Insurance
Insurance is a kind of protection policy which protects the customer from financial losses in exchange for a fee. Insurance is provided by an insurance company or insurance carrier.
Types of Insurance policies
1.Term Life: This type of policy is generally for a longer duration of time. People usually take up this for their children,until they become adults , a good amount of money is saved for their future. Also term life insurance is cheaper than permanent life insurance. This enables customers to get coverage at comparatively lower prices.
2. Permanent Life: This policy is functional until the customer dies but the customer must have paid his premiums regularly. This insurance type includes various subtypes. These are as follows:
● Whole life insurance: It provides a cash amount which increases over time. The person has to deposit the premium which is fixed by the company itself .
● Universal life insurance: In this , the cash amount gets accumulated.You can borrow money during any period and unlike the whole life insurance, the premium amount is flexible.
● Variable life insurance: In these types of policies the returns are based on how well the customer has paid the investments. Being riskier, makes it unsuitable for those who can’t afford any losses.
Who should get life insurance?
If you have a family to feed and take care of or even if you’re single, you must go for a life insurance policy to secure your as well as the future of your family. Most people take up policies during the tough times of their lives. For example- To build a new home or to buy a car or to send children to big colleges for higher studies. Taking a policy ensures that all debt taken for the purposes listed above and other is paid even if the person dies. The best time period for buying a life insurance policy is which the person is young or a child because the policies become costlier as the person ages.There are a huge number of insurance companies but only a few of them provide the best policies. The best life insurance policies can help protect your family and protect you from undergoing heavy losses.
Below are listed some of the best life insurance companies:
1.Principal Financial Group:
Principal Financial group provides the best affordable deals to their customers. They provide high levels of satisfaction to the customers . It has received a middling score in Life Insurance Study. It has very few complaints reported by the customers.
They offer many different plans of different durations such as for 10,15,20,30 years etc.
2. State Farm: They are a well recognised life insurance company and provide a superior experience to customers over other companies. It is ranked first for overall customs satisfaction. The process of applying for a life insurance policy involves applying online on their website and then talking to their allotted individual personally to finalize the policy.
3.Haven Life: This life insurance company is backed by another company named MassMutual which is the oldest and the biggest insurance company in the US. Unlike other companies you need not to talk to the company individuals in person. Your coverage will start immediately at the time as your policy is approved online. Moreover , it takes very less time to get approved by the company as long as you’ve provided the right credentials. The duration of their policies vary generally from 10-30 years.
4.Banner Life: This company is also very old since 1836 but it was not included in the recent customer satisfaction survey. Their customer service is well known over the world and has a good reputation overall.This company provides all types of policies to the customers including term life and permanent life plans . They provide 30-40 years term period policies as well.
5. Northwestern Mutual: It is the largest life insurance consulting in the US and it is ranked fourth position in the customer satisfaction survey. Most of their term life policies are of the time period of 10-20 years. They offer whole life as well as universal life insurance also but they are a bit expensive. In Spite, of this they have other additional afforda plans as well.
In addition to life insurance companies, many other insurance companies are also these which help to safeguard our various belongings. One such example is that of car or auto insanity companies.Car insurance also known as auto insurance comes under a category of vehicle insurance. Vehicle insurance includes the insurance of other vehicles also such as trucks, motorcycles or other road vehicles. The main role of this type of insurance is to provide financial protection against any kind of physical damage to the product or bodily injuries occurring to the person due to the collisions between the vehicles. Additionally, it also offers financial protection against any kind of theft of the vehicle or damage to the vehicle due to other causes such as natural disasters etc.
How does auto insurance work?
Auto insurance helps you to keep your vehicles or car safe and in case of any damage to the car you get the claim to money. As a policyholder, you need to pay the premium either monthly or yearly depending upon the policies of the company to get the full coverage. The cost of the premium is decided based on various factors such as you driving history, the place where you live and the kind of vehicle you are having.
