Saving You Money For Life

There are four different types of disaster insurance riders that you should consider as add-on policies to your business or homeowners insurance. Neither of these major policies cover damages and loss caused by certain major disasters.

Flood insurance – The federal government has classified certain zones as flood plains and about 10 percent of America lives in them. But the industry reports that about 30 percent of claims due to flood are filed by residents outside of this area. So if you live in or near a flood plain, this is a good buy for you.

Earthquake insurance – This natural disaster is also avoided by major insurance companies and again, you don’t have to live at a fault line to benefit from its purchase. The states most prone to earthquakes charge high percentage deductibles, but even states outside of the southwest and Washington can be hit. This can be an expensive purchase, but not as expensive as repairing damages.

More after the jump…

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I think life insurance and disability insurance are equally important. The reason why more people have life insurance over disability insurance is because life insurance is less expensive. However, statistics show that the odds of becoming disabiled are three and a half times higher than that of death at age 37.

It’s important to have both. Just think about it. What would you do if you weren’t able to earn money for 90 days, a year or even longer? You insure your car, home and other posessions that can easily be replaced. So shouldn’t you insure your income as well?

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Self insurance is a bit outdated, but since it is still an option from some companies it pays to understand what it is. The choice is either commercial insurance or self insurance.

Self insurance is exactly what it sounds like – insuring yourself. Choosing to cover the cost of damages in the event of a disaster. Some choose a very, very high deductible so that their premiums are almost nil. Others may choose to cover the cost of damages up to a very high number and purchase add-on insurance or excess coverage to handle damages above that amount.

Still others band together with other businesses in the area and creating their own insurance together in which members pay fees and premiums to insure themselves. This means, however, that if a number of the companies involved need claims paid then premiums rise for everyone.

This kind of instability usually isn’t a viable option for smaller businesses and it’s a rare small business that has enough in the bank to self-insure alone. Commercial policies are affordable to the point that self insurance is really no longer a realistic option.

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An accidental death benefit is a rider that can be purchased in addition to your life insurance policy or purchased as a separate policy. This extra benefit provides an additional amount of life insurance to the beneficiary as the result of the insured’s death by accident.

Accidental death policies are especially useful when someone is uninsurable. Remember, not everyone dies of old age or health conditions. In fact, according to the National Safety Council Injury Facts, one American dies every 5 minutes as the result of an accident.

If you already have a life insurance policy you are covered no matter how you die. However, keep in mind that accidental death policies and riders are inexpensive and a good way to get additional coverage for your family. For more information about whether an accidental death benefit is right for you, contact your agent.

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Your circumstances dictate how much life insurance you need to purchase. Consider who you will leave behind, who is depending on you and your income for survival and plan accordingly.

If you are married with children, then anything you leave behind will most likely be split between them. Any money you have may be hard to lay hands on, however, especially the children’s portion of that money. Choose enough life insurance so that your spouse will be able to continue with the kids in a lifestyle to which they are currently accustomed with you.

If you are married without children, consider how much your spouse needs your income. If he or she is heavily dependent upon you, choose an amount of life insurance that will protect him or her.

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Merry Christmas…from all of us here at AccuQuote!

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The best way to be sure that your business is completely covered is to make a checklist. If your partner handles most of this aspect of your business, ask to see this sort of checklist. If you don’t feel certain, then ask a business counselor to go over your business plan and insurance plan with you to make sure that you’re covered.

What kind of business do you have? If you have a courier service, then you will need special insurance for the car you use for your business, even if it’s the same one that you use at home. If you plan to sell or serve liquor, you’ll need special liability coverage. A photo developing shop or dry cleaner’s will need special pollution liability coverage.

Do you have employees, you will need to make sure that you have worker’s compensation. This is a requirement for every state in the nation and essential. If you have many employees, you may consider offering them life insurance, health insurance, and disability. You’ll also need liability insurance to cover yourself for their mistakes – or their theft.

Other types of insurance that may or may not apply include errors and omissions liability, advertising liability, non-owned and hired vehicles coverage, spoilage insurance for perishables, machinery breakdown, accounts receivable and valuable paper coverage and more.

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The holidays are here…this year, why not give your family the greatest gift. Life insurance will keep on giving even if you’re not around. Think about it. What would your family do if you weren’t here to help pay the bills, etc? The New Year is around the corner and a perfect time to get your finances in order.

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Buying insurance for your small business is, in some ways, like buying insurance for anything. You must shop around before you settle on any one policy or provider. And just like you may not purchase your car insurance from your homeowner policy provider, so too are you be likely to purchase different kinds of insurance for your business from different carriers. The most important thing is that you are completely covered with gap-free insurance – not that you pay one bill every month.

A few other truisms apply, whether you are purchasing health insurance, car insurance, property insurance, or liability insurance for your small business: be honest. All of your information including physical statistics like age, histories, credit reports, and zip code will affect the price of each premium as well as what will and won’t be covered and how much coverage is offered under a given policy.

Keep your costs low on all of these necessary policies by choosing the highest deductible that you can reasonably afford. This will keep your premiums lower. Also choose the payment plan that requires no surcharges – for example, monthly payments may incur a fee but pay every three months for no charge. You may also get a discount for paying for a full year or six months at one time.

More after the jump…

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If you disagree with the final quote you receive, contact your agent. An agent may have some leverage and be able to help you dispute the rating. This could lead to further medical exams or requesting of more records from your doctor but could also provide you with a better rate in the end.

If you decide not to accept the rated life insurance policy, this medical information becomes part of your record in the MIB (Medical Information Bureau). If your coverage is declined due to health, request the results of your life insurance medical exam. Ask your agent if he/she can take you to an insurance companies that specializes in impaired risk policies.

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