Insurance is a simple concept at its core. Say you envision a loss or an expense of $100 due to some event. That event need not necessarily happen, but it could happen, and you wish to secure yourself in case that event actually happens. The insurance company will assess the chances of that event actually happening and give you a figure per month or per year, which they call premium. For a coverage of, say $100, the annual premium could be, say, $10 per annum. You keep on paying $10 a year until the event happens, and once the event happens, you get $100. The ‘event’ that is talked about here could be anything – a person’s death, a person’s hospitalization, a car accident, a house getting burned down, and household goods getting stolen, among others. Common mistakes people make while taking life insurance Let us examine one example of life insurance, to understand the common mistakes people make while taking insurance. What is life insurance? It is an insurance policy, wherein the insurer pays a pre-agreed amount to the family of the person whose life is being insured, in the event of his death. You Might Also Like :   3 Types Of Essential Insurance For College Students Not having life insurance The first and most basic mistake many people make is not buying life insurance.

If you had a life insurance policy that you no longer needed, what would you do with it? Would you donate it or encash it? It is a debatable decision. In case if you choose to donate it, would it be to a charitable organization or to your university? If you decide to donate it to a charity, then you have two options. First is that you can name the charity as your beneficiary and when you die, all the proceeds will go to the charity. Secondly, you can transfer the policy in the name of the charity while you are alive. The advantage of naming a charity as your beneficiary is that it allows you to borrow money against the policy and withdraw cash in case of requirement. However, the amount will be deducted in the value of the donation. In addition, you can change the beneficiary or cash out whenever you want. Donating your life insurance to charity gives you various tax benefits. It helps people in need and allows you the control of your cash. Different strategies can be implemented to donate to charity. This can result in more estate and income tax benefits: Lifetime gift Gift by will Charitable trust Private foundation However, there are some problems with the donor’s motive, tax ramifications, and so on.

Auto insurance has become a necessity these days. With multiple regional and national players fighting for more sales, only you can be the best judge of which deal is the best out there. Something that isn’t too expensive and at the same time doesn’t compromise on the coverage is desirable. Let’s examine some steps you can take. Buying a car While buying a car, we normally try to think about fuel efficiency, space, and running costs. However, it is important to also think about what the insurance on your car is going to cost. Your costs depend on the year, model, and make of the car. If you can’t pay too much, try and get a cheaper car or analyze which cars are cheaper to insure. Shop around Auto insurance companies are known to charge different rates for the same coverage. Your best bet is to shop around and do some research, compare which companies give the best rate that is suited to your needs and your car. Even a slight difference can actually make a big difference in savings each year. Try and find out more about the insurer’s complaint record and read the policy details carefully. Credit score There is definitely a relation between the settlement of claims and your credit score.

People with pets will understand the importance of a tail-wagging love in their life. No matter how stressed you are, your pets will have you up and running behind them in no time and be your constant companion even in times when you are too busy to show them your love. One of the best ways to ensure excellent care and respect for these pets is to get pet insurance. Pets are susceptible to many problems given that their idea of fun is rolling in dirt or chewing on everything that crosses their path. Depending on the breed you own, health issues affecting pets can be quite expensive if you don’t get insurance in time. Medical emergencies do not come with a warning, and treatment in the case of surgical emergencies can be shockingly expensive, even for pets. Hence, investing in pet insurance is a win-win situation for everyone involved. You Might Also Like :   3 Types Of Essential Insurance For College Students We have listed five reasons that will ultimately convince you that pet insurance is necessary for your pets’ well-being. With proper insurance in hand, you are free to choose the best vet for your pet. While the veterinarian that you visit for regular checkups may be good, in emergencies, they might end up recommending someone from their fraternity, for instance, a specialist institution.

Startups are hard to manage given the constant need for operating funds. With the right investors, startups can fly off well. But people only step into a job setup when they see some perks and job security. One of the ways to ensure job security is to provide employees with insurance that can help them in their time of need. However, getting insurance for small groups of employees is slightly difficult because they do not qualify as a real group. Wholesale protection, also called franchise insurance, has been introduced in the market to cater to such groups. The only difference between the right coverage and franchise insurance is that the latter is group insurance, wherein individuals have their policy on hand instead of the same terms and conditions being applicable to everyone. The insurance rates for group policies are same across the board, but in wholesale insurance, the individual decides the prices. Wholesale insurance considers the personal situation of each employee and their capability to pay premiums. For example, someone with a better salary in a startup will have more money to spend on insurance compared to others. Similarly, someone with two earning members in the family might be able to pay more toward wholesale coverage as the other member can take care of things back home.

Apart from medical or health expenses, there are some more expenses associated with the advancing years of a person’s life. A person growing old might not be actually ill or sick, but he or she might be unable to carry out routine activities such as eating, bathing, cleaning, walking, etc., on his/her own. In such situations, admission into a nursing home or a long-term care facility would be required, and a long-term care insurance policy should be bought to protect against such expenses. A lot of children are staying far away from their parents and are unable to tear themselves away from their work or business at a short notice. This has led to many couples opting for long-term care, for which they take elder care insurance. This is a good idea by itself, but there are two problems—long-term care is becoming costlier by the day, and the long-term insurance companies are getting stricter in their underwriting standards. To get the most out of your long-term care insurance without having to pay through your nose, here are four things you can do. You Might Also Like  :   3 Types Of Essential Insurance For College Students Don’t mix policies To save on the premium amount, many couples opt for a hybrid policy that offers a combination of life insurance and long-term health insurance.

