Having the right kinds of insurance — including good medical, disability, automobile, homeowner, long-term care, life, and even travel insurance — is key to good financial planning. This page about insurance gives you the lowdown on how to successfully navigate the often perplexing world of insurance coverage.
What to Consider When Choosing Healthcare Plans
If you’re looking for the most cost-effective insurance plan, you might be drawn to a high-deductible health plan. Because the deductible for this type of plan can be as much as $1,000 or more, you typically pay lower monthly premiums, which can leave you with more money for other expenses. But if you get sick, [...]
What Auto Insurance Do You Need When Leasing a Car?
When you lease a car, you’re really just renting it long-term. Because your leased car belongs to someone else—a lessor that wants the car back, whole, at the end of the lease—you may be required to carry more auto insurance than you’d normally purchase. Must-have insurance policies for leased cars In general, a lessee will [...]
Homeowners Insurance Tips for First-Time Homebuyers
Being a first-time homebuyer also means being a first-time buyer of homeowner’s insurance. Just like every other part of the home-buying process, this decision requires research, comparison shopping, and careful consideration. Your homeowner’s insurance provides broad coverage for damage to your house (unless specifically excluded in your policy), as well as coverage for personal liability [...]
Teens and Auto Insurance 101: How to Keep Your Costs Down
Last spring, when my 16-year-old nephew told his father he was excited to get his learner’s permit, my brother cringed. He had dreaded this day. Driving lessons and driving permits would help his son get the necessary practice to be a confident driver, but my brother knew that the number one threat to his son’s [...]
Debunking the Top Five Renter’s Insurance Myths
Most of us are familiar with the saying, “There’s no place like home.” Unfortunately, unforeseen incidents, such as fire or water damage, can quickly turn your home upside down. While most homeowners have insurance to cover them in case issues arise, many renters don’t believe they need insurance. Every day, I hear from people who [...]
The Insurance Implications of Divorce
No matter the circumstances, divorce can be painful—both emotionally and financially, including issues surrounding various types of insurance policies. As you work through your finances, be sure to consider the insurance implications of divorce. Auto insurance A divorced or separated couple will need to decide who will wind up with any car (or cars), and [...]
A Beginner’s Guide to Finding and Buying Health Insurance
After you’ve decided on which plan might work best for you, it’s time to shop for and compare insurance plans to ensure you find the health insurance policy that fits your needs. The Patient Protection and Affordable Care Act (PPACA, also called Obamacare) requires everyone, except those in very specific circumstances, to purchase health insurance. [...]
How Self-Driving Cars Could Change Auto Insurance
When I was a kid, I watched “The Jetsons” and dreamed of the day that flying cars would be a reality. Fast forward to today, and while the technology to give us affordable, easy-to-maneuver flying cars is still far off in the future, self-driving cars may be available much sooner. They could change the way [...]
Busted: How to Tell If You’re Dealing with a Reputable Insurance Company or Agent
A few weeks after Hurricane Katrina struck Louisiana in 2005, I received a call from an elderly woman who was confused about her insurance policy. She said that she had paid a significant sum of money for homeowner’s insurance coverage to a person who claimed to be an insurance agent. This supposed agent insisted the [...]
Life Insurance: When Do I Need It, and How Much Should I Buy?
For 20-somethings without mortgages, spouses or kids, life insurance may be the furthest thing from their minds. After all, most people start thinking about purchasing it when they reach one of three milestones: buying a home, getting married, or starting a family. While data shows that many Millennials are now delaying homeownership, marriage and parenthood, [...]