The Ultimate Advice For All Insurances Queries

Irene Chanzu - September 11, 2019

You want to be clear-headed even when tragic disasters like earthquakes leaving you in financial ruin come your way, right? But it’s a shame you toil overtime building a solid financial foundation and neglect smart ways to ensure your lovely assets are compensated in times of need. Arming yourself with an insurance policy is the best approach you can adopt to save your wallet the grief of such huge mishaps. And here are some insights regarding key insurance queries.

Auto Insurance 

Auto insurances cover you, your car, others involved in an accident and getting a credible one and filing claims takes less than five and twenty minutes respectively. It comes in different types of coverages like Comprehensive, Bodily Liability, Uninsured and Underinsured, and Property Damage Liability. And you can cover members of your household provided they reside at the same address. 

You’ll receive warning notes from your company, incur late charges or your policy can be terminated for delaying payments. Avoid “soft fraud” (lying about your driving history) at all cost as it leads to similar consequences. If you’re dissatisfied or eyeing a better plan, switch your coverage whenever you want, but it’s worth waiting for your policy to end to avoid cancellation fees.

Term Life Insurance

Term Life insurance caters to the expenses surrounding your death and the financial requirements of your loved ones. Anyone can benefit from it, and choose whoever they want to entrust it with. And unless you have dependents, purchase it as early as possible since premium rates are determined based on your age, height, weight, health status, etc. This means the older you get, the higher your premium rates increase plus you risk contracting fatal health conditions prone to supercharge the rates or disqualify you from the coverage.

If you miss your premium payment, you’ll have a 31-grace period to pay it with zero interest or penalty. But if you possess a term policy and fail to remit your payment within the grace period, your company can terminate your coverage.

Health Insurance 

Health insurance is a contract with an insurance company agreeing to cater to part or all of your medical expenses depending on the terms of your policy. In exchange, you (the insurer) remit a given amount of cash —the premium — regularly. To make a cashless settlement of your claim, look at different hospitals, and confirm if they fall within your company’s network of hospitals.

But if admitted to a non-network hospital due to emergencies, your treatment will be on a reimbursement basis- you’ll bear the costs then your insurer will reimburse the cash. For easy claiming, provide proof of membership, hospital bills, heath cards, etc. and adopt cashless facilities to evade financial burdens of your medical expenses.  

Travel Insurances 

No matter where you’re going or for how long, travel insurance is a must-have. And comprehending its benefits and terms ensures you land on a great cover, ideal for your travel needs. It’s vital to purchase if you’re above 65 years or you have pre-existing medical conditions. And there are several types you can choose from like Medical Evaluation Insurance, Travel Health Insurance, Property/Baggage Insurance, Trip Cancellation Insurance, etc. Each insurance suits different travel styles and situations.

Consider looking into packages offering additional packages for accidents, flight delays, or civil liability. Their costs also vary depending on your age, length of your trip, your destination, and health condition, etc.

Home insurance

Acquiring home insurance aids you repair your home, rebuild it, or replace your belongings if it’s partially, full destroyed or burglarized by a cause covered in your policy. And it provides liability coverage if you or your family members are injured or your property is damaged due to negligence. Different state laws dictate how your losses are compensated. And the common methods they use are actual value, extended replacement coverage, or extended replacement cost. And you’ll be compensated no matter where you travel to provided the losses are covered in your policy.

Conclusion

You can’t predict the future, and neither do you know when or where you’ll be in dire need of travel, health, life, or auto insurance, so what’s inhibiting you from planning early? By acquiring insurance, you prepare for everything- retirement, illness, hospitalization, death, etc. And it works the same way as body armors protect soldier; fool-proof protection for you and your family members.