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Please browse our FAQs for information on different insurance categories.
In most states, having some amount of liability insurance coverage is mandatory. New Hampshire and Virginia are the only two states that do not mandate auto insurance. Some states also require uninsured or underinsured motorist coverage or additional medical coverage.
Yes. Vehicles with a higher market value should carry a higher amount of coverage, which will typically cost more. Some types of vehicles with a history of being driven more dangerously can also cost more to insure. Some newer vehicles have extra safety features that may qualify for a discounted rate, depending on the carrier.
Some states specify a minimum amount of auto insurance for drivers. If not, it is wise to at least have liability car insurance. Uninsured and underinsured motorist coverage is usually fairly inexpensive to add to a policy, and it can pay for itself many times over in accidents involving uninsured drivers. While comprehensive or complete coverage may cost more, it’s often worth it.
There are three main types of home insurance deductibles:
Whichever option you choose for homeowners insurance, the higher your deductible, the more you should expect to pay out of pocket. Lower deductibles typically result in paying a higher premium.
Due to their high cost, home insurance for valuables is typically limited. You may consider purchasing additional coverage for personal valuables such as jewelry, fine arts, or electronics if they are worth more than the coverage limits of your policy.
Anytime something significant is added to your home or belongings, it’s a good idea to reassess how much coverage you need. For example, after you complete a home addition or purchase new valuables, you may want to re-evaluate the coverage under your current home insurance policy. Though many people don’t think about increasing their homeowner’s insurance during these times, doing so can end up saving you money in the event of a loss.
Deciding whether or not to purchase life insurance is an intensely personal matter. It can also be confusing to figure out what type and amount of insurance is best for your situation. Use this helpful question and answer guide to learn more about this important insurance product.
Life insurance is a contract between an insurer and an insurance policyholder. As part of the contract, the insurer agrees to pay a sum of money to the designated beneficiary upon the death of the insurance policyholder in exchange for a premium. The premium is paid by the insurance policyholder or other designated payer.
Generally, if you have any dependents, you should have life insurance. Dependents can be a spouse, young children, or older children who still live at home. Even an aging parent or sibling can qualify as a dependent. If you do not have any dependents, life insurance can still fulfill a need by reducing the risk associated with a loss of income that would otherwise be used to pay off existing debt, like a mortgage.
A policy is generally less expensive the younger you are. Although earlier in life is better, it is never too late to purchase a policy that will give your loved ones financial security. Keep in mind that more than half of the current life insurance policyholders in the U.S. are over 45. Talk to your life insurance provider about the policy types offered.
Whether you are a young person getting your own health insurance for the first time or an older individual who has questions about insurance, here are a few questions and answers that you may find helpful.
Health insurance covers a portion of or all the financial risk associated with your medical expenses. In exchange for a premium, the insurer agrees to pay some (or all) of the insured’s healthcare expenses.
Generally, you are required to sign up for an insurance policy during an open enrollment period. This period usually occurs at the end of the year. You can also enroll or make changes to your policy if you experience a qualifying life event, including getting married, gaining a dependent, getting divorced, or losing a covered family member. Talk to your health insurance provider if you aren’t sure which events qualify for insurance changes outside the open enrollment period.
There are five different health insurance types:
Talk to your health insurance provider to learn more about these plans and find out which type of insurance will best meet your needs.
If you struggle with health issues or are growing older, you may be wondering if Medicare insurance is an option for you. Here are a few common questions and answers about this national health insurance program.
Medicare is a U.S. health insurance program that is intended for people aged 65 and older, as well as a few other groups of qualifying people. There are different parts of Medicare that offer coverage for different services. Here’s a brief overview of the different sections:
Insurance companies approved by Medicare offer separate plans to supplement these three parts. You may also be eligible for Medicare Advantage, which is an alternative to Original Medicare and includes bundled plans.
Anyone over 65 years old is generally eligible for Medicare. In addition, people with End-Stage Renal Disease and younger people with certain disabilities may be eligible for coverage.
You may be automatically enrolled in Medicare when you’re eligible if you already receive Railroad Retirement Board or Social Security benefits. Otherwise, you may need to enroll during your seven-month Initial Enrollment Period. Talk to your Medicare insurance provider if you have questions about enrollment.
Medicare is intended for anyone 65 years of age and older (as well as a few other qualifying groups). Medicaid is meant to provide insurance coverage for those with very low incomes. It is possible to be eligible for both programs.
While you can always add more insurance, most businesses should consider their needs for at least the following types of business insurance:
If you run your business from home, home-based business insurance is also a must. Every business will have different insurance needs, and a professional business insurance provider can assess your needs and customize a policy with adequate coverage.
Each business is different, and certain types of insurance are mandatory only in specific situations. However, there are business insurance policies that are required for most businesses. Some types of business insurance that can be mandatory include:
Operating without these policies in place can have legal and monetary consequences.
When the necessary business liability insurance is in place with enough coverage for legal costs, business insurance will pay for defense against legal action. Additional policies may be needed to cover defense costs or damages in excess of underlying policy limits. Lawsuits resulting from expected or intentionally caused injuries or damages are generally excluded from liability coverage.
If you depend on income from a job, you should consider disability insurance as protection against the financial risk that comes from a serious injury and its effect on your employment. Replacing income via disability insurance if you’re hurt or ill and cannot work is one way to help maintain financial stability.
Disability insurance will pay out claims benefits based on a few different provisions within a disability policy, including:
You should consider your financial needs, occupation, and risk factors like age and health when evaluating how much disability insurance to purchase.
Many employers offer disability insurance to their employees, either as part of their benefits package or as an optional add-on. However, disability coverage offered by an employer generally does not stay with an employee when they leave the company, and there may be more restrictions around benefit amounts, exclusion periods, or rider options.
To help supplement or replace coverage offered by an employer, you can purchase individual disability insurance. These policies are held by the purchaser and generally offer more flexibility in terms of how much coverage one can obtain.
Working with an investment professional can allow you to establish goals and find the best strategy to meet them. Investment professionals are trained and educated to recommend the right type of investments for your needs and help you plan for a comfortable retirement. When someone is monitoring your account, you can be quickly alerted when changes need to be made or when personal or economic situations arise or you need to reassess your investments.
An investment portfolio of stocks, bonds, and other assets provides you with diversification so that you have the security of stable investments, as well as the potential gains of more risky assets. An investment where your money is combined with money from other investors to increase your buying power is known as a mutual fund.
When you purchase a stock, you own a portion of a corporation. As you purchase more shares of a particular stock, you own a larger percentage of that corporation. Purchasing a bond is basically loaning money to the issuer of the bond. You will receive scheduled interest payments on the price of the bond until it reaches its maturity date, at which point you will receive the principal amount back from the issuer.
At Insurance Lounge, we provide a wide variety of insurance coverage options. Get a quote for any of the policies listed above by using our convenient online quote and buy tool today.