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What you need to know about insurance

Getting an insurance is one of those ‘life’ requirements that you should be looking into early in your career, especially now when you are still able to work and earn money. in addition to being better able to pay for the insurance, younger individuals also pay less. This is one of the principles of insurance. Since younger people are less likely to die, they are given cheaper rates as compared to older individuals.

Insurance protect financially you and your family in the future. Depending on the kind of insurance that you will choose to get, insurance can even provide for your health concerns, for your retirement and even for your death and burial.

But while it is important that we are protected against any unexpected eventualities, some people still shy away of availing insurance on their own, preferring their companies to do it for them. Like legal matters, all those insurance mumbo jumbo tend to confuse and sometimes even frighten people.

Here are some of he frequently asked questions about insurance.

What are the kinds of insurance?

There are two major types of insurance. The life and the non-life insurance. The life insurance, as the name suggests, protects the family of the person in case something happens to him. When a person who is insured dies, the money that he insured will be given to the beneficiary that he has chosen.

The non-life insurance is an insurance that protects properties. Under this category, there are several different types. There car insurances, which protect automobiles from wreckage in case of accidents; property insurance, which protects properties especially houses from fire and other forms of destruction; deposit insurance, which most banks have in order to protect their depositors from losing their money in case the bank suffers financial setbacks; and health insurance, which helps in covering for medical and hospital costs. Among the various non-life insurance, the most popular is the health and car insurance.

Some insurance also provide for the future. Some of the insurances are retirement plans and death plans, which covers for burial costs.

What is the difference between a premium and a face amount?

Premium refers to the amount that you have to pay every year for the insurance. Some insurance companies also offer to divide the premium into monthly installments to help their clients. The face amount on the other hand is the amount that you have insured yourself into. For example, if the face amount in your policy is set at $500,000, then your beneficiary will receive $500,000 when you die.

What do you mean by double indemnity?

Some insurance policy offer an accidental clause that would double the face amount in case death has been established as accidental. This is done to protect the insured’s family in case of an untimely death. Double indemnity means that the face amount will be doubled when death is accidental.

Is the beneficiary always the legal spouse?

No. Contrary to popular opinion, it is not always the spouse who is the beneficiary. It is up to the person to choose, who he names as beneficiary. It can be any member of the family as long as insurable interest is established. If in case, the children are named beneficiaries and are still not in legal ages, a ardian will be named to assume control of the money for them.

Want to know the 7 Things your auto insurance company should give you but doesn’t?

Do you think you have the best auto insurance coverage just because you’re with a “big name” company?

News flash, you’re probably getting less coverage than you think.

But first let’s talk about accident statistics in the U.S.…

The Facts:

There are about 3 million car-related injuries a year
• 2 million permanent injuries
• 40,000 deaths in the U.S. each year

About 40% of car accident fatalities are related to drinking and driving.
• 30% to speeding
• 33% from a car going off the road

Car accidents are currently the number one killer of people ages 1 to 37.
About 1 in 30 young drivers will be injured in an accident each year.
Young drivers are four times more likely to die in car accidents.
• much more prone to speed
• drive recklessly
• not wear their seat belts
• and drink and drive

There are Approximately 6.4 million accidents each year

Approximately 40,000 people die in auto accidents each year.

You may ask yourself what are the odds of me getting into an accident?
There were 48,366 Transportation accidents in 2002.
• One year odds of You getting in an accident are 1 in 5,953.
• Lifetime odds of You getting in an accident are 1 in 77. Are you the 1 in 77 to get into an accident this year?

Did you know?
Midnight to 3 a.m. on Saturdays and Sundays proved to be the deadliest 3-hour periods throughout 2003?

In 2004 there was a total of 38,253 Fatal Crashes.
• Over 26,756 Driver crash victims
• 10,304 Passenger Victims
• 4,641 Pedestrian Victims
• 725 Pedacyclist Victims

Let’s move on to Insurance Coverage.

Here are the 7 things your auto insurance company should give you but doesn’t!

1. Full replacement cost paid if your new car is totaled in the first year at no additional cost.

2. Towing and roadside assistance included with your policy at no additional charge and no reimbursement required.

3. Bilingual insurance representatives available 24 hours a day 7 days a week to provide policy service or take claim reports.

4. Extension of your policy coverage and limits when driving in Mexico within 100 miles of the U.S. Border.

5. Discounted rates for qualified members of certain occupational groups.

6. Temporary coverage for student children home on holidays at no additional charge.

7. Waiver of collision deductibles if both parties involved in an accident are customers of the same company.

Ways To Save From Car Insurance California

Buying California car insurance is expensive. But with a little trick and dedication, you can find the right car insurance California that is both cheap and provides good coverage.

