Choosing The Right Insurance Policy

Choosing The Right Insurance Policy

Choosing The Right Insurance Policy

Unfortunately, nothing in life ever goes according to plan. Insurance is intended to protect you from the financial burden of an unexpected death, natural disaster, expensive diagnosis, or car accident. Insurance can help protect you from ruining your credit or your finances if something were to happen to you, your home, or your car. However, don’t automatically assume that every insurance policy will save you money. By comparing rates and weighing foreseeable risks to your life and property, you can choose an insurance plan that will protect both you and your bank account.

Life insurance

Financial struggles shouldn’t accompany emotional trauma. Life insurance is an uncomfortable, yet realistic policy you need to be aware of. As with any insurance policy, you should get several quotes so you understand the available options. Any reputable agent should be able to explain all of the details about what you are considering buying and its value. Depending on your family, you may want to consider taking out life insurance for your whole family.

Disaster insurance

While no home is safe from a natural disaster, your property may be more at risk for hurricanes, floods, or fires depending on the region you live in. The prevalence of such occurrences will determine whether you should pay for disaster insurance, what policy you should get, and how much it will cost. Insurance can protect you from an accidental fire sparked in your home or from a nearby forest set on fire from environmental conditions. Nearly everyone can benefit from at-home fire insurance, but unless you live in a state such as California, you are at a lower risk of wildfires. Your home will likely benefit from riot, flood, and storm protection. Homeowner’s insurance, or renter’s insurance, can help protect your finances from property devastation.    

Health policies

Making the right choice on your health care insurance is incredibly important. A study by a Fortune 100 company found that 80% of employees are paying for an unnecessarily expensive policy. But before you look at prices, you need to call your doctor to understand which health insurance the office accepts. This will help narrow down the overwhelming options you are confronting. You should also consider whether you met your deductible last year. If you finished the year without coming close to the deductible amount, then you should choose a plan this year with a higher deductible so you can save on expensive premiums.   

Car insurance   

According to a 2015 study by NerdWallet, drivers can potentially save almost $900 a year by comparing car insurance rates. It’s easy to get into a routine of paying your insurance bill every month or year and assume you are getting the best rate. However, you should regularly check for better insurance prices offered by competitors. Insurance discounts are offered to older individuals, married couples, and those with a history of safe driving. If you’re thinking about buying a new car, research how well the model holds up in the event of a crash. You may be able to pay a lower premium depending on the car you choose. Keep in mind that any new car will be more expensive to insure than a used model.

At the Bank of the Lowcountry, we offer full-service banking options for our clients. Choose from personal checking accounts, savings accounts, credit cards, debit cards, loans, and mortgages. Talk to a representative about our secure, cost-effective banking services at (843) 549-2265.  

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