Insurance: The Life and Health Guru was created as a resource for consumers and insurance professionals alike to come together and discuss general insurance topics. We’ve strived to provide unbiased and accurate information on insurance and other financial topics and hope that you find the site valuable to your research needs. We’ve provided a brief rundown on various major categories of discussion currently found on the site. Check back frequently for new articles, developments, and research.
1. General Auto Insurance
For most parts of the world, driving a vehicle requires at least some form of general car insurance for liability purposes. Car accidents and vehicle damage are something that we have come to accept as reality. Protecting yourself from this unfortunate eventuality is quite important. For most car owners, some form is full coverage car insurance is likely what is in place.
For temporary needs and in situations where a full coverage policy is not in place, drivers may elect to use some form of short term car insurance for coverage. This is most often for cases in which car insurance is needed for transitions and/or short spurts of driving.
Regardless of the type of policy you need, there is a universal need to find the most affordable auto insurance that meets your needs. You don’t necessarily want the cheapest policy you can find, but an affordable policy that sufficiently covers your liability and damage risk.
2. General Business Insurance
Insurance is critical for any business. Finding the right coverage for your unique industry is paramount to protecting yourself from an unintended mishap. The variations of insurance available for the business world are quite broad depending on the unique circumstances of the company.
Whether it is finding the right key person insurance or protecting yourself with professional indemnity insurance, what you choose to implement into your business structure will have a big impact on your ability to address the challenges facing your company.
You never expect a catastrophe will happen, but they do. Preparing yourself just in case makes good business sense. A proper business continuity plan should always include some form of general business insurance to be used in case of disturbance of normal business operations. Business interruption insurance and business contents insurance are two common types of insurance included in a continuity plan.
3. General Health Insurance
With the signing of the Health Care Reform Bill in the United States, general health care has become a quite popular topic for discussion. And while the execution of health care is widely debated, few dispute the need for some form of either private health insurance or socialized medical care. Attempting to pay for one’s own health care needs is too expensive for the average person.
In the realm of health insurance coverage, an often overlooked area is general dental insurance coverage. One of the first expenses people drop when they are squeezed financially is the “extra” insurance they are holding. Full coverage dental insurance and other supplemental health insurance coverage programs are often the first to go, though perhaps they shouldn’t be.
4. General Home Insurance
As a result of common mortgage lending practice and legislation intended to protect consumers, home purchases in the United States are closely linked to mandatory home insurance policies. Because most mortgages require a home insurance plan to be tied to the account, this insurance type is one of the more frequently understood insurance types.
Also in the realm of general home insurance are programs such as mortgage payment protection insurance. Although most popular in the United Kingdom (UK), the concept of the policy is quite applicable to homeowners. With protection insurance, you establish a decreasing term insurance policy that will allow you to pay the remainder of your mortgage should you happen to pass away prematurely. This is another form of insurance coverage designed to protect your family from financial difficulty.
5. General Liability Insurance
Another insurance type that is primarily popular in the UK and Australia is public liability insurance. This covers your business in the event a member of the public is injured on your premises. In the United States, this liability coverage is typically found in other business liability coverage policies.
General liability insurance can also cover such items as employers liability insurance or error and omissions insurance. As we live in an ever litigious society, liability insurance has become an almost unpleasant necessity.
6. General Life Insurance
Life insurance comes in a surprising number of formats. Not only do you have your traditional life insurance policies (whole life insurance, term life insurance, universal life insurance, variable life insurance), but there are a number of speciality insurance types that really narrow the focus, intent, and cost of the insurance.
General life insurance policies provide the basis for your insurance needs and can often be supplemented with other insurance types as warranted.
For those with difficulties affording or qualifying for life insurance, something like burial insurance may be sufficient to cover anticipated expenses associated with burial costs. A similarly focused insurance product is decreasing term life insurance and is sometimes used as insurance on a large debt such as a mortgage. When used for mortgage protection the decreasing policy provides sufficient death benefit to pay off the remainder of a mortgage contract should the primary insured pass away.
You may find it surprising the variety of life insurance policies available on the market. Creative and experienced advisors may be able to craft some quite clever contracts that would benefit you in a number of unexpected ways.
7. General Annuities
Annuities are an interesting financial product and are related to insurance in the sense that they are most often offered by insurance providers. As such, they offer some of the same benefits of life insurance. Fixed annuities have long been a viable substitute to other more traditional fixed investments (CDs, etc.).
As with other insurance contracts, the range of annuity products is quite broad. It is important to understand the full spectrum of contract types to really hone in on the right policy for you. Although it can be somewhat difficult to accomplish, there are ways to sell annuity contracts, and/or transfer contracts between carriers. The important part of the process is to fully understand the implications of any such move.