Here are the ways to save for your can insurance California:

Research
Check several sites that offer can insurance California. This is probably the best way to get the cheapest car insurance rate since each company follows its own rate. Make sure you know what type of coverage you are looking for so as not to dive on the first and cheapest car insurance you have laid your eyes on. Remember that cheapest might not be the best so make sure you weigh the claims and the price you have to pay.

Safe driving
It always pays to be a good driver. And what a better way to reap from this is to get a lower California car insurance rates. California can insurance companies reward safe drivers with special car insurance rates. To become eligible on this, you have to get a clean record both on traffic violation and insurance claim. If in case you only have one or two traffic violation, you can take the defensive driving course. This is to remove and clean your traffic record.

The only drawback is you have to wait for several years to enjoy the lower California car insurance rate. That means you have to stay away from traffic violations for a very long time! But if safety is already in your system, this would be easy for you to do. After all, it is you who will reap if you drive safely even without receiving any California car insurance discount.

Update on time
Many auto insurance companies in California and even in other states in the United States base their insurance rates on your history. Failure to update your policy even for one day could cost you additional dollars. Make sure you update on time so that you can avoid higher California car insurance rate.

Monitor your odometer
Don’t get it wrong. You don’t have to limit your driving. Well, if getting car insurance discounts means more to you, you can drive occasionally. But what we are trying to say here is that several car insurance companies in California base their rates on the annual mileage reading. If you love to drive for miles, you should not be surprised if you get high car insurance rate than those who drive less.

Capitalize on discounted auto insurance
Discounts on car insurance would be able you to save money. And there are several ways to get it. Here are the different ways to get discounted auto insurance:

1. Discounts on good driver. Yeah it is already mentioned but you have to know that everybody, regardless of the age could receive a good driver discount provided he/she maintains a clean driving record.

2. Discounts of multi-car owner or multi-driver. If you have two drivers with the same car insurance policy, you can get this discount. Much more if both of these drivers have clean records.

3. Discount on having safety and anti-theft devices. If you care enough for your vehicle, your can get a reward. Most car insurance companies in California give discounts on drivers who have installed safety and anti-theft devices.

You Need To Know About Health Insurance & How Quotes Are Calculated

We all hope to stay well and healthy all the time, but we all know that we are going to be sick or may even be unfortunate and have an accident at some point in our lives. We all have access to the state health services but if you want additional private cover then this is where taking out a private medical insurance comes in. This article explains about health insurance in general and how quotes are worked out in general.

Private medical insurance will cover the cost of your treatment when you are unwell, but the kind of cover and amount of the cover you get varies considerably from policy to policy.

Make sure that when you are considering which health insurance policy to take out that you carefully read the policy so that you can find out which illnesses you are covered for and which illnesses are not included in the policy cover. It can also be the case that your medical insurance policy may require you to use particular hospitals for your treatment.

So what are health insurance quotes calculated on? Well providers calculate your policy quote on several factors, the most important being your age, your health, your medical history, your occupation and they also look at whether you smoke or not. If you do smoke, then you are likely to get a more expensive medical insurance quote.

Some health insurance policies let you choose to have an excess which if you decide to have this option it will lower your insurance quote. Another important thing to take into account when taking out a private medical insurance policy is that no matter how much you decide to spend on your cover you will not get cover for certain illnesses. These illnesses include long term illnesses, alcohol abuse, AIDS, suicide attempts and illnesses that are related to old age.

It is very important that when you take out your cover that you advise your healthcare insurance company of everything that is relevant to your health insurance application. This means you must tell them about any pre-existing medical condition or illness that you may have and it is highly likely that they will not cover you for these pre-existing medical conditions or illnesses.

And finally it is worth mentioning that it is always a good idea that you shop around to find the most suitable and affordable private medical insurance solution for you.

Ways to Save on Auto Insurance

The American economy is sucking a lot of money out of consumers’ pockets due to high gas prices and the general increase in every other consumer good from food to clothing that is associated with high oil prices. However, there is good news on the horizon, and that is that auto insurance rates are being reduced. Despite this reduction, there are several things you should keep in mind when shopping for car insurance to ensure you receive the best rate and coverage for you and your vehicle.

Tip #1 Shop Around
There are so many different auto insurers out there you might think it difficult to find the best insurance at the lowest prices. However, don’t despair because all you have to do is shop around. The easiest way to do this is to go online and search all your favorite car insurers in order to receive a fast and free online quote. Then, you can simply compare the services and prices of the insurers and make the best choice for you. Spending a little time on research might save you hundreds of dollars on car insurance.

Tip #2 Look for the Discounts
You may not have known this, but many auto insurers provide discounts to drivers for good driving behavior and other reasons as well. So, ask about the discounts available through various insurance providers and consider how many you would qualify for. More than likely if you qualify for one or two then your rates could easily drop several hundred dollars per year.

