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author: Insurance by Allied Brokers

website: www.alliedbrokers.com/

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Who says you’re too old to buy Life Insurance?

The older you are, the costlier life insurance becomes. There is a reason for this. Life insurance companies need to limit their risks: the chances of paying out for a life insurance policy bought by a 65-year-old is greater than one taken out by a 35-year-old. The cost is a major factor that seniors need to consider when deciding on buying a life insurance policy, but it is not the only one.

Do seniors need life insurance?

You have had life insurance for most of your adult life. You bought the coverage so that those who depended on you financially would not suffer if you should die. Now you’re into your retirement years, your children are settled and independent and you have paid off your mortgage. In effect, you have no financial liabilities to worry about.

In such circumstances, do you need life insurance? As in many aspects of life, there is no clear-cut answer for this. What is clear is that deciding to forego life insurance is a major decision, at any age, and you need to co

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5 Insurance Pitfalls you must Avoid

The concept of insurance is simple: you pay a small regular premium; should the situations you are insured against arise, the payout from the policy will give you the finances you need to recover. However, there is a big difference between understanding a concept and putting it into practice the right way.

The terms and conditions of an insurance policy are indeed complex. There is every possibility of making mistakes in arriving at the amount of coverage you require. Consequently, you might get the wrong policy and you are left without the financial resources you need, when you require them the most. Here are listed for your benefit some of the most common mistakes that people make in matters of insurance.

Having no coverage

This is by no means confined to a small section of the population. If you don’t have coverage, you don’t have protection. The problem is there are so many things you need to protect yourself against. If you own a car, you need auto insurance; but you do not k

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Seemingly Rich, Probably Poor!

According to a recent report from the Department of Housing and Urban Development (HUD), a family living in the Bay Area with an annual income of $117,400 can be considered to be in the ’low income’ category. Those with an income of $73,300 are in the ‘very low income’ bracket. A study by the Brookings Institution says that those earning six figure salaries can be considered to be ’poor’. This is not surprising, given the wide variation in earning levels across the U.S.

A lot to feel blessed

Across the U.S., the median household income is $91,000 for a family of four. It is estimated that more than 40 million people in the country live on less than $25,100 a year, which places them below the poverty line. Between 2008 and 2016, salaries for full-time workers in metropolitan San Francisco rose by 26%, faster than any other part of the country. Dallas is in the second place with an increase of 14.4%. Those living in the Bay Area, therefore, have a lot to feel blessed.

 A lot to prot

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Buying Insurance: 5 Common Mistakes

Buying insurance can be confusing. Do you need it? How much do you need? Can you afford it? These are just a few of the questions that arise when you think of buying a policy. This confusion can often lead to mistakes that could leave you without the right coverage of your needs. Five common mistakes given below can help you avoid them when buying an insurance policy.

Do not assume it is expensive

According to the U.S. Census Bureau, about 30 percent of households do not have life insurance coverage and over 40 million Americans are without health insurance. The figures for other types of coverage too are high. The main reason for these alarming figures is that many consumers mistakenly think that the cost is unaffordable.

That is not really the case: doing some research will often reveal that the actual cost is lower than the cost presumed. While the premium itself may appear to be high, there are usually discounts available that will significantly reduce the cost. For example, i

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Insuring your Second Car

Say, you have bought for your own use a second car, or one for a teenager who is now driving, or a son who got married or moved in with a friend. It would make a lot of sense to add this second car to your existing auto insurance coverage, instead of having two separate policies. It’s easy and simple as well.

Most insurance companies limit the number of cars that can be included in one policy. This number varies from company to company, but it is typically 3 or 4. As long as you do not exceed the limit, you face no problems. Here is how to go about adding a car to your policy.

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Collecting vital information

Collect all the essential information about the new car. This includes name, model, year, license plate number and the Vehicle Identification Number (VIN). Ensure that all the information you have collected is completely accurate, because any errors in the data submitted could be cause enough for turning down a future claim.

