The How and Why of Insurance

Let’s face it, insurance can be overwhelming. But, building a comprehensive insurance portfolio to cover your family is essential in order to protect their financial future. Family health insurance, life insurance, auto insurance and homeowners’ insurance policies are all basic financial planning tools that can provide solid protection against most of the major expenses and calamities that can befall even the most careful families. By ensuring adequate coverage against accidents, illnesses and catastrophic losses, families can provide a solid basis for financial security now and in the future.

Basic Health Insurance Info

  • Many employers provide at least a basic level of health insurance for their employees.
  • It’s not uncommon to pay an extra premium to cover a spouse or children.
  • Employees can often take advantage of the employer’s group rate pricing for insurance policies; this can add up to big savings over the course of a year and allow wage earners to enjoy solid health care coverage without paying exorbitant individual health insurance rates.
  • For self-employed individuals, health insurance is sometimes available at group rates through various organizations and unions; a number of websites offer information on obtaining health insurance at reasonable rates for unemployed and self-employed individuals.

Basic Life Insurance Info

  • Depending on the family’s needs, whole life or term life policies may be appropriate to protect the family financially if the primary wage earners are no longer available to provide financial support.
  • Life insurance companies may require applicants to undergo physical examinations in order to qualify for coverage.
  • Whole life insurance premium costs depend on the initial age at which the applicant began coverage; younger individuals can obtain whole life policies at much lower fixed monthly rates than those who apply for the first time at age 50 and over.
  • Term life policies, by contrast, offer somewhat lower rates than whole life insurance at every age but typically cannot be automatically renewed after the term has elapsed.
  • Term life policies are best for families who require coverage only for a certain period of time; online websites offering term life insurance quotes are available for consumers who wish to research rates and exclusions of these versatile policies.

Comparison shopping is a good way to determine the right policies and coverage for your family. A number of websites provide direct comparisons of health and life insurance policies from a variety of different companies and may even include discounts and potential rate reductions for applicants who meet certain criteria. Consumers should select a reputable insurance company in order to ensure that benefits are available when they are needed most.

Guest blogger Jessica writes about a wide variety of topics.  She especially enjoys writing about insurance. You can learn more about term life insurance quotes at http://www.term.org/

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