|Insurance Buying Tips #1: Shop smart|
|When looking for insurance, your No. 1 priority should be to find adequate coverage. Price is important, but you’ll want to determine what kind of coverage you need first. Then you can fit that coverage into your budget and determine which carrier can provide you with the most comprehensive policy for your situation. You may be tempted to choose insurance with the lowest price tag, but if you don’t have enough coverage (or the right kind of coverage), you will see less financial benefit when it comes time to file a claim.|
|Insurance Buying Tips #2: Look for discounts|
|Once you evaluate your coverage needs, factor in your budget and find ways to save. Ask your insurance agent if there are any discounts on your coverage. Often, carriers offer discounts for things like paying your policy in full, staying auto accident-free or, if you’re in school, getting good grades. You also can save money by “bundling” multiple policies, such as purchasing a home and auto policy from the same carrier.|
|Insurance Buying Tips #3: Fill in the gaps|
|An average policy will cover the basics, but you may need to add extra coverage to meet your unique needs. For instance, you may have items like electronics or a nice piece of jewelry that would be financially difficult to replace, even with the assistance of your average renters or homeowners policy. You may want to add additional coverage for these items.|
When it comes to health insurance, one of the most common things people in their twenties choose to do is to go without it. While you are healthy and rarely need to see a doctor, it makes sense to cut out the health insurance part. You can pay for all the things as you go instead of worrying about co-payments or insurance premiums.
This Is Faulty Reasoning…
However, this is not the most appropriate reasoning. It is essential for everyone to have some form of health insurance. The primary reason is that medical emergencies are expensive. If you end up encountering a medical emergency, it is easy to be drowned in debt. You might even be left with absolutely no way out of the mess.
One Accident Could Cost You Thousands Of Dollars…
One minor accident on a ski slope could cost your thousands of dollars in medical bills and it could quickly become an outrageous amount if you need rehabilitation or surgery. Typically, this is the time you wouldn't be working either and that means loss of money as well.
|Insurance Buying Tips #4: Purchase life insurance—you aren’t too young|
|Life insurance is essential, no matter how young or old you are. And for millennials, buying now may be a smart move because it’s cheaper to buy a life insurance policy when you’re young and healthy. This kind of insurance can help your family cover unexpected costs in your absence, including student loan debt or a mortgage, in addition to end-of-life costs. And if you have kids, a life insurance policy can also support their education or childcare expenses. Additionally, every millennial should consider long-term disability coverage, which helps you stay afloat financially if an accident happens and you become disabled and unable to work.|
|Insurance Buying Tips #5: Talk to an independent agent|
|An independent insurance agent is an essential resource when purchasing insurance—especially if this is your first time. An independent agent works with multiple different carriers, which is different from captive agents who can only sell insurance from the carrier they work for. Working with an independent agent can help make sure that you are getting the best coverage, for the best price. You’ll also benefit from independent agents’ insurance knowledge; they know how to talk you through your options and actually explain what each policy includes. An independent agent will make sure all of your assets are covered, help you find discounts or other ways to save, and be a valuable resource as your life changes and your insurance needs change, too.|
|Insurance Buying Tips #6: Only buy insurance to maintain your existing standard of living|
|You don’t need insurance for events that won’t severely strain your finances. Start with your basic needs (home, auto, business), then work your way to include other needs (cyber, liability). You can always obtain coverage later for something if you change your mind. You can minimize your risk and maximize your savings by buying insurance that won’t cause you to break the bank.|
Emergency surgeries like appendectomies can also be quite expensive. At times, even people who are insured might find it difficult to cover their health costs in such instances.
Minor Problems Can Turn Into Bigger Ones…
When you don't have health insurance, you avoid visiting the doctor to secure treatment for minor problems. While these problems might seem negligible today, it doesn't take long for them to turn into serious complications.
Preventative medical treatment is one of the best ways to avoid hospital costs and you won't need to worry much about this when you have insurance. With the variety of health insurance providers on the market, there is a good chance that you will find something that precisely meets your needs. You will be responsible for the costs of your medical bills until the deductible, but then the insurance plan takes care of the rest. It is much easier to find a way to pay $4,000 in medical bills than $40,000. This means by securing a health insurance plan you will also eliminate the chances of going bankrupt.
It Is Not A Luxury, It Is A Necessity…
Health insurance plans are not a luxury, they are a necessity. Don't make the mistake of going without it, even while you are in top shape in your twenties. Start looking for affordable health insurance in NY today to avoid problems later.
|Insurance Buying Tips #7: Ask your insurance provider what the policy doesn’t cover|
|Every insurance policy has perils that are not covered by your policy. These perils are referred to as “exclusions”, and every policy has them. Ask your insurance provider to explain the exclusions in your policy to avoid discovering what they are once you incur damages or a loss.|
|Insurance Buying Tips #8: Consider bundling several policies with one insurance carrier|
|here may be value in bundling several policies with one insurance carrier. If you’re looking to insure multiple vehicles or obtain multiple types of business coverage (e.g., liability, property, cyber), then you may want to consider obtaining coverages under one insurance provider who carries multiple products, and who may be able to offer you multi-policy discounts or loyalty programs.|
|Insurance Buying Tips #9: Review your insurance needs on a yearly basis|
|As your needs evolve, so will your insurance policy. Maybe you’ve acquired a new vehicle since obtaining auto insurance for your primary vehicle, or started operating your business out of your home, or experienced a cyber-attack during the year… Whatever the change(s), you’ll want to make sure you’re covered for any new risk exposures. Talk to your insurance provider to stay on top of your insurance needs.|