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If you were involved in an accident that was your fault, regardless of the terms of your insurance, your premiums will go up. You insurance agent can give you more details.
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∙ 12y ago
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Which company provides the best term life insurance?
"State Farm has, by far, the best term life insurance that I have ever seen. Their premiums are low, they don't require an exam, eventually your dividends pay your premiums, and the payout is very quick."
How insurance companies make money?
Insurance companies make money by collecting premiums and deductibles from customers. Not everyone will ever use their insurance policy, so the company profits from those cases.
Is health insurance an example of a fixed expense?
Only if the policy goes unchanged and the amount goes unchanged for the period of time that you're assessing the fixed expense for. A fixed expense is an amount that is payable, and that is the same amount each period. So if your health insurance policy is always $25 per week, than yes. But you must take into account that sometimes insurance companies increase rates, or your health insurance needs change as you get older, have a partner, have kids etc. I would only ever consider it a short term fixed expense. In business a fixed expense is generally that of overheads, such as rent etc.
What if you don't own the car you are insuring?
Then you are running the risk of having elevated insurance premiums, should you ever own your own vehicle and attempt to insure it, and this vehicle/policy has a bad/rough insurance record.
How do you add a common-law spouse to your car insurance in Ontario?
That's simple. Just tell your insurance agent that they will be driving the car. However, know this. Your spouse's driving record will directly affect your insurance premiums regardless of whether or not they will EVER be driving your car. Not fair but completely legal in Ontario.
Do Employers have the right to deduct long term disability insurance premiums off your pay cheque without your consent?
At some time you had the opportunity to choose your benefits and you signed the application for the disability insurance. If you want the insurance you will have to pay for it. If not go to your personnel office and cancel it. You may have to wait until the renewal date if the company only lets you change benefits at certain times. The good part of you paying for the premiums of long term disability is that the benefits are not taxable if you ever get disabled. If the employer pays for the premiums or if it is paid for with before tax funds then the benefits are subject to income taxes.
What are the most common pitfalls of universal life insurance?
Universal Life Insurance is a great tool if SET UP PROPERLY.This is an intrest sensative product.If it is set up right your premiums will not ever go up and can actually build an attractive amount of cash.Unfortunatly there are crooked people in the life insurance industry.Some agents will sell this product under funded as you stated to wee they will devouer themselves.One very important question to avoid this is to ask to what age your policy is funded to.The best way to fund this product is to age 100..Your policy was probably funded to age 72.. The pitfalls of a universal life policy are: We discovered that your premiums go up after the age of 60, however they don't explain that to you. after awhile your premiums don't cover the cost of insurnce and the policy sort of eats itself up as the premiums are too expensive to continue the insurance. We nearly lost my husbands insurance. He has paid over $25,000 in premiums. Now we have to reduce the benefit in order to retain the insurance!! Their way of telling you is simply that when you get your statement it will say something to the effect that :If you discontinue premiums,( ab\nd of course you are & have been paying your premiums, you just aren't aware that they have increased to cover the cost of insurance!! the cost of insurance will be insufficient to carry you through the next billing.They only bill you for your normal premiums even though the premiums have increased to cover the cost of insurtance. If you don't figure it out, you will have lost your insurance without realizing why. You have to suddenly pay your normal premium plus the cost of insurance. almost double!! Then if you rpolicy should laspe, you would then have to prove you are still insurable. their goes all the money you have paid in for 20 or more years.This is just morally wrong & very sad!! BUYER BEWARE!!!
Should homeowner's insurance increase every year?
No, Not necessarily unless your risk factors are increasing ever year.
Give a definintion for the term life?
Term life insurance is a type of life insurance that is paid at a fixed rate for a fixed amount of years. After those specific years, rate is no longer guaranteed and the owner of the policy can opt out or can contiue the policy paying what ever rate is assessed
Is there an exception to the rule concerning the non-deductibility of life insurance premium?
You never want to deduct the premiums of a life insurance policy. The reason for this is if you deduct the premiums then the benefits will automatically be taxable. You certainly would not want the proceeds to be taxable just to get a very small tax deduction for the premiums. One of the best things about life insurance is that the proceeds are not subject to income tax. The same thing applies to certain other types of insurance. If you purchase disability insurance at work the premium is paid with after tax money so that the benefits will not be taxable. It works the same way. If the premium is paid by the employer as a benefit of your employer or if a clerk deducts it before tax through a cafeteria plan by mistake then the benefits will be taxable for income tax if you ever get disabled.
How much does insurance go up after a speeding ticket in Wisconsin were you were going 24 over and received 6 points off and are 20 years old and it's your first ticket ever?
Every insurance company sets their own rates, so there really is not a specific answer to this question. There can be other factors to consider as well, such as what the actual speed limit was.I would expect a significant increase the next time your insurance company re-rates your policy.Be aware, your DMV's points system is used to determine whether or not your license should be suspended and, generally speaking, has nothing at all to do with your insurance premiums.
How will an at-fault accident while driving a company car covered by corporate insurance affect your personal insurance premiums in the future?
Unfortunately, IF and that is IF your personal policy insurer finds out, if they do a yearly check, their may be a surcharge applied. Please remember that if ever confronted with that question from your insurer, always be truthful or they could cut you. I am a Broker
