Where's the Life Insurance When You Need It - Financial
Written by Julie Taylor
The very last thing on your mind right now is probably health insurance...
Even so, this Stable Door Story is well worth a quick read.
Do you already have life coverage? Is your trauma covered with medical insurance in any way? Is yours the kind of health insurance policy that can be converted without medical questionnaires - and should you do this? Have you checked your car policies? How about the kids' accident coverage for school? Has the house coverage slipped your mind...
These, of course, are the questions you need to attend to before a trauma. However, it's never too late...
Unless you already have all this information on your laptop and you are able to access it, you may want to remind whoever is taking care of such things to look into all this for you... Once I have written these website pages, I will go back and make short lists that you can print out too.
Unless I can find an expert to write something for us... I might know just the person!
A couple of years ago a good friend of mine was about to take out coverage on her life so that her children would be taken care of should anything happen to her. She was a single parent so this was quite important. She was also young so she put it off, never dreaming... To cut a long story short, she postponed her appointments with her ins. agent because she felt so unwell. Then the unthinkable happened and she was diagnosed with leukemia...
This whole sorry mess brings up 2 interesting points. The first is the importance of having some life insurance - even inexpensive term life - can include a clause where it can be converted despite any future health problems. The second is whether your policy covers long term disability and life-threatening illness. This may be something you want to consider? 
One thing seems to be true - don't put this off! Although my friend is in remission and getting stronger by the day, insurance would sure have helped. She is also unsure whether she would ever be able to get life coverage?
At any rate it may be well worth while phoning or emailing your advisor and checking exactly what you have and whether it might need changing. You may also want to alter the coverage you have for your partner so that it is more inclusive?
If you have a car, you may want to consider whether or not it is being used and if you are going to park it in a driveway for a while (or on private land somewhere) you can reduce the coverage to a nominal 'storage only' cost. You may also want to change the principal operator while you are out of commission.
If you have separated or divorced from your spouse or partner it is important to go over your insurance now. Make sure that there is sufficient life insurance on your life and check out values - I discovered that one of my policies included a clause that paid me even if I was still alive! Mind you, the magical anniversary is on my 100th birthday! If I make it to this magical date I might just take off to Hawaii for a couple of weeks with a 60 year old toy boy!
I also discovered that because I took out all of these policies when I was much younger, they were worth keeping up. Even at times when paying the premiums caused quite a hardship. To take out new insurance was way more expensive now. I found an agent who came to my house and checked out exactly what policies I had and what they covered.
House insurance may need altering to reflect the separation agreement - and even if you don't yet have an actual agreement, it's a good idea to find out exactly what is covered and what else is available and at what cost. Policies with the exact same coverage can vary a lot in cost and a good agent will find the best value for you.
Car insurance is important to check: you don't want someone else's careless driving to affect your record. Make sure you have the coverage you need - not more or less.
I will be finding out some more detailed and accurate information and filling out this page soon. Meanwhile...
...make sure your horse is happily munching hay inside your stable before you close the door!
Some General Insurance Tips...
1. One of the best ways to save on your auto, home, or health insurance is to increase your deductible. You don't want to make a claim anyhow on an amount you can afford, so raise your deductibles to the top amount you would be willing to pay out of pocket before you insurance kicks in. Raising your deductibles can save you a lot of money so it is worth checking into.
2. Get to know your grace period! Just because you forgot to pay your insurance bill on time does not mean it is canceled. Most policies have at least a 30 day grace period in which you can make your payment and your policy will still remain in effect. So before you assume your insurance is gone, check out your grace period and pay up!
3. Keep your policies with one agent. Sometimes you can find cheaper insurance at different agencies but there are two reasons to stay with one insurance company or agent: First, you can get a multiple policy discount and second, your insurance agent is likely to work harder for you when it comes to claims and service.
4. Ask for discounts! Don't assume your insurance agent will automatically give you all the discounts available. This is not because they don't want to but because they don't always know what discounts apply to you.
5. Credit and insurance goes hand and hand. Most insurance companies are partially basing rates on your credit history. Whether you think it is fair or not, it is happening. So, if you have some small credit issues get them cleaned up or if you can't and still want to save, shop around because each insurance company has a different way to evaluate your credit.
6. Skip the credit card insurance offers and warranties. Those offers by your mortgage or credit card companies to pay your balances are not worth the cost. It is always better to make sure you have a good life insurance policy to cover your debts. Also, extended warranties are just mini-insurance policies and they are hardly ever worth the amount you pay for them, especially if you take care of your items.
