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HEALTH INSURANCE |
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If you are in the market for health insurance, you may be wondering where to start. Find out more about your options, as well as resources that can help you get your search underway.
Health Insurance Coverage Options
- Individual Policies - Individual policies are usually the first place people look when they need insurance and can't get it through their jobs. These policies are sold by private companies like Blue Cross Blue Shield, Aetna, Wellpoint, and many others. Each state has different rules governing individual policies. For more information on the rules in you state, see State-Specific Resources below.
- High Risk Pools - If you are rejected for individual coverage due to a pre-existing health condition, a high risk pool may be the answer. High risk pools are not available in every state, but if yours has one, you will want to investigate this option. High risk pools are typically more expensive that individual policies, but if you can afford the cost, it's far better than remaining uninsured.
- HIPAA coverage - If you have recently lost job-based group coverage, and have exhausted all of the COBRA continuation coverage available to you, you may be eligible for something called HIPAA coverage. HIPAA coverage is mandated by the Health Insurance Portability and Accountability Act of 1996, and requires states to provide a coverage option for you if you do your part to stay continuously covered with no more than a 63-day gap in coverage. This option is typically used by people with pre-existing conditions who are unable to qualify for individual coverage. If your state does not have a high risk pool, it may be the only way for you to obtain coverage. Talk to your insurance agent about this special coverage option.
Where to Find Help
- Insurance Agents - Insurance agents can help you find a policy that fits your needs. Be sure you are dealing with an agent that is licensed to sell health insurance. You can check an agent's status with your state's Department of Insurance. Find contact information and links to the Department of Insurance and insurance agent information under State-Specific Resources below.
- Department of Insurance - in addition to providing information about licensed insurance agents, the Department of Insurance also keep lists of insurance companies that are licensed to do business in their state - but they cannot make recommendations for specific agents or companies. The Department of Insurance can also handle complaints if you feel you are being treated unfairly in your search for insurance coverage. Find contact information for your state's Department of Insurance under State-Specific Resources below.
- State-Specific Resources - Each state has its own rules governing health insurance. Find out how to obtain insurance in your state, and get contact information for health insurance resources here.
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AUTO INSURANCE |
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Auto insurance is a contract that protects your financial security in case of an accident. Although it is not mandated by federal law, the purchase of auto insurance is usually a requirement in most states; every state (with the exception of New Hampshire and Wisconsin) have minimum insurance laws.
These two states, instead of having insurance requirements, have mandated financial responsibility laws, so that the owner of a car is required to show that he has sufficient funds to pay any necessary claims. If said owner cannot produce proof of satisfactory assets, then he must buy an auto insurance policy. Regardless of the law, having good auto insurance is practical for the driver who wishes to avoid lawsuits or immense repair bills.
According to the Insurance Information Institute (III), a basic auto insurance policy is comprised of six basic types of coverage. While some of these types of coverage are required by state law, some are considered optional. These are:
1. Bodily injury liability
2. Property damage liability
3. Medical payments or Personal Injury Protection (PIP)
4. Collision
5. Comprehensive
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LIFE INSURANCE |
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The main reason for life insurance is to provide income replacement to your beneficiaries if you die. But if you are interested in estate planning, cash accumulation, wealth transfer, and estate tax liquidity, life insurance can also help you achieve these goals.
Life insurance policies are now available from more than 2,000 life insurance companies in the U.S., as well as from financial institutions that are now getting into the marketplace. Because it's just as important to understand the companies behind the products as it is to understand the products themselves. This is especially important when you're buying life insurance, because policies will probably pay out many years from now, maybe even decades from now. Therefore, you'll want to know whether the company you're buying from will be solvent down the road.
Assessing Your Life Insurance Needs
The main types of life insurance on the market today fall into two categories: term and permanent.
Put simply, term life insurance provides death-benefit protection for a specified period of time (for instance, you might buy a policy that has to be renewed in two years). Generally speaking, if you're looking for coverage for a short period of time, term life makes more sense.
But if you are looking to have a policy for the rest of your life, or have investment goals, permanent insurance is a better fit. All life insurance policies will require that you meet certain medical criteria.
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HOUSE INSURANCE |
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House Insurance is an insurance policy that combines insurance on your physical house as well as your contents within. If something were to happen, flood, fire, vandalism, theft etc. you the owner will get back everything including your house and its valuable contents that were damaged according to the restrictions of the policy. Of course we all hope and plan that we never have to implement a claim and some never do. Yet, being prepared should you ever have to file a claim will save you a lot of time, money and frustration at the worst of times; when you need help from your insurance company. With most large insurance companies developing an online presence many people can now compare prices and get a home owner insurance quote via the internet with relative ease.
Every home owner insurance policy covers two basic important areas, that being the property with physical contents and liability or damages to self and others. If you the home owner are responsible for unintentionally injuring or damaging other's property then your policy will also protect you from paying for damages done to other people. If the insurance company determines that you were at fault than the chances of getting a claim are pretty slim obviously
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