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INSURANCE INFORMATION GUIDE
We sell the three basic types of insurance: life, homeowners, and automobile. Each is important in its own way, and it's likely that you'll need all of them as your life progresses. Here you'll find an explanation of the different insurance policies and how they can secure your assets and give you peace of mind.
Life Insurance
People purchase life insurance quotes for many reasons. It can be used
as an investment for the future, an inheritance for your children and
grandchildren, or a way to alleviate the burden of funeral and other
expenses at the end of your life. Most importantly, however; life insurance will protect your family in the event that you pass on in an
untimely manner. With proper insurance coverage, your spouse and children
will not suffer economically without your income. This is
especially important for the main earner in the household, but the
financial value of a stay-at-home parent should also be considered when
purchasing life insurance.
Life insurance is available in two forms: whole life and term
life. Both are useful in their own way, and it is recommended
that you purchase a combination of whole and term insurance in order to
give you the best possible coverage.
Whole life insurance is more
expensive than term, but the benefits are great. Your whole life
policy will last as long as you live. It will also accumulate
interest, so that at the end of a long life, you will be able to leave
behind a sizeable inheritance for your family. Better yet, you
can choose to cash out your policy should life throw a financial curve
ball your way. If you cannot afford to meet all of your insurance needs with whole life, you can purchase a whole life policy in conjunction with term insurance.
Term life insurance is
significantly less expensive as compared to whole life, but as its name
suggests, it is only temporary. That means that all the money you
have payed in will be lost when your term expires. However, youth
and good health can help you to secure a very affordable rate that will
keep you insured throughout the most critical periods in your life --
while paying a mortgage, raising a family, and financing higher
education for your children. Term life options make life insurance accessible to most individuals regardless of income.
Auto Insurance
In most states, motorists are required to carry automobile insurance.
This will protect you from financial liability in the event that
you are at fault in a driving accident. Optional coverage will
also protect your vehicle should it become damaged or require major
repairs.
There are six main types of automobile insurance coverage:
General liability is the most
basic and most required form of auto insurance. It will cover you
if you damage personal property or physically injure anyone while
operating your vehicle.
Collision insurance will cover any damage caused to your own vehicle due to an accident.
Comprehensive coverage
includes fire damage, damage from natural disasters like hurricanes,
floods, and tornadoes, and vandalism or theft of your vehicle.
Medical payments insurance, as
you would expect, covers immediate medical payments for yourself, every
member of your household, other passengers, and other involved parties
after an accident, regardless of fault.
Uninsured motorist (UM) or underinsured motorist(UIM) insurance will protect you in the event that you are in an accident with a driver who lacks proper auto insurance.
Add-ons to your particular policy can include towing expenses, roadside assistance, and temporary replacement vehicles.
When purchasing auto insurance, you should expect your rate to vary based on your age, sex, and driving record.
Homeowners Insurance
Do not be deceived by the name: homeowners' insurance actually
encompasses the entire range of residential insurance for owners and
renters.
As a home owner, insurance will protect you in two ways. Your
home and the possessions in it are covered should your experience loss
or damage by a fire, natural disaster, accident, or break-in. You
are also protected from financial liability should someone become
injured in your home or on your land. Homeowners' insurance is
required at least as long as you have a mortgage, but it is recommended
for as long as you own your own property.
It is important to note that while fires, hurricanes, storms and other natural disasters are covered by a basic homeowner's policy, flood
insurance must be purchased separately. Not every home is at risk
of flooding, but your mortgage company may require you to carry flood
insurance if your property falls in an area prone to flooding.
You may also choose to purchase this additional coverage for
peace of mind.
Insurance for home renters and condo/townhouse owners is not as
expensive or comprehensive as homeowner's insurance, but it is just as
important. Your residence should be your source of comfort and
security, and an insurance policy will help you to protect that safe
space you call home.
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