Insurance Compare: Protect Their Future

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Make the best insurance compare decisions for your wallet and peace of mind

Performing an insurance compare?  Insurance is a very important piece of your financial stability.  It can be overwhelming to try to understand all the ins and outs.  There are some types of insurance that everyone needs.  Then there are all the other ones you ask someone else about.  The problem is that if you ask most insurance agents they are more interested in selling you products than teaching the basics about what you need and when.

Hopefully after reading this post you will be able to look at all the insurance options.  Sift through the policies you want to stay away from at least until your life gets complicated enough to need them.

Some types of insurance I recommend you never buy!

Click on any of the topics in this article to get an in-depth post about that specific type of insurance compare, and let us know how to improve with your comments.

Private Health Insurance

Private medical insurance should be your first building block of insurance.  It is a must as is being proven out in the legislative debate over the new Obamacare Affordable Care Act passed in recent years.  The debate is centered around the assertion that everyone should not only have access to medical insurance, but everyone should be required to be insured.  Whichever side of the debate you are on you need to get medical insurance.  One reason is that bankruptcies occur at an alarming rate to those without it.  Imagine one incident that leaves you in the hospital over the weekend or just for an evening.  With no medical insurance, your bill of $30,000 or more could wipe out any nest egg you thought you had.

Life Insurance Compare

Life insurance is one of the basic fundamental pieces of the insurance puzzle .  Everyone’s portfolio should include it.  The simple truth is that dealing with financial responsibilities during an already difficult time can be a recipe for disaster for family members of those that have passed away.  A life insurance comparison can be  completed within minutes.  Online quotes are only a few clicks away.  There is very little excuse for not setting your financial house in order.  Obtaining life insurance is a start to your financial plan.  It can be the best income protection insurance your family and loved ones will ever receive.  Especially should the worst happen.

 Why Do I Need Life Insurance

Good question.  Do you have any financial responsibilities that other family members would be left with in the event of your passing? Then you should start thinking of life insurance.  Many times well intending people leave their family unprepared financially after their death because they were the main source of income for the family and replacing that income is not a simple task.  In addition, there may be debts that need to be paid off or future expenses that you would like taken care of for your family members such as college education or funeral expenses.  Since younger people often have no assets life insurance provides a vehicle to make taking care of those expenses possible.

 When Should I Purchase Life Insurance?

I have a section dedicated to this topic in my book What I Should Have Learned About Money Before Age 25.  I think it goes without saying that life insurance is one of the first pieces of your financial foundation.  Along with solid health insurance.  However, knowing when to look for the different kinds of policies can make a real difference.  Do a life insurance compare between companies to see what rates are available at your age.

Disability Insurance

Total permanent disability insurance can help you avoid total loss of income in an accident or personal injury. Disability insurance is needed in general also.  One in seven working people will become disabled and be out of work for longer than five years.  One-third of all Americans between the age of thirty-five and sixty-five will become disabled for more than ninety days at some point.  Replacing anywhere from 60% to 80% of your income could be your only hope in the case of a serious debilitating injury.

Worker’s Compensation Insurance Compare

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How can accident insurance claims result in peace of mind for your family?

If you own a business you are required to maintain worker’s compensation insurance for your employees.  Self-employed?  You should consider making sure that your private health insurance policy covers risks associated with your position in the business.  Many times self-employed people cannot afford private health insurance.  A horrible scenario because then they are not covered by either their employer or their own health plan.  In addition, most worker’s compensation insurance plans remain cheaper for owners that are willing to exempt themselves from coverage.  This offers an incentive for owners to stay uninsured.

A personal injury or accident insurance claim can result in legal action.  Then you may need an accident lawyer.  An insurance company may offer a structured settlement annuity to resolve the legal action.

 

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