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Pay-Per-Usage Or “Prepaid” Insurance?

I might be hoping for too much here and I have already made a long serious of requests for future insurance policies but I have one more for today. I would absolutely love to see more “pay-per-usage” insurance or even pre-paid. For example: –Car insurance that charges “per mile”: It doesn’t take a genius to know that this would be very popular. If someone knows he will be barely driving but would like to get some insurance at a decent price, the current system does not really make it possible. I think there would clearly be demand for this and it could

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

Why Most Insurance Agents Are Terrible

Last week, I wrote about finding out if the insurance agent or broker was acting in your best interest which can clearly end up being a big problem when shopping around for insurance. Thankfully, I think most of us know to be on the lookout for those. What we aren’t as trained to do is trying to determine if we are dealing with a competent agent. Most Of Them Are Crappy The reality is that that according to numbers that I’ve seen, 92% of agents eventually fail and exit the business. Why is that? Most Agents Don’t Belong In The Business I

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

How Much Would You Pay For iPhone Insurance?

I’ve been trying to decide on finally moving ahead to buy to the iPhone5! Would you believe that as of writing this, I’m still a (not so proud) Blackberry owner? To my defense, it’s provided by my employer free of charge and while there are very few things it does very well, one of those things is providing a very easy to use keyboard. I’ve been annoyed at many other features though, mainly the lack of apps and painful web browsing experience. So I’m finally going ahead and buying the iPhone5 in the coming weeks. iPhone Insurance Or Not? One

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

Figure Out What Your Risks Are?

Insurance’s primary purpose is to help protect you against certain risks. Money can’t buy everything obviously, but it can help a great deal. Today, I sat down and tried to figure out the main risks that I face. In general, risks are defined in terms of assets that you have. Let’s start off by listing the most important things in my life: -My family And material stuff: -My house -My car I guess if I were to look for further things I’d go for: -My identity -My phone -etc In terms of my family, the main financial risks are that

Too Poor To Buy Insurance?

I write a lot about insurance, about all of those types of insurance that can be purchased, etc. The reality however is that for many of us, buying insurance is something we can barely afford to do. When you have a family living off of one income, are unemployed or are in a number of other situations, buying insurance can seem like excessive luxury. At Which Point Should You Look Into Buying Insurance? Ideally, you should try to do a budget, figure out how much you are able to afford every month in insurance payments. I personally think that the

Insuring Your Bank Accounts For Free

There are very few free things in the world. Usually those that are end up being too good to be true. There’s usually a catch or some kind of detail that makes the deal a lot less attractive than you’d initially think. If I think about insurance, that is even more the case. One Exception One type of insurance that is offered for free is insurance on bank deposits. In both Canada and the US, governments end up backing deposits. Why? It’s partially in their own interest. Economies work much better with an efficient banking system that users can trust and for

Can You Really Blame Employers For Changing Your Insurance Benefits?

I know I know, it sucks. It really does. First of all, as I explained in my own post, managing insurance policies that are offered by employers is becoming more complex and more time consuming. In addition, those policies end up covering less than what they used to. This affects health insurance mainly but also disability insurance, life insurance, etc Just recently, Sears Holding and Darden Restaurants announced that they would be making major changes to their regimes. How It Used To Work At Many Such Companies –Companies would offer employees coverage on XYZ.. With employees paying for parts of

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