Insurance

Simply Business Insurance operates an online insurance brokerage which specialises in protecting the business its customers are building by simplifying the insurance-purchasing process for small businesses. Simply Business provides specialist small business insurance which is tailored to the requirements of the individual client and offers a variety of insurance covers from business insurance to product liability insurance and landlord insurance. The business prides itself on being able to provide quotes from a broad range of insurers in minutes, allowing its customers to pick the core covers that they require with options for different risks. What does Simply Business Insurance cover? Different types of Simply Business Insurance cover different risks. Public liability insurance covers compensation claims made by a member of the public, while professional indemnity insurance covers you if you’re sued by a client. Employers’ liability insurance covers compensation claims from employees. Each type of business insurance is designed to cover a different set of risks that you face in the course of running your business. Public liability insurance can cover your business if a member of the public makes a claim against you for injury or damage. Your insurance can cover the cost of legal fees and compensation payouts, up to the limit of your policy. Professional indemnity insurance can cover compensation claims made against you by a client because they believe you’ve given bad advice or made a mistake in your work. This can include things like mishandling client data. Employers’ liability insurance can cover compensation claims lodged by an employee for injury, illness or damage that they’ve suffered due to their work. You can also choose to cover things like your business building, contents, equipment, tools, and stock in case they’re damaged or destroyed. How Insurance Works Insurance is available to help you pay for damage to your property or to pay others on your behalf when you injure someone or damage their property. Insurance is a contract that transfers the risk of financial loss from an individual or business to an insurance company. They collect small amounts of money from clients and pool that money together to pay for losses. Insurance is divided into two major categories: Property and casualty insurance provides protection to businesses and individuals for losses related to their belongings or assets, both physical and financial. Life and health insurance protects people from financial loss due to premature death, sickness or disease. Simply Business Insurance Review Simply Business provides insurance to around 800,000 small businesses, sole traders and landlords, and is one of the UK’s biggest providers of business insurance. It’s a broker, so it compares quotes from a number of insurers (many of which are established names). Businesses can also manage their policies through Simply Business. Its emphasis on speed, with the promise of same-day cover and documents, and online quotes in minutes likely to appeal to time-poor business owners. Simply Business Insurance pros and cons Pros Cons These pros and cons are based on a survey of UK business owners on what they found important when selecting a range of business products, conducted by NerdWallet in December 2022. Simply Business insurance: Types of coverage Simply Business Insurance: Types of coverage Simply Business offers the following coverage options through its partner insurance providers: Simply Business also offers inland marine insurance, which it bills as “tools and equipment insurance.” Other types of coverage, including commercial auto and property coverage, may be available through Simply Business’ partner providers, but you need to go directly to the source to obtain that coverage. General liability insurance Simply Business offers general liability insurance through a handful of partner providers. This coverage is recommended for virtually all business owners as it protects against third-party claims of bodily injury and property damage. General liability insurance also kicks in if your business is accused of libel, slander or copyright infringement. It doesn’t cover damage to your own property or injuries to your employees, which fall under commercial property and workers’ compensation insurance, respectively. Professional liability insurance Professional liability insurance, also known as errors and omissions insurance, is available through Simply Business’ network of insurance partners. If your business is sued for negligence, mistakes or delays, professional liability coverage will pay for legal fees and damages. This type of coverage is recommended for businesses that provide advice or services for a fee, such as accountants, architects, consultants, engineers and financial advisors. Simply Business offers the option to add an errors and omissions endorsement to your general liability policy, rather than purchasing full-fledged professional liability coverage, depending on your business type. Simply Business Insurance quotes through Simply Business Simply Business connects business owners with tailored quotes and coverage based on their business type. You can get multiple business insurance quotes online in a matter of minutes by providing key business details, including: While Simply Business offers up quotes, all policies are underwritten and administered by third-party insurance companies. Simply Business Insurance key features Simply Business Insurance full review Simply Business is a business insurance broker that offers cover from a range of insurers to businesses, the self-employed and landlords in the UK. It has been around since 2005 and has a sizable position in the market.  Its starting point is usually public liability insurance, but you can build a policy that suits your business risks. So you might begin with core cover – including public liability and employers’ liability, for example – and then add more specialist cover, such as online retailer insurance, if you need it. It might be reassuring that Simply Businesses specialises in business cover, so its focus and expertise lies with commercial risks. This isn’t always the case with other providers and brokers that tend to serve consumers too. As Simply Business is a broker, the policy you may decide to take out via them will be provided by another firm. Simply Business will look to place your business with the most appropriate provider for your needs.  This review is based on Simply Business and not the firms they broker to. The types of products, benefits & features referred to in this review … Read more

