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Questions tagged [insurance]

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.

140
votes
15answers
30k views

For very high-net worth individuals, does it make sense to not have insurance?

Various types of insurance (health, car, life) protect you from relatively low probability but very expensive events in life (cancer, serious car accident, etc.) For the average person, it makes sense ...
50
votes
12answers
9k 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) ...
20
votes
5answers
2k views

Why should I invest my money in a life insurance policy?

As i am 24 now i get lot of calls from lot of insurance companies asking to take up an insurance policy.... So i decided to get answers for some of my questions in basicallymoney... Why should i ...
20
votes
5answers
31k views

What to do with expired cards (credit, debit, insurance cards, …)

I wonder if it is safe to throw away expired cards (credit cards, debit cards, health insurance cards) with name and card/account/ID number as trash. Even if other people have them, will they be able ...
5
votes
1answer
229 views

Where to get liability insurance for car rentals, as an add-on to Visa Collision Damage Waiver?

For car rentals paid for entirely by Visa credit cards, Visa usually provides a benefit called the Collision Damage Waiver, which in my experience is pretty good. It does not however cover personal ...
121
votes
23answers
21k views

Why buy insurance?

I don't understand why people buy insurances when they know that odds are is not their favor. Is it not better bet to stay uninsured, and save money? I am not talking about house insurance. About ...
27
votes
5answers
3k views

How can life insurance possibly work as investment?

Every here and there I hear about the following investment option: There's an insurance company that is willing to take my money and hold it for some very long time (like 5 years or more) and then ...
12
votes
4answers
560 views

At what age should I consider buying long term care insurance?

An oft overlooked, but important insurance product that has the ability to protect us from a reasonably likely and fiscally devastating event, Long Term Care insurance seems like something I am out to ...
21
votes
5answers
3k views

How much should I fund an HSA? Is there a danger in over-funding one?

I'm reviewing my options for health insurance during open enrollment and one of them is a HDHP/HSA option. I hear these are best for young people without chronic conditions etc. I think I fall into ...
12
votes
1answer
441 views

What is long-term care insurance ? How does long-term care insurance work?

What is long-term care insurance? How does long-term care insurance work? Who should consider getting long-term care insurance and why?
7
votes
2answers
397 views

Who would need a Umbrella Coverage (insurance)?

An estate planning attorney passed me this article on New York Times. For people who know about this stuff, how do I know if I really need this coverage before I am talked into it by a salesperson? I'...
4
votes
2answers
2k views

How do insurers decide “their” proportion of a claim when dual-insured?

Most (UK) insurance policies have a "dual insurance" clause along the following lines: If any injury, loss, damage or liability is covered by any other insurance then we will not pay more than our ...
3
votes
1answer
696 views

Under the Affordable Care Act, do I get penalized if my dependents don't have insurance for the time they are not in the US?

I got health insurance for my wife and son. They are traveling to India for 3 months. If I cancel their insurance coverage, and apply for insurance once they came back in October, will I get a ...
36
votes
11answers
8k views

Why do people buy insurance even if they have the means to overcome the loss?

Insurance companies are businesses and their goal is to make money. It follows that if you are neither lucky nor unlucky, you will end up in the long run losing money by stipulating an insurance. I ...
38
votes
2answers
12k views

Car insurance (UK) excludes commute to and from work, will not pay on claim during non-commute

My girlfriend was recently involved in a crash where both parties are claiming it was not their fault. She took out a policy with an insurance company called GoSkippy whose brokers are Eldon ...
6
votes
3answers
721 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 ...
12
votes
5answers
2k views

What's the difference between Term and Whole Life insurance?

How would one decide which is most appropriate? Are there tax or benefits differences that one offers over the other?
9
votes
2answers
613 views

Comparing Life Insurance Proposals

I want to compare different types of Life Insurance in which a series of annual premiums are paid for a specific term. At the end of policy term, which may be longer than premium paying term, a ...
9
votes
3answers
85k 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? ...
33
votes
6answers
26k views

The mortgage company is trying to force us to make repairs after an insurance claim

We had some hail damage to our roof and deck after a bad storm and made a claim with our insurance company. The damage was in the 5 figure range, but the estimate for the deck was only a couple of ...
11
votes
2answers
555 views

When is an event worth insuring against?

