Protecting Your Home and Everything You Own

March 19th, 2010

The majority of us work extremely hard for what we have. We take pride in our homes and the things we have acquired through the years. It doesn’t make us materialistic; simply happy to have what we have. However, disaster and chaos can strike at anytime, often without warning. The prospect of losing everything, or even a portion of everything, is certainly not a pleasant thought. What can you do to prepare for the worst?

Homeowner’s Insurance

If you own your home, homeowner’s insurance is a great thing to have. More often than not, your mortgage company will demand carrying of a homeowner’s policy as part of the terms and conditions for your mortgage. Homeowner’s insurance can take care of everything from minor repairs to major repairs and replacement of things contained within the home. You will, of course, have to take inventory of your valuables (including pictures) for them to be covered by the policy, but it’s well worth the time and energy spent to know your losses will be covered.

Homeowner’s policies typically cover theft and disasters. Should a burglar break in, you can count on your policy to reimburse you for the things that were taken. Should you spring a leak, your homeowner’s insurance is there. Most natural disaster’s will be covered too, however, there are often loopholes that preclude certain disasters, flooding being a popular example. Nevertheless, you can often add-on to your policy with disaster-specific insurance to ensure every possibility is covered. Homeowner’s insurance will also cover accidents that might occur involving guests on your property on inside your house.

Renter’s Insurance

You’re a renter, therefore, your landlord carries the homeowner’s insurance, so you don’t need to have insurance, right? Think again. The landlord’s policy is not going to cover the loss of your personal property or any accidents that occur within your home. for a small price, you can get a renter’s policy that will cover your belongings, guest accidents, and certain disasters that your landlord’s policy won’t cover, keeping you protected. It’s a small price to pay to wipe extra worries away.

Whether you own or rent, it is always a good idea to carry some kind of home insurance coverage to ensure that all your assets are always protected.

Protect Yourself and Enjoy Your Travels with a Little Extra Peace of Mind

March 18th, 2010

You want to take that dream trip. Plans are underway and your anticipation is mounting. What could possible go wrong? It’s not something we really want to think about when planning a fun and exciting vacation, but here it the real world, things do go wrong. Fortunately, there is a great way to plan ahead for those unfortunate what ifs that might creep up before and during your vacation! Travel insurance.

What Is Travel Insurance?

Travel insurance is an insurance policy that gives you some added peace of mind as you head out on that longed-for trip. It covers both domestic and international travel and has many perks that will cover most any thing that could go wrong. That way, you can enjoy your trip, knowing that whatever happens, you got it covered.

Coverage

There are travel insurance policies to cover both domestic and international travel, as mentioned before. There are policies for individual travelers, families and large groups. The insurance will cover minor things like lost passports, trip cancellations/interruptions and lost luggage. It will also cover major things like medical emergencies and transportation issues, among other travel services, and will even provide you with 24 hour assistance each and everyday.

There is a wide array of travel insurance options. For the most active of travelers, there are even more options. You will even find policies that will offer coverage for special equipment you may take with you, such as your golf clubs or scuba gear.

For those with special medical needs or who might anticipate special medical situations, you can go beyond the regular medical coverage and choose a specific plan best suited to meet your medical needs.

Plans are very flexible and can be built to suit your trip and preferences. You will even find specialized plans that offer airfare coverage, rental car coverage, extreme adventure coverage, sportsman’s coverage and much more. If you have a child or two or more that you plan to bring along, some plans offer additional coverage for kids age 17 and under at no extra cost.

Whatever your plans and your specific needs, that added sense of protection from a travel insurance policy is a great way to make the most of your trip. It’s well worth the expense, whether you end up needing it or not, but should you need it, you’ll be glad you had the foresight to purchase travel insurance before your trip.

Is it still Possible to Find Affordable Life Insurance after 50?

March 17th, 2010

This answer is most undeniably “yes!”

Let’s face it: the best policies for the best prices are reserved for younger individuals. In fact, you’d be crazy not to purchase a life insurance in your early 20s: this is the best time to buy!

However, not all of us are in the best financial state to purchase life insurance during this time, and many of us find our life situation changing dramatically as we get older. It is because of this that many middle-aged Americans are searching for comprehensive - yet affordable - life insurance policies.

Longer Life Expectancies Keeping Insurance Rates Low

Prices for life insurance are still quite attractive, even during middle age, as people are living longer; and that means better pricing. In other words, as life expectancies rise, life insurance rates lower.