Best Small Business Health Insurance Plans 2024 Blue Cross Blue Shield stands out as the best health insurance company for small businesses because of its range of coverage options. The company offers a nationwide preferred provider organization (PPO) network and extra benefits for employees, including an extensive discount program.  Depending on your state, you may have a few options for finding health coverage for your employees, including through the Small Business Health Insurance Options Program (SHOP)—a government marketplace for small business health plans—and by purchasing a traditional group health plan from a broker or directly from an insurer.  To choose the best health insurance companies for small businesses, we evaluated major health insurance carriers based on financial strength, customer satisfaction, coverage options, telehealth and wellness benefits, digital tools, and more. These are our top picks.  Understanding Small Business Health Insurance Health insurance, often named as mediclaim, is insurance coverage against medical conditions and treatments covered under the policy. Usually, health insurance covers the expenses incurred during a medical emergency. It protects the financial assets of the policyholders and helps them get the best possible medical care. Small business health insurance is a type of group health insurance policy taken by businesses to provide medical coverage to their employees.  This health policy is good for budding businesses that want to provide medical aid to their workforce without disturbing their budgets. Further, it also helps businesses fight medical burdens caused to their employees due to unforeseen circumstances. Small Business Health Insurance Costs According to KFF1, annual premiums for group health insurance in 2023 average $8,435 a year for single coverage—roughly $703 monthly—and $23,968 a year for family coverage, which is about $1,997 per month. The average annual premium for single coverage and family coverage each increased by 7% over the last year. Monthly premiums also run higher for certain types of health insurance, like preferred provider organization (PPO) plans and health maintenance organization (HMO) plans. The average cost for single coverage and family coverage is also more expensive in the Northeast and Midwest regions of the United States and in specific industries like transportation, communications, and utilities. Organizations can reduce their budget by implementing higher cost-sharing requirements for employees. However, adding these requirements increases the risk that eligible employees will decline participation in the plan. If too many employees choose not to participate, the organization may not be able to offer the policy at all. A health insurance company typically requires at least 70% of employees to participate in a group health plan. What Are My Small Business Health Insurance Options? Small employers (generally those with 2–50 full-time employees1) may be eligible to purchase through the Small Business Health Options Program (SHOP) Marketplace. Created through the Affordable Care Act (ACA), SHOP offers affordable and flexible plan options to small businesses. If you do not qualify or there are no SHOP plans available in your area, you can also find a small business health insurance plan through a licensed broker or through an insurer like Anthem. How Does Small Business Health Insurance Work? Group health insurance for small businesses functions similarly to that of larger corporations and businesses. However, this insurance policy is for a smaller group of employees. The organisation takes out this policy for their employees. In the event of a medical crisis, employees can rely on the coverage provided by this organisation. This health insurance policy is available to businesses year-round. Usually, after buying the small business health insurance, premiums are locked in for a year. In that period, employers can add new employees to the plan. Not just this, employers can also remove the employees from plans that no longer work in their organisation. At the end of the insurance coverage, the employer can renew the plan or go for any other group health insurance policy that aligns with their business needs. How Many Employees Do You Need To Offer Small Business Health Insurance? The number of employees is just one of four requirements to qualify your business for small group health insurance. You must generally: What Types Of Small Business Health Insurance Plans Are Available?  As a small business owner, you can choose from five types of healthcare plans for your business.  HMO (Health Maintenance Organization)An HMO is designed to keep costs low and predictable by only using doctors and hospitals within the HMO network. It typically has low premiums, deductibles, and fixed copays for doctor visits. Primary care physicians (PCP) are the primary point of contact for all medical care, including specialty referrals. PPO (Preferred Provider Organization)PPO networks let you choose where to go for care, without a referral from a PCP or having to only use providers in your plan’s provider network. These plans typically have higher monthly premiums and out-of-pocket costs like copays, coinsurance, and deductibles. EPO (Exclusive Provider Organization)An EPO offers a local network of doctors and hospitals to choose from. If you’re looking for lower monthly premiums and are willing to pay a higher deductible when you need healthcare, you may want to consider an EPO plan. POS (Point of Service)A POS plan requires that you get a referral from your PCP before seeing a specialist. This plan covers out-of-network doctors at a higher out-of-pocket cost than in-network doctors. HDHP (High Deductible Health Plan)An HDHP has low premiums but higher immediate out-of-pocket costs. Employers often pair HDHPs with a Health Savings Account (HSA). This is a tax-free fund used to offset costs such as deductibles. Best Health Insurance Companies for Small Businesses for July 2024 Blue Cross Blue Shield Overview Blue Cross Blue Shield, which is also our pick for the best health insurance company overall, offers employers many options. Among them are plans that include access to the BlueCard PPO network, which gives employees coverage when traveling nationwide. In some states, BCBS offers fully insured, level-funded, and self-funded plans. Blue Cross Blue Shield is a group of companies, so benefits and plans vary by region, but many member companies offer extra benefits.  For example, the member company Anthem provides an employee assistance program at no … Read more

Sun Life Financial Inc. is a Canadian financial services company. It is primarily known as a life insurance company. sunlife life insurance company has a presence in investment management with over CAD$1.3 trillion in assets under management operating in a number of countries. Sun Life ranks number 235 on the Forbes Global 2000 list for 2022. Sun Life completes sale of its UK business Sun Life begins long-term strategic partnership with UK’s largest long-term savings and retirement business TORONTO, ON and LONDON, UK, April 3, 2023 /CNW/ – Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) announced today it has completed the sale of SLF of Canada UK Limited (“Sun Life UK”) to Phoenix Group Holdings plc (“Phoenix Group”) (LSE: PHNX). Headquartered in London, Phoenix Group is the UK’s largest long-term savings and retirement business with more than 12 million customers and £260 billion of assets under administration. Who is Sun Life Insurance? Sun Life Financial is an international financial services company founded 150 years ago. It is the third largest insurer in Canada and is primarily known for its individual insurance products and group benefits. It has an A+ financial strength rating from AM Best. Sun Life quick facts: SunLife Life Insurance Calculator SunLife Life Insurance Calculator Use our calculator to easily work out how much over 50 life insurance you may need. Fill in the costs that you would like your policy to cover and calculate your ideal cover amount. Remaining mortgage balance: Loans, credit cards and other personal debt: Cost of your funeral: Retirement fund for a partner: Leave an inheritance or charity donation: Existing life insurance/funeral plan or savings: Calculate Your total cover estimate: £0 Sun Life life insurance rates for 2023 Sun Life Canada offers a wide range of individual (i.e. not group) life insurance products from term to whole and universal life insurance. Let’s dive into some coverage options that might suit your financial needs. Note: Prices have increased across the board for Sun Life policies between April 2023 and July 2023.