How People Are Collecting Life Insurance While Still Alive
Saturday, June 30th, 2007–By Sushma Pradhan
It is true that everybody worries about his or her financial status and the family too. The worry mostly is what will happen after their death? Definitely, the easy and the reliable source to turn to is life insurance. Nevertheless, these are the security for the ones you love after you have passed away from this world.
But what about all the losses and damages that you incur while you are still alive. What if your little pup, out of the blue, bites the courier guy or a pizza delivery boy? The worse still, what if you are sued for the bizarre fancy of your little pet? What if the malfunctioning tap in your bathroom creates damages to the wall of your neighbor?
Have you ever thought of these problems and the kind of trouble they might create. These issues may just burn a big hole in your pocket, if I am excused for exaggeration, they might just leave a crater in fact. Therefore, here are few selective insurance coverages that will actually be your guarding angel at trying times.
Mobile Home Insurance: Mobile home insurance is a protection extended to manufactured units, which are built in sites rather than the factories. This could also be for the unit that is taken from one place to the other. The mobile home insurance covers protection for the patio or the attached deck, it could also be garages or storage shed. Further, this policy also covers your home protection during difficult times, that is during the circumstance where your mobile home becomes unlivable
Mobile home insurance provides you protection in four basic ways and they are:
• This policy will enable you the replacement/repair or to derive actual cash value, depending on the age of your mobile home.
• This policy will caters property replacement, for example, furniture, appliances, your clothes, and other important belongings in condition of damage or in case it is stolen.
• This policy will cover for the injuries or damage caused, while at your home.
• This policy will also cover for the additional living expense that you have to incur due to your forced living away from your home
Auto Insurance Policy: This insurance is very necessary because this policy protects you and your car. It is for these reasons that the government has made it mandatory to have auto insurance.
Here is a list of the common coverage that an auto insurance policy provides:
• Bodily injury & liability coverage is mandatory and protects you when you crash your vehicle, in return injuring someone. It covers for the legal expense too, if there is any liability.
• Car rental policy pays you a stipulated amount in condition where your car is under repair, as a result from an insurance claim.
• Collision coverage is a policy that covers for the all the physical damage done to your vehicle due to collision, irrespective of who the defaulter is.
• Comprehensive coverage provides protection from the natural disturbances such as tornados, hail, flood, ice storms etc.
• Credit insurance coverage pays off your auto loan in case of your disability or loss of life.
• Windshield coverage is the policy that covers for the broken windshield, because driving with a broken windshield is against the law. In case, you stay in a high crime rate area, then this cover is justifiable.
• Medical coverage for all the makes care of all the medical expenses for you and the passengers, in case of injury, irrespective of the person at fault.
• Underinsured or uninsured motorist policy protects and takes care of all the charges due to the accident by an uninsured or underinsured motorist.
Insurance to protect your business: Starting a business takes risks, possibilities, and optimism. This also includes your need to be cautious about its protection. This is the reason why comprehensive insurance package is essential for small businesses.
Your business may hold facet of risk and therefore it is necessary you look high and low for the chances and get it secured before you feel it is too late.
Here is a checklist that you may need to consider:
• Business owner coverage provides damage protection from unforeseen circumstances. This coverage is also known as ‘catch all’ and offers a certain level of liability protection.
• Property insurance can enhance the coverage offered by the business owner coverage. This includes protection due to damage to the building that your business is stationed on. It also takes care of the inventory and other furniture inside the building.
• Liability insurance covers for the injuries or damage you cause to someone. This could be anyone, it could be the postal guy, who sues you for the dog bite while delivering you the mail.
• Product liability insurance is a coverage for certain product, which you feel, may harm someone else.
• Omissions and errors insurance, as the name suggests takes care of the negligence, due to which your customer is caused harm.
Condominium Insurance: Condominium insurance or condo insurance provides condo owners with a cost-effective, comprehensive coverage and these protections includes:
• Damage of property to your home and all its attached structures and private structures, for example, the freestanding garage or the tool shed.
• Damage or theft to your personal property, such as clothing, furniture, with coverage for worldwide protection enlisted in the policy.
• Coverage for personal liability for protection when injury or damage is done to others or their property for which your relative or you are responsible.
• Few optional coverage as pertaining to the state law such as, coverage for lock replacement after theft, coverage for refrigerated content losses due to mechanical or power failure.
• Inflation protection to make sure that the increasing construction cost is dealt by your insurance coverage
Home insurance: Home Insurance is a policy that ensures the safety of your home and the belongings that you posses. This policy at times is also called the ‘package policy’ because it covers liability and damage coverage.
A standard home insurance includes four basic types of coverage:
• In case your house is damaged by hurricane, fire, or any other natural or unnatural disaster listed in the policy.
• Your furniture, clothes, sports equipment, and other personal belonging’s damage
• It takes care of the lawsuit filed against you for bodily injury or damage of personal property done to an individual by you or your pet.
• Additional living expenses for cases where your home becomes unlivable due to severe damages and you are forced to live in a temporary accommodation.