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You are at-fault in a minor auto accident. Your vehicle was hardly damaged but the other vehicle had slightly more damage. The insurance adjuster gets involved and assesses the damage. Your vehicle s damage is less than your deductible, so you plan on paying for your repairs yourself. You also discover the total damage to fix the other vehicle is less than $1200.

After visiting with your agent you find out the at-fault accident will cause your premium to increase by $1600 over the next three years. What do you do?

If your insurance company allows you to re-pay their out of pocket, should you? Some insurance companies allow this practice. Pay $1200 now or pay $1600 over three years in additional premium. What if you have a 2nd at-fault accident? Surely your premium will jump considerably at that point.

It is a nice option to have and consider. The option to repay does not keep the accident off your record, but does keep your premium from being surcharged.

Not all insurance comp (more...)

Many financial experts believe life insurance to be the keystone of sound financial planning. It could be a significant tool in the following situations:

Replaces income for dependents

If people rely on their own income, life insurance could replace which income for them if you die. The most usually known case of this is parents with young children. However, it could also relate to couples in which the survivor would be monetarily stricken by the income lost through the death of a partner, and to dependent adults, such as parents, siblings or mature children who only to depend on you financially. Insurance to replace your income could be particularly useful if the government- or employer-sponsored reimbursement of your existing spouse or domestic partner would be reduced after your death.

Pay ultimate expenses

Life insurance would pay your funeral and burial costs, probate and other estate administration costs, debts and remedial expenses are not covered by health insurance.