‍‍ Coverage options Monthly payments* Sun Permanent Life $83.88 SunSpectrum Permanent Life II $83.88 SunSpectrum Term 10 $12.42 SunSpectrum Term 20 $24.93 SunSpectrum Term 30 $20.16 Sun Universal Life II $76.17 Sun Permanent Life – 20 Pay $149.04 Key takeaways: Sun Life Insurance Company Overview Sun Life Insurance Canada deals primarily in life, travel, and health insurance for its personal lines and employee benefits for its commercial lines. Customers looking for personal home and auto insurance can use the Sun Life referral service to get a 10 percent discount on products offered by belairdirect. Sun Life Insurance offers advantages to its customers such as: Sun Life Canada’s Insurance Products Sun Life Canada has a list of insurance products that focus on keeping customers healthy as they grow and protect their wealth. The company also wants happy business clients that are able to offer their employees competitive benefits. Health Insurance From short-term medical needs to long-term illness concerns, Sun Life Canada has a complete set of personal health insurance products that apply to every member of the family. The major components of the company’s health insurance lines are: Life Insurance Sun Life Canada is well-known throughout Canada for its customizable life insurance products that can also grow in financial value. Whether you need insurance to cover your short-term plans or a life-long policy that gains equity over time, you will find the coverage you need. The types of life insurance available are: Travel Insurance The Sun Life Canada travel insurance program helps customers during all types of traveling situations from emergency medical situations to recovering lost luggage. Coverage types include: Mortgage Protection Insurance Sun Life Canada offers a special mortgage protection program that will pay your mortgage payments if you become too ill to work or pass away unexpectedly. Small Business Insurance Sun Life Canada can create a benefits package for your business that includes investment options for retirement accounts and insurance that covers: What is the SunLife over 50 plan and how does it work? The SunLife over 50 plan is a life insurance policy which guarantees a cash pay out to your family when you pass away. For many people, taking out an over 50 plan is an easy and affordable way to help pay for their funeral. The funds can relieve some financial worry for loved ones at an already difficult time, particularly as the average cost of dying now exceeds £9,600 in the UK. Sun Life insurance phone number uk – 1800 270 7000 The table below explains the key features of SunLife over 50 life insurance and how it works: Feature Description Guaranteed acceptance You’re guaranteed to be accepted for cover if you’re a UK resident aged 50 – 85 No medical questions During the application process you don’t need to provide any medical information or undergo a medical exam Whole of life cover This type of policy is also known as life assurance or whole of life insurance because it covers you for the rest of your life Guaranteed pay out after 12 months Once your policy has been in place for 12 months (known as the ‘waiting period’), your loved ones are guaranteed a pay out when you pass away, regardless of when that may happen in the future. Accidental death benefit If you pass away during the first 12 months of your policy as a result of an accident, a full pay out will be made Fixed monthly premiums from £5 a month When you take out an over 50 plan your premiums will need to be paid each month to keep cover in place. The amount you pay will depend on your age, smoking status and the sum assured. The cost of your premiums won’t change during the lifetime of your policy Fixed pay out amount (sum assured) guaranteed The maximum pay out is £18,000. The amount you can secure will depend on your personal circumstances and budget Sun Life life insurance: pros and cons Read up on some of the pros and cons of Sun Life life insurance based on their different products. Pros of Sun Life insurance: Cons of Sun Life … Read more

Seven Corners Travel Insurance Seven Corners offers a range of unique travel insurance plans for U.S. residents, non-U.S. residents and traveling groups. While some of the company’s plans are geared to trips that take place in the United States, others are for international trips or even for frequent travelers who need coverage for multiple travel plans over the course of a year. Standout features of Seven Corners travel insurance plans include relatively high coverage amounts for emergency medical expenses and medical evacuation as well as optional coverage options for rental cars, sports and golf equipment rentals, and ticket registration fees. For example, the Seven Corners Trip Protection Choice plan for individual trips covers groups of up to 10 travelers and comes with up to $500,000 in primary coverage for emergency medical expenses and up to $1 million in primary coverage for emergency medical evacuation and repatriation of remains. This plan also comes with a waiver for preexisting medical conditions if purchased within 20 days of making an initial trip payment. Some Seven Corners plans also let travelers buy cancel for any reason (CFAR) coverage that lets them get reimbursement for eligible prepaid travel expenses if they cannot travel for any reason, as well as interruption for any reason (IFAR) coverage that reimburses prepaid expenses when a trip is interrupted for a reason beyond the traveler’s control. Both CFAR and IFAR coverage offered through Seven Corners will reimburse insured trip costs up to 75%, which is higher than some other travel insurance companies offer. If you’re curious about the coverage Seven Corners has to offer and what the company’s plans might cost, read on for an overview of plans from this provider, travel insurance quotes and recent customer reviews. Seven Corners Travel Insurance Plans Seven Corners offers travel insurance for U.S. residents and groups for domestic and international trips. It also offers travel medical insurance for visitors to the USA who are not citizens. Seven Corners’ Trip Protection Choice plan (above) is its highest-rated plan according to Forbes Advisor’s ratings of the best travel insurance. Seven Corners’ Trip Protection Basic plan: This travel plan offers $100,000 in emergency medical coverage and $250,000 in medical evacuation coverage. It also includes $600 per person in travel delay coverage and the option to upgrade with “cancel for any reason” and “interruption for any reason” coverage. Travel Medical Excluding USA Basic and Choice: Seven Corners offers travel medical insurance for international trips up to 364 days. These plans act like short-term health insurance coverage for you while you are on trips outside the U.S. That means they have deductibles and cover routine care, urgent and emergency care, among other types of treatments. You can choose a maximum benefit amount ranging from $50,000 to $5 million if you are age 64 or younger.  