Today’s older Americans are much different that their parents or grandparents, as they are most likely working and incurring debt. They are also much more likely to have minor children. As a result, the need for quality life insurance for individuals, even well into their 50s and 60s, is much greater.

The Competitive Life Insurance Business

Keep in mind that the life insurance business is a competitive one, and there seems to be an endless supply of life insurance carriers that provide life insurance to individuals of nearly an age. In other words, take advantage of that competition to get the best deal on life insurance.

Because of the increase in life expectancies, and because many middle aged individuals are still quite active, many life insurance companies have taken notice and have therefore developed a nice array of affordable term life insurance plans. Many of the newer term life insurance plans do not even require an extensive physical or medical evaluation.

Looking to the Internet

A great source for life insurance policies for older Americans is the Internet. Many of the companies online offer easy, online applications and quotes, thereby great simplifying the process of shopping for term life insurance.

Let’s assume that term policies for older individuals will be limited; in other words, you wouldn’t be able to find a 30-year term policy for someone who is 70, but there are still many shorter-term policies available at affordable rates.

Are your Hobbies Jeopardizing your Life Insurance Rates?

March 17th, 2010

There are many things that affect life insurance rates, such as your health and your age. However, did you also know that your lifestyle can greatly affect your life insurance rates?

In particular, did you know that your hobbies can not only affect your life insurance rates, but also affect your acceptance for life insurance?

Most of the time, our hobbies don’t interfere with our ability to qualify for life insurance. After all, a leisurely round of golf or a weekend bicycle ride certainly doesn’t increase your likelihood of dying all that much.

However, there certainly are some hobbies - particularly those that provide that all-elusive adrenaline rush - for which you may end up paying for in terms of life insurance denial and/or higher life insurance rates.

Although each life insurance company views risks differently, there are a few activities that are deemed to be risky across the board:

  • Diving
  • Sky diving
  • Rock climbing
  • Aviation
  • Motor sports

Other activities that may raise a red flag with your life insurer include:

  • Surfing
  • Hang gliding
  • Skiing/snowboarding
  • Bungee jumping
  • White water rafting

Many individuals naturally assume that because they are in good health that they are eligible for low life insurance rates. However, most life insurance companies don’t look at it that way. In fact, if you actively participate in certain activities you could be either be placed in a higher risk class (thereby costing you more money in premiums) or simply excluded from coverage altogether.

Your life insurer will likely ask you a host of questions regarding your “risky” hobby, including: how many times a year you participate in the activity; how long you have been participating in the hobby; and how many hours you have logged in with the sport.

One thing’s for certain: don’t answer any questions about your sport dishonestly; otherwise, the insurer may deny your family your life insurance claim if you die as a result of your dangerous hobby.

Regardless of your participation in hobbies deemed dangerous or risky by your insurer, you should be able to find an insurance company that will offer you a life insurance policy; you just may end up paying more for it.

Simple Ways to Keep your Auto Insurance Rates Affordable

March 15th, 2010

Auto insurance shouldn’t break the bank. In fact, given the competition in the auto insurance market, it is quite possible to find a great policy that is both reasonably priced and comprehensive.

Always remember that there are several auto insurance carriers available, regardless of where in country you reside. However, beyond find the best rate, there are a number of things you can do on your end to lower your auto insurance premiums and save big:

  • Buy a smaller car - Simply put, smaller cars cost less - sometimes much less - to insure than larger cars. Keep in mind, too, that smaller cars just don’t save you money on auto insurance premiums; they also save you on gas and on maintenance costs. Consider, for example, the cost of tires for a small car versus the cost of tires for one of the larger, sport utility vehicles. If you are in the market for a new car, contact your auto insurance carrier and ask them for insurance quotes for both smaller cars and larger cars; you may very well find yourself shopping for a smaller, more economical vehicle.
  • Play it safe - This may seem like a no-brainer, but the fact of the matter is that not many people think about their auto insurance coverage when they get behind the wheel. Aside from the obvious increase in auto insurance premiums should you become involved in an auto accident, also consider speeding tickets, as fines and points can certainly mean an increase in your auto insurance premiums.
  • Consider a professional - If you have a teenage driver, consider enrolling them in a safe driver course. Many auto insurance companies offer great discounts for teenage drivers who pass these tests.
  • Raise your deductible - Consider a slight increase in your deductible, as this can often significantly lower your monthly premium amounts. However, you will also need to make sure that you have the cash in case you become involved in an accident and need to pay out the deductible. It’s always a smart idea to keep your auto insurance deductible amount tucked away in a money market or savings account in case you need it.

