The promise that something will be paid in case of loss. Used to cover important items and reduce personal risk. This tag covers how to get it, how to keep it, what kind, and why you should have it.

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2
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1answer
59 views

Paying for Long Term Care Insurance for relative

My mother-in-law (in her 60s) has no assets, and a pension (state and Social Security combined) of less than $700 month when she retires. Currently, I'm paying for LTCI ($150/day, 90-day elimination, ...
3
votes
1answer
89 views

Should my live-in significant other and I both have renter's insurance?

My significant other and I both have our names on the lease for our shared apartment. We are not married. She has a renter's insurance policy that she claims is enough to cover both her belongings and ...
0
votes
2answers
47 views

How to insure belongings on road trip?

I'm shipping my car with a reputable carrier across the country. I am going to put some of my belongings in the trunk. I have insurance on the car, but if I wanted to insure the items in the trunk ...
36
votes
11answers
7k views

Is insurance worth it if you can afford to replace the item? If not, when is it?

I am talking here exclusively about insurance for items (not for health or other type of insurance where lives and liability are at risk). Let's say I have a 1-year old Macbook (costs $2000+tax new) ...
1
vote
2answers
65 views

Car insurance versus personal liability insurance

I'm in the market for car insurance for the first time, and I'm trying to understand the best way to approach it. I've talked to some insurance salesmen, and they consistently try to convince me that ...
0
votes
1answer
65 views

Does insurance cover injury playing rec sports

If I get hurt playing recreational soccer after work, will my employer insurance cover my medical/hospital expenses?
3
votes
2answers
51 views

Equifax credit report insurance quotations

I have just ordered a credit report from equifax. The credit report shows up all healthy except for a large number of (genuine) 'insurance quotations'. These are car insurance quotations that I have ...
9
votes
2answers
189 views

When is an event worth insuring against?

Inspired by another question, what factors should generally be considered when deciding wheter or not to insure yourself against events with a financial impact? The linked answer makes mention of any ...
8
votes
5answers
1k views

Can one insure a home's AC unit?

My mother-in-law would like to insure her single family home AC unit while my wife and I are informally renting a room with her. Is this possible? Although the unit is 10 years old and runs fine, she ...
2
votes
2answers
67 views

Having two different employer healthcare plans

I currently have two healthcare plans, one is United Health Care and one is Anthem Blue Cross. I'm able to get my health insurance in full from my old job which is why still have it(ABC). Anthem Blue ...
1
vote
1answer
81 views

What's the catch with accidental death/disability mortgage insurance?

I just bought a house. Now I'm getting ads in the mail every day or two trying to sell me accidental death insurance for my mortgage. (AKA critical illness mortgage insurance, mortgage protection ...
2
votes
1answer
40 views

Homeowner's policy - will insurance pay coverage amount in case of a loss?

I am reviewing my homeowner's policy that is due for renewal and I think I may have too much coverage. My question: will the insurance company pay the coverage amount if the building is a total loss ...
6
votes
1answer
67 views

Can I deduct my individual Health Insurance Premium in Tax

I have a my own LLC and working as self employee for this company. I am working on 1099 for this company. Since there is only 2 employee (including my spouse), I can't take health insurance from my ...
5
votes
1answer
96 views

What is the simplest way to describe indexed universal life?

Indexed universal life seems to be pretty popular these days, but it also comes off as very complex with a lot of small print. Without getting too complex, whats the simplest way to describe what it ...
1
vote
1answer
59 views

How to start disability insurance when already disabled?

I'm not entirely certain this is the right place for this question, but I can't think of anywhere better either, so here it goes. I am currently suffering from moderate-severe depression and anxiety, ...
2
votes
1answer
88 views

Is the Chrysler extended warranty coverage worth it?

Is it suggestible to take Chrysler bumper to bumper lifetime insurance? I bought a Jeep Cherokee 2014 and initial warranty info looks like this. Warranty Basic - Miles:36,000 Basic - Months:36 ...
2
votes
1answer
90 views

Is there a rule of thumb to help “Sanity check” insurance costs?