Travelers ages 65 to 79 can choose $50,000 or $100,000; for those over 80 you get and $10,000. Travel Medical Including USA Basic and Plus plans from Seven Corners are for non-U.S. visitors to the States. They provide travel medical expense coverage for those here on trips up to 364 days. The Travel Medical Basic and Travel Medical Plus plans offer maximum coverage of $50,000 to $1 million for travelers up to age 69, $50,000 or $100,000 for those age 70 to 79 and $10,000 for travelers age 80 and older. The Plus plan reimburses 90% of the first $10,000 in covered expenses for out-of-network care, compared to 80% for the Basic plan. Cost of Seven Corners Travel Insurance Plans Travel benefits vary among Seven Corners’ travel insurance plans and so does pricing for each plan. Travel insurance costs generally vary by your age and trip cost. Here are examples of prices for Seven Corners’ Trip Protection Choice plan. Travelers And Trip Cost Per Trip For The Trip Protection Choice Plan Two travelers age 30, $3,000 trip cost, traveling to Mexico for 8 days $158 Two travelers age 40, $6,000 trip cost, traveling to Italy for 17 days $368 Family with two parents age 40 and two children, $15,000 trip cost, traveling to Italy for 17 days $368 Family with two parents age 40 and two children, $15,000 trip cost, traveling to France for 17 days $788 Family with two parents age 40 and two children, $15,000 trip cost, traveling to U.K. for 17 days $788 Two travelers age 65, $6,000 trip cost, traveling to the Italy for 17 days $788 Two travelers age 70, $3,000 trip cost, traveling to the Mexico for 8 days $286 Does Seven Corners Have 24/7 Travel Assistance? Seven Corners travel insurance plans come with 24/7 travel assistance. Seven Corners Assist can help with: What’s Not Covered by Seven Corners Travel Insurance? Every travel insurance plan contains exclusions and it’s a good idea to review the fine print so that you’re aware of what your plan doesn’t cover. Here are some examples of exclusions in the RoundTrip Choice plan: How To File a Claim with Seven Corners At Seven Corners, you can file a claim by mail, fax, phone or through the Seven Corners mobile app. Be sure you have the supporting documentation you’ll need for completing the claim. Seven Corners Travel Insurance for Individual Trips Seven Corners offers several travel insurance plans for different types of trips. For example, travelers can opt for single-trip plans that cover trips within the U.S. and abroad, or they can purchase an annual plan that covers eligible trips that take place over the course of a year. The charts below highlight the major benefits included with plans from this provider. TRIP PROTECTION BASIC TRIP PROTECTION CHOICE Trip cancellation Up to 100% of prepaid travel expenses (up to $30,000 per person) Up to 100% of prepaid travel expenses (up to $100,000 per person) Trip interruption Up to 100% of prepaid travel expenses Up to 150% of prepaid travel expenses Trip delay (at least 6 hours) Up to $200 per day per person (maximum of $600) Up to $250 per day per person (maximum of $2,000) Missed tour or cruise connection (at least 3 hours) … Read more

Based on the evaluation of over a dozen pet insurance providers, Lemonade and ManyPets are the cheapest pet insurance companies. ManyPets is the most affordable pet insurance with an average monthly cost of $23, and the cheapest option for cats at $16. Lemonade’s average monthly cost is $23, and it is the cheapest option for dogs at $30 per month. The best pet insurance companies at a glance All of the pet insurance companies below scored 5 out of 5 stars based on an in-depth comparison of coverage, plan terms and options, consumer experience, financial strength and discounts: The best pet insurance companies of 2024 We evaluated pet insurers across the country to find the ones with the best combination of coverage, financial strength, consumer experience and plan options. Below are the ones we consider to be the best pet insurance companies in the U.S. ASPCA: Best pet insurance for broad coverage You name it, and ASPCA pet insurance probably covers it — including dental illnesses, behavioral issues, alternative treatments, prescription food and even microchipping. Unlike some other pet insurers, it also includes coverage for accident or illness exam fees. If you want less coverage and a lower rate, you can opt for an accident-only policy. If you want even more coverage, you can add a preventive care plan to pay for services like dental cleaning, heartworm tests and vaccinations. The company offers pet insurance not only for dogs and cats but also for horses. Below are monthly rates for accident and illness coverage for two sample pets. Pet Age 2 Age 8 Mixed-breed dog $30 $68 Domestic shorthair cat $16 $30 Pros Cons Embrace: Best pet insurance for many ways to save Embrace offers its customers many ways to save. You’ll automatically get a 10% discount when you insure more than one pet. Active military members and veterans can get a 5% discount in every state but New York and Tennessee. The company is currently working on rolling out a healthy pet discount, too. Embrace has a wide range of deductibles and annual coverage limits to choose from. Its standard accident and illness plan includes chiropractic care, acupuncture, physiotherapy and other alternative therapies. It also pays exam fees for covered conditions and reimburses for behavioral treatments as long as a vet provides them. Below are monthly rates for accident and illness coverage for two sample pets. Pet Age 2 Age 8 Mixed-breed dog $42 $77 Domestic shorthair cat $23 $40 Pros Cons Figo: Best pet insurance for cats Figo offered some of the most consistently affordable cat insurance rates when NerdWallet gathered sample quotes from more than a dozen pet insurers. If you’re looking to minimize out-of-pocket expenses when your kitty goes to the vet, consider Figo’s 100% reimbursement option. Select that, and as soon as you hit your deductible, Figo will pay you back for all vet costs, up to your annual limit. Figo offers an accident and illness plan with three different annual reimbursement maximums ranging from $5,000 to unlimited. Figo’s coverage is comprehensive, including nonroutine dental care, alternative treatments and hereditary conditions. Then you can add even more options such as wellness care and coverage for veterinary exam fees. Figo isn’t the only pet insurer with a mobile app, but you can use its Pet Cloud for more than simply filing claims and paying bills. You can also organize your pet’s medical records, live chat with a veterinarian and meet other pet parents. Below are monthly rates for accident and illness coverage for two sample pets. Pet Age 2 Age 8 Mixed-breed dog $22 $52 Mixed-breed cat $10 $19 Pros Cons MetLife: Best pet insurance for dogs Among our highest-rated companies, NerdWallet found the lowest sample rates for dogs from MetLife across a variety of ages, breeds and locations. The company also stands out because it doesn’t have an extended waiting period before it’ll pay to treat orthopedic issues for dogs. (Some insurers won’t