Your Personal Financial Adviser

Today Your Personal Financial Adviser is  discussing some useful tips to buy right individual health insurance. When exploring the wide variety of individual health insurance policies available today, a consumer can become quickly overwhelmed with complexity and jargon.  Many consumers will seek ways to save money on their health insurance only to find that the policy they have purchased is completely useless.  There are no magic tricks when it comes to saving money on individual health insurance, but there are plenty of scams that make it easy for consumers to waste money.

Insurance companies, like any other company in our capitalist system, are in business to make money.  These companies boost their profits not by providing high-quality health care, but rather by overcharging and denying coverage.  Pre-existing conditions, a smoking habit, and chronic conditions can significantly increase the cost of coverage or prevent coverage in certain areas. Read more

An automobile accident is a terrible event and even if you escape unscathed, there is a lot more to it. The damage that is caused to your car may cost you hundreds of dollars which is bound to cause a hole in your pocket. Most of the vehicle owners do require assistance in clearing off the damages that is caused to their vehicle during an accident. Car insurance is extremely important and helpful to all the car owners because accidents happen and they occur unexpectedly. Taking up car insurance will certainly help you to avoid financial trouble and they help in covering up a number of expenses. In fact, most of the states in the US ask motorists to first purchase their car insurance before they go in to buy a car. There are several details of Your Personal Financial Adviser which you need to check out about car coverage and to make sure that you are adequately covered when you are driving, you must research about the several auto insurance policies that are available to you. Read more

The concept of Kidnap and Ransom insurance or the K&R insurance is widely picking up in today’s times. This insurance type has been found to be very helpful for people residing in areas or locations which have a high kidnapping incident rate. The K&R insurance generally includes incidents such as kidnapping, extortion and hijacking as well. This kind of policy will definitely offer compensation to the policyholder when they incur loss on their end which means that the insured will be responsible for paying the ransom in the first place and later on, they can claim it from the insurance company.

Most of the kidnapping insurance policies usually pay the insured the entire costs incurred to them during the kidnapping which is inclusive of the medical expenses incurred during the kidnapping procedure. The insured can also reimburse the personal losses and accident that was incurred during the kidnapping episode. The K&R also makes sure that the situations of death, disablement and even loss of employment are compensated along with added problems such as crisis management and psychiatric intervention.  The policy coverage regarding kidnapping insurance will also include kidnap prevention training so that the insured stays alert. Read more

Most of us feel lost while understanding the concept about insurances. As a layman, we are not very well-versed in how the insurance field works. In simple terms, insurance can be defined as the contract between the policy holder and the company or the underwriter wherein which the company undertakes to pay the agreed upon insurance amount if the policyholder actually pays the reasonable amount of premium for an agreed upon period of time. Let us consider some of the fundamental principles in the insurance field.

1)    Insurable Interest: The owner of the property includes the financial interest in the deed of the insurance and this constitutes the insurable interest. A loss that might occur to him due to his financial stake in the property is the reason why a person goes onto insuring his property.

2)    Umberima fadei: This terms means good faith and it actually means that the two parties which are involved in an insurance contract must disclose accurately all the facts regarding the asset which is mentioned in the insurance contract and thus, the insured should reveal all the facts to the insurer regarding the risk that is being insured. Also, it is the duty of the underwriter to explain in detail the terms and conditions as well as the exceptions that constitute the insurance policy. Read more

Most of us are under the assumption that for protecting our lives all we need to have is the homeowners insurance and the auto insurance and we feel that this is all that is required to safeguard our assets and to cover up during accidents as well. However, we have to understand that it is important to be prepared for the worst, which in this matter could be that we are sued for a large amount of money due to an incident or accident and in turn, the amount of money charged is so huge that it crosses over our liability insurance limits. All of us feel that we are not the ones who are affected by catastrophes but over the course of time, you will start believing that catastrophes can happen to anyone of us and thus, it is important to be ready for it than be sorry about it later. Thus, this is the main reason why you should deal with the risk factor in your life by going in for umbrella insurance.

In order to understand this aspect of insurance in a better manner, just assume that you become involved in an car accident and not only is your car severely damaged but your driver is also badly hurt in the process. So if your coverage limit is $500,000, you could be sued for probably $1,000,000 and if you are not a big shot, then to repay off the rest of the $500,000, you need to sacrifice a lot of your savings account, assets and your future salary can also be jeopardized in this process. Read more