Are You Safe with Your Employer’s Group Life Insurance?

Benefits that are provided by an employer can include an employers-group-life-insurance plan. Although the life insurance can provide some peace of mind when you are worried about the possibility of accidental death or similar situations, it can also raise a variety of concerns that you must address. In some cases, it may be an appropriate solution to protect your loved ones. In other cases, you may need additional protection to address your needs.

Limitations

A group life insurance policy is usually designed to provide coverage for the duration of your time in that company. It will protect against accidental death or situations that came up unexpectedly, such as a sudden illness that caused your death. It may not be a whole-life plan and you may not have an investment option.

Other limitations may relate to the amount of coverage that is available. A group policy will usually provide coverage based on the company averages, which may not be appropriate for your needs.

Getting the Plan

Since a group policy that is provided by an employer is part of your benefits, it may not be difficult to obtain coverage. The insurer is taking on the risk of several individuals and averaging out the total risk based on several factors. As a result, you may qualify for coverage, even if you smoke, drink and have a high risk of health concerns. The coverage that is available may vary, so it may or may not be appropriate for your family.

Although it is usually safe to obtain a policy from your employer, it may not address all of your goals, needs or concerns. If you have debts or financial concerns, then you may need additional protection. Contact us to speak to an agent to learn more about your options.

Are there any pet restrictions on any homeowners insurance policy?

Selecting a homeowners insurance policy that is appropriate for your needs in Arvada, CO can seem complicated when you have a pet. Although every policy and insurance company is different, some plans may have pet restrictions that you need to consider before you bring home that new puppy, parrot or cat.

Dog Breeds

Many insurance companies will exclude certain dog breeds due to the perceived risk associated with the pet. Dog breeds that have a history of biting or are often used as guard-dogs may be excluded from your policies. You can also expect that certain wolf-hybrids and sled-dogs, like Huskies, may be excluded from a policy.

Although dogs are the most common pet that is excluded from most homeowner’s insurance policies, you may need to read the plan thoroughly before you assume that your pet is safe. In some cases, homeowners insurance may also limit protection on your policy for any dog that has a mix of the listed breeds.

Exotic Pets

While the details about pets that may be considered exotic by your policy can vary, you can expect that certain pets are automatically excluded in your policy. Tigers, lions, cheetahs and alligators are not likely to be covered.

Read your policy thoroughly if you are unsure about a pet bird or a specific cat breed. You may also want to contact an insurance company if you have a snake or any other pet that may be classified as exotic.

There are often pet restrictions in the basic homeowner’s policy because certain pets have a high risk of causing injuries, biting or otherwise causing risks that may not exist if you have a different pet. Contact us to speak to an agent to learn more about restrictions and exceptions in a policy.

What is Personal Injury Protection (PIP) coverage?

Car insurance offers many types of coverage for common situations you may encounter throughout your driving career. One type of coverage, called personal injury protection, gives you the peace of mind of the insurance company taking care of expenses related to personal injury when accidents occur.

Personal injury protection does not concern itself with which party is at fault in an accident. Instead, your insurance company covers the medical expenses of anyone associated with the accident, such as passengers, pedestrians, and yourself. Your health insurance may not always cover claims caused by an auto accident, so it’s good to have backup coverage through your auto insurance to make sure you aren’t dealing with claim issues down the road.

In addition to taking care of your medical bills, you may be able to get PIP to cover wages you lost due to your injury. This makes the coverage important for ensuring that your life isn’t disrupted unduly after the accident. Instead of figuring out how you’re going to pay bills until you get back to work, you can go get your wages paid through insurance.

Another good reason to pick up PIP is if you don’t have any health insurance at all. You may not be able to afford health plans, but if you add this coverage option on your existing auto insurance, you at least have one less health concern to worry about. Since injuries related to accidents can be catastrophic, it’s good to avoid massive hospital bills associated with getting you back on your feet.

Lean more about personal injury protection in the Arvada, CO area through your local independent agent.

What’s included in collision coverage, and what should my deductibles be?

When you get into an accident, it is useful to carry some collision coverage on your vehicle. Depending on the type of policy that you purchased, it may be included as part of your standard policy or it may be an optional item that you add to your basic policy.

What is Collision Coverage?

The coverage is a type of additional protection that is added to your auto policy to pay for damages to your vehicle if you get into an accident and crash into another car or even a stationary item, like a parked car or a street sign.

In most cases, the coverage will only pay for damages to your vehicle after you have paid the stated deductible. The amount that you are expected to pay for a deductible can vary based on the amount that you selected.

Appropriate Deductibles

The deductible that is appropriate for your vehicle can vary based on your concerns, goals and plans. Ultimately, you are able to determine the amount that you are willing to spend after an accident.

In general, it is usually best to maintain a low deductible on a new vehicle and a higher deductible on an older vehicle because of the associated risks. If you have a low deductible on a new vehicle, then it means that your insurance will pay for a large percentage of the damages. An older vehicle has fewer expenses and will cost less to repair, so it makes sense to have a higher deductible.

Selecting an insurance policy that is appropriate for your needs and working out a fair deductible can seem challenging, but it is an important part of protecting your vehicle. Call us today to speak to an agent for more details.