Whole Of Life Insurance Basics
All of the buzz these days seems to be about term life insurance, and most of the time the premiums are cheaper. However, before your purchase a policy, make sure you understand that your are paying less because the policy will expire, and that may happen at a point in your life when you really need it.
Benefits of Whole Life Insurance Explained
We have this page to explain whole life insurance for people who may not be familiar with this product. The basic advantages are that the policy covers an insured person as long as the policy is kept in force, premiums stay level, and the whole life insurance policy can actually build up a cash value so it can become paid off, be borrowed against, or even be cashed in.
If you still want to buy term life, then make sure you get the best rates. Life insurance companies do rate people differently. Compare Term Life Insurance Rates here!
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Claims That Raise Insurance Rates
Can an Auto Insurance Claim Raise Your Insurance Rates?
I had a minor accident last summer which was, I admit, my fault. In a momentary lapse I backed into a large truck in a parking lot. The truck had almost no damage, but I lost the back window of my mini van, plus the back gate had to be replaced as it was bent beyond repair.
After my car insurance deductible, the insurance company covered about $1,100 in damages, and then paid the other driver about $100 to repair scratches. I ended up paying about $750 out of my pocket. Of course, the nasty surprise the next time I had to renew my car insurance is that it had increased $60 a month because, as the car insurance company told me, and accident is an accident.
So over the course of 1 year, that minor accident would cost me $720 in additional premiums. Over the three years it would take to get that accident off of my record, it would cost me, at least, $2160! All this, so the insurance company could pay about $1300 for the accident. Was I right to report the claim? It’s hard to say. On the other hand, if I would have handled the claim myself, the car insurance company may have examined my driving record with the state and found the accident anyway, and I would have been dinged as an accident causer anyway. But the car insurance industry does contribute to claim databases, and only actual claims, not accidents, are recorded there. Those claims can be used to raise rates, or even to deny coverage.
I did, certainly, shop around for better car insurance quotes, and managed to cut about $25 from the additional premium hike with a more forgiving insurer.
My situation was a tough one because I had no way to predict how the claim would affect my premiums in advance, the actual amount of damage. Besides, we do buy auto insurance to protect ourselves in case of an accident, and that’s what I intended ot use it for. In a perfect world, I would not have had the stupid accident in the first place, and I am certainly more careful about checking my “blind spot” when backing out in parking lots!
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Are You a Gold Or Silver Bull?
It Seems Like Everybody’s a Precious Metals Bull These Days
It used to be that only a few eccentric paid a lot of attention to precious metals like gold and silver. As a hobby, and a coin collector, I may have been in that camp myself. However, now I turn on the television and pick up national ads and see that the gold and silver bug has caught on. A lot of this news is due to a steep price rally at the beginning of the year which caught the attention of the news, and in turn, the general public. The price has dropped off of the extreme highs of the spike, but it is still compared with last year’s prices.
Not only has the price of bullion been featured on the news, business is getting into the act of appealing to the general public. I have seen ads on TV, and in national magazines that offer gold or silver coins. I have also seen ads on TV that offer to buy people’s gold and silver items, and this is not just coins or bars, but silverware, candlesticks, jewelry, etc. that may contain gold.
Now I am not telling all of you to run out and do what these ads tell you. In fact, you would be much better served by educating yourself about the precious metals market so you can get the best deals when you buy or sell. Here are a couple of places to start:
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