Insurance isn’t exciting or flashy, but it is absolutely necessary if you want to provide for your family in those times when it feels like the rug has been pulled out from under you. Many forms of insurance are required, for instance, most lending institutions require homeowners insurance which covers the value of your house in case of damage and also covers against lawsuits should something happen on your property.
Most states require automobile liability insurance. And Obama pushed through legislation that made health insurance mandatory. But other types of insurance are voluntary including Auto comprehensive insurance (which covers damage to your vehicle), Long-term care insurance (which covers living assistance if you can’t care for yourself), and life insurance (which provides compensation to your beneficiaries if you die). Most people understand how necessary it is to have a good life insurance policy to replace the breadwinner’s income but many do not give it the priority it deserves. Those with families and children are usually most vigilant when it comes to having Life insurance coverage. But there is never really a bad time to talk about and shop for life insurance coverage.
Some people shop for life insurance or look to replace their policy when moving from state to state. The fact is state laws can complicate matters when replacing your policy. If you have just moved, you need to educate yourself about how state laws can affect your coverage.
Most state insurance laws are aimed at helping and protecting the consumer from big insurance companies. But a protective regulation on the books in one state might not be relevant in another state. These little nuances can end up resulting in increased premiums or different forms of protection that could be financially costly. The fact of the matter is, you need to consult a professional and do some basic research on state laws before you make any major decisions when moving and buying a new policy.
Take this simple and informative quiz from Health IQ about how state laws impact life insurance policies. You might learn something that ends up saving you money when it comes time to commit to a policy for you and your loved ones.
>Life Insurance>Quiz>Life Insurance and State Laws
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