Life Insurance Quote FAQs
Life insurance quotes are an estimate of the premium customers will have to pay, in order to have their desired coverage. Life insurance quotes can usually be obtained for free from various sources. Customers can approach insurance brokers, agents and even put a request online for a quote. Customers can request for quotes from many companies and compare them to get the most affordable insurance overage. The life insurance quote, frequently asked questions (FAQs) include, finding the most affordable insurance plans, how to apply for various quotes and where to find reliable quotes.
The easiest and the quickest way to obtain a quote for life insurance rates offered by an insurance company is to go to its website, and request for an online quote. This quote is generated on the basis of the information provided by the customer. The customer has to be careful and precise while entering the information, as the slightest error can make a huge difference in the rates offered. The reason for such difference is that, the insurance coverage offered depends on a lot of factors such as customers’ medical history, occupation, and age. The lifestyle of the customers is also a deciding factor for the premiums. For instance, smokers are considered high-risk customers and are usually offered much higher rates as compared to non-smokers.
People usually request for either a term life insurance or a whole life insurance quote. Term life insurance policies are a type of insurance where a person is provided coverage for a certain specified period. Term life insurance is preferred as the rates of this kind of policy are the lowest among all forms of life insurance. However, term life insurance rates, are different for different people and depends on many parameters. Whole life insurance policies provide coverage to the policy owners till they are alive.
To find affordable rates, it is necessary to research the local life insurance market. This can be made possible by applying for quotes with various companies. This allows the customers to get the best insurance rates and decide on a policy that will best suit the their requirements.
Insurance – A Necessity For Your Business
So you’re listing down all the things that need to be taken cared of as you progress into opening your new business. Don’t forget insurance. Yes, insurance. No matter what business you may be in, the food industry, retail stores, house cleaning, business – whatever it may be — needs to have insurance coverage. There are a few areas of your business that needs to be covered by insurance in order to protect you and your business.
Liability Insurance
This kind of insurance protects you, the owner, from losses if ever you get to face lawsuits. You see in the cleaning business, opportunities sometimes become disasters if not well prepared for. So by having liability insurance, you are protecting you and your business from any losses in case a client sues you for alleged negligence. This insurance will pay for the judgments which are against you, as well as other legal fees, including your expenses incurred on the defending yourself in court.
Property Insurance
This insurance is the one that covers all your losses if in any case your business gets damaged or gets hit by theft. This kind of insurance is similar to that of a homeowner’s insurance. Most people who have their offices at home don’t bother because it is covered, most likely, by the homeowner’s insurance already. However, cleaning business tips from businessmen do suggest that you upgrade your insurance so that it may cover your office equipment, even if it is at home.
Life and Disability Insurance
This insurance covers the portion of the income that your family makes that is contributed by you just in case you get sick or not able to work for an extended period of time. This ensures that your family will be taken cared of even if you cannot work during that time.
Business Interruption Insurance
This insurance covers your bills and lost profit while your house cleaning business is out of operation as caused by natural disasters such as fire, floods, earthquakes, and so on.
Car Insurance
If you use a vehicle in your cleaning business, opportunities can be increased, but you do need to have the vehicle insured too.
Health Insurance
This insurance covers your health expenses. This is different from the life or disability insurance. This covers expenses such as doctor’s consultation fees, hospitalization bills, and so on.
A lot of cleaning business tips pushes new business owners to make sure that they are covered by insurance because it is during these times that unexpected things come and it is best to be prepared as you invested so much time and money on it.
Professional Liability Insurance – Beware of a Lapse in Coverage
If you have a professional liability (errors & omissions) policy, lapsing your policy for even one day can leave you open to a potentially devastating lawsuit down the road. Most E&O policies are written on “claims made” basis. This means that the policy covers claims that are reported during the current policy period, even if the claim happened in the past. However, there are two criteria that need to be met in order for the insurance company to respond to the claim. First, you must have a E&O policy in force at the time a claim is made. Second, you must have had continuous E&O coverage from the time of the incident to the time the claim is reported.
The starting date of your continuous coverage is called the retroactive date which is the earliest date an event would be covered. Usually, this is the date you first started your E&O policy. However, should you lapse your policy for any period of time, and then start another policy at a later date, your retroactive date is reset to the date the new policy started. So, if you let your E&O policy lapse, you will not be covered for claims that occurred prior to your new retroactive date, even though you had insurance at that time.
As an example, suppose you had an E&O policy in force for 5 years. In your 6th year, you let your policy lapse due to financial reasons. Sometime after that, your policy is reinsated. In your 7th year, you receive a letter from an attorney representing a former client. Apparently, the former client is unhappy with some work you did 4 years ago and is suing you for $100,000. You submit the claim to your insurance company and are shocked to hear that the claim is being denied, even though you had insurance at the time you did the work for the client. Due to the lapse in your policy and subsequent re-instatement, your retroactive date is now the date of the re-instatement and not the date your first policy started 7 years ago. As a result, you may be personally liable for the suit of $100,000 plus defence costs.
Here are a few thing you can do to prevent your E&O policy from lapsing.
If cost is an issue, find a broker that specializes in professional liability insurance who can shop for a premium that you can live with. Remember that retroactive dates are portable and will follow you even if you change insurance companies.
Set up a renewal reminder notice using your calendar or contact management system. You should allow sufficient time (1 to 2 months) to budget for the premium or allow your broker to shop for a better rate.