Hurricanes have affected many parts of the country from time to time and disrupted people’s lives. The government has listed areas that may be under the influence of the constant change in climatic conditions, which may sooner or later result in a hurricane. Having insurance that covers assets and essentials is quite helpful for people. Claiming a hurricane insurance can be tricky until you understand the details of it in totality. We have listed ten things you must keep in mind when taking hurricane insurance: Home insurance does not cover flood damage House insurance is under the category of blanket protection that includes more than one asset of your house or some properties in one policy. It does not, however, cover damages caused by a flood. For this, you need to log on to the government website that updates the areas that may be affected by a flood and decide on an insurance accordingly. Auto insurance may cover damages from a flood Depending upon the comprehensiveness of your car insurance, you always have a cover for flood damages to your vehicle. If the water damage is severe, your car will be eligible for full claim minus the deductibles. Higher deductibles for damage by floods There was a time when places like Florida did not have home insurance cover that included damage from floods.

Top rated RV Insurance Companies An RV is a motorhome that comes with living quarters and this vehicle can be used for vacationing, camping and even cross country driving. If you own a recreational vehicle, you can include the insurance of your RV with your existing auto insurance policy. But in most cases standard insurance policies do not work for this mobile dwelling, hence you will need a specialized insurance policy designed to cover recreational vehicles, personal property and other common RV features. An RV insurance policy is very similar to that of any auto insurance policy, in the sense that it provides liability, collision and comprehensive coverage for passengers in the event of theft, personal injuries or natural disasters. However, a RV can be a home for a lot of people and many insurance companies understand this fact and hence specialized coverage also includes covering personal belongings, attachments like satellite dishes and accessories, which is in fact taking vehicle insurance coverage a step further. Scroll down to take a look at the top rated RV insurance companies. Good Sam Insurance Agency: They offer full-time RV coverage and also to first time weekend RV’ers. Good Sam has a 96% overall customer satisfaction rating and they also offer total loss replacement for motorhomes and travel trailers.

It is really important to have good insurance coverage on the two things that have the most monetary value– your home and your car. Most companies offer home and auto insurance bundles thereby allowing to save big on your insurance policies. You can opt to bundle both your car and home insurance when completing a quote for either type of insurance. Say for instance you are purchasing auto insurance, at the end of which your provider will ask whether you are looking out for home insurance as well. Most people normally have their car insured with one company and their home with some other company. In this case, it can be a little tricky when you try to bundle both the insurance policies together. If you find a good deal that bundles both your home and auto insurance, you need to then give a written notice to the company whose service you want to stop at least a month prior to stopping the service. This way you can be certain that there is no confusion when you switch insurance companies and also your current company will stop billing you by the end of the month. Cancelling your insurance haphazardly will leave you with a gap in your insurance policies which will prove to be a very costly affair.

Young people just out of college think they can conquer the world with their utopian ideas of life. In their 30s, people have a pragmatic approach to life. After a decade passes, they become prudent in their notion and behavior. As they grow older, retrospection comes into play. And, that is when the “If only I had….” sentences become more recurrent. When it comes to matters of health insurance, particularly those of dental insurance, as a senior, it is always better to be prepared than repentant. A fundamental prerequisite for anyone who can afford it would be an enhanced dental insurance policy. Dental insurance for seniors is essential because various health conditions like osteoporosis, cancer, heart disease, and diabetes share common risk factors with oral diseases. The need to recognize that the general health of an individual is closely related to their oral health will help in deciding the important debate of whether to have dental insurance. Dedicated dental insurance policies for seniors incorporate an assortment of care and treatment packages. Everything from yearly dental prophylaxis, systematic oral evaluation, X-rays, diagnostic casts, palliative or emergency pain relief, cementing, adding crowns, molds or fillings, root canal treatment, extraction of decayed teeth, fixing complete or partial dentures, repairing and servicing them, scaling and graft procedures, and plenty more remedial and management measures for teeth and gums are covered.

Here are answers to some commonly asked question about dental insurance coverage. What is dental insurance? Dental insurance is a type of medical insurance that specifically addresses the coverage for some portions of expenses incurred for an insured’s dental needs. There are a number of individual, family, and group dental insurance plans available in the country. Why should I have a dental insurance policy? Merely brushing and flossing your teeth twice a day may not be adequate to ensure your dental health. At times, a dentist’s intervention is required, be it in the form of fitting braces or implants or pulling out an infected tooth. Given the specialization that is currently seen in dentistry, most of these dentistry services will require considerable expenditure. When there are serious dental issues involved, the costs can even become prohibitive. Dental insurance gives you a way of covering at least a significant portion of your routine and specific dental care visits. What types of dental plans are available? There are currently three kinds of dental insurance policies available in the country: Indemnity dental insurance plan Under the provisions of this plan, the insurance company pays the consulting dentist or dental surgeon a predetermined portion of the total costs incurred on your treatment, while you have to pay the rest.