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1/8/2009
Thursday morning
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| Last july I was involved in an accident where I was hit from behind.
The person who hit me was uninsured, and completely at fault. Well, I
had to pay the 200$ deductible to have my jeep fixed, and it was fixed
very well. My insurace carrier at the time was Allstate, and I had no
problems till last September. The main reason I had d Allstate so
much was that before last june, I had a job which didnt pay too
much, and I was strapped for cash occasionally, so I was a week or so
late on a payment every once in a while; I was always in contact with
my agents, and they were always willing to help me out. I always got
my premiums paid, just sometimes late. Well, I was a few days late on
my payment in August, and in september, I was notified that I owed a
certian amount of money that seemed to be 2 months of premiums. I
called and paid the amount, and was then informed that my policy was
terminated. That was the beggining of a long drawn out insurance
battle that is still haunting me. |
| What type of insurance should you get? Consider only level term
insurance. Its a pure and simple death benefit with no savings attached
(no tax advantages). Premiums are guaranteed for the term of the policy.
You should consider a term policy for the number of remaining years
until retirement. For example, if you are now 35 you should consider a
30-year level term policy. If you are 45 years of age, consider a
20-year plan. One rule of thumb is to take out a policy amount that is
at least 10 times greater than your annual income. If you currently make
$25,000 per year - take out a $250,000 policy. Keep that policy in mind
as your income increases through the years. |
| My new insurance company wants a letter to prove previous coverage
dates
because they back charged my new employer with a month of coverage for
which I was already covered by my previous employer. The new Insurance
Co. insists that the proof of insurance letter is required by law and
must come from my previous Insurance Co. |
| 5. Another case of cash-paying customers being screwed: Rite Aid
used to program their cash registers to surcharge prescription
drugs $1 if the customer didnt have insurance. This wasnt an
accident; it took work to implement since it involved checking
another database in real time. Ref: Computerworld, Feb 26, 2001. |
| 3. Concerning the comment about reading the contract, that would
be nice if the insurance company would let you. Unfortunately,
all the important parts are confidential. Im talking about what
theyll actually pay for a specific service. That is, suppose
youre unconscious and go to the doctor. You wake up long enough
to ask his fee, say $200, and remember to ask whats not covered,
say ambulance, emergency room, who knows what. Ok, are these
amount within your policys guidelines? Ask your company, if you
can. Remember that many hospitals ban cell phones. The company
wont tell you. You wont find out until you submit the claim. |
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