the blue payment increases. A term policy will expire at a certain date, and a renewed policy could have much higher premiums. Maybe the best reason for a permanent policy is to make sure your estate and investments don't get eaten up by the government. A permanent policy can provide peace of mind that your family and loved ones will be taken care of for the future. Like it? Share it!More by this author |