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.
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According to an article from Insurance.com, buying a home is one of the largest single investments that most people ever make. When a large investment is made like this, protecting it comes into play with homeowners insurance.
Home insurance is required by most mortgage leaders, and most standard homes insurance policies provide coverage for damage caused by:
- Fire and Lighting
- Ice and Snow
- Frozen Pipes
Home Insurance covers property damage that is also caused by people living in the household. This includes basic insurance and if the home is impossible to live in due to a fire or any other major damage.
When buying a home through a mortgage loan, every lender will require one to purchase minimum home insurance coverage. The amount can be calculated by how much money it would require to rebuild your house entirely as a base starting point.
Buying homeowners insurance can become quite costly sometimes, especially when you have many items under additional coverage. In order to keep reasonable rates one might want to consider raising their deductibles first, which is the money one pays out of their own pocket for the damage before the insurance policy kicks in. A standard deductible within standard policies is $250, but raising it to $500-$1000, rates will go down by 15%.
Protecting one’s home is a smart, safe way to reduce the risk of using one’s homeowners insurance. Installing security features such as alarms or videos can help protect one’s assets and the insurance company is likely to give one a good discounted rate.
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Life insurance is a treaty created between two parties in which the insured individual agrees to pay the insurer a particular amount of fee on a regular basis.
- Life insurance is a treaty created between two parties in which the insured individual agrees to pay the insurer a particular amount of fee on a regular basis. In exchange, the insurer is expected to hand over a particular sum of money to the recipients specified by these insured individuals upon the event of his death. Life insurance sprung from the desire of the insured individual to obtain peace of mind for the love ones they will leave behind as they depart from this world.
- The amount, coverage and date of maturity of life insurance contracts may vary, depending on the contents of the agreement signed by both the insurer and the insured individual. The policyholder must understand that the policies are only applicable to specified insured events such as deaths resulting from serious illnesses. Often, certain exclusions are stated in the contract such as deaths occurring from suicide, war and casualties that result from civil riot.
- There are various types of life insurance. Term life insurance is the simplest form as it yields money directly to the beneficiary upon the insured person’s death, this helps cover the burial expenses and the replacement of the deceased’s salary. The other types of life insurance are more extensive and more expensive. These include whole life insurance, universal life insurance and universal variable life insurance. The latter provides the policyholder with maximum control of cash value account policy features, affording one with premium flexibility and the ability to borrow from the policy even while they are still alive.
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Workers compensation, a.ka. Workmans comp, is a benefit system designed to help workers who have become injured or sick due to their work conditions or environment. Unfortunately, it is also a system whose rules vary state by state and whose outcomes are often unfair to sick and injured workers. Because the system is complicated, to win a workmans comp claim, a worker should learn about the workers compensation system in their state and should certainly consider getting a workers compensation attorney or lawyer to handle a claim.
A worker who becomes sick or injured as a result of their working environment and is approved for workmans comp benefits can generally expect to receive the following:
- payment of the expenses attributable to medical care (including initial emergency care, followup treatment, and rehabilitation services);
- payment of a percentage of earnings (typically 66 % of a worker’s average weekly earnings);
- payment of a lump sum amount in the event of permanent incapacity;
- and payment of benefits in the event of death.
Mental conditions can be covered by workmans comp, but, typically, this is in the sense of a psychological or pyschiatric condition being tied to a physical condition.
For example, job related stress or tension may contribute to a heart attack. Another example might be a worker who suffers a physical injury and later develops anxiety disorder or PTSD as a result of this.
In either case, the primary condition in many cases would be the physical injury, though the worker’s mental consideration would also merit consideration.
Worker’s compensation claims can be won solely on the basis of mental or psychiatric impairments, but, generally, it must be shown that the condition was the result of an abnormal work environment.
The nice thing about the workers compensation system is that, regardless of the state in which you live, workmans comp is uniformly designed to be a no-fault system.
So, in other words, even if a job injury is caused by a work accident that is determined to have been the fault of the worker, the worker may still be eligible for worker’s compensation benefits.
The only exceptions to the no-fault workman’s comp system tend to be injuries that are self-inflicted, or are the result of a worker’s impairment due to drug or alcohol use on the job.
However, if the work-related injury is serious and the worker’s compensation claim is rejected, getting an attorney involved in the case may be the best course of action.
Also, an attorney may be helpful in the following instances:
- the workmans comp is accepted but the worker does not receive the correct amount
- the employer retaliates against the worker after the workers compensation claim is filed, either by disciplinary action or by outright firing.
- medical care is denied to the injured worker
However, since workman’s comp cases may be adversarial (as regards the employer/carrier) and since consultations with workers compensation lawyers tend to be free, it’s probably prudent for an injured worker to speak with a qualified attorney before doing anything independently.
Having a worker’s compensation attorney handle a case can often ensure that an injured worker is treated fairly and given appropriate financial consideration with regard to their injury or illness.
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