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Archive for the ‘Insurance Terms’ Category
February 28th, 2012
Disability Insurance
When you select disability coverage, make sure you understand how the policy defines disability. This is important because the cost and type of coverage will be affected. Some policy plans pay only you are unable to work, whether at your current job or any other position. Other policies might pay if you cannot work at your regular profession. Another coverage might offer payment based on the amount of time you could devote to you job. If, for instance, you suffer a heart attack and can only work part time, you could collect from some policies, but from others you couldn’t. Talk with us to find out which type of disability coverage best suits your needs. There are number of different types of disability insurance policies. Most of the variation is due to the amount of coverage provided. One type of disability insurance is described as “own occupation”. Quite simply this means that if you are unable to perform within your own occupation then you get complete disability. Even if you take up another position that makes as much or more money, you still receive full benefits. This type of disability policy is very expensive. The income replacement policy only replaces the income that is lost. For instance, a surgeon who can no longer operate yet can teach, will have the difference between his teaching salary and surgical income replaced. And there are step rated policies. This type of policy increases in cost as you age and the chances of disability increase. Disability insurance is a safety net that protects you and your income should you become disabled. This sort of policy generally covers people while they are in their working years. Determining how much insurance you need is relatively straightforward. Generally speaking, you’ll need to cover all of your living expenses minus those expenses that were incurred as a result of your working. In other words, a certain percentage of your income, generally between 40 and 20 percent, is directly or indirectly related to the process of getting to and from work and doing your job. Since you are disabled and unable to work, you do not need to replace that income devoted to the job. If you’re uncertain as to the exact amount you need, consult an expert. This information is general in nature and should not substitute for the advice of an expert in the field.
Contact us at Assurance Insurance Agency or give us a call today at 1-800-897-1395.
       
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February 20th, 2012
Retail & Distributors |
Major Medical Insurance
Major medical insurance covers extended major injuries and illnesses, the type of devastating health problems that can ruin you financially. If you don’t have insurance, this type of policy is probably your highest priority. Major usually covers problems that aren’t included in basic health. For this reason, both major medical and basic health are generally sold in a package deal called comprehensive health insurance. Major medical benefits typically include hospitalization, doctor fees, diagnostic work, surgery, home care, rehabilitation, blood and drugs. It is designed to cover prolonged treatment so no time limits are implemented. However, you are usually responsible for co-payments, deductibles and twenty percent of the charges.
Contact us at Assurance Insurance Agency or give us a call today at 1-800-897-1395.
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February 13th, 2012
Individual Health Insurance, Insurance Terms, Uncategorized
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February 6th, 2012
Retail & Distributors |
Renters Insurance
Apartment renters need special insurance to protect their belongings. This type of insurance covers your personal property at home and away form home. The policy insures your personal effects against 17 perils including: smoke, fire, lightening, burglary, vandalism, riot or civil commotion, explosion or electrical surge damage, windstorm or hail, falling objects and other similar hazards. You’ll also receive financial protection against claims or suits brought by others for accidental bodily injury or property damage suffered while in your apartment. The policy covers all members of your family and your pets. If an accident with Fido leads to a lawsuit, you’ll be covered by your Renters insurance. Keep in mind, some insurance companies are skittish about writing policies for owners of certain ferocious breeds such as Rottweilers, pit bulls and Doberman Pinschers. You might be able to save some money on your premiums if you haven’t had any claims in the past three years, if you home has smoke detectors or fire extinguishers, if the home is less the 10 years old, if you’ve installed a burglar alarm or deadbolts, or even if you’re a senior citizen. This policy provides exactly the same coverage, as homeowner with the exception there is no coverage for a building. Be sure to ask about any other discounts when you’re getting a quote.
Contact us at Assurance Insurance Agency or give us a call today at 1-800-897-1395.
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February 1st, 2012
Homeowners Insurance
There are six basic types of home insurance policies. Regardless of what state you live in, except Texas, the policies are very similar. Each is defined by the perils it covers. The HO1 Policy covers the basic home and it’s contents. The dwelling itself is covered and all personal property is guarded against losses from eleven types of perils. If your home burns down or is struck by lightning, you are insured against the loss. Other disasters covered include windstorm, hail, volcanic eruption or an explosion. If your home or property is vandalized or if you are robbed, the insurance company will reimburse you for your loss. Your home is also protected against damage from riots or civil commotion. And if any vehicles or aircraft do damage to your property, you will be paid an amount equal to the cost of rebuilding. If you have a mortgage on your home, you are required to have home insurance. These policies are usually very basic and you may want to consider adding special provisions for valuable personal items, such as jewelry or computers. Many homeowners add coverage against natural disasters not covered in the basic policy, such as earthquake or flood.
Contact us at Assurance Insurance Agency or give us a call today at 1-800-897-1395.
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Personal Insurance |
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Oilfield Service Work and Oil & Gas Mfg |
Homeowners Insurance, Insurance Terms
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January 25th, 2012
Whole Life Insurance
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