Don’t Leave Home without them: the Necessities for any Vacation

March 12th, 2010

There is nothing quite as relaxing as a vacation away from all of the stressors of life. However, it is important to be prepared for your next vacation so that it goes smoothly.

Here is our list of must-haves you simply can’t leave home without:

  1. Identification - It may seem like a no-brainer to bring your identification, but in the hustle and bustle of preparing to leave, you may have forgotten this one important piece of information. Your identification will be needed if you rent a car, board an airplane or simply head out of town for a road trip, so make sure you have it with you before you leave the house!
  2. Extra credit card - An extra credit is essential, especially if you plan on using credit cards during your trip. If, for some reason, you are unable to use your primary credit then you will need a backup. You definitely don’t want to be caught away from home without your credit cards, so always remember to carry at least two. In addition, contact your credit card company before you embark on your trip to let them know that you will be posting charges from another part of the country or world. You should also check to make sure your account is active and that you have a high credit limit to cover the expenses of the trip.
  3. An essentials bag - Everyone should pack an essentials bag when they travel. Your essentials bag should include everything in it that you would need in case of an emergency. Your essentials bag should include your identification; your passport; your wallet and money; and any medications or personal care items that are of importance. It is also important to keep your essentials bag with you at all times; do not check it with your other luggage when flying and don’t leave it in the hands of a bellman.
  4. Travelers Insurance - A vacation wouldn’t be complete without comprehensive travelers insurance. A comprehensive travelers insurance policy is a must for an extended holiday or overseas vacation, and it is a must for any individual who does not want to risk losing their hard-earned cash in case of travel problems. Don’t forget to bring along the contact information for your travel insurance policy with you when traveling.

Easy Tips for Finding the Best Auto Insurance Policy

March 11th, 2010

We are all as cautious as can be on the roadway, but no matter how careful we are each time we get behind the wheel, chances are that we will, at one point or another, be involved in some type of auto accident.

So, the question is: are you well protected in case of an auto accident?

For many motorists, this question may be “no.” This is because not many of us give too much thought to our auto insurance policies. However, this can prove to be a very costly mistake.

If you don’t even know what kind of auto insurance coverage you have, or how much insurance you have, then you are certainly in good company; not many people understand their auto insurance policies, let alone fully understand their coverage amounts.

  • The first thing you must do when purchasing auto insurance is the policy and its price. The first question you may want to ask yourself is: is the coverage worth the price? And in order to answer this question, you must do your homework and compare prices between several auto insurance companies.
  • Before you can begin comparing prices and policies, you must understand what coverage you want and/or need, as coverage amounts can greatly dictate the price of the policy. Consider such factors as: insured parties; passenger coverage; third party and theft; fire damage; and accident damage.
  • Another factor to consider when shopping for auto insurance is the insurance carrier. The insurance carrier you choose is very important, as it will be your first point of contact following an accident. Research the company, its history, its financial stability and, perhaps most importantly, reviews by other customers regarding their customer service and coverage.

There are several resources you can use to research your auto insurance company, including your state department. Simply head to your state department’s website and you will find a plethora of information regarding the auto insurance carrier whom you are considering. You may also want to ask friends and family for their opinion, as they can be a great source of information and advice. Additionally, insurance review and comparison websites offer robust and often in-depth coverage of insurance policies.

Finding a great auto insurance policy isn’t hard, but it does take some time and research on your part. It is important to remember that your choice of auto insurance policies can mean the difference between overpaying for an undervalued policy, or even getting caught in a situation where you are underinsured and financially responsible for a great deal of money. In short, take the time to find the best auto insurance policy for your specific situation and budget.

Buying Life Insurance on a Budget: what you Need to Know

March 10th, 2010

You know you need life insurance, but your budget is near its breaking point. What do you do?

The answer is simple: you owe it your loved ones to find the money in your budget to purchase life insurance. However, given the highly competitive life insurance business, you can be sure to find affordable and comprehensive life insurance.

Whole Life Insurance vs. Term Life Insurance

The most affordable route to take when purchasing life insurance on a budget is term life insurance. Many life insurance agents will push whole life insurance policies because of the big commissions they receive. Make no doubt about it: whole life insurance policies do have their place, but if finances limit you, a term life insurance policy is certainly the next best thing.