My house insurance is up for renewal. I'm busy and I don't want to spend a lot of time getting quotes, especially since this policy is tied to another one that is hard to get and that we could only ...
0
votes
2answers
82 views

How does an insurance policies Six Month Premium work?

So, I'm wondering... How does an insurance policies Six Month Premium work? Say full coverage would cost me $200/month and liability would cost me $100/month, but I decided to get full coverage and ...
3
votes
1answer
117 views

What happens if the term insurance company closes?

I have bought a term insurance plan for 35 years. I pay yearly premiums, and will do so for a long time if everything goes well. My question is, what will happen if say after 20 years the company ...
1
vote
2answers
91 views

Tax on insurance payment due to car deemed as total loss?

What is the the IRS's view on insurance payment for a car that was deemed a total loss? Is the state tax for each state in this scenario the same? Or, do different states have different approaches? ...
4
votes
2answers
178 views

Why does my insurance premium go up when I remove my wife?

I was messing around with my insurance policy to see if I could get my premium to go down a little bit, so I was just curious; How much is my wife making my premium go up? As it stood, my premium ...
3
votes
0answers
25 views

What is the added advantage of a broker being a member of NFA in addition to IIROC

If my broker is a member of the national futures association, what extra protection does it give me over the fact that it is also a member of IIROC? I am particularly referring to this: ...
2
votes
0answers
105 views

How do I judge if I am being made a fair offer by a car insurance company?

My girlfriend got into an accident with her (registered under my name) 2003 Honda civic. She was pulling out of the drive way(taking a right, basically parallel to the road) and got hit on the quarter ...
1
vote
1answer
103 views

Liability insurance for hobby

Maybe I'm paranoid or something but it is hard not to be one when all you see in the news how some people sue others based on ridicules charges and then settle for millions. My situation: I work full ...
2
votes
1answer
146 views

Why do credit cards come with insurance, and what is the benefit for the user?

I have savings and don't need to borrow money, but still need a credit card for those payments that can't be made otherwise: primarily car rental and some online purchases. I've noticed that many ...
3
votes
1answer
49 views

Why the borrower needs to pay premium for mortgage life insurance

There is a product called mortgage life insurance. Apparently if I have the insurance and I die , the insurance will pay the bank the remaining mortgage. It is for the bank's protection, not mine. ...
-3
votes
1answer
59 views

What is the use of mortgage insurance premium paid to CMHC

When I bought my condo, because I could only put down 10%, so I had to pay CMHC (Canada Mortgage Housing Corporation) insurance premium (about 12 000 dollars I believe but I could be completely wrong ...
3
votes
2answers
153 views

Do laddered term life-insurance strategies give significant savings over getting re-rated with shorter term policies?

I have been reevaluating my life-insurance strategy and having remembered an article about using laddered term life insurance to give you a higher amount of coverage in the short term with reducing ...
3
votes
1answer
60 views

car loan life insurance

My brother-in-law bought life insurance on the last new car he financed. He died 9 months later. When my sister notified the insurance company, they requested the last five years of his medical ...
4
votes
2answers
77 views

Life cover until death means?

My LIC insurance policy says : "Maturity Return : Sum Assured with Bonus on Policy maturity. Life cover continues till death" what does it mean to cover life after maturity & returns?
0
votes
0answers
43 views

Insurance for Working Capital in Arbitrage Business

I want to make money by arbitraging between financial markets, e.g. buy 1000 units of Foo at $1 on exchange A and sell Foo at $1.50 on exchange B for a profit of $500. Does anyone know of an insurer ...
2
votes
1answer
29 views

What is the typical time taken for SIPC to return money and stocks to brokerage clients when the broker goes under?

SIPC's job is safeguard the money and securities of brokerage clients when broker goes bankrupt. One of the tasks is to speed up the return of these possessions to the clients. Going by past ...
5
votes
2answers
171 views

Can the Securities Investor Protection Corporation (SIPC) itself go bankrupt?

The Securities Investor Protection Corporation (SIPC) insures investor accounts up to $500K: Terms of SIPC help. Customers of a failed brokerage firm get back all securities (such as stocks and ...
0
votes
2answers
94 views

Are wage loss insurance programs worth the cost compared to having an emergency fund?

