Insurance Benefits Information

Insurance benefits

Insurance benefits are the payback you get after paying months of premium to an insurance company. Depending on the policy you bought, the settlement may sufficient for your immediate needs or you may have to augment it with additional funds known as out-of-pocket expenses. Each type of insurance has its own set of benefits as listed below:

Benefits of Your Auto Insurance Policy

Owning car insurance should never just be about following the law blindly. You can take full advantage of the insurance benefits by planning your policy to fit more than just your needs, but also certain situations that you may be personally vulnerable to.

  • Liability – It pays to know you are covered by insurance in case you commit some kind of driving error by accident. Hitting a person who suddenly dashing into the street or bumping a fence to avoid a child is just 2 situations that even the best drivers can’t avoid. It can cover medical, legal costs, loss of income, and emergency care, and repair to property.
  • Bodily Damage –The insurance you get to enjoy if you or anyone in the car during the time of the accident need medical attention. It also covers loss in wages and legal costs. Having more than minimum will lessen the chances of financial burden.
  • Property Damage – Under this mandated coverage, there is a minimum although the minimum usually never is enough especially if coupled with injuries and medical emergencies
  • 12 month policy – Auto insurance is guaranteed for 12 months
  • 24/7 Services – Most insurance companies offer 24 hour services for inquiries on billing, policy and claims
  • Other add-on benefits –  Accident Forgiveness, unlimited rental coverage, fleet plan, multiple policy discounts, new car replacement and guaranteed repairs

Insurantly offers car insurance coverage resource pages that discuss in more detail.  Get Auto insurance quotes online and compare companies. See more here

Insurance Benefits of Your Health Policy

your health insurance policyHealth insurance is one way you can protect yourself. It isn’t a luxury because it will save you from unexpected medical expenses aside from the routine check-ups and lab tests. Some of the benefits to a comprehensive health insurance plan are:

  • No limits – Many health plans covers a limited range of sicknesses. It would be a great benefit to not have to deal with this kind limitation with a No Limits policy
  • Physician, hospital surgical and major medical expenses
  • Maternity, prescription drugs, preventive, vision, and even dental care
  •  Your choice of doctor and hospital – A feature to look for in a health plan is one that does not dictate the doctor or hospital you can go to. If there is a specific network, you must make sure it is something you will be happy with as far as proximity, reputation, and facilities or credentials.
  • Affordable annual dollar limit and out-of-pocket costs – This refers to the maximum allowable coverage under your policy and the point where you will have to reach for other sources to cover medical expenses
  • International coverage – A good health should be able to cover you when you are traveling if you travel often

Healthcare.gov helps you understand how the law can you help you. More information here.

Insurance Benefits for Life Insurance Policy

policy life insuranceAside from being a source of funds for your loved ones, the life insurance plan can also solve several other purposes. Since it is an optional insurance plan, you have a choice of on how much you want to spend. It would help to know that life insurance is more of an investment for the future with these benefits:

  • Helps you with estate planning – You can provide your heirs with a considerable sum of money
  • Death benefits
  • Transfer of wealth to pay for mortgages, loans, taxes, college funds
  • It can be cashed out
  • You can borrow against your life insurance

AXA offers good explanation in more details. See more at www.axa-equitable.com

Benefits for Your Homeowners Insurance Policy

home insuranceHome insurance benefits cover more than what’s within the four walls of your house. Depending on your personal coverage, your benefits could include:

  • Personal belongings and priced possessions can be insured
  • Other structures like the garage, shed, swimming pool, fence, garden accents can be included in your insurance plan
  • Damage from vandalism, theft, fire, wind, hail, lightning strike, explosions can also be part of your plan
  • You may want to add All Perils as part of your coverage and that would include flooding which is normally left out of a standard home insurance policy

Which Insurance Plans Are Appropriate? What You Need To Know

Ideally, you should get a home insurance plan if you own a house or even a property with a storage shed. This is one way to protect your building and its contents in case of theft or any other unforeseen event.

If you own a car, you will need auto insurance, the minimum at the very least. If you are driving a car that isn’t fully paid, your lender will require you to get more than just the minimum coverage.

If you have family dependent on you for their daily needs, education, rent, insurance, and others, you should get life insurance. This will guarantee that your family will be able to survive not just the trauma of losing you, but the need to go on with their lives until they can fully adjust to your death.

There are no ifs or buts about medical insurance. This is something that you will need eventually. Statistics show that in 2010, health care expenses were estimated at $8,402 per person with 75% spent on chronic diseases. This means that 25% was spent on emergency and unexpected medical treatments. This is why health insurance is so vital to avoid financial ruin or insufficient medical treatment due to lack of finances.