Many individuals choose term life insurance policies because they provide excellent coverage for a certain time period; this may be during the time they have a mortgage, or when their children are young. Whatever your reason for choosing a term life insurance policy, make sure it covers your debts so that you can best take care of your family financially in the event of your death.

Longer Term Policies and Better Rates

Because of the competitive nature of the life insurance business, it is quite simple to find great policies, with high death benefits, for as long as 30 years. And, when considering the price difference between whole life insurance policies and term life insurance policies, the choice is quite simple for most individuals: term policies win the race.

For individuals on a budget, consider term and take out the largest term life insurance policy that you can comfortably afford. Your term life insurance policy should cover your mortgage, your debts, your funeral and burial costs, and any other monies that you want to leave to help provide financial support for your family.

Do your research and compare a number of life insurance policies through different life insurance carriers. However, don’t automatically choose the cheapest policy; instead, research companies and decide which one has the best reputation, history and financial standing so your policy is protected.

How to Find the Best Homeowners Insurance Company

March 9th, 2010

Where can you find the best homeowner’s insurance company?

The first place to look when considering a homeowners insurance company is the reputation, history and financial standing of the company. These numbers can prove invaluable, as they will be a clear indication of how well the company manages both its money and its customers.

Where to Begin your Search:

  • Consumer Rankings - Start your search at JD Power & Associates. This independent information company is often a great source for information on homeowner’s insurance companies. They essentially perform surveys that provide consumers with unbiased information and ratings on a number of products and services, including homeowners insurance.

Some of the information you may be able to locate through JD Power & Associates includes: policy prices; policy options; customer service; and claims. The rating chart they use is quite simple to read and understand, thereby providing you with very helpful information regarding homeowners insurance companies.

  • State insurance department - Another great source for homeowner’s insurance company information is through your state insurance department. Most states have easy-to-navigate websites that provide a lot of great information about insurance companies of every kind, including homeowner’s insurance companies. One of the best sections to review is the consumer complaints section, as this provides much information about complaints made against insurance companies. This is often a great way to find out exactly how reliable the company is, and how it treats its customers.
  • Financial Status - Another useful way to examine a homeowner’s insurance company is to check out their financial rankings. This is useful because it is often a clear indication of the insurance carrier’s ability to pay its claims.  A good source for financial rankings among homeowner’s insurance companies is AM Best (www.ambest.com).

Use the power of the Internet when searching for information on homeowner’s insurance companies, as it is often a great resource for everything from consumer complaints and ratings to financial rankings and history. Remember that your choice is an important one, as you are protecting your largest investment.

The Five Biggest Factors that Raise Life Insurance Rates

March 8th, 2010

Your life insurance rates can be affected by many different factors. From your age and weight to your occupation, your life insurance rates directly mirror you and your lifestyle.

Life insurance companies use a series of factors when considering your life insurance premiums rates. The criteria used by an underwriter can vary depending on the life insurance company; however, there area a few factors that will always have a large impact on your premiums:

  1. Weight - Simply put, you can expect to pay higher life insurance premiums if you are deemed to be overweight by the life insurance company. This is because obesity equates to a number of medical conditions, such as heart disease, high cholesterol, high blood pressure and diabetes, as well as the likelihood of an obesity-related death. The premium discrepancy between an obese individual and an individual with a healthy weight could be as much as 50 percent or more.
  2. Smoking - It is no surprise that smoking plays a huge role in increased life insurance premiums. Regardless of how much you smoke or what kind of tobacco product you use (even chewing tobacco) you are consider a smoker by life insurance standards. However, you can drop you life insurance premiums back to that of a nonsmoker in as little as one year after you quit smoking.
  3. Alcohol Abuse - Alcohol abuse, because it can cause a number of diseases, health conditions and early death, will have a huge impact on your life insurance rates.
  4. Medical Conditions - Your medical health history plays a big role when it comes to determining life insurance premiums. Any conditions, such as high blood pressure, heart disease, cancer and heart attack that appear on your medical history will raise your life insurance premiums.
  5. Risky Lifestyle - Do you like to bungee jump, skydive or race cars in your spare time? If so, expect your life insurance premiums to rise substantially. Any type of engagement in activities deemed by the insurance company to be risky will earn you a spot in a higher risk category.