Your State Insurance Department s Mission

Presentation Transcript



Your State Insurance Department's Mission To secure people in general enthusiasm To elevate focused markets To encourage the reasonable and impartial treatment of protection purchasers To advance the dependability, dissolvability and money related robustness of protection foundations To bolster and enhance state control of protection

Survey of U.S. Shoppers Young singles Young families Established families Empty nesters/seniors Young Singles Young Families Established Families Empty Nesters/Seniors

Did You Know… 20% of youthful singles say they would let their collision protection arrangements slip by to spare cash 18% would decay manager medical coverage to spare cash

Did You Know… Among youthful families Fewer than half have extra security – bought all alone – for either life partner Over a third don't see the significance of both life partners having disaster protection

Did You Know… More than half of built up families don't comprehend terms of medical coverage continuation under COBRA They need to pay the full cost of their premiums Coverage closes following year and a half

Did You Know… Only 12 % of purge nesters/seniors think they are probably going to require long haul mind They altogether disparage the cost of such care Their yearly gauge: $35,000 Actual yearly cost: $70,000* * Source: MetLife Mature Market Institute

Did You Know... Wide requirement for more noteworthy mindfulness about fake protection 45% of purchasers not suspicious about strategy that expenses fundamentally not exactly similar ones

Public Education Initiative

Get Smart about Insurance Learn some exceptional contemplations that identify with your life-arrange Young Singles Young Families Established Families Empty Nesters/Seniors Learn the rudiments Auto Home Life Health

Basics Tips Shop around Protect yourself against fake insurance agencies Review your scope every year

Introduction to Auto Insurance

Introduction to Auto Insurance Policy parts Liability Bodily harm to others Damage to others' property Uninsured driver's damage/harm to you Property harm Collision Damage to your auto from crashing into question Comprehensive Damage to your auto from different causes

Introduction to Auto Insurance Premiums influenced by… Type/display/time of auto Safety highlights Anti-robbery gadgets Where you stop Geographic district Weather conditions Traffic designs Risk of burglary Driving record Your cases history Deductible

Introduction to Home Insurance

Introduction to Home Insurance Homeowner's Home structure, individual property Renter's Only individual property Actual money esteem Replacement cost Flood protection excluded in home owner's/tenants strategies Available by means of National Flood Insurance Program (NFIP) Tip: Inventory your own property

Introduction to Home Insurance Premiums influenced by… Home's attributes Age, sort of structure, wiring, rooftop, carport Location, e.g. Nearness to a fire station Exposure to extraordinary climate Theft-inclined region Home defensive gadgets, e.g. Criminal alerts Smoke identifiers/fire quencher Sprinkler frameworks Dead-jolt bolts Homeowner's qualities Non-smoker Good record as a consumer Previous claim history

Introduction to Life Insurance

Introduction to Life Insurance Term protection Covers you for term of at least one years Pays passing advantage just on the off chance that you kick the bucket in that term Generally offers biggest protection security per dollar Does not develop money esteem May not be renewable Permanent protection (entire life, widespread life, variable all inclusive life) Provides long haul budgetary assurance Typically consolidates both demise advantage and money reserve funds Premiums have a tendency to be higher 

Introduction to Life Insurance Premiums influenced by… Age you buy your approach Overall wellbeing Pre-existing/incessant wellbeing issues, e.g. Diabetes, coronary illness, tumor, sexually transmitted sicknesses Poor wellbeing propensities, e.g. Smoking, over the top drinking Dangerous diversions, e.g. Skydiving, skiing, shake climbing Driving record, e.g. Mischances, DWIs, claims, tickets Your geographic zone

Introduction to Health Insurance

Introduction to Health Insurance Types of arrangements Major medicinal arrangements Indemnity Preferred supplier association (PPO) Health upkeep association (HMO) Point of administration arrangements (POS) Limited advantage arranges Provide scope for specific human services setting, affliction or malady, e.g. Fundamental doctor's facility cost scope Accident just scope

Introduction to Health Insurance Additional scope alternatives, e.g. Incapacity Long-term mind Medicare supplemental Non-protection choices Discount arranges Non-authorized hazard sharing arrangements

