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8 Must Read Tips To Ensure Proper Insurance Protection
We research tips about all kinds of insurance. We scour all the information and pulled together 8 critical tips to ensure proper insurance protection. These tips just scratch the surface so please be sure to conduct your own further in-depth research and do your own due diligence online for further information prior to making a decision that involves putting money on the table for insurance.
First Tip; Life Insurance No matter what your income is, if you have a family, the responsible thing to do is protect them with inexpensive term life insurance. It's just as important as keeping the power and water running or making your monthly rent payment to keep a roof over their heads. Follow these 4 easy steps to add up how much life insurance you need and then shop for an affordable policy.
STEP 1 Estimate burial expenses. You do not want to leave the burden of burial costs and other end of life expenses to your family. Budget at least $10,000 for this.
STEP 2 Pay off your mortgage. If you own a home and have a mortgage, add in the remaining balance to your life insurance coverage. This will relieve your family of their largest monthly budget expense and give them all the time they need to sell the house if they want. For this example let's assume the mortgage balance is $200,000.
STEP 3 Provide ongoing living expenses. To figure this, follow these mini-steps: Step 3a. Estimate the amount of expenses that would go away if you die (your car payment, your cell phone, etc.). Let's assume this is $1,000. Step 3b. Subtract your monthly income that you take home from the figure in 3a. For instance, if you take home $3,500 per month then $1,000 minus $3,500 is negative $2,500 cash deficit that your family would face without you. Step 3c. Determine how much time you want to cover the cash deficit in 3b. For example, if your youngest child is 5 and you want to cover your family until the child is 18 you would multiple 13 years by 12 months per year which is 156 months. Step 3d. Multiply your figure from 3c by your answer to 3b. In our example, 156 months multiplied by $2,500 monthly income deficit is $390,000.
STEP 4 Add it all up and purchase your family's life insurance policy. Comparison shop for the best term life insurance. In our example, the totals from steps one through three is $600,000 ($10,000 + $200,000 + $390,0000).
Second Tip Remember that term life insurance can cost just pennies per day. There's no excuse not to protect your children. Also, check out some more useful tips you don't know about life insurance and make it a priority this week to get your policy in place. For instance, Byron Udell, CEO of AccuQuote says, "Life insurance is at the foundation of the financial planning pyramid. Bad things do happen. And when they do, life insurance is the only product that provides the right solution for that moment in time. Your chances of dying are one out of one. It's just a matter of when."
Third Tip If you buy an "arrest me" red sports car, will your insurance rates automatically be higher? Learn the top 10 factors that affect your car insurance pricing so that you can separate the myths from reality, for instance, if you have had any incidents, claims or tickets in the last 3 years prepare yourself for higher rates or you could be declined altogether. Don't bother playing dumb about infractions; they are public record and the insurance company will find out..
Fourth Tip Then, before you begin shopping for the best car insurance deal, learn the tips for cheaper auto insurance and put yourself into the best position to make an informed decision about which company and policy to go with for instance do not settle for just one price quote. Shop around and compare at least three.
Fifth Tip If you rent your house or apartment, you still need to consider protecting your belongings with renters insurance. Your landlord's insurance policy will not cover your personal items. There are two types of renters insurance: a) Actual Cash Value: funds the replacement of your stuff after subtracting a depreciation amount. For example, if you have a big screen television which you paid $2,000 for five years ago, the insurance company will assign a life expectancy to that television (let's say for example, ten years) and since it's life is now half over they will only repay you half of the price you originally paid, or $1,000. b) Replacement Cost: funds the actual cost of replacing an item with no deduction for depreciation. In our television example, if the cost to replace that same television today is $2,000 then that is how much the insurance will pay.
Sixth Tip There are many critics of the health care program being rolled out by the Obama Administration. No matter what your opinion, there are definitely some helpful components for young people. ObamaCare legislation allows young adults to stay on a parent's health plan until age 26. It's the law. Health plans must allow it. This is a huge convenience for many families.
Seventh Tip When you find out that you have a baby on the way, what do you need to do about your health insurance? Read about insurance and pregnancy to find out which health plan adjustments you may need to make to be properly covered during and after pregnancy. Some health plans, such as "Basic and Essential" health plans, may not cover the expenses associated with having a baby. You may need to opt in to special programs or options to give you and your baby a healthy start.
Eighth Tip Good salespeople at the rental counters of companies like Avis, Hertz, Enterprise, etc., really try to make a convincing argument to get you to agree to at least one of the extra insurance options. Should you decline extra rental car insurance? The salespeople at the car rental desk earn commissions for upselling you on their own insurance coverages, so do not assume they have your best interest at heart.
Author Resource:-
Nathan Randall, editor, DailyDollar Newsletter provides free daily advice on money matters plus coupons and discount codes. FYI...you can now access the DailyDollar Newsletter via iTunes podcast, YouTube video, and on Facebook and Twitter too.
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