Tip #3 Maintain Your Credit
Unbeknownst to you, your credit score affects your car insurance rate. As a result, you should be sure to maintain your credit score as high as possible in order to not only receive the benefits of good credit, but also to pay lower car insurance premiums. It is really worthwhile, and something you will benefit from economically.

These tips are great ways for you as a consumer to take your car insurance needs into your own hands and find the best provider with the lowest rates and most coverage. When you start doing the research, you will be amazed how much money you can save as well as how many more benefits you can receive. Go ahead and start saving on your auto insurance today, there is no reason to wait.

Understanding Your Auto Insurance

Reading auto insurance policies can be like trying to decipher advanced calculus. It’s really not that difficult if you understand a few basic terms. Collision, Comprehensive, Bodily Injury Liability and Property Injury Liability are the main terms you need to fully understand.

You’ll appreciate Collision Coverage in the event you need repairs or replacements if your vehicle collides with another vehicle or property. The higher the deductible you elect, the lower your premiums will cost you. If you’re at fault for something, well of course it would still be an accident, as I doubt you’d plan to run into that guard rail, but how much would you be able to afford to pay out of pocket for repairs? $250? $500? $1,000? Just like medical insurance, you’d have to pay that deductible amount first and then the insurance company would pay for the remaining charges for the repair.

Another term to become intimately familiar with is Comprehensive Coverage. This is the coverage that pays for damage caused from falling objects, fire, certain natural disasters, theft and vandalism. Deductibles work the same way as with Collision; the more out of pocket costs to you, the less your insurance premium.

In addition to knowing how much Collision and Comprehensive coverage you have, you’ll want to know about your liability coverage. Let’s say you rear-end another driver. Or your foot slips off the brake onto the gas pedal and you plow down a mailbox. Your liability coverage will kick in and pay for the damages that you caused with your insured vehicle. You liability coverage will, or could, include bodily injury (people) and property damage.

You don’t want to go without Bodily Injury Coverage. If you were at fault in an accident and others involved needed to go to the hospital and/or lost wages from missing work, those costs would come out of your pocket if you are not insured with Bodily Injury Coverage. It doesn’t take a genius to know how quickly those amounts can add up. This type of coverage can also help you in the event the other party takes legal action against you. Many states require you to carry Bodily Injury Coverage.

The other part of liability includes Property Damage coverage. Can you imagine how much it might cost should you accidentally drive into the side of someone’s home? You wouldn’t want to be caught without property damage insurance should you need to pay for repairs to another vehicle, building or anything else you might hit. As with Bodily Injury coverage, Property Damage coverage also helps protect you in the event of a related lawsuit.

Every policy will have its limits and various degrees of coverage. It’s important that you understand the basics of what you are paying for and why it is necessary. No one plans for an accident, be prepared!

Wedding Insurance

Most people carry some form of insurance such as auto, medical, life, etc. Since the average cost of the more than 2 million weddings in the U.S. is over $20,000, wedding insurance can cover billions of dollars caused by damages. With so much money spent on weddings knowledgeable couples incorporate wedding insurance into their overall wedding planning strategy. Wedding insurance offers protection against something going wrong, the wedding being cancelled or postponed.

Wedding insurance allows for flexibility in coverage. Just to mention a few, policies may cover for cancellation, unforeseen expenses, wedding gown, video and photographs, jewelry, venue property, gifts, liability, medical expenses. Depending on the coverage wedding insurance can cost as little as a couple of hundred dollars.

Some of the most common items covered by wedding insurance are:

Jewelry: This coverage is designed to replace or repair damaged wedding rings.

Liability: If someone falls on the dance floor, it can cover some of the medical expenses. Some wedding reception venues may require such insurance in the contract. This policy can also help if someone of the wedding party damages equipment or furniture. Without this coverage you and your new spouse may find yourselves in court with one of your wedding guests.

Weather: Unfortunately, natural disasters have been part of our lives, and for the most part unavoidable in the future. This type of coverage is very much influenced by your geographical area.

Video and Photography: This coverage will help you to reunite the wedding party in an event when your photographer is a no show, or the photographs are defective or damaged, the negatives are lost, etc.

Service Providers: This coverage will help minimize the damage caused by vendors who fail to provide a contracted product or service, it can cover such as non-refundable deposits, and expenses occurred due to finding new vendors.

Although you can’t insure against a gloomy day, you can certainly insure against disasters such as hurricanes or fires. Wedding insurance can cover just about everything except for a change of heart. Disasters and mishaps will have their toll on your overall wedding experience, but you can minimize the long-term effects by obtaining wedding insurance.