Those who buy life insurance do so to help ensure their loved ones are taken care of financially. Life insurance is a promise by an insurance company to pay those who depend on you a sum of money upon your death. In return, you make periodic payments called premiums. Premiums can be based on factors such as age, gender, medical history and the dollar amount of the life insurance you purchase.
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A homeowners insurance policy usually covers four incidents on the insured property – interior damage, exterior damage, loss or damage of personal assets/belongings, and injury that arises while on the property. When a claim is made on any of these incidents, the homeowner will be required to pay a deductible, which in effect is the out-of-pocket costs for the insured. For example, a claim is made to an insurer on an interior water damage that occurred in a home. The cost to bring the property back to livable conditions is estimated by a claims adjuster to be $10,000. If the claim is approved, the homeowner is informed of the amount of his or her deductible, say $4,000, according to the policy agreement entered into. The insurance company will issue a payment of the excess cost, in this case $6,000. The higher the deductible on an insurance contract, the lower the monthly or annual premium on a homeowners insurance policy.
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Homeowners insurance quotes, in states where Esurance homeowners insurance is not available, are provided by Answer Financial, Inc or Security First Insurance Company for FL residents. Homeowners insurance claims are processed and paid by the underwriting company. Esurance does not underwrite, provide customer service, or pay claims for any homeowners policies sold by Answer Financial or Security First Insurance Company.
This is not an offer of securities in any jurisdiction, nor is it specifically directed to a resident of any jurisdiction. As with any security, request a prospectus from your Registered Representative. Read it carefully before you invest or send money. A Representative from The Business Benefits Group will contact you to provide requested information.
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All points have merit but, like any service, unprofessional service can be punished by walking. However, point #4, “market blocking” is a particularly confounding practice in P&C (I don’t think this occurs in LIfe & Health). Market blocking is a matter which Insurance Commissioners could easily correct nationwide to the immediate benefit of the customer.
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Life insurance companies in the United States support the Medical Information Bureau (MIB), which is a clearing house of information on persons who have applied for life insurance with participating companies in the last seven years. As part of the application, the insurer often requires the applicant's permission to obtain information from their physicians.
We catalogued optional coverage additions that can fill gaps in your policy or cater to specific disaster-prone regions. Earthquakes, for example, aren’t covered in a standard policy, but for those living near fault lines, an endorsement that will cover damage resulting from an earthquake is wise. It’s important that insurance companies offer a variety of useful endorsements to help create a policy tailored to your home’s true risks.
People in the tobacco category typically have to pay higher premiums due to the higher mortality. Recent US mortality tables predict that roughly 0.35 in 1,000 non-smoking males aged 25 will die during the first year of a policy. Mortality approximately doubles for every extra ten years of age, so the mortality rate in the first year for non-smoking men is about 2.5 in 1,000 people at age 65. Compare this with the US population male mortality rates of 1.3 per 1,000 at age 25 and 19.3 at age 65 (without regard to health or smoking status).
Many home and auto insurance companies offer discounts if you purchase more than one policy. For example, Allstate advertises bundling deals up to 30% and State Farm up to 17%. But in reality, multi-policy discounts vary from person to person. Instead of taking your provider’s bundling discount at face value, be sure to compare quotes from multiple home and auto insurance companies. You may save more by insuring your home and car with separate, cheaper providers than by bundling them with one.
Looking to buy life insurance for the first time? If so, you're probably asking yourself questions, such as "How much do I need?," "What kind of policy is best?," and "Which company should I buy from?" There's no question that buying life insurance for the first time, like any other new experience, can be more than a bit daunting. Below are six important tips that we hope will make the process smoother by eliminating frustrating false starts and unnecessary bumps in the road.
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Brokers are licensed by the state or states in which they operate, and they are required to represent their clients’ best interests. This duty helps to ensure that a broker will steer clients to the best insurance for them, rather than to a particular company or to a specific policy. Brokers rely on repeat business from their clients, which also motivates them to make sure that their clients have the best possible coverage. In many cases, brokers may receive an additional commission if you renew your insurance plan — giving brokers an extra incentive to make sure that you have optimal coverage and that you are satisfied with your policies.
Term life insurance is designed to provide financial protection for a specific period of time, such as 10 or 20 years. With traditional term insurance, the premium payment amount stays the same for the coverage period you select. After that period, policies may offer continued coverage, usually at a substantially higher premium payment rate. Term life insurance is generally less expensive than permanent life insurance.
Like any other type of insurance, you're in control of your life insurance policy. You determine how much coverage you need (from $50,000 up to a $1 million policy), how long you need it, who's covered and when you make your payments (called premiums). Usually, you can choose to pay monthly, annually or quarterly for 10, 20, 30 years or over your lifetime to maintain the coverage. When you die, if your policy is still active, the people you've listed on your policy (called your beneficiaries) get paid the death benefit. In most cases, this payment is paid in one lump sum to an individual or family.
Whole life insurance is a type of permanent life insurance designed to provide lifetime coverage. Because of the lifetime coverage period, whole life usually has higher premium payments than term life. Policy premium payments are typically fixed, and, unlike term, whole life has a cash value, which functions as a savings component and may accumulate tax-deferred over time.
There are several unique endorsements from Progressive that allow you to expand and customize your coverage. The Inflation Guard option is one, and the name is pretty self-explanatory: Your coverage amounts will adjust to match inflation rates. In the event you need to file a claim, you can rest assured knowing that rising market costs won't leave you insufficiently covered. If your home is decked out with fences, pools, and sheds, you can extend your home’s coverage to protect these items at no additional cost. You can also extend your personal liability and medical coverage with a watercraft endorsement to include motor boats and small sailboats.
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Insurance agents have a responsibility to the insurance company. Agents act as the insurance company representative in the buying process as they are typically salaried employees. Most insurance agents are “Captive” to represent only one company, such as: Allstate, State Farm, Farmer, etc. Because they are contracted as captive insurance agents, they are not able to discuss or recommend other insurance companies.