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Life Insurance
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Auto Insurance
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Homeowners Insurance
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Renters Insurance
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Health Insurance
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Business Insurance
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Useful Information
Term vs. Whole Life Insurance
The main difference between term and whole life insurance is that term life insurance
is insurance only. It covers you for the length of your term. Like any other type
of insurance, if nothing happens to you, the insurance never pays out. Whole life
insurance is not just insurance; it is also a savings plan. Your policy builds value
over time that you can borrow against. Because of this savings component, whole
life is much more expensive than term life insurance. Premiums for both types of
coverage rise significantly once you reach age 50 and higher.
How Much Life Insurance Do I Need?
Considering all the expenses that need to be covered by life insurance and the length
of time the policy needs to last, industry experts recommend that your coverage
amount be 10, 15 or 20 times your annual income.
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Useful Information
How Much Auto Insurance Do I Need?
All states have requirements for liability and other types coverage. Whichever insurance
carrier you choose will make sure you have at least the minimum amount of coverage.
Having the minimum coverage will allow you to drive legally, but won’t help you
much if you get in a serious accident or your car is damaged in some other way.
When deciding on how much insurance you need, consider the cost of repairing or
replacing your car, how much your health insurance will cover your own injuries
and the potential burden of paying for someone else’s damage or injuries. Your insurance
agent will make sure you have the minimum amount of coverage required in your state
and can advise you on how much additional coverage other drivers typically purchase.
If you want a good amount of insurance, but are concerned about the cost, consider
a higher deductible.
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Useful Information
What's covered by Homeowners insurance?
Homeowners insurance provides protection in four areas - damage to the structure
of your home, damage or loss of your personal belongings, injuries or damage to
other people, and the expenses of temporarily living somewhere else if your home
is damaged. Keep in mind that damage from floods, earthquakes and windstorms (in
certain areas) is covered by separate policies. Jewelry, cash and other expensive
items may have a value limit if stolen. If you have expensive items in your home,
you may want to get special coverage.
How much Homeowners insurance do I need?
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Policies have a set cash value or limit on replacement value, so make sure you factor
in the cost of rebuilding your home if it's completely destroyed. To make sure you
have enough insurance to cover your belongings, do a
Home Inventory to calculate the value of all the items in your Home and
the cost of replacing them. Compare this number to the limits in your policy and
increase your coverage if it's not enough.
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What's covered by Renters insurance?
The primary purpose of Renters insurance is to cover the loss or damage of your
personal property in your home, at work, in your car or anywhere else. If the apartment,
house or condominium you rent is damaged so that you are unable to live there, Renters
insurance covers your living expenses while repairs are made. Additionally, Renters
insurance provides liability coverage that protects you if someone gets hurt in
your home. Like Homeowners insurance, you may need a special policy to cover floods
or earthquakes and there may be limits on the replacement value of jewelry and other
expensive items. You should speak to your insurance agent if you have items that
you think might be not fully covered.
How much Renters insurance do I need?
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Renters insurance policies have a set cash value or limit on replacement value.
To make sure you have enough insurance to cover your belongings, do a
Home Inventory to calculate the value of all the items in your home and
the cost of replacing them. Compare this number to the limits in your policy and
increase your coverage if it's not enough.
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How much Health insurance do I need?
Unlike other types of insurance, it's not so easy to set a value on the amount of
coverage you should have. Your health doesn't have a replacement value like a totalled
car, and the cost of a life threatening injury or illness could exceed the value
of your home.
The coverage you choose ultimately will be based on how much healthcare you use
and what you think you can afford. If you don't visit the doctor much, choosing
a plan with a higher deductible can significantly lower your premiums, but you need
to have the resources to pay for every visit and to cover the deductible if you
get sick or injured. If you make frequent visits to the doctor, it might be more
manageable to pay higher monthly premiums in exchange for low co-payments at every
visit.
HMO vs. PPO - What's the difference?
Simply put - cost and choice. HMOs usually have the least amount of choice and lower
cost. Care is managed by an assigned primary physician and is only covered within
its network. PPOs offer the most choices but at a higher cost. You can see any doctor
any time. Doctors in the PPO network charge lower rates.
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What kind of Business insurance do I need?
A Business Owner's policy typically covers the needs of most small businesses. It
covers two important areas - property damage and liability. Like Homeowners insurance
a Business Owner's policy covers the same types of events that affect a home - fire,
theft, etc. Additional coverage can be added for income lost as a result of damage
to the business property. The liability portion of the policy protects you in the
event that someone is injured in your place of business. Basic liability does not
cover "Product" liability - damage or injuries caused by the products you sell -
but this type of insurance can be added.
If you operate your business out of your home, you may be able to add special coverage
to your existing Homeowners insurance rather than purchasing a new policy. If you
own a business that has higher risk - such as a restaurant or manufacturing facility
- you may need a Commercial policy.
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There are many other specialized types of coverage you can add to address the needs
of your unique business. Start by completing a basic questionnaire about the size
and function of your business. An insurance agent can then help you understand the
types and amounts of coverage that you need.
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