Saturday, January 17, 2009

Disability Insurance

If you are injured or ill and are out of action for an extended period of time, then disability insurance is intended to make up a percentage of your income. Also known as income protection insurance, disability insurance varies in a great degree with some of the cheaper policies only covering you for a period of five years and better quality insurers making sure you are looked after until retirement age. Either way, if you become disabled, that will greatly impact your potential for income and disability insurance is your best way of staying solvent during this time.

Who needs disability insurance?
If you are not financial independent or able to maintain an income in the event of disability or long term illness then you should consider disability insurance. As disability insurance replaces your income can you afford not to pay for this disability insurance premium? There is no requirement by law to have this type of insurance but given the large number of issues that could arise without this insurance it is definitely an investment worth considering.

What typically does a disability insurance policy cover?
Disability insurance typically pays an income stream to you in the event of disability or long term illness. Disability is a broad term and covers a host of afflictions that would cause you to stop working. For the exact list of conditions that you are covered for, check with your potential insurer.

Most policies cover terms from 5 years up to retirement age. The payment level you receive is purely down to the premium you pay. The higher the premium, the higher the payment. Some insurers even include complementary health sessions as part of their package to assist your recovery. Insurers are beginning to offer more and more with disability insurance as they know the sooner you get fit and well, the sooner they can stop paying.

What typically does a disability insurance policy not cover?
A standard disability insurance will not cover disability or illness to a blue-collar worker. Blue collar workers are in a higher risk group so wont be covered by a basic policy. Normally, blue collar workers will have to pay a much higher premium to have the same kind of cover as a white collar worker.

Additional insurance products that policy holders might need in this area
Health insurance is crucial for the wellbeing of each and every person. Healthcare is getting increasingly expensive and without health insurance you can be broke, or worse still, unable to get the medical treatment you require in a timely fashion. Disability insurance normally takes time to establish as it is normally means-tested. Health insurance should fill the gap between your first diagnosis and your first disability insurance payment.

Additional coverage for a disability insurance policy
Disability insurance has two main variables, the length of cover and the percentage of income paid to you. Additional coverage amounts to the percentage of income you would like covered which generally has a top limit of 65%, and length of cover can reach to retirement age. By getting the full amount of coverage, your premiums will invariably go up.

What will disability insurance typically cost?
Disability insurance plans differ massively between insurers. Shopping for the most competitive rate available will end up costing you more money in the long run as your payout may only last a year.


Motorcycle Insurance

Motorcycle insurance broadly covers all styles of two-wheeled transportation on the roads including mopeds, touring bikes and high-performance sports motorcycles. Some companies can exclude some form of motorcycle as they may not fit within their risk category. As an example, conservative insurers may not cover modified motorcycles. They will normally have a modified motorcycle insurance plan, moped plan or scooter plan that can be taken as an alternative with a different set of inclusions.

Who needs motorcycle insurance?
Anyone who rides a motorcycle needs to have motorcycle insurance. It doesn’t matter if you are an occasional weekend rider or spend every day on your cycle, you need to be covered. The law for motorcycles is the same as for other motor vehicles.

What typically does motorcycle insurance policy cover?
Motorcycle insurance covers the motorcycle from damage caused by an accident as well as liability to other vehicles or injury caused to another party. Typically, you would make a claim through your motorcycle insurance policy in the same way you would an auto insurance policy.

You also get coverage for a number of accessories with are associated with motorcycle riding. As an example your helmet, leathers, saddlebags and backrest should all be covered. However, the insurance on these accessories is limited so if you have an expensive helmet or other accessory it is recommended to insure it separately.

You should receive roadside assistance as standard as well as a trip interruption payment to ensure you can get home if you are traveling interstate.

What typically does motorcycle insurance policy not cover?
Damage to your motorcycle caused by weather is not typically covered unless the damage is caused while the motorcycle is stored correctly (eg in a garage or a covered car park).

Damage to custom work completed on your motorcycle is also not covered unless you have stipulated to the insurer that the custom work has happened and have provided photographic evidence of the work. This is becoming increasingly common as more people are making large claims for custom work.

Damage caused to you by another party who is uninsured is not covered in the event of an accident. You normally have to request an ‘uninsured motorist’ inclusion.

Motorcycle insurance packages vary massively between states so check the policy carefully as it may different from the advertised package.

Additional insurance products that policy holders might need in this area
Motorcycle insurance tends to be comprehensive as it covers damage, public liability, roadside assistance, medical expenses and travel expenses. However, those expenses are limited to assisting you in that immediate moment. You may need more comprehensive medical insurance and roadside assistance policies to benefit fully from a claim.

Additional coverage for a motorbike insurance policy
As in auto insurance you can be comprehensively insured on your motorcycle but as a standard policy is so comprehensive there is no real extra coverage you need unless your state has any glaring omissions for their standard cover list.

What will motorcycle insurance typically cost?
Motorcycle insurance is determined by your experience, your auto record, the motorcycle you would like insured and the amount of cover you need. You could pay up to 5% of the value of your motorcycle per year as insurance but it is likely you will pay less than that as discounts are always offered for clean driving records, age, gender and a whole host of other reasons.

Travel Insurance

Travel Insurance Guide

Travel insurance is a kind of insurance which is designed to insure travelers against all possible unforeseen circumstances and mishaps which can happen during their trips. Although still there are many people who consider travel insurance as well as any other type of travel insurance to be nothing else but waste of money, conscious travelers realize the necessity of purchasing travel insurance policy (an agreement between an insurer and policyholder) and travel insurance covers. Of course you can doubt the necessity of travel insurance, however you should remember that no one can predict whether some unexpected accidents will happen to you during your trip or not. In case you analyze how much time and effort you spend on all trip arrangements, you'll make sure that you need travel insurance in order not to spoil you trip with unforeseen expenses. Notice that the more remote your final destination is the more problems you can have, if something happens to you and you don't have travel insurance.

Firstly before buying travel insurance you have to understand clearly the reasons for this purchase. Secondly you should decide how much travel insurance will be enough for you and thirdly you should know how and where to shop around for travel insurance quote and policy which will meet your travel needs and budget. Reasons for purchasing insurance of this kind can be different, however all these reasons are closely connected with basic travel insurance coverages which are provided by majority of travel insurance companies:

1) Medical care expenses and existing medical conditions.

2) Medical evacuation and transportation in the event of serious illness or injury which cannot be treated in the country you stay in.

3) Accidental death and repatriation of dependants.

4) Loss, theft or damage of luggage and personal belongings.

5) Loss and theft of documents and cash.

6) Loss/theft/damage of rented car.

7) Liability for damage caused to a third party and legal assistance.

8) Trip delay/interruption/cancellation.

All above-mentioned situations cannot be foreseen and can happen to any traveler and result in serious unplanned expenditures. Moreover if you analyze these reasons and coverages properly, you will be able to decide how much travel insurance you need. In case you have neither medical insurance nor life insurance, we recommend you to purchase comprehensive travel insurance, which includes all available coverages.

Another very important question is 'where to search for travel insurance'. In this very case Internet and compare travel insurance are the best tools which will help you not only to find travel insurance coverages you need but also make sure that your choice is the best.

See also: Winter Sports Travel Insurance