All About Car Insurance

Insurance

I am dedicating this page to insurances in general. The reason is very simple, I have been working for a few years as a financial consultant for an international firm and part of my job was to promote and sell financial services and insurances. My clients were either big international companies or individuals but always the top management. We were targeting people with money, don’t be surprised that is how business goes. The point is that I was dealing with very clever people, but even these people fell into all kind of traps that these companies set for them, so I am just going to give you a few heads up to avoid these traps and some advices that I hope you will find useful.

First of all, there are plenty of insurance companies out there, ready to welcome you with a big smile and a tap on the shoulder, their salesmen are all very good, they got training believe me to teach them on the best ways to gain your trust and in no time you will believe they are family friends and have been for a long time and you will be telling them all about you and your family.
I am going to surprise you there and tell you to let them do and play their game. The reason is very simple, YOU NEED TO BE INSURED, and you need to have something that fits your lifestyle, so once you have decided on an insurance company, tell them everything they need to know so they will be able to propose solutions customized for your needs. But never forget that however nice the person in front of you is, this is also how he earns his life and he needs to get more contracts. So the first question you should have is how is the follow up, is it easy to reach him or the person in charge of you, tell him you do not want to call the insurance company and get an automated server to answer you. The contact has to be personal all the way.
Before reaching to that point you need to compare, compare and compare again, ask your friends, your relatives what they do and what they think and if they have heard about this company. Go on internet try to find them and try to see how long they have been in business. It is obvious to say but there are plenty of start up with beautifully made catalogues and advertisements but with no references at all.
No Life Insurance?

If you have no life insurance, get one NOW!This is probably the most necessary insurance to have nowadays. Do not confuse Life insurance with Health insurance or Death insurance they are completely different and if someone tells you the opposite, they either do not know what they are talking about or are complete liars.
A Life Insurance like its name says is for your life, it is in fact designed for you to enjoy your life, but it is true that in case of the death of the holder it has many good advantages.

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Why is it so important to have a life insurance?

Let me ask you a question. Are you 100% sure that your government will be able to give you a pension when you will retire and if they do is it going to correspond to all the money you have been giving them all these years and more important is it going to be enough? The right answer is: nobody knows. Therefore you have to plan something for yourself.
Most life insurances are in fact financial products and by taking one what you are really doing is investing on the stock market which is a good thing. You also have life insurance where your money is invested on currencies. Forget these ones, they might be safe and insure you a steady 3 to 5% on average per year but if you consider the inflation rate it is really not interesting. So if proposed, refuse it. Stick to the ones invested on shares and bonds. You have to keep in mind that this is a LONG TERM investment, because this is going to be your retirement funds. But you have to make sure of a few things. Who are the financial institutions managing your investments, if you can not recognize any of the big names, forget it. What are the terms if you want to cancel your contract? If you chose a monthly investment make sure that it is not for longer than 10 years, longer than that just don’t sign it. If you chose to put a lot of money at once once in a while, then you should not have any cancellation fees after one year. But not everyone can do that so if I had a to recommend a life insurance I would suggest one where you pay monthly a modest amount, really something that is not going to squeeze you at the end of the month and then put some extra money on your contract at the end of the year.
The best way to manage your Life Insurance

You have to decide, before signing, how you will use this investment.
Is it to buy a house? This is something not widely known but you can use a life insurance as a warranty instead of giving cash, the advantage is great because if you took for example a 10 years loan, well your money has been working for 10 years and you will end up having to pay less for your house at the end.
Is it for your retirement?
It is very important to decide how long you will keep it because you need to get your money out at the best time. So let’s say you decide it is for your retirement and you chose a 25 years period. Ask to be on a dynamic investment for 18 years, you are looking at at least 10% on average a year, then ask to switch on a more moderate program for the next three years (5 to 8%) and consolidate little by little on currencies for the last years (3 to 5%), your percentage will drop but you will consolidate your funds much more safely.
Now why take a Life insurance and not just invest on the stock market?

a) The taxes on profit are much lower.
b) These kind of investments are in fact a multitude of little investors and the sum of all investments open the doors to major players on the stock markets that are going to take care of your money, these guys are pros and have knowledge and tools that you will never get.
c) If you happen to pass away (and I wish you a very happy and long life) then a big part of the money invested on the life insurance is TAX FREE for the beneficiaries. In fact a lot of Life insurances are taken just to make sure that the surviving partner or children will get something and that something will be tax free. Yep the beans are out and your government must hate me know for making it a common knowledge. This is the most legal Tax evasion that exists.

I am not going to expand more on that subject because it would go on and on for many pages, so if you have specific questions, just contact me I will be happy to answer you.
Death and Health Insurance

I told you Life insurance is to make sure that the living will have enough money to either buy a house or retire or buy a boat etc…and they are not to be confused with Death insurance and Health insurance.
Both of them are necessary especially if you have a partner and some kids.
The most common scam in this area are Insurances that make you sign for a Health Insurance that is also a death insurance and a Life insurance combined. They are usually the cheapest ones. But let me tell you something. You can not be dead and alive at the same time. You might save a little bit by subscribing to it, but you will not be well covered and the money you will get at the end, if you get anything is going to e very little. My advice is pay a little more but separate them.
For the death insurance

You don’t really need one if you are single with no relatives, but if you are married with kids it is a must. Unfortunately accidents arrive all the time and the terrorists are not helping with our longevity either. They are usually reasonably priced and even the cheapest ones should leave at least 200 000 USD to the surviving members.
My advice is get one when you are young, the younger you join the cheaper they are and the premium will be reasonable when you grow older. If you join in your mid forties you will be put on a much higher premium than if you had started earlier. So start early, you will be covered and you will end up paying less later on.
Health insurance

That is also a must especially when your wife will give birth and when your kids are young. With a good one you should get more money back than what you give the doctor. I got 120% back after my wife gave birth, it is a shame to say but I actually made money with the birth of my kids. LOL. If I did not have a good one, geez I ‘d be poor now, 2 kids and a stressed mother that takes them to the doctor every time they sneeze. No, every single penny in that insurance is well spent!
House Insurance an car insurance

They were not really my area of expertise and there are too many different factors to be considered that it is very difficult to give general advice there. I guess it all depends on how much you value your car and house. If I had just one advice for house insurance, it is the following one. Make sure the compensation is good in case of fire and floods if you live in a seismic area, and NEVER insure your house against earthquakes. They are SUPER expensive and never good! Anyway if your house is destroyed by an earthquake it will probably take on fire because of gas leakage, if it is the case, just let it burn and ask the firefighters to just control the fire so the surrounding building and people will not be damaged or injured. It is unfortunate to say but it really is the best way to be compensated when such event occurs.

If you liked this article and if you want to have more information please visit my site at
Insurance and Insurance reviews.

Bye for now.

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