Contacting the insurance company

Get in touch with yo

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A Home Insurance Renewal Checklist

What do you do when you get your homeowner's insurance renewal notice? Do you switch over to autopilot and send off the payment asked for without even looking at your coverage? If you say ‘yes’, yours is not an isolated case: it’s exactly what most people do! This is because what was good enough last year, the year before and for many preceding years, must be good enough for now, they think!

Unfortunately, that is often a very wrong assumption. The value of your home along with all your possessions must have grown over the years. The coverage you had opted for a couple or more of years ago may not be enough today to give you the protection you need.

The renewal notice should be treated as an opportunity to take stock, and fine-tune your coverage to meet your current needs. This does not always mean ‘pay more’. Here are four questions you have to ask when a renewal is due.

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Are you eligible for discounts?

You could be eligible for a discount on your policy if you had recently paid

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Life Insurance Questions you need to consider

Buying life insurance is a major decision that impacts not just the lives of all those who depend on you, but also your own life and the way you live your life. Life insurance is today an extremely complex subject with a vast number of companies offering a huge number of coverage options. Trying to find your way through this maze can leave you dazed to the extent that you could easily make the wrong decisions on your coverage.

Often the flaws or nasty catches in a policy will not be realized until the holder passes away, and the dependents do not receive the benefits as the policyholder had planned. Having a life insurance policy is not enough – you must have the right and foolproof coverage.

Seeking a reputed professional insurance agent would be the best way to ensure that the policy you buy is what you actually need, and the terms and conditions of the policy have no traps. Here are a few basic questions you should consider yourself first, and later in consultation with the insura

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Stay Protected this summer with an Umbrella Policy

Summer is here and millions of Americans will be hitting the road to travel and make the most of the sunny days with occasional rains. You and your family will probably be among them. You may have the safest of vehicles and be an excellent driver, but there are factors beyond your control that could affect your safety on the road.

An accident could occur at any time for no fault of your own. Fender benders are no big deal, but if it is a major accident resulting in major vehicle damage, serious injury or in the worst case, the death of someone in the car, you depend on insurance to get you through the terrible time.

Nevertheless, what happens if the driver at fault does not have auto insurance or has inadequate coverage? How will the medical and other expenses be covered? This is where an umbrella insurance policy can save you.

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This could happen to you

Peter and Martha along with their children are driving to the neighboring town for a party. The car is in good condition and Pet

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Preparing for a Life Insurance Medical Exam (Part-2)

by alliedbrokers5 months ago

Preparing for a life insurance medical examination is not cheating – that is almost impossible to do and usually illegal. What you can do is to have your health information ready and use the few days before the exam to reduce the bad effects your lifestyle may have had on your health. Here’s how to prepare for the day:

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  • Paperwork: Have all your paperwork ready. That includes your medical history and a list of your current and former doctors with their contact information.
  • Habits and health status: Have your answers ready. You will be asked about your current health status, any therapies you are undergoing or medications you are taking, any food or vitamin supplements you are using and why, and so on. You will also be asked about habits like smoking, drinking, use of narcotics etc. There is no point in trying to hide facts, it is better to be honest about any negative factors that may affect your health.
  • Dangerous activities: You will also be asked about any activities tha
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Preparing for a Life Insurance Medical Exam (Part-1)

One of the biggest questions people face when buying life insurance is how much coverage they can afford. Everyone wants the maximum indeed, because the policy beneficiaries can live in security and comfort after the policyholder passes away. The issue, however, is not that simple – of seeing how much a family can afford to spend on insurance premiums month after month.

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How much you pay for life insurance is dependent on a number of factors. Besides your age, a major consideration is your health. The reason is simple: insurance is a business and the healthier you are, the longer you are likely to live and that means you will be able to pay more premiums. That is more income to the insurance company and so the amount of each premium can be reduced.

Insurance is a very competitive industry: every company wants to attract as many customers as it can, and low premiums are the best way to do it. However, the business cannot run at a loss: a company, therefore, looks at the total amou

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