thecookiegal

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PSA – Insurance

on August 21, 2012

Today’s PSA is on Insurance.  Car, Life, and Medical.

Car Insurance

5 Years ago, my friend was in a very bad car accident. She was hit by a drunk driver.  I could go on and on about the issues from this accident, but I am only going to focus on one: Optional Bodily Injury Liability.  Prior to my friends accident, I had only the basic amount required 20k/50k.  However, because the person that hit my friend didn’t have insurance, or very much insurance, and my friend also had the very basic amount, she was limited in what she could receive for compensation.  At the suggestion of her sister, I looked into increasing the amount.  I was able to go up to 300K/500K for less than $100 a year!  What a huge difference for a small amount.  An added protection for you and your family.  Did you know that New Hampshire, Wisconsin, and California don’t require or have very limited requirements for car insurance? If you were in an accident with a person from one of those states, you could be fighting for compensation!

Life Insurance

My next topic is Life Insurance.  This is another very important insurance to have, ESPECIALLY if you have children!  Even if you are not married, you still want to have a basic amount to cover the costs of funeral expenses.

If you can get insurance through your work for no charge, then take that!  However, be sure that you get other insurance as well, because if you lose your job, you will lose that insurance as well.   It is important that Stay at Home Mom’s have life insurance as well.  If you were to die, then you husband will have to hire a housekeeper, cook, driver for the kids, babysitter, etc!  You are VERY valuable!  Be sure you are covered!  Husbands, if you were to die, then you want to be sure your family is provided for, and maybe even have enough if you can afford it so you wife will still be able to be a stay at home mom.

What kind of insurance?  LEVEL TERM is the way to go!  Do not go for any kind that has a “Cash Value” – that is just a bad investment!  Read this to find out more:
http://www.daveramsey.com/article/the-truth-about-life-insurance/

We have used SLBI for our Insurance.  I found their rates to be very good, and the service was excellent.

Medical Insurance

As you know, we found out the hard way the importance of having medical insurance.  About 2 months before Alexander got sick, we had to adjust our medical insurance.  The premium was going to go up significantly for the plan we had.  The next plan down, was the same coverage, just higher co-pays.  We evaluated the difference, and decided to go down a step.

I am not going to get into a debate about the Patient Protection and Affordable Care Act. I am sure there are many flaws to the system, but there are many good things too.  Health Insurance should NOT be a privilege – everyone should be able to get the care they need without going broke!  If you are lucky, you will never need to go to the ER, spend a night in the hospital, or see the doctor for more than a yearly checkup.  But, if you are not so lucky, and are in an accident, have a chronic illness, or hear the words “I am sorry but…” then you will want to be taken care of without wondering how you will pay for it!

I do realize that health insurance can be very expensive. However, I beg of you to find a way to pay for it, even if it means getting a second job! (I have heard that Star Bucks gives Health Insurance if you work just 20 hours a week)  If you don’t have it and you need something, that will be even MORE expensive!!!!   I have heard about a program called MediShare.  I have not done a lot of research into it, but perhaps this is an alternative for some people.

Okay – that is it for today.  I am working on a Budgeting Blog Next!

 

 

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