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♥♥ Hot Hits Bollywood ♥♥: Eight Rules for Buying Insurance of Any Kind

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Eight Rules for Buying Insurance of Any Kind

Friday, 15 April 2011

By following the eight rules explained here, you can save money, and just as
important, you can save yourself from making serious mistakes when you shop for
and acquire insurance policies.
Rule 1: Buy Insurance Only for Financial Risks You Can't Afford to Bear on Your Own :
The purpose of insurance is to cover catastrophes that would devastate you or your family. Don't treat insurance as a chance to cover all your losses no matter how small or insignificant, because if you do you'll fritter away money on insurance you really don't need.
Rule 2: Buy from Insurers Rated A or Better by A.M. Best
Insurance companies go bust, they are bought and sold, and they suffer the same
economic travails that all companies do. Between 1989 and 1993, 143 insurance
companies declared bankruptcy. You want to pick a reliable company with a good
track record.
Rule 3: Shop Around
There are many, many, many kinds of insurance policies, and insurers don't
advertise by price. You need to do some legwork to match your needs with the
cheapest possible policy. Talk to at least two brokers to start with. Look for no-load  insurance companies--companies that sell policies directly to the public without a broker taking a commission--since they usually offer cheaper prices.
Rule 4: Never Lie on a Policy Application
If you fib and get caught, the company can cancel your policy. If you lie on an
application for life insurance and die during the first three years you hold the policy,
the company will cancel your policy, and your beneficiaries will receive nothing.
Rule 5: Don't Buy Specific-Risk Policies--Buy General Policies Instead
When it comes to insurance, you want the broadest coverage you can get. Buying
insurance against cancer or an uninsured motorist defeats the purpose of having an
insurance policy. If you have ulcers, your cancer insurance will not help you. Get
comprehensive medical coverage instead.
Rule 6: Never Cancel One Policy until You Have a Replacement Policy in Place
If you cancel a policy without getting a replacement, you will be uninsured for
however long it takes to get a new policy. And if disaster strikes during this period,
you could be financially devastated. This rule goes for everyone, but especially for
people getting on in years, since older folks sometimes have trouble getting health
and life insurance.
Rule 7: Get a High Deductible
You save money by having insurance policies with high deductibles. The premium
for high-deductible policies is always lower. Not only that, but you save yourself all
the trouble of filing a claim and needing to haggle with insurance company
representatives if you have a high deductible and you don't need to make as many
Rule 8: Use the Money You Save on Insurance Payments to Beef Up Your Rainy Day Account
While you can save money on your insurance premiums by following the rules
mentioned earlier, it's probably a big mistake to use that money for, say, a trip to
Hawaii. Instead, use any savings to build a nice-sized rainy day fund that you can
draw on to pay deductibles. A big enough rainy day fund can cover both periods of
unemployment and your insurance deductibles.


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