You know you should probably get disability insurance at some point. After all, you never know when an accident or illness will make it difficult for you to work. With both short and long term policies available, however, the choices can be confusing. Knowing the differences between these polices will help you sort out which one is better for you.
The Long and Short of It
Short term disability is insurance that kicks in once you have exhausted the sick days available from your employer. Though policies vary, short term disability typically last about six months. While you might see payments that are nearly the same as your usual salary early on, they are often reduced to a percentage of that amount within a few weeks.
Long term disability is designed for those catastrophic events that have the potential to mark the end of your paycheck-earning days. In many cases, long term disability begins when short term policies end. While some plans last only five to ten years, a more viable long term disability insurance policy lasts at least until you are 65 years of age.
You Need Both for Complete Coverage
Given the overview outlined above, it is easy to see the place for both types of insurance in your life. Short term disability insurance is the ideal way to ensure coverage if you come down with pneumonia that sends you out of work for two weeks when you have already used up nearly all your sick days. Long term disability insurance is vital if that bout of pneumonia turns out to be a more serious illness that requires extensive care that could result in you being out of work on a permanent basis.
Protect your assets and your family by ensuring that you have the necessary insurance coverage should you find yourself unable to work.
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The moment has finally arrived — you’ve done all the research, test driven your favorites and decided on the brand new car you want to buy. You simply need to make a down payment, call your insurance company and drive that baby home. Since you have full coverage on your brand new wheels, you’re all set in case the unthinkable happens, right? Not so fast!
Insurance and Your Vehicle
It’s a well-known fact that the minute you drive your vehicle off the car lot, it starts depreciating. This is because your brand new car is now considered to be used and its value declines sharply. In fact, the average car loses about 30 percent of its value in the first year alone. This is important to know because without gap insurance, your insurance coverage may pay only for its current value, not what it would cost you to replace it.
Gap Insurance Explained
Gap insurance is designed to cover the shortfall that often exists between the amount your insurance company is willing to pay for your vehicle and what it would cost you to replace it. While you might think this amount is nominal, it could add up to being several thousand dollars. This could make it difficult for you to enjoy a comparable vehicle.
Do You Need Gap Insurance?
There are certain situations when you should consider gap insurance — if you put less than 20 percent down, if your car loan is for five or more years, if you put more than 15,000 miles on your vehicle each year, if you combined negative equity from another vehicle into your current loan or if you lease your vehicle. If you own your vehicle outright or if you have a great deal of equity in it, you probably don’t need gap insurance.
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According to the California Occupational Safety and Health Act of 1973, every employer in the state is legally obligated to provide a safe workplace that is free of hazards. As part of that regulation, each employer is also required to have an Injury and Illness Prevention program. The following are practical tips that can be implemented to help reach the above goals.
Use Personal Protective Equipment
Depending on the job, there are different types of personal protective equipment that are a necessity to keep employees safe. Goggles are a must in any workplace environment that involves dust, chemicals or other objects that could injure the eyes. In workplaces where heavy objects could fall on the heads of employees, hard hats must be provided. Steel-toe shoes are also mandatory if the environment includes hazardous and heavy materials that could injure the feet.
It should be noted that simply making the equipment available is not enough. Employees must be properly trained on its use and must not be cleared for work in areas where such equipment is needed until they are fully trained.
Keep the Workplace Tidy
Clutter and debris can seem like the norm for a workplace but they can increase the chances of an accident. Employers need to ensure that there are an adequate amount of space to store items neatly. Spills should be cleaned up immediately to help prevent falls or reported to the right person so that they are taken care of as soon as possible.
Ensure Company Vehicles are in Good Working Order
Many people are injured while driving company vehicles each year. Each month, a visual inspection, as well as one that test the working order of items such as turn signals, should be completed. If repairs are needed, they should be taken care of as soon as possible.
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The beginning of the new year is a good time to take stock of your financial situation. One of the best ways to put yourself on firm ground financially is to look over your homeowners insurance. While this insurance is mandatory when it comes to bank-financed mortgages, there is often much you can do to reduce your premiums.
Complete a Yearly Deductible Review
It is a good idea to get into the habit of looking over your homeowners insurance deductibles every year. If you are like many people, you probably have not thought about your deductibles since you first purchased your policy. Low deductibles that seemed like a good idea when you bought your first home could be costing you money now.
Purchasing a home is a big financial step that can leave you with little disposable income in the event of an emergency. It can make more sense to lower your deductible for your homeowners insurance at that point. As you begin to feel more secure in knowing just how much money home maintenance and other necessities take of your paycheck, you can add to your emergency fund.
Raising the deductibles of your homeowners insurance can help you balance out the premiums you pay. With a suitable emergency fund, for example, that is equipped to cover those emergencies like the deductible for a replacement roof caused by a storm, you can enjoy savings all year round.
Talk to Your Insurance Adjuster
For the best results, it is a good idea to make an appointment with your insurance company to sit down and go over your insurance policy. A few adjustments for your deductibles could save you hundreds of dollars each year.
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Breaches in some worldwide retailers could have you wondering if your personal information is safe. After all, those huge conglomerates that have been targeted recently, such as Zappos and Target, have millions of dollars at stake so why would a cyber-criminal want to target a single person? The answer might surprise you.
Valuable Personal Information
Identity theft is a big business in this day and age of inter-connectivity. Whether a cyber crook is a small-time player and simply looking to have a good time with your credit card or they are part of a larger ring that sells the information they obtain, personally identifiable information such as your birth date, current and former addresses and social security number are all valuable to them. With just a few bits of information, these criminals can easily steal your identity, making your life a nightmare for many months or even years.
Email Addresses Sell
Even if a cyber-criminal is not able to get enough information to assume your identity, they can still steal your email address and sell it. Email addresses are valuable to legitimate businesses and criminals alike. They can easily be sold for a nominal amount that quickly adds up for those crooks who are adept at breaching security parameters.
Fraudulent Credit Card Activity
If you are like many people, you assume that retailers that have an online presence are safe to share your credit card information. While huge businesses such as Target have invested millions of dollars into their cyber security systems, it is still possible for them to be infiltrated. You should always see a lock in the address bar of any website that you are inputting sensitive information. Even with this assurance, though, you need to keep a close eye on your credit card statements each month.
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When you purchase homeowners insurance, you probably think that all the items in your home and on your property are afforded the same type of coverage. While this is true of most things that can be classified as everyday items, some of your other possessions might not fall into that category. In some cases, they might be insured but not enough to allow you to fully recoup your loss. In other cases, though, your items might not be covered at all.
Vehicles of All Types
Antique vehicles and other vehicles that you drive only occasionally might be covered under certain conditions on your homeowners insurance. Without specialty insurance, though, you will not recover their replacement value. ATVs, motorcycles and other recreation vehicles also need their own specialty insurance so that you can recover all of the money that they are worth.
Flood Insurance
Another item that people assume is covered under their homeowners insurance is flooding. In nearly all cases, though, flooding is not typically covered unless you have this particular specialty item as part of your regular coverage.
Collectibles
If you collect stamps, fine art or another collection of value, you might think that these items are covered under your homeowners insurance. Without specialty item coverage, however, that specifically denotes which items are being covered, you could find out too late that they are not. For collections that have a significant value, you will likely need to have them appraised by someone trained in the field to be sure that you purchased enough insurance to replace their value.
Talk to your insurance agent to determine if you own an item or collection that needs specialty insurance. Doing so could save you a great deal of heartbreak in the event of a loss.
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