Tag Archives: insurance

Do You Know Enough About Insurance?

A couple discussing their insuranceFor many people in the United States, insurance is often needed for most everything in their daily lives. From homes, vehicles, to any kind of property, insurance is an essential feature of their daily life. However, the experts at Haffner Law say it’s essential to find the right insurance company. In Los Angeles, only lawyers with an expertise in bad faith insurance cases can help you.

Why do you need insurance?

Insurance is a way of being able to manage particular risks. Since nobody knows what the future holds, there is always the possibility of loss. A potential loss can affect you financially, but when you have insurance, you pass the cost of that loss to your insurer. Of course, that coverage also comes with a price. Your insurance company looks for secure forms of investment to make sure your money grows, and that the company can afford to pay your claim.

What can insurance cover?

There are different insurance policies to cover different needs. For example, when you buy a house, your mortgage lender is likely to require that the house should have insurance coverage.

Auto insurance lets you drive your vehicle. Without it, you have to pay out of pocket for repairs in case of an accident, legal costs, etc. Without insurance, if your car gets stolen, you will not be compensated. With insurance, you can receive payment for the market value of the car at the time it was stolen.

The risks of ownership of a business can be covered by insurance. Insurance can cover healthcare costs, as well as provide for your family in case of death or disability.

What happens if the insurance company refuses to pay?

If you file a claim and the insurance company refuses to pay out, you may have a case against the insurance company. This situation is called “bad faith insurance”, in which the insurance company refuses to pay what they owe you. You need a bad faith lawyer in Los Angeles to help recover what is yours.

Insurance is an important part of living with peace of mind. Think about keeping yourself, your properties, and your family safe.

Understanding the Basics of Long-Term Disability Insurance

Person with a DisabilityAs the name implies, long-term disability insurance is a coverage that protects people during long periods of impairment. Also described as income replacement insurance, this kind of coverage acts as a monthly salary when one cannot work because of disability.

How Does the Insurance Work?

In the occurrence of a disability, you will receive a paycheck from the insurer as a means of salary. The amount and payment schedule, however, depends on your individual policy. When it comes to spending for the coverage, Haffner Law and other disability insurance lawyers in Los Angeles suggest an equivalent of 1% to 3% as reduced in annual salary.

What are the Pros and Cons?

Apart from reducing the risks of financial trouble during impairment, disability insurance protects you from spending your retirement savings prematurely. There are no restrictions when it comes to using the insurance money, as it also doesn’t entail a penalty. Disability insurances are tax-free and can last for a long time.

Like most policies, however, disability insurance can cost you a significant amount. Many people pay for it during long periods of their career to ensure the consistency of the coverage. Another disadvantage is that it cannot aid your family when you die since its only purpose is to cover your financial needs and responsibilities during impairment.

Are There Alternatives?

If this kind of coverage doesn’t impress you, you can always go for other kinds of policies. Some of them are the following:

  • Self-insurance – A self-insurance can cover several aspects of your life, as it’s a pool of money you can use when an unexpected loss occurs.
  • Family insurance – If you’re looking for a policy that can branch out to immediate members of your family, this kind of insurance is ideal.
  • Short-term disability insurance – This is like a long-term disability insurance, but more affordable. This kind of coverage starts paying after your disability and stops after a few months.

Before getting disability insurance, make sure that you understand its terms and payments to prevent any misunderstanding with your insurance policy. Knowing everything about the coverage goes a long way.