The Balance / Theresa Chiechi Insurance offers peace of mind against the unexpected. You can find a policy to cover almost anything, but some are more important than others. It all depends on your needs. As you map out your future, these four types of insurance should be firmly on your radar. 1. Auto Insurance Auto insurance is crucial if you drive. Not only is it required in most states, but paying for damaged caused by car accidents is expensive. According to data from 2019, a car accident could cost you more than $12,000, even without any injuries; it can cost more than $1.7 million if a crash is fatal. These costs come from medical expenses, vehicle damage, wage and productivity...
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What are Health Maintenance Organizations (HMOs)? HMOs give you a local network of participating doctors, hospitals, and other health care professionals and facilities that you are required to choose from. These types of health insurance plans also require you to choose a Primary Care Provider (PCP) from the network. Your PCP is your home base for medical care. They get to know you and help coordinate all your care. They will also need to provide you with a referral to see in-network specialists. The costs for an HMO plan—copays and coinsurance—are typically lower than other types of health plans, as long as you stay in-network. What are Exclusive Provider Organizations (EPOs)?...
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Here’s how to determine whether term life insurance or whole life insurance is the better option for you. You insure your car and your home, but how do you insure something intangible, like your legacy? Purchasing a life insurance policy can help you prepare for the future and protect your family, but many people feel overwhelmed by the variety of life insurance options available. When shopping for a life insurance policy, it’s important to ask yourself the right questions and have a clear understanding of your options. Comparing Term vs. Whole Life Insurance Depending on the premium — the amount you pay for the life insurance policy each month — and the length of...
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Choosing your health insurance is a task that warrants your attention every year. Even if you’re happy with your coverage, it’s still a good idea to review your options to ensure you’re making the best choice for your health and wallet. Here are the three most common types of health insurance plans along with what to consider for each. HEALTH MAINTENANCE ORGANIZATION (HMO) With an HMO plan, you are given a list of doctors within a network (who either work directly for the HMO or contract with it) and pick a primary care physician to oversee all your care. Pros: HMOs are often the most affordable choice because they typically have lower monthly premiums, which is the amount you pay each...
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Interested in learning more about life insurance, but not sure where to start? Guess what? You’re not alone. That’s why we’re here to help you understand your options and find a policy that makes sense for you and your family. First, let’s clear up the confusion. There are a few main types of life insurance you’ve probably heard about: Term Life Insurance covers you and your family for a specified period of time, or “term”. Many people choose this policy if they want coverage while they have a mortgage, or until small children are grown. The policy terminates when the “term” ends (in 10, 20 or 30 years). Whole Life Insurance covers you for your “whole life”, meaning it has no term limits...
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You know that you need life insurance. However, with the wide variety of insurance policies available, you may find choosing the right one difficult. It's really not as confusing as it seems, however, once you understand the basic types of life insurance policies. With a term policy, you get "pure" life insurance coverage. Term insurance provides a death benefit for only a specific period of time. If you die during the coverage period, your beneficiary (the person you named to collect the insurance proceeds) receives the death benefit (the face amount of the policy). If you live past the term period, your coverage ends, and you get nothing back. Term insurance is available for periods...
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Your Federal Insurance Programs Health Benefits Program The Federal Employees Health Benefits Program (FEHB) offers federal Judiciary employees a wide array of health benefit options to choose from and allows you to select a plan that fits your needs and lifestyle. This benefit provides comprehensive medical benefits, including hospitalization, surgery, doctor’s office visits, preventative care, and prescription drugs with no pre-existing condition limitations. Learn more about the health benefits program and the various plans offered to federal Judiciary employees. Dental and Vision Insurance The Federal Employees Dental and Vision Insurance (FEDVIP) provides federal Judiciary...
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Most Important Insurance To Have Most Important Insurance To Have The type of insurance that's most important for you depends on a number of factors. In some cases — if you're buying a car, for example — you may well not have a choice. Otherwise, the most important types of insurance you should consider include health, life, disability, auto and homeowner's insurance. 1. Auto Insurance Auto insurance is a requirement in most places if you own a car. But assuming you meet minimum requirements, how much you buy is up to you. Even if you're not required to have it, you should, if only just the minimum. It will cover you if you're involved in an accident with another vehicle and there's damage...
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What Kind of Insurance Do You Need? This article is the fourth in our five-part series about taking charge of your finances. Today’s post is about insurance—which types to have and how much coverage is necessary to keep you protected. Why You Need Insurance I really hate to sound like a doomsayer, but a catastrophic event like a health problem, a car accident, or a death in your family could wipe out everything you’ve worked so hard to earn. It’s not pleasant to think about what bad things could happen, and maybe that’s why so many people are underinsured. But managing different types of risk is easy, in a financial sense, because most of them can be passed on...
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The world of life insurance has its own dictionary and sifting through the jargon can feel overwhelming. That’s why we are here to spell out for you in a way you understand. When applying for term life insurance, you’re likely to come across the following terms. Term Length (Could also be called Duration of Coverage, Length of Coverage, Policy Term) Term is a guaranteed length of time. When referring to life insurance, your term is the length of time your policy will stay in force as long as you continue making the premium payments. At the end of the term, you can either extend, renew, or convert your coverage, depending on your policy. Death Benefit (Could also be called Face Amount...
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