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Are You really Covered?

  • 2018-04-18 15:51
  • 아시아뉴스통신=Ian Maclang 기자
Photo Credit via Pixabay
 

So you think you are covered, but are you really?


If you’re like the 93.5% of overpaying-underinsured individuals in 2012 reported by ACE Private Risks Services, chances are you aren’t as covered as you should be.


Young people who are just starting out may find the idea of a blanket insurance attractive.For example, you can purchase a blanket health insurance wherein you can add your family as dependents.Another type would be the homeowner’s insurance, which would provide coverage for your personal property and your house itself.In short, you are “blanketing” several things under one policy.


Trusted Choice reported that while blanket insurance is typically more expensive than individual plans, it’s easier to understand than having multiple types of insurance policies all over the place.But it may not be suitable for everyone, especially not for families on the higher end of the wealth scale.


In 2012, ACE surveyed more than 600 insurance agents and brokers and found out that more than 58% believed that wealthy families were typically underinsured, more than 7% believed that family policyholders are typically overinsured, and more than 27% believed that these families are missing the opportunity to save their money.


Too often, the problem lies in the fact that these families put their money in all the wrong places and not in the areas that they would need more.


For example, Insurance Adviser Ari Fischman explained that affluent families often opt for more expensive policies with lower deductibles because of the idea that higher deductibles are always worse, when in fact these families typically write off insurance claims when it only cost them a few thousand dollars.In that sense, the lower deductibles are completely useless.


Instead, other important assets like jewelry and fine art are underinsured.


“What is adequate coverage in your 20s, with a starter home, young kids and, an inexpensive car, will be different than the coverage you need in your 50s, with an expensive home, wine collection, and expensive cars,” Investment Adviser Gary Ran wrote for Kiplinger. “For anyone who accumulates wealth over a lifetime, their insurance needs change.”


Ran recommended signing up for insurance audit services to have an expert assessment if you’re properly covered, and if not, where you might downsize or upgrade.


“It’s common to scoff at insurance; it often goes unused and doesn’t seem like something you need.But that’s the thing with insurance,” Ran added. “You don’t need [it] until you actually [do].And at that point, you really need to be properly covered.”
 



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