Insurance Tips

Updating Your Insurance Coverage..Are You Doing It?

It’s so easy to get caught up in this. It happens on every possible type of insurance but let’s take the example of my home insurance policy. I bought the policy a few years ago and had coverage worth $250,000. That was enough to cover anything that could happen really and there was no point in getting more than that. Things Do Change Though In the past few years, my house’s value has increased by 100K and I have also purchased many expensive items and some furniture. The basic problem is that if something did end up happening, there’s no

Ordering Medical Tests While Applying For Insurance

It can certainly be tempting. You’re thinking about getting life insurance, disability insurance or some other type of health related insurance and while you’re thinking about your health, you decide to call up your doctor to get a full update of your health. Sometimes, for one of those policies, you are asked to get an updated health status so you go to see the doctor and decide to get a few additional tests. Why? Because it’s easy, you’re already there right? It’s A Terrible Idea That Can Cost You Big It can certainly be tempting, you’re already there. Don’t do

You’d Be Crazy To Lie When Buying An Insurance Policy

I’ve heard of a few people that have done it including a good friend of mine. I understand that it’s tempting. You apply for an insurance policy and get asked a question that you know the correct answer to. But it’s unclear what to do because the honest answer is different. In most instances, people know that it’s easy to verify the information. For example, when shopping for car insurance, it’d be stupid to say you’ve never had an accident if you have. Why? That information is incredibly easy to validate. Other Situations Are Bit More Tempting Take the case

Making Sure Your Parents Don’t Get Screwed Buying Insurance They Don’t Need

Today, I read a rather shocking story that happened in California. Basically, an insurance agent ended up selling an annuity to an 83 year-old man and it ended up being prosecuted. Why? Because the product was clearly not in the clients best interest. You can read the whole story here: http://www.insurance.ca.gov/0400-news/0100-press-releases/2010/release145-10.cfm This Happens A Lot More Than We Think I know of many kids that help their parents or other elderly members of their family with finances, things like investments, banking, etc. For some reason, we rarely think about monitoring insurance policies even though those can end up having just

Increasing Your Deductible; You Should Consider Doing It

I tend to consider myself a safe driver. I’ve had one small accident 15 years ago, never had a close call since (knock on wood), and have been able to avoid speeding tickets or other things that insurance companies hate. That being said, I still think my premium is high and I was wondering about ways to take it down. Option #1 – Shop Around This is certainly the best option and one that we should all be doing once in a while. It can be done through an insurance broker, by shopping on the internet or even just by asking your

Too Poor To Buy Insurance?

It’s a sad reality. As important as insurance is, many of us simply cannot afford to buy it. I would caution anyone to simply stop paying insurance bills when money starts to become short. If you absolutely need to cut out some coverage, there is a better way of getting it done. It involves asking yourself a few questions: -Can I simply resume my policy when times get better (not necessarily true for policies such as life insurance but might work for car insurance if you stop driving) -What would be the consequences if something did end up happening (what

Never, Ever Make This Mistake When Buying An Insurance Policy

I hear it over and over despite having written about this in the past. It’s a common mistake but one that can end up costing you a lot of money. What is it? Never Buy Insurance In The Spur Of The Moment Buying insurance can often become emotional and good brokers or sales guys will be able to “scare you” to some degree into thinking that you need such or such insurance. Often they are right, sometimes they’re not. That is not the biggest problem about it though. Pricing Is Difficult To Judge No matter how good or bad you

How To Avoid Being Upsold

It happens ALL the time. You buy an electronic item, an appliance and end up buying accessories, insurance, etc. The same happens when shopping for insurance. You start off looking for term insurance and the agent will end up trying to sell you disability, health care, etc. It’s obvious why agents would try to do this. The easiest is getting a client to buy from them. Once the client is ready to open his wallet, trying to sell the benefits of getting other types of insurance is much easier. How The Agent Does It They will start off by being

How To Trap The Shark Selling You A Policy

I won’t surprise you by saying that many insurance salesmen are sleazy and that you can end up being seriously screwed. In fact, other than car sales guys, who else would be more likely to screw you? One thing I always like to do is get a feel for what kind of person I am dealing with. How I do it? The Absurdity Test Basically, I know that sales guys have one fundamental priority. They need to sell insurance in order to make commissions. That’s more than fine. However, some are willing to do it at any costs while others

Getting A Lousy Quote? What To Check

Insurance is a good business but it’s also a very competitive one. The fact is that most insurance companies are not screwing over their clients. In fact, from what I saw on Quora, the average company has been making a 2% profit margin on average off of the premiums that they collected over the past 7 years. I’ll grant you that some insurance policies are probably much more profitable (annuities for example) but in other cases such as auto and home insurance, the chances are that if you got quoted a price that seems high, it could be that your

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