Introduction to Health Insurance Controlling your expenses… If both life partners have business given scope, precisely analyze costs/benefits Regularly audit your particular needs and modify scope choices Stay in system however much as could reasonably be expected Obtain referrals, as required Comply with pre-accreditation necessities Hold onto receipts, should you surpass your deductible Participate in adaptable spending account, if offered by your boss Consider joining a high-deductible disastrous arrangement with a HSA, if offered by your manager

Pop Quiz! Which of the accompanying activities may lessen your accident protection premiums: Completing a guarded driving "refresher" course Dropping impact protection if your auto is more seasoned Raising your deductible Parking your auto in an indoor carport or bolted parking garage All of the above

Pop Quiz! Which of the accompanying activities may diminish your accident coverage premiums: Completing a protective driving "refresher" course Dropping impact protection if your auto is more seasoned Raising your deductible Parking your auto in an indoor carport or bolted parking garage All of the above

Pop Quiz! You have the alternative to protect your home and possessions for their substitution costs. Which of the accompanying proclamations is TRUE? Substitution cost scope considers the measure of time you have possessed the home or your effects. Substitution cost scope gives installment to supplant or revamp your home or repair harms however you see fit, limitations on the kind or nature of materials utilized. Substitution cost is the sum it would take to supplant or reconstruct your home or repair harms, without deducting for devaluation.

Pop Quiz! You have the choice to guarantee your home and things for their substitution costs. Which of the accompanying articulations is TRUE? Substitution cost scope considers the measure of time you have claimed the home or your possessions. Substitution cost scope gives installment to supplant or reconstruct your home or repair harms however you see fit, limitations on the kind or nature of materials utilized. Substitution cost is the sum it would take to supplant or remake your home or repair harms, without deducting for deterioration.

Pop Quiz! Which of the accompanying meanings of term disaster protection is TRUE? Term disaster protection is scope that normally closes at 40 years old, while entire life coverage covers you until you achieve the age of 65. Term disaster protection is scope at an ensured rate for a predefined timeframe, while entire life coverage covers you for whatever length of time that you live if your premiums are paid. Term life coverage is an adaptable strategy that gives you a chance to fluctuate your premium installments. Term life coverage permits you to acquire against the arrangement.

Pop Quiz! Which of the accompanying meanings of term disaster protection is TRUE? Term life coverage will be scope that regularly closes at 40 years old, while entire disaster protection covers you until you achieve the age of 65. Term disaster protection is scope at an ensured rate for a predefined timeframe, while entire extra security covers you for whatever length of time that you live if your premiums are paid. Term extra security is an adaptable approach that gives you a chance to fluctuate your premium installments. Term extra security permits you to acquire against the approach.

Special Considerations Young Singles

Auto 101: Car & Driver Stay on your folks' approach, if conceivable Don't give scope a chance to slip by Control costs wisely Consider how protection rates change with sort/show/components of auto Don't run over the edge with risk scope Consider dropping crash scope for more established auto Raise your deductible Commute through open transportation Suspend scope on the off chance that you'll be voyaging or conveyed in military Take guarded driving course Maintain great driving record Maintain decent evaluations

Home 101: Living Single Understand tenant's protection What's secured, what's not Who's obligated Owning your own strategy Control costs judiciously Install smoke indicators/put fire dousers in key areas

Life 101: Lessons for Life Weigh costs/advantages of acquiring at a youthful age Permanent, term Serviceman's Group Life Insurance (SGLI) Control costs wisely Understand effect of… Pre-existing/incessant wellbeing issues Poor wellbeing propensities Smoking, intemperate drinking Driving record Dangerous leisure activities, e.g. Skydiving, skiing, shake climbing

Health 101: I Got a Job… and Health Insurance Too Even however you're youthful/solid, never swear off scope Know your family's wellbeing history Understand when… Parents/school scope closes Employment scope starts Weigh wellbeing scope in surveying work offers To control expenses or cover break period, consider… High-deductible significant restorative strategy Catastrophic wellbeing scope Health Savings Account (HSA) For physically requesting occupations, consider incapacity scope Provides lost salary in occasion of harm that keeps you from working

Pop Quiz! At this phase of