cover knee injuries or other orthopedic problems for the first six months of your policy.) MetLife offers an array of ways to save on your policy, depending on where you live and work. First responders, health care workers, veterans, current members of the military and staff at animal care facilities may all be eligible for a discount. You may also save on your policy if your employer offers MetLife pet insurance as a benefit. MetLife’s website is generally user-friendly and offers a sample policy so you can preview the coverage terms before you buy. Below are monthly rates for accident and illness coverage for two sample pets. Pet Age 2 Age 8 Mixed-breed dog $42 $78 Domestic shorthair cat $23 $37 Pros Cons Nationwide: Best pet insurance for exotic pets While most companies insure only dogs and cats, Nationwide’s exotic pet plan can cover just about any of your furry, feathered or scaly friends. You’ll have to call to get it though, as online quotes are available only for cats and dogs. Nationwide has three main plans. Whole Pet covers a range of accidents and illnesses, including hereditary conditions, and reimburses a percentage of your vet bills — up to your annual limit. Major Medical offers less comprehensive coverage and pays a set amount for each condition, regardless of what your vet charges you. The Modular plan allows you to mix and match different types of coverage. You can supplement your Modular or Major Medical plan with wellness coverage or buy a wellness plan on its own. Wellness plans aren’t available in all states or with Whole Pet. Below are monthly rates for accident and illness coverage for two sample pets. Pet Age 2 Age 8 Mixed-breed dog $46 $33* Domestic shorthair cat $23 $10* Pros Cons Pets Best: Best pet insurance for flexible plans If you’re looking for plenty of ways to customize your coverage and price, Pets Best may be a good option. The company has three tiers of accident and illness coverage, plus two wellness add-ons and an … Read more

Auto Insurance : When you buy or lease a car, it’s important to protect that investment. Getting auto insurance can offer reassurance in case you’re involved in an accident or the vehicle is stolen, vandalized or damaged by a natural disaster. Instead of paying out-of-pocket for auto accidents, people pay annual premiums to an auto insurance company; the company then pays all or most of the costs associated with an auto accident or other vehicle damage. What Is Car Insurance? Car insurance is effectively a contract between yourself and an insurance company in which you agree to pay premiums in exchange for protection against financial losses stemming from an accident or other damage to the vehicle. Auto insurance can offer coverage for: The exact details of what’s covered depend on the minimum coverage requirements for your state and any additional coverage options you choose to include. Every state except New Hampshire requires drivers to have a minimum amount of bodily injury liability coverage and property damage liability coverage. Is auto insurance coverage mandatory? Auto insurance requirements vary from state to state. If you’re financing a car, your lender may also have its own requirements. Nearly every state requires car owners to carry: In addition, many states require that you carry: Even if PIP and uninsured motorist coverage are optional in your state, consider adding them to your policy for greater financial protection. What other types of auto insurance coverage are typical? While most basic, legally mandated auto insurance covers the damage your car causes, it does notcover damage to your own car. To cover your own car, you should consider these optional coverages: What is gap insurance and do I need it? Collision and comprehensive only cover the market value of your car, not what you paid for it—and new cars depreciate quickly. If your car is totaled or stolen, there may be a “gap” between what you owe on the vehicle and your insurance coverage. To cover this, you may want to look into purchasing gap insurance to pay the difference. Note that for leased vehicles, gap coverage is usually rolled into your lease payments. Auto Insurance Costs Auto insurance premiums vary depending on the evaluation of several factors. Such factors include the applicant’s gender, age at the time of application, years of driving experience, accident and moving violation history, and other factors. Again, most states mandate a minimum amount of auto insurance. That minimum varies by state, but many people purchase additional insurance to protect themselves further. Additionally, if you’re financing a car, the lender may stipulate that you carry certain types of car insurance. For instance, you may need gap insurance if you’re purchasing an expensive vehicle that will likely depreciate very quickly once you drive it off the lot. Gap insurance can help to pay off the difference between the vehicle’s value and what you still owe on it if you’re involved in an accident. A poor driving record or the desire for complete coverage will lead to higher premiums. However, you can reduce your premiums by agreeing to take on more risk, which means increasing your deductible. Your deductible is the amount you have to pay when filing a claim before the insurance company will pay out anything to you for damages. So, for example, your policy may have a $500 or $1000 deductible. Agreeing to a higher deductible can result in a lower premium but you’d have to be reasonably sure you could cover the higher amount if you need to file a claim. How Auto Insurance Works In exchange for paying a premium, the insurance company agrees to pay your losses as outlined in your policy. Policies are priced individually to let you customize coverage amounts to suit your exact needs and budget. Policy terms are usually six- or 12-month timeframes and are renewable. An insurer will notify a customer when it’s time to renew the policy and pay another premium. Regardless of whether they mandate having a minimum amount of auto insurance, nearly every state requires car owners to carry bodily injury liability, which covers costs associated with injuries or death that you or another driver causes while driving your car. They may also require property damage liability, which reimburses others for damage that you or another driver operating your car causes to another vehicle or other property. A number of states go a step further, mandating car owners carry medical payments or personal injury protection (PIP), which reimburses medical expenses for injuries sustained by you or your passengers. It will also cover lost wages and other related expenses. Who Does Auto Insurance Coverage Protect? An auto insurance policy will cover you and other family members on the policy, whether driving your car or someone else’s car (with their permission). Your policy also provides coverage to someone who is not on your policy and is driving your car with your consent. Personal auto insurance only covers personal driving. It will not provide coverage if you use your car for commercial purposes—such as making deliveries. Neither will it provide coverage if you use your car to work for ride-sharing services such as Uber or Lyft. Some auto insurers now offer supplemental insurance products (at additional cost) that extend coverage for vehicle owners that provide ride-sharing services.