Anybody heard of these wage loss insurance programs? The idea is in my provence short term disability only pays out up to 8 weeks and long term disability does not kick in until 6 months. The idea is ...
7
votes
2answers
7k views

What is the difference between pre-tax and post-tax paycheck deductions?

I am getting insurance for about 4 months, the length of my contract with a company. I am given the option of having the cost deducted from my paycheck pre-tax or post-tax. What is the difference? ...
1
vote
2answers
134 views

Do my parents need to purchase long-term care insurance?

I've been hearing about long-term care from my parents since my sister moved out two years ago. They'll have to let me finish college before buying it, however. What is the purpose of long-term care ...
2
votes
1answer
125 views

Should insurance pay me tax (hst) on top of the quote for home repairs?

I'm in the middle of an insurance claim for a flood at my house. Insurance gave us a quote for the repairs but we do not want to use their contractors because we have heard negative stories about ...
9
votes
2answers
621 views

Employer wants a key man insurance policy on me, should I agree?

Friend is working for a small company as main person in charge of operations. The president is asking them to take out a key man life insurance policy on them. The benefit would pay out to the ...
1
vote
0answers
18 views

How do CDIC savings insurance work? [duplicate]

Savings accounts are insured by CDIC up to $100k. Is it a total of $100k across all savings accounts I have with different banks or 100k per account?
2
votes
0answers
90 views

Does the life/disability insurance policy on my car apply now that it's paid off?

My husband and I had purchased life/disability insurance on our new car in 2007. In 2008, my husband became ill and passed away at the end of that year. Recently, I found the policy and took it to the ...
6
votes
3answers
471 views

Why would a person not want to purchase a Personal Liability (Umbrella) insurance policy?

I was recently introduced to the concept of the PLP (specifically in the context of providing a globally-following umbrella policy to my renters' and auto insurance). After examining the policy and ...
6
votes
4answers
718 views

Buying life insurance at the age of 25

Given that, the person is unmarried and without any dependent, is it advisable to buy life insurance (which is not a term insurance) at the age of 25? Considering it as an investment tool plus a ...
4
votes
2answers
212 views

Is it ok to request a chargeback for an insurance premium?

I changed my auto insurance coverage from company A to company B, effective July 1. I later found that company A had processed an automatic premium payment for the period July 5 - Aug. 5. I called ...
2
votes
2answers
165 views

Taxes on money received from a death benefit

When my father had passed away, all of us kids signed off on the rights to any of his money/assets to our mother. Upon receiving the money, she had paid taxes on them. She then dispersed an amount off ...
8
votes
1answer
238 views

Insurance for a house which is not homeowners insurance?

My wife and I moved last summer, and our former home is still on the market. We were recently informed by our homeowners insurance company that because the house is no longer owner occupied, they will ...
9
votes
1answer
385 views

What is the difference between an A+, A or A- Insurance Company?

I've noticed insurance brokers providing me quotes and tables of quotes that compare insurance plans, and all of the institutions have a letter grade value assigned to them. Nobody that I have asked ...
6
votes
1answer
275 views

Is having a Critical Illness Insurance worth it?

I am aware that the typical argument for having a CI insurance is because we just really don't know what will happen in the future and it's better to be protected. But is it really worth it paying for ...
1
vote
1answer
73 views

What is the reasonable amount yearly for a Hospitalization + Disability Income + Critical Illness Insurance?

I live in Singapore. I'm in my mid-20s and I currently have medical insurance that covers hospitalization bills. This amounts to roughly USD 250 per year. However, I lack Critical Illness insurance ...
1
vote
1answer
64 views

Can a non-resident claim an out of pocket health cost tax deduction?

I am a graduate student and my health insurance is paid by the university. I had an emergency visit and few subsequent doctor's visit in last financial year which were not covered by the insurance and ...
4
votes
1answer
101 views

How can one guarantee income in the event of incapacitation and also in the case of death in UK?

I wanted a policy that protects my family in case I get injured or get ill (incapacitated) and also in case I die. They suggested a combination of Income Protection Insurance and Life Insurance. ...