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Saturday, July 11, 2015

The Insurance Industry

Life, Home, Appliance, Transportation, Business, Event, and Credit Cards Insurance

Are you really covered for every situation in your life? Do you live near the water? If so, you should really have some flood insurance. Do you have any family heirlooms from your grand aunt? Do you have minor children? If you are renting an apartment do you have Renters insurance? We pay more for insurances than we do anything else in life. Is there any control over the insurance industry?

Whole life also called Permanent life or Term life insurance is major so which way have you insured your family? We have some term life insurance policies from years ago that are paid in full and still have their value. Someone had the bright idea to change the provisions of term life insurance. We need to be careful who and how we vote in elections. Currently, when you buy a term life policy, at the end of the term the policy has no value under current standards. It does not matter how many years you pay or how much the policy is worth it is null and void. While other policies will depreciate.

Disadvantaged Americans are on fixed incomes with limited budgets and most with health issues. We spoke with many people at the library meeting, recreation center meeting, and senior center. The topic was insurance, the future, and preparations or lack there of. We were informed that the first thing most Government Agencies ask is do you have any insurance policies with cash surrender value? We were told they had to exhaust everything before receiving any city, state, or federal assistance. I was wondering why so many people in our neighborhood go door to door when loved ones die to collect for the funeral services. How do disadvantaged people prepare for retirement?

When was the last time that you took self inventory? Periodically, I walk around my home with a note book to evaluate our insurance needs. We make changes in our lives daily and seasonally. While walking around I include repairs, updates, or upgrades needed around the home. Some People give expensive gifts for special occasions and they have to be put away in your home and insured.

Home organization is different for each person. I list our overflow in 3 categories as I walk around the home: trash, keep, and donate. I get two bags out to begin the process one for donations and the other for trash. I keep the warranties and extended insurance plans in a folder. I have additional insurance on small appliances, the home heating system, hot water tank, refrigerator, freezer, air conditioners, washer, ceiling fan, and dryer insurance.

Credit card insurance is something you could consider when possible. When I qualified for a charge at a major home supply center; I added the life insurance plan. In the event of my death that credit card is paid in full. The credit card policy covers all the products purchased. I added that insurance to protect my family for pennies a day.

As your life changes your insurance needs change so stay up to date.
One in four insurance agents will be gone by 2018
Buying term and investing the difference

Thanks for reading; kind comments are always welcomed for public viewing. Critical comments are appreciated privately pamdabney@gmail.com

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