Type Of Insurance : We can’t prevent the unexpected from happening, but sometimes we can protect ourselves and our families from the worst of the financial fallout. Selecting the right type and amount of insurance is based on your specific situation, such as children, age, lifestyle, and employment benefits. Four types of insurance that most financial experts recommend include life, health, auto, and long-term disability. Type Of Insurance in USA 2024 Life Insurance The two basic types of life insurance are traditional whole life and term life. Life insurance is especially important if your family is dependent on your salary. Industry experts suggest a policy that pays out 10 times your yearly income. When estimating the amount of life insurance you need, factor in funeral expenses. Then calculate your family’s daily living expenses. These may include mortgage payments, outstanding loans, credit card debt, taxes, child care, and future college costs. Umbrella Insurance Auto, home, and renters insurance come with liability coverage that protects you and your family’s assets from lawsuits brought against you. But every policy has liability limits. If you have substantial assets, your homeowners, renters or auto liability insurance may not be sufficient if you lose an expensive lawsuit. Umbrella insurance can provide additional liability insurance if the unexpected happens and you’re liable. For example, let’s say someone sues you for $500,000 of medical bills after tripping on your sidewalk and injuring their back. If your home insurance liability limit only goes up to $300,000, you’re responsible for the remaining $200,000. Umbrella insurance would cover this extra cost. Home Insurance Unlike auto insurance, no state law stipulates that you must have homeowners coverage. However, if you financed your home, your lender will usually require coverage to protect their interest in your property. This way, if your home is damaged or destroyed, you have funds to rebuild and won’t walk away from your mortgage. Even if you don’t have a mortgage and paid for your home outright, you’re responsible for repairs or replacement costs if something damages or destroys your home and you don’t have home insurance. It’s wise to buy a home insurance policy. Home insurance policies wrap up several types of home insurance coverage, including: Remember that a standard home insurance policy doesn’t cover damage from floods or earthquakes, but separate insurance is available for these problems. Health Insurance Medical bills are one of the frequent causes of financial hardship in America, according to the American Public Health Association. Even if you’re young and healthy, a stay in the hospital could cost you about $30,000 for three days, according to Healthcare.gov. If you’re uninsured, that could wreck your finances. You can usually get a health insurance plan through your employer. If your employer doesn’t offer health insurance or if you’re unemployed, you can shop for health insurance plans through the federal health insurance marketplace. Health insurance plans from the federal marketplace can provide subsidies if you meet income and eligibility requirements. Or you can buy health insurance by contacting health insurance companies directly or going through a health insurance agent or broker. If the monthly premiums seem unaffordable, look into costs for a high deductible health plan. With this type of coverage, you must pay a higher deductible before coverage starts, but it will lower your monthly health insurance cost. In addition, you can combine a high deductible insurance plan with a Health Savings Account, so you can stash away tax-free dollars to pay for future medical costs. Typically, you can buy health insurance only during open enrollment periods specified by the health insurance companies selling them. Open enrollment for marketplace plans is usually from Nov. 1 to Dec. 15, though some states extend the deadline. Exceptions to the open enrollment period are allowed under certain circumstances if you’ve had a recent life-changing event, such as getting married or having a baby. Disability Insurance You might think you need disability insurance only if you have a job involving dangerous activities. But most disabilities aren’t work-related. Arthritis, cancer, diabetes and back pain are among the most significant causes of disabilities, according to the Council for Disabilities Awareness. That’s why it’s wise to consider disability insurance as part of your financial plan. If you become sick or disabled, leaving you unable to work, disability insurance supplements a portion of your income. It typically replaces 40% to 70% of your base income and usually has a waiting period before coverage kicks in and a cap on how much it pays out monthly. Aside from qualifying for Social Security disability benefits, there are two main ways to get disability insurance: Long-Term Care Insurance Adults turning age 65 have a 70% chance of needing long-term care at some point, according to the Department of Health & Human Services. Whether it’s in-home assistance to help with everyday tasks or an extended stay at a nursing home, most seniors will likely need assistance at some point in their lives. And long-term care isn’t cheap. It costs an average of $9,000 per month to stay in a private room in a nursing home, according to Genworth, which sells life insurance and long-term care insurance. Long-term care (LTC) insurance can help pay for expenses such as in-home care, adult day care or nursing home stays. The best time to buy long-term care insurance is when you’re in your 50s or 60s. Buying coverage during this age range is usually the most cost-effective time to buy. As you age, the cost of LTC insurance will increase. Be sure to research this product thoroughly before you buy it. In recent years policyholders have been surprised by large premium increases that have made the insurance unaffordable for many after they bought it. The Congressional Research Service has an overview of long-term care insurance. Renters Insurance If you don’t own a home, that doesn’t mean you don’t need insurance. Renters insurance helps you replace your belongings such as electronics, furniture, and clothing if they’re stolen or damaged. Problems covered include fire, tornadoes, explosions and more. Without coverage, you would be responsible for replacing all of … Read more

Kaiser Permanente is the largest health insurance company in the U.S., followed by two Blue Cross Blue Shield companies (Elevance Health and HCSC), according to S&P Global Market Intelligence. While some of these large health insurance companies are household names, others might seem obscure to the average consumer. What is the best health insurance company isn’t necessarily the biggest, but here is the list of the 50 largest health insurance companies in the U.S., and a deeper look at each of the top five. 10 Largest Health Insurance Companies in the U.S. Overall Rank Health insurance company Market share Total health plan enrollment in 2021 1 Kaiser Permanente 12.81% 8,228,765 2 Elevance Health (Anthem) 7.27% 4,670,236 3 HCSC (including BCBS plans) 6.88% 4,419,293 4 UnitedHealth Group 6.70% 4,306,492 5 Centene Corp. 6.17% 3,962,897 6 CVS Health Corp. (Aetna) 4.01% 2,574,348 7 GuideWell (Florida Blue) 3.88% 2,491,019 8 Blue Cross Blue Shield of Michigan 2.08% 1,337,400 9 Highmark 1.61% 1,035,585 10 Blue Cross of North Carolina 1.40% 897,649 Kaiser Permanente Kaiser Permanente serves members in eight states and the District of Columbia. It offers the following types of plans: Kaiser Permanente is an integrated health system that includes both health care providers and insurance coverage. The company specializes in a care model that encourages teams of experts to collaborate across departments and specialties, such as cancer care, cardiac care, maternity and pediatrics. The company says this helps speed the process of diagnosis, treatment and recovery. Elevance Health (Anthem) Elevance Health—formerly known as Anthem—features the brands of Anthem and Wellpoint, which includes multiple Blue Cross Blue Shield plans. Elevance offers the following types of plans: HCSC Health Care Service Corp. is the largest customer-owned health insurer in the U.S. and serves members in five states. It operates Blue Cross Blue Shield plans in Illinois, Montana, New Mexico, Oklahoma and Texas. HCSC offers the following types of plans: HCSC affiliates and subsidiaries offer other types of coverage, including group life, disability and dental insurance. UnitedHealth Group UnitedHealth Group, parent company for UnitedHealthcare, offers Affordable Care Act (ACA) marketplace coverage to individuals and families in 18 states. UnitedHealthcare offers the following types of plans: UnitedHealthcare has partnerships with more than 1.3 million medical providers and 6,500 hospitals and other types of care facilities in the U.S. Centene Corp. Centene, which includes subsidiaries like Ambetter, Health Net, Fidelis Care and Wellcare, serves members in all 50 states. Centene offers the following types of plans: Centene is the largest Medicaid managed care organization, with plans in four of the largest Medicaid states: California, Florida, New York and Texas. Aetna Aetna’s wide range of coverage options, competitive