Types of auto insurance coverage
1.Mandatory Minimum Coverage: This type of coverage consists of two provisions. These are :
● Bodily injury liability protection: This includes the injuries which are caused by the policyholder to the other drives who are listed on the policy.
● Property damage liability protection: This includes the damage that is caused by the policyholder to the property of the other person such as a car damaged in a car accident .
Other two types of coverage are also there. These include the following:
● Personal injury protection: In this type of protection, coverage is given to the driver who is the policyholder and the passengers whom he is carrying up to the policy’s limits.
● Uninsured motorist coverage: This provides a claim when an accident occurred by a motorist.
2. Optional full coverage: If a person wants to drive, he needs state mandated insurance coverage.It does not give coverage to any kind of damage occurred to the vehicle . For this purpose, you have to take additional policy. It includes the following:
● Collision coverage: This covers the damage occurred to the vehicle in an accident between the policyholder’s car and the other person’s car.
● Comprehensive coverage: This covers the damage caused to the customer’s car due to causes other than collision with the car such as theft , flood, hail , fire, hitting an animal etc.
3. Add on coverage: Add on coverage includes additional coverages offered by the insurers for some specific situations. The examples include:
● Roadside Assistance: In the case if you’re standing on a roadside, a tow is sent to take your car easily.
● Gap Coverage: It actually pays you the difference between what you owe the vehicle at and what is the real worth of the vehicle.
● Custom parts and equipment: coverage: It pays you for the parts you want to replace such as custom wheels etc.
● Rental car reimbursement: It pays for the rental cars you use when your vehicle is in the shop after some loss.
Top car insurance companies
1.Geico: Geico is one of the best and top auto insurance companies. It provides high customer satisfaction in all the regions of the country. Moreover, it also provides the cheapest car insurance coverage to their customers. Their customers are highly satisfied with their services and have given top ratings to their services at the most reasonable prices. It receives very few customer complaints and is also very strong financially.
2. Travelers Insurance: They offer such car policies which can be customized by the customer according to his needs.This company also provides various saving options as well like most of the other companies such as upto 30% off on home and car . Thus it helps to save you a very good amount of money. Also additional discounts are given for safe driving, multi car policies, having electric vehicles , paying on time etc.
3. USAA : It is the best company for the customers who are looking for high levels of customer satisfaction. They have very affordable rates and are not too expensive . They have very low prices which even beat Geico.
4.The Hartford: They provide very good customer care and customers get impressed by them easily. They provide insurance plans to the drivers who are members of sone associations . The members get many discounts upto 10% and car repair insurance as well.
5. Amica: This car insurance company was founded in 1907. It is one of the oldest car insurance companies in the US. This company provides the customers with high levels of satisfaction and also is very strong in terms of financial conditions.Along with providing car insurance, this company also provides life, home, retirement insurance etc. as well.
6. State Farm: The premiums of this company are somewhat similar to the industry average but it is best among providing the customer service and satisfaction.
7. Progressive: They provide discounts for good driving . They have a huge number of coverage options and also provide add on including lease payoff , loan etc as well.
8. Nationwide: They have an app which has a very high rating on the Google Play Store as well as Apple’s App Store. They provide high customer satisfaction . But this company is far more expensive than the other companies.
9. Allstate: The average full coverage premium of this company is higher than that of other companies. It has received a high score in customer satisfaction and A+ for financial strength.
10. Erie: It provides a wide range of cover options. Like most of the top companies, it also provides its customers a high level of satisfaction . The cover option includes car replacement, motorcycle coverage, roadside assistance etc.
How to sign up for auto insurance?
1.Gather your personal information: In order to sign up for auto insurance , they ask you for a lot of personal information such as your name, date of birth, driving license number, type of vehicle and bank account number etc.
2. Determine your coverage needs: In this, you have to select the type and the amount of coverage that you want.
3. Apply online or in person or over the phone: It is very easy to apply online but in some cases you need to meet the agent in person or have a conversation over call.
4.Submit the application and pay your premium: After completing all the above steps, pay your premium regularly or use the auto withdrawal method.