Your ultimate insurance guide


10 insurance myths

Myth #1: Hey, You're Paying the Premiums...questions  you  have.
Insurance Should be Bought and Used for Every
Accident  and  Disaster.Myth#7: I Don't Need Disability Insurance...
If I Become Disabled Social Security Will
Insurance is designed to protect one fromTake  Care  of  Me.
catastrophic disasters. An insurance rule of
thumb: If you can pay for the loss or damageDon't count on Social Security to take care
without a financial hardship then pay it,of  all  your  needs  if  you become disabled
otherwise expect your insurance premium to
eventually show an increase. Also, buyingIf you are able to get Social Security for
every type of insurance just isn't necessary.your disability (not all get approved to
Sometimes the risk is worth taking ratherreceive disability benefits so don't assume
than paying a premium. Learn more at Don'tyou will) then you will still have to wait
Buy  Insurance  You  Don't  Needmonths before you receive benefits and your
disability needs to be long-term to qualify.
Myth #2: If I am Alive, I Must Need LifeAnd even if you qualify for benefits, will it
Insurance!match your current salary? Probably not. Find
out more why disability insurance is
Life insurance is designed to take care ofimportant at Considering Disability Income
one's dependants after the caregiver's death.Insurance.
If you have no dependants, then you probably
don't  need  life  insurance.Myth #8: If I Need to Stay in a Nursing Home
When I am Older, The Government Will Pick Up
This includes children and retired persons...the  Bill.
usually they don't have people that depend on
their income so life insurance for theseAgain, don't count on Medicare or Medicare
groups can, in rare instances, be beneficialSupplemental Insurance to pick up the bill.
but  is  usually  unnecessary.If you can qualify, Medicaid may pay up to
half of the cost. Choosing long term care
Myth #3: I'm the Breadwinner in the Home, Soinsurance can help you pay for the costs of a
Only  I  Need  Life  Insurance.nursing facility or home care if the need
arises. Also, do you really want your family
Have you seen the cost of childcare lately?to have to pick up the bill if you acquire a
Add that along with housekeeping, foodlong term illness or disability? Long Term
preparation, home accountant, and schoolCare Insurance is a great option and if
transportation. From that list alone one canstarted early in life the premiums can be
see how much a spouse really contributes tovery reasonable. Find out more at Who Should
the household budget. It is estimated aConsider  Long  Term  Care  Insurance?
non-working spouse contributes at least, but
usually more, the equivalent of a full timeMyth #9: Umbrella Insurance Coverage is Just
job. For this reason it is important to buyfor  Rich  People.
life insurance for everyone in the household
if the absence of their income would cause aUmbrella insurance is not just for the
financial  hardship.wealthy. With the common occurrence of
lawsuits, umbrella insurance is a must for
Myth #4: Whole and Universal Life are theevery home, auto, and watercraft owner.
Best Life Insurance Choices Since I Can GetUmbrella insurance is designed to give one
My  Money  Back.added liability protection above and beyond
the limits on homeowners, auto, and
Term life insurance is probably the bestwatercraft personal insurance policies. With
choice for most. Term life is set for aan umbrella policy, depending on the
specific term, like 10-30 years, with a muchinsurance company, one can add an additional
lower premium than whole and universal life.1-5 million in liability protection. Learn
Your best bet? Buy term life and invest themore about umbrella insurance at Why Every
premium difference in a retirement account.Policyholder  Needs  Umbrella  Insurance
Lean more about Term, Universal, and Whole
Life  at  Life  Insurance  Policy  Basics.Myth #10: People Who Decide not to Purchase
Health  Insurance  Don't  Affect  Others.
Myth #5: Flood Insurance is Only for People
Who  Live  in  a  High  Risk  Area.People who choose not to purchase health
insurance eventually affect the lives of
Everyone who lives in a National Floodevery American. There are many reasons why
Insurance Program area is eligible and cansome Americans are uninsured. Regardless of
buy flood insurance. These areas are notthe reasons, having so many uninsured
always prone to floods so even if you thinkindividuals drives up the cost of goods when
your area is low risk you may be eligible.people get sick and cannot do their job. In
Check with your insurance agent to learn moreaddition, when many people in a company
or find additional information at Why didn'tchoose not to purchase health insurance, it
my  policy  pay for damage caused by a flood?sends a message to the employer that health
insurance may not be an important benefit
Myth #6: My Son Uses the Car for Deliveringwhich in-turn could cost other workers a loss
the Newspaper and His Pizza Delivery Job.of their health insurance benefit. Also, when
He's Not Self-Employed So Our Auto Insurancehealthy people choose not to be a part of
Will  Cover  Any  Accidents.their company's health insurance pool, it
raises the costs for everyone else because
If your vehicle is used for anything butthe risk is spread through less people. And,
personal use, then you will probably need towhen people make such low wages that they
extend your personal auto policy to covercannot afford health insurance, the number of
business use of your vehicle. Don't thinkpeople eligible for Medicaid rises (which is
just because you were unaware of yourpaid by your tax dollars!). For these
coverages this will get your accident paidreasons, many have encouraged the government
for--your insurance policy is a contract thatto switch to a Universal Health Care System
you agreed to adhere to. If you don'twhere the government would help manage health
understand all the coverages in your contractcare. Learn more at What is Universal
you need to contact your agent about theHealthcare?



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