rates and health activity incentives make it the best health insurance for young adults. Its individual options are Aetna CVS Health plans, which provide access to no-cost or low-cost care at more than 1,100 national MinuteClinic locations inside CVS or Target stores. Aetna also offers supplemental coverages, like dental, vision, accident, critical illness and hospital indemnity plans. Eligible Aetna health insurance plans include access to the Attain by Aetna app, which offers rewards and incentives for completing healthy activities. The app combines your personal health history and wearable device data to provide personalized tips for nutrition, mindfulness, sleep and long-term health improvements. Pros and cons Pros Cons Highmark Highmark is No. 2 on Insure.com’s Best Health Insurance Companies list, earning 4.1 (or, more precisely, 4.13) stars out of 5. In our study of the top health insurance companies, Highmark earned an overall customer satisfaction score of 4.15 out of 5 stars, with 90% of customers in our survey giving it high marks. In addition, 96% of survey respondents said they would recommend Highmark to other health insurance shoppers and 98% said they plan to renew their policies. Blue Cross of North Carolina Blue Cross NC, also known as Blue Cross and Blue Shield of North Carolina, provides health insurance in North Carolina as part of the Blue Cross Blue Shield Association. This is a national federation of independent community-based and locally operated Blue Cross Blue Shield companies. Blue Cross NC was founded in 1933.  Blue Cross NC was initially created to provide Depression-era hospital care to teachers under the name Hospital Care Association. Today, Blue Cross NC offers a wide range of insurance products and services for individuals and families, employers, and Medicare Advantage and Supplement plans. Blue Cross and Blue Shield of North Carolina provides innovative healthcare products and services focusing on community involvement and healthcare sustainability. The company has a variety of programs and initiatives aimed at promoting wellness and health across the state. FAQs 1. What types of health insurance plans does Kaiser Permanente offer? 2. What makes Elevance Health (formerly Anthem) stand out among health insurance companies? 3. How does UnitedHealth Group support its members with healthcare access? Conclusion The U.S. health insurance market is dominated by several large companies, each offering a diverse array of plans and services to meet the needs of various demographics. Kaiser Permanente leads with a comprehensive care model that integrates providers and insurance, while Elevance Health (Anthem) and HCSC operate numerous Blue Cross Blue Shield plans across multiple states. UnitedHealth Group and Centene Corp. provide extensive coverage options, including Medicaid and Medicare Advantage plans, ensuring coverage for a wide range of individuals. Each company has its strengths, such as Kaiser Permanente’s integrated care system, UnitedHealth’s extensive provider network, and Centene’s dominance in Medicaid managed care. Choosing the best health insurance depends on individual needs, preferences, and the specific benefits offered by each insurer.

What Is Insurance? Insurance is a contract, represented by a policy, in which a policyholder receives financial protection or reimbursement against losses from an insurance company. The company pools clients’ risks to make payments more affordable for the insured. Most people have some insurance: for their car, their house, their healthcare, or their life. Insurance policies hedge against financial losses resulting from accidents, injury, or property damage. Insurance also helps cover costs associated with liability (legal responsibility) for damage or injury caused to a third party. How Insurance Works Insurance is a contract, represented by a policy, in which a policyholder receives financial protection or reimbursement against losses from an insurance company. The company pools clients’ risks to make payments more affordable for the insured. Most people have some insurance: for their car, their house, their healthcare, or their life. Insurance policies hedge against financial losses resulting from accidents, injury, or property damage. Insurance also helps cover costs associated with liability (legal responsibility) for damage or injury caused to a third party. 5 Insurance Policies Everyone Should Have 1. Long-Term Disability Insurance The prospect of long-term disability (LTD) is so frightening that some people choose to ignore it. While we all think that “nothing will happen to me,” relying on hope to protect your future earning power is not a good idea. Instead, choose a disability policy that provides enough coverage to enable you to enjoy your current lifestyle even if you can no longer continue working.  Long-term disability provides a monetary benefit equal to a portion (e.g., 50% or 60%) of the insured’s salary for covered disabilities. Long-term disability typically begins when short-term disability ends. To receive benefits, the disability must have occurred after the policy’s issuance and then, typically after a waiting period. Medical information, often confirmed by a physician, must be provided to the insurer for consideration. Most long-term disability insurance policies categorize disabilities as own occupation or any occupation. Own occupation means the insured, due to disability, is unable to perform their regular job or a similar job. Any occupation means the insured, due to disability, is unable to perform any job for which they are qualified. Similar to short and long-term disability insurance, workers’ compensation, or workers’ comp, it pays a monetary benefit to workers who become injured or disabled at work or while performing their jobs. Most states require employers to carry workers’ compensation insurance for their employees. In exchange, employees may not sue their employer for negligence. While long-term disability insurance and workers’ compensation insurance both pay for disabilities, long-term disability insurance is not limited to disabilities or injuries occurring at work or while working. 2. Life Insurance Life insurance protects the people that are financially dependent on you. If your parents, spouse, children, or other loved ones would face financial hardship if you died, life insurance should be high on your list of required insurance policies. Think about how much you earn each year (and the number of years you plan to remain employed), and purchase a policy to replace that income in the event of your untimely demise. Factor in the cost of burial too, as the unexpected cost is a burden for many families. 3. Health Insurance The soaring cost of medical care is reason enough to make health insurance a necessity. Even a simple visit to the family doctor can result in a hefty bill. More serious injuries that result in a hospital stay can generate a bill that tops the price of a one-week stay at a luxury resort. Injuries that require surgery can quickly rack up five-figure costs. Although the cost of health insurance is a financial burden for just about everyone, the potential cost of not having coverage is much higher.  4. Homeowner’s Insurance Replacing your home is an expensive proposition. Having the right homeowner’s insurance can make the process less difficult. When shopping for a policy, look for one that covers the replacement of the structure and the contents, in addition to the cost of living somewhere else while your home is repaired.  Keep in mind the cost of rebuilding doesn’t need to include the cost of the land since you already own it. Depending on the age of your home and the amenities it contains, the cost to replace it could be more or less than the price you paid for it. To get an accurate estimate, find out what local builders charge per square foot and multiply that number by the amount of space you will need to replace. Don’t forget to factor in the cost of upgrades and special features. Also, be sure the policy covers the cost of any liability for injuries that might occur on your property. 5. Automobile Insurance Some level of automobile insurance is required by law in most places. Even if you are not required to have it, and you are driving an old clunker that has been paid off for years, automobile insurance is something you shouldn’t skip. If you are involved in an accident and someone is injured or their property is damaged, you may be subject to a lawsuit that could cost you everything you own. Accidents happen quickly and the results are often tragic. Having no automobile insurance or purchasing only the minimum required coverage saves you only a tiny amount of money and puts everything else you own at risk. Conclusion: Insurance is essential for financial protection against unexpected events. Long-term disability, life, health, homeowner’s, and automobile insurance provide crucial coverage for various risks. Each type of insurance safeguards against specific threats, ensuring that individuals and their loved ones are financially secure in case of accidents, illness, disability, or property damage. Investing in these insurance policies is a prudent decision to mitigate potential financial hardships and maintain peace of mind in an unpredictable world.

