Ask the Insurance Geek
 

Hi kids....I have 27 years in the insurance field. Work for a State DOI now. Let em rip !

heres a situation.

On a vehicle that I was still making payments on I'm supposed to carry full coverage because I don't 'own' the car yet. That car catches fire due to faulty electric wiring and is completely gutted on the inside. The insurance company is telling me that I'm not covered for manufacturer defects unless I had something called 'comprehensive plus'. They are also telling me that for some reason I had switched types of coverage around from both of my vehicles(I have a paid off SUV) and that it wasn't covered anyway. Now, the car dealer/bank is asking for the rest of the money for the car since they know its been destroyed and the insurance company isn't budging. What are my options at this point?

I need life insurance. I am 25, male, and in good health. Only need about $100,000 worth of coverage. I do not understand the difference between "whole" and "term" life insurance. Which one is best for me? About how much should I pay per month for this?

Suddeth:

Not familiar with "comprehensive plus" coverage. regular comprehensive pays for losses other than collision, like a fire, flood, hail, tree limb falling, theft, vandalism. sounds like you need to speak to someone at the state dept of insurance where you live. as far as changes on your policy, ask to see them in writing. if you did not sign anything taking coverage off your vehicle and still have the lienholder, sounds like the agency staff farked up. agents have "errors & omissions" coverage (malpractice) in the event they make a mistake. don't let em put the screws to you. get in touch with your state DOI & then follow up with the agent.

good luck, let me know how it goes.

F

Flat

Whole life insurance is intended to provide a death benefit to cover you for your "whole life". it is a guaranteed premium that also has a guaranteed cash value build up. dont confuse it with universal life. so, you have protection and a side fund of money to borrow from or cash in when you get to be an old farker.

term insurance is designed to provide a death benefit for a "term" of time 10, 20 or more years. some term policy premiums are guaranteed for the entire time of the "term", others are not. i purchased term insurance to cover my life while my 10 yr old is still under my care. once he reaches 21 or so, i will no longer need the coverage because he will be on his own. term insurance is "pure" insurance, it provides a death benefit only, no cash accumulation. it is much cheaper than whole life or universal life. i happen to carry both types of policies. shop around and then check with your state Dept of insurance for the ratings of any companies you are looking at. tell them you want the A.M.Best rating and an explanation of the rating. cant really tell you the "best" policy for you although if you can get a guaranteed term policy to cover you for the length of time you want, it would be a good idea to investigate it.

Thanks Francis!

How is a buy/sell agreement used to lower capital gains taxes after a business partner dies?

I have a questions about auto insurance... not sure if this is up your alley, but why the heck and I being charged so much. I'm 22, female, and my parents are getting ready to take me off of their policy because they discovered that I was costing 1500 every six months. I drive a 2001 Ford Focus Wagon and have a clean driving record. I was rear ended pretty badly in November, but wasn't at fault. I'm getting quotes from other companies for myself, and nothing has been under 900. Is this about where I should be? I don't see any of my peers paying this much for car insurance.

Do you know anything about Canadian insurance?

900 for 6 months ? That seems pretty good.

It's likely just because you are young and, thus, a high-risk driver. Your rates should take a substantial drop when you turn 25.

Do you know of any dental insurance that will pay for a tooth implant?

astro

a buy sell agreement can be designed to provide a purchase price that will fix the estate tax value of the decendent's stock. a buy sell agreement may also provide the estate with funds from the corporation income tax free. this is particularly important with a family corporation.

flstf

dental plans are like snowflakes, no two are alike. gotta check the benefits..i am sure some will pay for implants.

F

The reason I asked is because I can't find one. I was advised by a doctor that they are hard to find.

Life Insurance question
 

Are you familiar with R. Nelson Nash's ideas for using whole life for his "Infinite Banking Concept"? If so, what are the pitfalls and potential problems to this system?
TIA

Brewer:

Don't know anything about Mr. Nelson other than looking at a web site a few minutes ago. It appears he has many years experience in life insurance sales with a couple of Mutual Insurance Companies. The bio in the website advises he has over 40 followers !!

Francis