Here are four interesting insurance facts when it comes to getting the right amount of coverage that may surprise you…
Convert Term Life to Whole Life
Did you know that you could convert your Term Life Insurance policy into a Universal or Whole Life policy?
Many people don’t realize this.
A Term policy provides coverage for a period of time: 10, 15, 20 years and a Whole Life policy offers coverage for your entire life. Term Insurance is very inexpensive when you are young and in good health – but the fees can increase as you age. This type of policy is a great choice for young families.
You can purchase a rider that will allow you to convert your Term Policy to Whole Life without a medical exam. When you do purchase a Term Policy make sure you understand the “convertibility features”.
Insure Your Pet
Would you ever consider insuring your pet?
A typical cat or dog life insurance will cover your pet for a few specific things. For instance, your insurance company will help if your pet needs treatment for an injury, illness, or disease.
Moreover, an insurance company may also offer the full purchase price if your beloved pet dies due to any illness or accidental injury.
And of course, if you have a dog, the insurance policy may also come with third party liability cover, which saves you from dealing with any hassle if your dog damages someone else’s property.
Wedding Day Insurance
It may seem strange to get insurance coverage for your “big day.”
However, considering how much weddings costs these days, and the potential liability once the festivities begin (or end) and you might see why this is a good idea.
In fact, insurance companies will cover your wedding day costs if there is bad weather, if you need additional liability coverage just in case there is a lawsuit over a drunk-driving incident as a result of alcohol served at the wedding and fees associated with cancellation if a wedding party member becomes too ill to attend the wedding.
A rider that specifically covers very expensive clothing may be in order if you have this sort of wardrobe.
This is especially true since most homeowners insurance policies place a limit on how much they’ll cover when it comes to insuring your personal property.
A friend recently told me about a woman she knows who gave her daughter a $3K handbag as a graduation gift and the same woman bought a Burberry raincoat for a relative’s baby. These stories may seem outlandish but they are true and in the age of the Kardashians – one may wonder how many people could use these riders.
A television newscaster who has an expensive wardrobe may also need this sort of coverage, as well.