Insurance

Selecting Health Insurance

When it comes to your health, picking the right insurance is a must. But with all the types of insurance out there, how do you know which is right for you? There are two major types of health insurance plans: Individual and Group.

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Individual plans are not profitable for the insurance company, so they typically cost you more. Whenever possible, try to join a group plan. If you work alone, this is still possible. You can either get insurance through an organization such as the Freelancers Union. Consultants and sole practitioners can also create a group of one and apply for insurance that way. Group plans offer better coverage at a lower cost than an individual plan.

Also, insurance premiums can be a tax deduction for many businesses. Consult your accountant and/or tax planner to determine if any portion of your premium can be used as a business expense.

Whether you need auto insurance or home insurance, you need to start with a reliable agent who can assist you. Independent agents write for several companies, while contract agents are assigned to one specific company. Both can be reliable, but here are a few tips for finding the best one for your needs:

• Contact at least five different agents. Compare quotes as well as how each agent handles him-/herself while conducting business with you.
• Be sure your potential agent is paying attention to the policy or policies you need, not just the one(s) s/he wants to sell you.
• Get information on previous customers. Contact a few of them to get their feedback on your potential agent.
• Search for or request the insurance company’s A. M. Best and/or Standard & Poor rating. If the company has an A or A++ rating, it has a good business reputation.

Although few doubt the importance of having life insurance, many are not sure how to buy life insurance. Here are a few basic steps:

• Decide if you need term life insurance (covers a period of time) or cash value (permanent) life insurance (offers lifetime coverage). Some term policies also offer convertible plans that allow you to switch to permanent insurance. This is ideal for those who are trying to save money while kids are still living at home, for example.
• Determine exactly how much insurance you need. Review your family's needs as well as your debts and other insurance policies.
• Married couples should consider taking out separate life insurance policies to protect one another.
• Live a healthy lifestyle. Better health means lower premiums.
• Don't lie on your application. If an insurance agency finds out you had a condition or health issue you did not mention, your benefits may be withheld.

As your personal/family situation changes, re-visit your insurance coverage to see if you are over- or under-insured.

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