Your ultimate insurance guide


10 insurance myths

Myth #1: Hey, You're Paying theMyth#7: I Don't Need Disability
Premiums... Insurance Should be BoughtInsurance... If I Become Disabled Social
and Used for Every Accident andSecurity Will Take Care of Me.
Disaster.Don't count on Social Security to take
Insurance is designed to protect onecare of all your needs if you become
from catastrophic disasters. Andisabled
insurance rule of thumb: If you can payIf you are able to get Social Security
for the loss or damage without afor your disability (not all get
financial hardship then pay it,approved to receive disability benefits
otherwise expect your insurance premiumso don't assume you will) then you will
to eventually show an increase. Also,still have to wait months before you
buying every type of insurance justreceive benefits and your disability
isn't necessary. Sometimes the risk isneeds to be long-term to qualify. And
worth taking rather than paying aeven if you qualify for benefits, will
premium. Learn more at Don't Buyit match your current salary? Probably
Insurance You Don't Neednot. Find out more why disability
Myth #2: If I am Alive, I Must Need Lifeinsurance is important at Considering
Insurance!Disability Income Insurance.
Life insurance is designed to take careMyth #8: If I Need to Stay in a Nursing
of one's dependants after theHome When I am Older, The Government
caregiver's death. If you have noWill Pick Up the Bill.
dependants, then you probably don't needAgain, don't count on Medicare or
life insurance.Medicare Supplemental Insurance to pick
This includes children and retiredup the bill. If you can qualify,
persons... usually they don't haveMedicaid may pay up to half of the cost.
people that depend on their income soChoosing long term care insurance can
life insurance for these groups can, inhelp you pay for the costs of a nursing
rare instances, be beneficial but isfacility or home care if the need
usually unnecessary.arises. Also, do you really want your
Myth #3: I'm the Breadwinner in thefamily to have to pick up the bill if
Home, So Only I Need Life Insurance.you acquire a long term illness or
Have you seen the cost of childcaredisability? Long Term Care Insurance is
lately? Add that along witha great option and if started early in
housekeeping, food preparation, homelife the premiums can be very
accountant, and school transportation.reasonable. Find out more at Who Should
From that list alone one can see howConsider Long Term Care Insurance?
much a spouse really contributes to theMyth #9: Umbrella Insurance Coverage is
household budget. It is estimated aJust for Rich People.
non-working spouse contributes at least,Umbrella insurance is not just for the
but usually more, the equivalent of awealthy. With the common occurrence of
full time job. For this reason it islawsuits, umbrella insurance is a must
important to buy life insurance forfor every home, auto, and watercraft
everyone in the household if the absenceowner. Umbrella insurance is designed to
of their income would cause a financialgive one added liability protection
hardship.above and beyond the limits on
Myth #4: Whole and Universal Life arehomeowners, auto, and watercraft
the Best Life Insurance Choices Since Ipersonal insurance policies. With an
Can Get My Money Back.umbrella policy, depending on the
Term life insurance is probably the bestinsurance company, one can add an
choice for most. Term life is set for aadditional 1-5 million in liability
specific term, like 10-30 years, with aprotection. Learn more about umbrella
much lower premium than whole andinsurance at Why Every Policyholder
universal life. Your best bet? Buy termNeeds Umbrella Insurance
life and invest the premium differenceMyth #10: People Who Decide not to
in a retirement account. Lean more aboutPurchase Health Insurance Don't Affect
Term, Universal, and Whole Life at LifeOthers.
Insurance Policy Basics.People who choose not to purchase health
Myth #5: Flood Insurance is Only forinsurance eventually affect the lives of
People Who Live in a High Risk Area.every American. There are many reasons
Everyone who lives in a National Floodwhy some Americans are uninsured.
Insurance Program area is eligible andRegardless of the reasons, having so
can buy flood insurance. These areas aremany uninsured individuals drives up the
not always prone to floods so even ifcost of goods when people get sick and
you think your area is low risk you maycannot do their job. In addition, when
be eligible. Check with your insurancemany people in a company choose not to
agent to learn more or find additionalpurchase health insurance, it sends a
information at Why didn't my policy paymessage to the employer that health
for damage caused by a flood?insurance may not be an important
Myth #6: My Son Uses the Car forbenefit which in-turn could cost other
Delivering the Newspaper and His Pizzaworkers a loss of their health insurance
Delivery Job. He's Not Self-Employed Sobenefit. Also, when healthy people
Our Auto Insurance Will Cover Anychoose not to be a part of their
Accidents.company's health insurance pool, it
If your vehicle is used for anything butraises the costs for everyone else
personal use, then you will probablybecause the risk is spread through less
need to extend your personal auto policypeople. And, when people make such low
to cover business use of your vehicle.wages that they cannot afford health
Don't think just because you wereinsurance, the number of people eligible
unaware of your coverages this will getfor Medicaid rises (which is paid by
your accident paid for--your insuranceyour tax dollars!). For these reasons,
policy is a contract that you agreed tomany have encouraged the government to
adhere to. If you don't understand allswitch to a Universal Health Care System
the coverages in your contract you needwhere the government would help manage
to contact your agent about thehealth care. Learn more at What is
questions you have.Universal Healthcare?



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