Inspired by another question, what factors should generally be considered when deciding whether or not to insure yourself against events with a financial impact? The linked answer makes mention of ...
9
votes
4answers
225 views

How to take a home inventory?

An answer to the question Spring cleaning for your finances? Is there any activity that should be done annually, with respect to your money? mentioned home inventory: The Inventory is also very ...
5
votes
4answers
716 views

Is Prepaid Legal a legitimate company?

I've just seen a recruitment video for Prepaid Legal. The company sells, essentially, legal insurance - a prepaid service that covers potential legal fees. Their marketing strategy, though, reads ...
26
votes
8answers
7k views

Why do people take out life insurance on their children? Should I take out a policy on my child?

I've always found those flyers that the schools send home in September contemptible. But maybe I'm the one in the dark...? If the purpose of life insurance is to replace a wage-earner's income in ...
14
votes
6answers
3k views

How to best insure my phone?

I just bought a smartphone. Family plan with wife and parents. The salesmen were trying to push an insurance plan, but with just a quick look down the exclusions it's pretty restrictive. At $8 per ...
11
votes
6answers
739 views

Should I get renter's insurance?

I'm thinking about getting a renter's insurance policy. Here's my question: What should I consider when deciding to get it or not? Edited to add: Is it a good idea to get renter's insurance? I'm ...
9
votes
1answer
2k 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 ...
9
votes
5answers
2k 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 ...
7
votes
1answer
1k views

Is accident insurance worth it for my kids who play sports

I'm evaluating options at my job for insurance and an optional insurance offering is accident insurance. I'm looking at this for my kids who play sports in school and on club teams. It's $170 a year....
7
votes
3answers
607 views

How many assets do you need before you should buy an umbrella insurance policy?

I've heard of umbrella policies before and I've seen some questions about them on the site, but I don't know how many assets you need before an umbrella policy is worth it. Does $50K of assets ...
7
votes
1answer
383 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 ...
7
votes
2answers
4k views

How can you find out what life insurance a deceased person had?

So it seems like the way life insurance is supposed to work for a deceased person is that the beneficiary is supposed to somehow inform the insurance company of the insureds death (presumably by ...
6
votes
4answers
13k views

“$100 Copay before deductible/40% Coinsurance after deductible”

I'm shopping for health insurance. (U.S., federal exchange, I'll be losing COBRA which is a qualifying life event.) One of the plans describes its emergency room costs as: $100 Copay before ...
4
votes
2answers
397 views

What is mortgage insurance? Do you have to have it, in order to be approved by a bank?

What does mortgage insurance do? Whom does it protect? Do I need it? MUST I have it, in order to be approved by a bank for a mortgage with them?
3
votes
2answers
531 views

What is covered by CDIC savings deposit insurance?

In the unlikely event that a financial institution fails in Canada, what is covered by the Canadian Deposit Insurance Corporation? What is the limit of coverage?
3
votes
4answers
2k views

Do I need to insure a large check when sending via mail?

My girlfriend has a bank account that is on hold because of a stolen debit card number. She recently signed a contract for 90k but has the first check in my name for 60k. She is stuck in London for a ...
3
votes
3answers
11k views

Should I elect to have my long term disability insurance be taxable?

My employer offers long term disability insurance as a standard benefit, and they also give me to option to make it taxable. From what I can tell, this means: The premium is added to my taxable ...
1
vote
1answer
59 views

Evaluating an endowment policy for its fairness against other tax saving options in India such as PPF, EPF and even FDs

I am talking about specific endowment policy: Jeevan Anand. Firstly, there was old Jevaan Anand (Plan 149). And now there is new Jeevan Anand (plan 815). I had old Jeevan Anand policy. It is endowment ...
1
vote
1answer
345 views

compromise between 100% insurance and no insurance? (long term view)

Assume you can get private health insurance for different premiums, and they cover any directly health related costs (hospital stay, needed medicines, physiotherapy etc.) up to a maximum amount. It is ...
-1
votes
1answer
52 views

long-term disability question what plan to pick?

At my work I am offered two plans. 1st one is for $55.08 per year pre taxed 60 percent and the 2nd $480.68 per year post tax 65 percent. I am 52. What's the best option?