Insurance Policy


Auto insurance policies are contracts between an insurance company and an individual policyholder that protect individuals from financial loss related to auto accidents.

The policy typically includes coverage for liability (in the event of someone else's property or injury) and property damage, as well as uninsured or underinsured motorist coverage and medical payments coverage. Some policies may also include rental car reimbursement, towing and labor coverage, and special coverage for collector cars or drivers with a less-than-perfect driving record.

Almost all states require some form of auto insurance coverage. States have enacted different minimum coverage levels and different laws that control how auto insurance policies are sold and underwritten.

It is important to understand the different policy types, coverage levels, and deductible options that are available in order to determine the best auto insurance policy for individual needs and budgets.

Auto insurance policies are primarily impacted by the driver’s individual risk. Factors such as age, location, gender, driving record, credit history, and vehicle type are all taken into account by insurance companies when pricing an insurance policy.

In addition, insurance companies use incentives such as bundling and discounts (ex. multi-policy discounts, safe driver discounts, and good student discounts) to attract new customers.

Life Insurance

Life insurance is an important part of a comprehensive financial plan. Life insurance helps to ensure that your family or loved ones are provided for if something were to happen to you. It can replace lost income, cover debts, provide money for college, and generally make sure your family is taken care of.

There are two main types of life insurance: term and permanent. Term life insurance is designed to provide protection for a fixed period of time, such as 10, 20, or 30 years. If you pass away in that period, your beneficiaries are paid the death benefit.

Your premium rate is guaranteed not to increase over the period of time that you select.

Permanent life insurance is designed to provide ongoing protection for your entire life. With permanent life insurance, your premiums remain the same regardless of how long you live. The death benefit is paid to your beneficiaries upon your death.

When deciding which type of life insurance to buy, you should consider your age, financial goals, and existing assets. If you are young and in good health, a term life policy may be the most economical solution as it will have a lower premium.

If you are older and/or have other financial commitments, a permanent life policy may be the better option.

Secure Life Method

Life insurance is a type of insurance policy that provides a cash benefit to your designated beneficiary or beneficiaries upon your death.

This cash benefit can help your loved ones cover expenses such as funeral or burial costs, outstanding debts, college tuition, or other financial needs. Depending on your policy, the death benefit can be paid as a lump sum or in installments.

When you purchase a life insurance policy, you select a coverage type, benefit amount, and term of coverage. Coverage types include, but are not limited to, term life insurance, whole life insurance, and universal life insurance. The benefit amount and term of coverage will determine the amount of your premium payments.

When it comes to selecting a coverage type, there are several factors to consider. Term life is the simplest and most affordable type of life insurance and can provide coverage for a set period of time.

Whole life insurance is more expensive to purchase and provides coverage for your entire life. It can also provide additional benefits such as a cash value accumulation component. Universal life insurance offers similar coverage but allows you to adjust your benefit amount throughout your life.

No matter what coverage type you select, it's important to review your policy periodically.

Expiry Rules Apply

Most life insurance policies will continue to provide coverage for life, as long as the beneficiaries continue to pay the premiums on time.

Most policies, however, are not permanent and will eventually expire when the insured person reaches the policy's maximum age limit or when the policy has been in force for a specified period of time, such as 10 or 20 years. Once the policy expires, no further benefits will be payable and the policy will no longer be in effect.

When a life insurance policy is nearing its expiration date, the policyholder will typically receive a renewal notice from the insurance company. Individuals have the option to renew their policy and continue to enjoy coverage or allow the policy to lapse and let the policy expire.

Most life insurance policies will provide coverage through the insured's age 90 or 100, however, there are some policies that will only provide coverage until the insured person reaches a certain age, such as 65 or 70, after which the policy will expire automatically. In this case, the insured person may not be sent a renewal notice, since the policy will automatically expire unless they choose to continue the policy beyond the age limit.

When a life insurance policy expires, the beneficiaries may no longer receive any benefits from the policy. Similarly, the premium payments the insured was making will no longer be necessary beyond the expiration date.

The beneficiaries may still be eligible to receive some of the premium payments previously made, depending on the terms of the policy.