Philadelphia Insurance


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General liability insurance covers injuries/deaths and		Whole life insurance policies often cost thousands of
property damage resulting from an accident. This is the		dollars a year, as opposed to the mere hundreds of
most important coverage and is commonly required by		dollars a year that the majority of term life insurance
law in many states. Each state has its own		policies cost consumers. For example, if you are a
minimum liability requirement. Some insurance		healthy, non-smoking 35 year old male, you can get a
companies offer "split-limit" coverage (each		10-year, $100,000 term life insurance policy for as little
part of the coverage is split into its own limit, i.e. $15,000		as $7.09 a month (or as little as $6.56 a month for a
max. per person injured, $5,000 for property, etc.) while		comparable female).
others offer "combined single limit" (the entire
combined coverage for bodily and physical damages		There are two basic types of life insurance: Term Life
under one limit, i.e. $100,000 total).		insurance, where you choose the coverage amount and
		length of the policy; and Whole or Permanent Life
Collision insurance covers damage to your own vehicle in		insurance (of which there are many variations), which
an accident. Collision is generally optional unless		combines an investment product with life insurance.
your car is financed or leased in which case your bank		Whole life insurance is expensive, due mainly to its
or credit union, bank or lender will require collision		investment aspect, while term life insurance is very
coverage as a condition of the loan in order to protect		affordable, especially with todays all-time low prices.
their interests.


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Review your policy often. Do a review of your		Depending on your insurance plan, it will often cover
life insurance policy a minimum of every three years, if		80% of your medical fees. However, your carrier's
not more often. Rates may be lower, and your		estimated cost of a procedure may differ from that of
circumstances may have changed, necessitating more or		your doctor. As a result, that 80% may
less protection. If you are replacing a policy, make sure		shrink! Many doctors will agree to charge your
you allow enough time to get your new policy in place so		carrier's estimation and it doesn't hurt to ask!
coverages wont overlap or lapse.
		Research the various insurance plans, coverages and
The right hobby with the wrong company could cost		options. Find out which best suits you and your
you. People who participate in high-risk sports or		family. Don't buy more insurance than you need
activities (such as hang-gliding, skydiving, mountain		(i.e. young married couple probably doesn't need serious
climbing, scuba diving, and racing), or even those who		medical coverage other than pregnancy). Consult
like to have an occasional cigar could very well pay more		an agent to answer any specific question pertaining to
money if they dont pick the right company. Every		you.
company looks at risk factors differently and some are
more liberal in certain areas than others. Make sure you
work with an insurance company that has properly
matched your personal profile with their underwriting
criteria.

Philadelphia Insurance
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