Too much umbrella insurance? I am not an attorney, but I work with one in a large company. We were talking a few weeks ago about umbrella insurance. She said she only carries $1M, because the first thing the opposing attorney will ask for is for the total insurance amount available. She believes a higher Insurance value makes you more of a target. I’m currently insured for …

Signed up for Whole Life Insurance Policy. How bad am I being taken advantage of? I met with a financial advisor from Northwestern Mutual last July. I am relatively new to investing so I heard what he had to say. He put $115,000 in a mid level investment account. He had me max out my Roth IRAs. Then he had me signed up for Term 80 Life Insurance and Whole Life Insurance. The annual premium for the Term 80 is $328. However the…

LPT: General homeowners insurance often doesn’t cover damage caused by sinkholes. So, if you live in an area prone to sinkholes, call your insurance agent or company to look into having a rider or endorsement added to your policy for coverage. Sinkholes typically fall under the umbrella of “earth movement” on a standard homeowners insurance policy in the United States. This means damage to your home or property may not be covered unless you add an endorsement or rider specific to sinkhole coverage. This is probably most important to do if you live in an area prone to sinkholes. Flori…

Life Insurance Options Hello PF! My question pertains to life insurance . For folks who can’t be approved for the sort of life insurance where you have to apply/answer medical questions for etc (is that called Term Life Insurance?), is the only other life insurance option Group life insruance? My understanding is whole life insurance is not advisable (I learned that h…

What to tell my wife in case she needs to use my life insurance? My wife and I recently upped our term life insurance policies to 1 million in coverage for each of us. My question is, if I were to actually pass away, what should she do with the money to ensure she and our two children under four are okay? Background information: -my wife and I are in our early 30s -we have two children under four -I make 105k…

Spouses job keeps switching insurance mid year My partners job keeps switching insurance providers mid year. Causing me to lose what I’ve contributed towards my deductible in July; and then it resets in January. Then the cycle begins again. This is incredibly frustrating and doesn’t feel like it should be legal?/ allowed to happen. wtf do I do? Partner keeps saying they will ask but honestly…

I am looking for travel insurance and they all seem to not have good reviews. Does any one recommend any of them? Hello, I am looking at travel insurance and I can’t decide on one. Everytime I read reviews for any of them it seems like people have a nightmare submitting a claim. Does anyone have a positive experience with one of them? submitted by /u/Ok_Ice_4305

Does life insurance ever make sense when you’re 79? Hi, I’m getting some pressure to make a decision, I want to make sure I’m not missing anything. I’m going to be approached with a “big ask” tomorrow related to the below situation, and I’m guessing it’s money that I do have but would rather spend on my own investments. the person in question is 79, an organ transfer patient due to liver cancer …

Travel Insurance: Single or Annual / advice. I am going from the Uk to the Us in a week and need to get insurance. I plan to go abroad later in the year to a couple European countries too. For a single trip to USA: £95 For Multi Trip for 1 year is: £120. Seems like a no brainer, right? submitted by /u/alexthelyon-

LPT: Insurance copay resets on new year for most plan. Rerun at your own risk. I work pharmacy and upon new years, many scripts are still billed in late December. If you ask the pharmacy to rerun, your copay will most likely reset. I’ve seen too many, and pharmacy can’t undo the rebill process so do it at your own risk. submitted by /u/bwakong

Beware of insurance renawal The insurance industry in the US seems downright criminal. I bought my first auto policy in the US, and it was quite an ordeal. In Canada, you enter driver and vehicle information, along with your desired liability/coverage, and you’re done. You see two numbers: one for monthly payments and the other for the total cost. No fine print. I assumed …

Sold whole, term, and disability insurance, should I get out? I (28F) met a Northwestern Mutual financial advisor about a little over a year ago at a networking event who connected with me and my then-fiancée. We met a few times and she sold us life insurance and disability insurance — I now have whole, term, and disability insurance and I honestly can’t really remember why other than that I’ll get dividen…

Wisdom Teeth Impacted and Need Insurance to Extract? Hi everyone, I’m a 27 y/o in California. My wisdom teeth are impacted and although they’re not causing me any pain, my dentist recommends that I should get them extracted soon. I’m not under any health/dental insurance plans at the moment. It’s embarrassing to say but I know next to nothing about what insurance to pursue for this situation. An…

Not sure about this variable life insurance policy thing A friend of mine sold us some insurance earlier this year and I’m finally getting down to reading the paperwork but so much of it is gibberish, even after using Google. Basically, we took out a Variable Universal Life Insurance policy for each of our teenagers thinking if the worst happened their future families would have $100k payout for only …

How do life insurance polices pay out? I have a term life insurance policy that pays out 500k if I die. Let’s say that I die tomorrow. Does the insurer just cut a 500k check to my benefactor? My partner is an only child, only remaining family member. Their father has a whole life policy. When he passes, does the provider cut a check? Or is it all a slow payout type of thing? subm…

I Am Whoville’s Only Home Insurance Provider, and I Am So Screwed It was Christmas in Whoville, time for roast beast and cake. As the sole home insurer, I earned this long break. Finally, a day without contracts or quotes— just presents, and wreaths, and big winter coats. So imagine my shock when my phone started ringing, with claims pouring in and not holiday singing. At the first call, I thought, oh my go…

What should I know before cashing out a universal life insurance policy? I’m currently 40 years old, married, no children. When I was 18, I got a full scholarship to college, so my parents put the money they had saved for my education ($5000) into a universal life insurance policy for me ($250k of coverage). I never paid a dime into this policy, and my parents have not contributed anything beyond the initial $5000. I…

Travel Insurance – Good Idea? My girlfriend and I have a trip planned out of the 48 contiguous states this upcoming month. Unfortunately, very recently, my grandmother was placed on Hospice. I am worried that this trip of ours may have to be cancelled/delayed if the worst happens. Currently, I paid extra to have the hotel fully refundable if cancelled 2 days before check in…

Professional liability insurance Hi all, I just got hired as a social media manager for a startup. I’m in the U.S. and will be an independent contractor, rather than an employee. My contract requires me to carry professional liability insurance. Does anyone here have a good policy/company to recommend? Thanks! submitted by /u/Dream_Imagination_58

Lessons I learned from my Long Term Disability Insurance denial Hi, I just wanted to share my story to hopefully help others. It’s a super long story, so I’ll do my best to make it concise and focus on the parts relevant to the Personal Finance subreddit. The condensed version of my story is that I was diagnosed with brain cancer. I filed a valid claim with my insurance company for my own-occupation individu…