Top 10 Life Insurance Companies in USA 1. Pacific Life Insurance : Pacific Life customers can choose from multiple permanent life insurance options, including the best universal life insurance in our rating. It also sells variable universal and indexed universal life insurance but does not offer whole life insurance. Pacific Life also has competitively priced term life insurance. PROS: CONS: 2. Corebridge Financial We are one of the largest providers of retirement solutions and insurance products in the United States. Formerly known as AIG Retirement Services, Corebridge Financial is now a public company that’s passionate about giving people the power to help reach their financial goals. We offer industry-leading tools, engaging experiences and expertise to fuel your success. We deliver an expansive portfolio of products to serve your unique needs. And we proudly partner with financial professionals and institutions to make it possible for more people to take action in their financial lives for today and tomorrow. At Corebridge, we believe no one achieves a financially secure future by accident—great things happen when people take action. PROS: CONS: 3. Transamerica Transamerica Corporation, major American diversified financial-services corporation. Headquarters were formerly in the Transamerica Pyramid building in San Francisco. In July 1999 Transamerica was acquired by Aegon NV, an insurance company in the Netherlands. The company, incorporated in 1928, originated as the parent of Bank of America, and for many years banking was its principal activity. In 1958, following government antitrust action, Transamerica was reorganized to separate its banking and nonbanking activities, and a new corporation, Firstamerica Corporation (now Western Bancorporation), was formed to take over the banks it controlled. (Bank of America had been divested earlier.) The company then began a program of expansion into insurance and other services and began disposing of some of its non-finance-oriented businesses. PROS: You can receive a quote for and purchase a term policy online. Transamerica offers a wider range of products than most companies, such as a standalone accidental death policy (this is typically found as a rider on other policies) and final expense life. The term and universal policy categories also include a wide range of products. Transamerica’s online resources make shopping easier for first-time buyers. For instance, it features a page that allows you to compare certain types of policies against others, so you can see the differences more clearly. CONS: Transamerica has whole life, but it is essentially a final expense policy, with face amounts that only go up to $50,000. The company’s online offerings aren’t terribly robust. For instance, although it is possible to file a claim online, the website provides no contact information or guidance on how to do so. Additionally, you can pay your bill online, but the service is offered through Western Union and involves you paying an extra fee. 4. Symetra Symetra provides annuities, life insurance and benefits products to people and businesses nationwide. We’re a company with strong roots and a bold vision for the future: Creating a world where more people have access to financial freedom. That vision is grounded in our diversity, equity and inclusion values, which guide everything we do. We’re building a place where every employee feels valued, respected, and has opportunities to reach their highest potential. We’re committed to supporting a healthy planet, strengthening our communities and advancing positive social change. Our goal is to be the most inclusive insurance company in the country. PROS: CONS: 5. Penn Mutual Penn Mutual Life Insurance Company was founded in 1847 and is based in Pennsylvania. It was the seventh mutual life insurance company chartered in the United States. As a mutual company they are dedicated to serving their policyholders, not the whims of Wall Street. The company offers a variety of life insurance and annuity products, including: term life, whole life, universal life, variable universal life, and joint or survivorship life insurance products; fixed, variable, and immediate annuities. Penn Mutual continues to earn membership on A.M. Best’s list of companies rated “A” or higher for 75 years. Assets and Liabilities Assets: $19,882,483,202 Liabilities: $17,232,670,664 Capital and Surplus: $2,649,812,538 Assets to Liability Ratio: 115.38% PROS: CONS: 6. Protective We selected Protective because its universal life insurance policies offer competitive internal policy costs for most customer ages and health risks, so more of your premium can go toward cash value. We also like that the company has shown superior performance of the bonds and mortgages that are underlying cash value, and its universal life insurance policy illustrations tend to be reliable. In particular, the historical investment performance underlying its indexed universal life policies has been stellar, along with the cost competitiveness of its indexed universal life policies. PROS: CONS: 7. Lincoln Financial We recommend considering Lincoln Financial for its survivorship life insurance policies. These policies insure two lives under one policy and provide a payout when both people have passed away. Beneficiaries can then use the money to pay estate taxes or other financial obligations. PROS: CONS: 8. MassMutual We are confident that whole life insurance shoppers will appreciate MassMutual’s superior financial strength combined with cash value growth early on in whole life policies. Though its policy illustrations are not as reliable as some other competitors, we like that the company’s investments tend to do well. PROS: CONS: 9. Nationwide We think Nationwide is worth considering because of its reliable policy illustrations combined with decent cash value growth in the early policy years. We also like that Nationwide offers a variety of policy types and rider options. PROS: CONS: 10. Midland Midland National deserves attention for its generous living benefits for term life insurance. We like that its Premier Term policy allows policyholders to take money from the death benefit if they develop a terminal, chronic or critical illness—a situation likelier to happen in one’s senior years We also found that Midland’s cash value policies are cost-competitive for senior buyers. PROS: CONS: Conclusion : After reviewing the top 10 life insurance companies in the USA for 2024, it’s evident that each provider has its own strengths and weaknesses. Pacific Life stands out for its wide range of policy options, while Corebridge Financial impresses with its focus on retirement solutions … Read more